, 1861-12-13

Tie whole amount required from loans may, !
be thus stated: "
For tho fiscal year 1859, under er~ ~
For @ tRs fse.i i 5 a..5,.,s
j; fke to b. b. asssG 1&55 iss5. lis @ Sns '
Ehfs ss to Up s sassl |
hiking i'll an aegre.te @ aaos1
3 zThe tetaI st; "a ~ pestatedlp rsap q Numbers
u tabul& statement will accompany this
Report, showing somewhat more in detail |
The actual and estimated receipts and e1- |
pendftures Of the financial years 1861, 1862 and |
TEE PUBLIC DEBT.
It only remains, in order to complete the
statement Of the public debt US 1t was on the
1st day OF July, 1880 and 1851, and will be,
according TO the estimates nor presented, at
iae ees same date in each Of the years 1862 and
The statement, in brief, is IS follows:
On 5n9 ,.laso; The public dept was. .ss4 5se 5as@
On July 1852 the pubc debt will be. .611 3o2 693
On duly 1863 the public debt will be es5 2 6o2 s3
The particulars Of which the debt consists,
and tie portions which have been paid Or will
thl: report to Congress. Another table will
be submitted, showing the amount Of the .
public debt IN each year, from 1871 to 1861, in
elusive.
TIE 1orALrr OF TIE PEOPLE.
!, The Secretary, believing that the ftankestis
yidnalz, has thought it his duty to submit to
Congress this plain statement. Of the fnan-
:c}a1 condition Of the country. That 1t imposes
considerable burdens is not to be denied or
Disguised it Is consoling to know that the
insufficient for them. The public debt on the
list Of July, 1858, if the warbe protracted until
that time, on the scale Of expenses contenl-
plated By the estimates. viii be, in round
!, numbers, $500, COO, Geo. The amount Of the
and in twenty years it was paid of By the peo-
pie The country, even If the loyal States
only are regarded, can sustain and pay off in
thirty years the debt to which rebellion Row
expnsee rs, with hardly greater proportional
resources than that debt made necessary.
|. It viii BE- for the wisdom Of Congress to de-
teFn1inc how far the annual and the aggregate
burdens Of the people shall be diminished by
retrenchment, By economy, by prudent, yet
rigorous adjustment Of means to ends, and by
Just contrbutfons from rebel property. Moth
ing more certainly enhances credit and i'm
proves resources than the reduction Of wants
and wise energy in administration.
The Secretary forbcars making any recon-
| mendation concerning the authorities with
respect TO future loans. He begs leave to re-
| fer this matter altogether to the better juds-
| ment. Of Congress, suggesting only thar,
| whatever discretion it may be thought pru-
| dent to giTe him IN other respects, The rate Of
| interest be limited by law.
SUSPENSION OF COMMERCE N REBEL STATES.
| Turning now from the more immediate CON
| sidcration Of the public finance, the Secretary
| solicits the attention Of Congress to some
| other topics connected with the admini5tra-
| ton OF tic Treasury Department.
| By the act Of Congress Of July IS, 1861,
commercial intercourse will States declared
to he in insurrcction By the President WAS pro-
| hibited, and the Secretary OF the Treasury was
| authorized to establish such rules and regu-
cordance with which, nnder license from the
| President, a restricted trade might be con-
| drcted. Upon full consideration Of the Whole
subject it l.as not been deemed advisable as
yet to establish any general rules and reg1l1a-
lions for such q trade. In few Instances
special licenses have been granted to convey
| particular articles OF property into insurree-
tiouafT States, and to carry on Il limited trade
with parts Of Eastern Virginia inhabited By
loyal people but. with these inconsiderablc
| exceptions. it has been hitherto thought best
TO enforce the prohibition to tile full extent
Of the act. As the act itself, however, does
not seem to contemplate tile forfeiture Of
property, unless used for the purposes Of the
rebellion, or found in transit to or from Insur-
| rectionarT Stetes, its execution has not been
extended beyond that intent,
To avoid, as far as possible, the practical, i'll
con1cnicnces Of this suspension Of commerce,
the Secretary, with the appreciation Of the
President, has established regulations, i'll ac-
cordance with which cotton, rice, aud other
property, wiH be collected and cared for by
IF Scr.1J
districts occupied by troops Of the Union, and
will be forwarded by sea to New York. All
ea}es will be made for account Of the Govern.
