The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-04
TIE LATEST NEWS.
AFFAIRS AT THE NATIOh. VAliiAA
THE NATIONAL FINANCES.


trenchnAsnt, Treasury Notes, sc.
WASHINGTON, Feb 8, 1859.
The Secretary o. the Treasury the House TO-DAY
reply 10 the resolution calling for the actual and probable
receipts from customs, public lands and other sources
for this and the next fiscal year. ana for his opinion who
Their the said receipts will be adequate meet the publ,e
expenditures He says that the receipts during the rss
quarter Of the fiscal year ending September last were nearly
twenty millions hundred and thirty one thousand
dollars, stated bis annual report The receipts
the remaining three quarters estimated at thirty
eight millions i've hundred thousand dollars of which
sum thirty millions estimated from the Gus
TOMS 1t was believed that the quarter ending December
last would yield ten millions the present quarter ending
on the 3lst OF March, fifteen Millions and the next auar
tor, ending On the 30th Of June twelve Millions L.
reference not only to tho customs, but the public
lands and other sources OF revenue, all the infor-
nation which has been received the Department suoa
bis annual confirms the correctness Of tho estimates
OF the probable receipts for the present and next fiscal
year. He s therefore, Of the opinion that the result aJ
show that tho actual receipts for the remaining quarters
of the present year and for the fiscal year will not
vary materially from the estimates already submitted 70
Congress.
In support Of this opinion he submits comparison a
the receipts for the quarters Of the two preceding
years. During the fiscal year ending 3Oth June 1851
the mportatons were very heavy amounting in duAbe
goods, exclusive Of those exported to two hundred
and ninety four millions, and the receipts from
customs that year were sixty three million six hun
bred and forty eight thousand dollars.
the fiscal year ending june 1855 the mportatons
much reduced amounting in dutisple goods exclusive a
those exported to two hundred and mons and the
receipts from the customs forty millions forty six
thousand To realize his estimates, the importation a
duabc goods for the present fiscal year
hundred and fifty millions, besides those exported for
the fiscal year the Of two hundred eighty
millions Comparing the foregoing statement Of receipts
and looking to favorable and healthy reaction in
business he should regard as unsafe wise to cal
cuate upon larger importation than the present est
mates contemplate
Entertaining these opinions he Is compelled to say tho
receipts will not be adequate the necessity OF the pub
lie exgences unless the expenditures be reduced below
the amount estimated for. He has seen indications
that would induce the opinion that such can be
reasonably antcpatcd the contrary, should the billy
which have been passed by either both branches Of
Congress be finally passed by both, and become laws
the expenditures would be very largely and permanently
increased.
It is estimated that the Pension bill alone, which has
passed the House, will add several millions to this years
expenses Of the government and larger amount
for the next fiscal year. Other bills also which have
either passed the Senate the House, will in a largo
measure swell the amount Of the expenditures. These
contingencies TO which the attention of Congress should
be directed in considering the probable receipts and
penditures Of the government. Either the expenditures
be reduced to the estimated receipts other
Of revenue should be provided. II the first be e.
fected II ia certainly most desirable.
He has already submitted TO Congress plan for codi-
flying the laws and for reorgsnizing the colec
ton districts which, II sanctioned and passed into law
would greatly facilitate the operations OF the Treasury De-
parment and reduce largely the expenses of collecting
the revenue
There stand the statute books laws requiring tho
building of houses, post offices and court houses
places where the public service does not require them
at this time. The repeal OF these laws the postpone
ment of their execution period Of greater PROSPERITY
and less embarrassment would relieve the treasury or
that amount Of expenditure.
The recommendation to abolish the Thanking privilege,
and Of raising the letter rate Of postage i've cents
with the view OF bringing the Post Office Department as
possible to s former self sustaining position will
If carried out very greatly relieve the treasury
In other departments reductions might also in all pro-
liability be made He only speaks Of those which have
been brought 70 the attention OF Congress- and commcnds
them 10 their favorable consideration. IT, however, tho
appropriations made at the present session shall reach
amount estimated for in the Secretarys report de-
ciency will exist which must be provided for by add
tona legislation and 10 the extent which the approprs
tons shall exceed the estimates will that dedccncy be
necessarily increased
He says has already expressed the opinion that the
public debt ought not to be increased by additional
loan That opinion remains unchanged.
The present tariff should be modified 10 supply
such deficiency as may exist, and he recommends his
views on the subject expressed in his annual report
He calls attention the outstanding Treasury notes In
his estimates of receipts and expenditures the permanen
redemption of Them as they may fall due, has not been
contemplated Ali the calculations have been mado
upon the basis OF continuing them in circulation, aud
| as matter Of course the redemption of the whole,
or any part of them, must increase the
anticipated deficiency unless authority be given for their
other prov Sion be made for their redemption
Since February last there have been redeemed $5 ZOO
BY Both Of June the OF sl7, 1853 900 will fall
due, at which time their pay ment must be met Should
Congress adjourn without legislatng the subject,
"a Ina fayn tria
receipts from ordinary Sources for the department.
to meet the public liabilities until another Congress
could be convened. He had already recommended
that this immediate demand should be provided for, by
authorizing the re issue Of these Treasury for
two years This easily be effected, by extending
for that period the provisions Of the act Of December 1857
authorizing the issue OF Treasury The proposition
to convert these notes into permanent debt ought not 70
receive the favorable consideration Of Congress would
be virtually to postpone their ultimate payment TO dis
day. when the policy Of the should be 10
sury win Justify public debt which remains in the
form of Treasury notes can always be redeemed
without ndnsernS the successful ss,s Of
excess Of revenue over expenditures 1t DO
safely placed to the redemption of the Treasury
For the power Of issuing those existing should
receipts from any fall below the estimates
Of the department. additional reason given namely,
premium, which will hardly be the with United
States stock.
Contemplating the gradual redemption Of these notes.
and being opposed to the policy Of adding the OF
twenty millions TO the permanent debt, no repeats his
former recommendation for extending the operation Of tho
| Treasury note act from one TO two years.
| Our Special Washington Despatch.
VIEWS OF THE SECRETARY OF THE TREASURY ON THk
| REVENUE AND LOAN ACKNOWLEDGEMENTS
| TIONs AS TO A MODIFICATION OF THE TARIFF-RE-
| ARRANGEMENT OF THE COLLECTIONS DISTRICTS
REDUCTION OF SALARIES OF OFFICERS OF THE
| CUsToMs-PROPosED NEW BANKRUPT LAw-vIsTr
OF THE GRAND DUKE CONSTANTINE TO THE FRIG ATE
| wABAsH-THE OCEAN POSTAL sERvICE-THE CON-
| ELEMENTARY BALL TO LORD NAPIER, ETC., ETC.
WASHINGTON, Feb. 3, 1862
The reply of the Secretary Of the Treasury which
sent the House today, is what il was reprcsented
would bea reeraton Of the views he had already OK
pressed the necessity OF change in the tariff and
against loan IL will have little effect ON Congress. But
the conviction liz gathering strength that modification
will be agreed to without half fight in tho
| Senate MS was at first supposed