New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-12-10
NETWORK DA1rY TRIBUNE TUEsD ~, DECEMBER TO- 1861


always generally known, would not be likely TO b
incressed beyond the real wants OF business.
lie expresses an opinion IN favor OF THIS plan wit
the ereater confidence because IL has the advantsg
of recommendation from experience IL 10 not a.
mtried theory In the State Of New-fork and Il
one on more Of the o.her States, 1t has been cub
ieetsd in lbs most essential parts, to the test OF eX
| permert, and bas been found practicable and nee
ful The probabilities OF success VIII not be dmin
ished brt Increased by its adoption under hatiohd
sanction and Tor the whole country.
i IL only remains to add that the pan IL recon-
mended 'by one other consideration, which, IN th'
judgment OF the Secretary i. entitled to much in1g
ence. IL avoids almost, If not altogether, the eVi
Of great and sudden change IN the currency oy Oh
ierng inducements to solvent existing RESTITUTION u
withdraw the circulation issued under state th "a
ty, and substitute that provided by the autooihy u
| the Union. Thus through the voluntary action OF
The existing Institutions aided by vice legislation
tie great transition from Il currency heterogeneous
unequal and ms)fe. to uniform equal, ana s'iie
may be speedily and almost impesceptiole accom-
plished.
If the Secretary has omitted the discussion Of the
question Of the constitutional power OF Congress to
put this plan into operation, II is because no argu-
ment is necessary TO e5tableh the proposition that
the power to regulate commerce ana the value OF
coin includes the power to regulate the currency Of
the country or the collateral proposition that the
1
the necessary aud expedient means.
| The Secretary entertains the hope that the plan
now submitted, if adopted with the limitations and
safeguards which the experience ard wisdom OF
Senators and Representatives. WILL doubtless, sug-
Rest NAV mpart such value and stability 70 Govern
ment Securities that il will not be difficult TO obtain
the additional loans required for the service Of the
current and the succeeding year at fair and reason
able rates; especially If the public credit be sup
porsed by sufficient and certain provision for the pay
| 81 ntar nj
principal.
To Obtain clear understanding Of the amount 'or
which il will become necessary to resort 10 further
loans, it is requisite TO review the financial move
ment Of the Treasury during the whole OF the lat,
and the frat quarter Of the current fiscal year, and
compare. somewhat more closely than has already
been done, the probable wants and probable re-
sources of tte Government for the remaining three
quarters of the current and the whole Of the follow
ing year.
In the July report the Secretary submitted a
detailed statoment in part estimated, showing the
receipts for the tiscal year. ending on the Jth OF
June 1861 including the balance in the treasury ~
its commencement, 10 have been sco,I2Sg3 81 ana
the expenditures 70 have been $Si,5V,2 5S 90; and
the balance to have been 81 3j5 ,o35 81. Actual
returns show that the receipts, including balance,
were $S6 900 II; the expenditures, sSi,51S,SJi
AZ; and the balance, s., 2J7 ,0G5 so.
For the first quarter Of the current iiscal wear,
commencing 1st July, 1861 the receipts and expen-
dtnres are ascertained and for the remaining three
quarters, ending 3Oth June, 1862, are estimated as
| follows:
| FOR the LIST quarter. the sexual receipts from
Gu. IONS hand. and Disceaneo sources In
cuding the balance Of 22J76J co. were. 9980a 5l p
For the "a, % and 4h quarters the es;imsted . .
To hts sums ma. fc added the amount real
iSei "a so1dy stated 800 IA
Add ihsre niusi be added also the amount to
t Ge ,isti'a from 'oa..oD. 7saso,5 90
- 80, h. ,died a, 40 The amount anti.
Ae ep steI iroS S the direct 100000
Maxim. the total of receipts. s929 SOL 994 80
On the other hand
re-. +9a ana %
expenditures, under appropriations already
| made Tor public service, including civil list,
public deb, sHi interest. ooaoaS1s IL
| tonsl appropriations now asked for are;
/ For civil service ndincIsassdn .
And for The War and navy Depart
nenis..... I'-l4Jl os-I ~
Making total II actual aud estimated expendi.
lures under esiatiEg and asked appropriations - - .
From which deduct SEXUAL and e.timstcd re.
csipts, a. above 52s,Si9 94 80
Making c apparent amount for which recourse -.
be hsd 20 loans Of ............... 23 o4 ieT So
II is 70 be observed, however, that, in the amount
esiimsted for expenditures, S22@0,39S 80 lie esti-
mated fer public debt, payment of considerable
part of which will not probably be demanded, and
that some expenses are estimated for which may be
retrenched; 20 that tie whole amount of loan
required in addition TO the amount already author
| lied, will certainly not exceed $500, 100000.
For the fscal year 1868, commencing on the LET
July, 1862 and ending on the 10Th June, 1903, no
reliable estimates be made. II is earnestly to
be hoped and in the Judgment of the Secretary, not
without sufficient grounds, that the present war may
be brought to an suspicious termination before Mid.
summer In that event. the pro,i sion Of revenue By
taxation. which he has recommended, will amply
suffice for all financial exigenoes without resort to
additional loans; and not only 50, but viii enable
the Government to begin at once the reduction OF the
existing debt.
IL il tho part of wisdom, however to be prepared
for all eventualities, and the Secretary therefore,
submits the estimates of the several departments for
the fiscal year 1863, based the supposed continu-
ance Of the war, as follows:
The estimated expenditures are
For the civil list. including foreign Intercourse
and miscellaneous expenses other than
on account of tho public debt........ s23Ose.sl %
For the Interior Department. indians and
For The WaI department eciss,sS6 81
For the Navy 1894 10
For the publlo debt:
i Inter on d.bi contracted
before LIST July, l86l...... 29,932.696 ~
Interest on debt 20 be con.
tracted after LIST July 1862 lo0OOo0o 10 -28i63 $50 50
---
tafe. ........................... s4T5a als 81
On the other hand the estimated receipts are:
From customs, lands, and
ordinary sources. S4o,8co,OOO 70
From direct w
From internal duties, in.
GLIDING income tax...'. 3O,OO0,0O0 20
Making al aggregate of estimated receipsef % 900 %
leaving balance hs provided for off, a3795l25 81
The whole amount required from loans may, there
FORE be thus stated:
For the fiscal year 1852, under existing laws. i5465 90
For tho fiscal 1862 under laws to