luent, and the proceeds paid into the National
Treasury, gnbject to any just claims Of loyal
citizens. This arrangement Is, Of course, tenl-
porarE in its nature. As Il general rule, in the
Judgment Of tho Secretary, commerce should
| follow the flag; and whenever the authority o.
the Union is fully restored in districts suth
eienfly extensive for the re-establishnent o1
| loyal State Government attordlns due secuTi
| ty against abnscs Of trade in furnishing aiG
and comfort to rebellion, the ports should bt
opened without restrietion, and all commerce
freely permitted.
With view to reformation of abuses AMI
reduction of expenses the Secretary has cal1se(
most Of the collection districts III All the States
and Territories not under insurrcctionaTy con
. troll to be visited by an officer Of his Depart
meut. Tlcir inquiries have led to tue iboli
, ton Of some Offices, and reduction Of the al
lowancc and compensation to the fncnmbents
sum, with the temporary reduction Of anrlia
expenses occaeioncd by tho suspension Of OF
. | fetal duties in the rcbc1lious States, amount
ing to sG44, 41.6S, will more than suffice 70
,, all the expenses arising under the act Of Jul
for the additional agents, inspectors and aid
: | required for its due execution and tic proven
, ton OF Illegal traffic.
| In this connection tic Secretary asks per
mission to direct the attention Of Congress t
! points in tic Mississippi Valley arc almost eS
clueiscly occupied by their duties under til
| act Of July, and AYR subjected, in con
| sequence, to labors and responsibilities 70
: | Which the compensation now allowed by lay
} | is not an equivalent 1t is, therefore, sur
r make some additional allowances, to be pai
+ from the appropriation already made for sue
: service.
The Secretary also recommends that i di
f vision be provided for Of forfeiturcs, fines, an
: penalties, under this act. between the officers
; the informer and the Government, CORES
pondlDg to that now allowed By the reycnu
/ | laws in other cases, and in order to protcc
: the interests both of citizens aud Of the Cor
! ernment, he further suggests that in ;ll case
c Of fines, forfeiturcs and penalties, under what
e ever law, when the amount in controyezs
0 does not exceed 81 600, tho Secretary be at
0 tlotized to prescribe whatever mode ma
r seem most convenient and certain for asccl
J tainiug the facts involved, and to direct sue
d settlement Of the matter In controversy by II
mitter OF otherwise, as lie may deem just.
d SOLICITOR OF CUSTOMS
- The interests Of the Government will ais
!. be promoted, in the Judgment Of the Secretar.
= by the appointment Of Solicitor OF Custom
to reside in the City OF New York, who sha
couduct ail suits and prosecutions, and collct
al penalties, fines, fofeiturcs, and dues to Il
n Government. under the revenue laws, With
the collection district II New York, and adsi;
u the Collector in respect to all icga. guestier
connected with the customs which may l,c r
fc1Tcd to lin By thct officer.
IA OPERATIONS oF TIE MINT.
Tic operations Of thc Mint during the Ii.
10 year were: large beyond precedent The nj
amount OF bullion received was 81, 146 5577l o
the amount coined was Of gold coins, $50
70 5:3, 257; Of silver coins, s2,9o5, 100; Of ccl
70 coins, $10l, ,660; Of gold bars &c, ,015, 1886
% and Of silver bars, $27B 006, 81. making Il
total coinage Of the. year. $&S, 1898. 767.5S,
m the bullion deposited, 81, ,149, ,S65& were +
~ ceiEed At the Assay Office in New York;