The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1861-07-12
DEPARTMENT. REPORTS.
s peciai Report 81 the secretary of
the Treasury.
DEPARTMENT,

Special Report 81 the Secretary OF
the Treasury.
TREAsuRY DEPARTMENT.,
Washington, July S, '6l.
The Secretary of the Treasury is required
by law to prepare ard lay before Congress,
At the eemmeaeament OF every session, . re-
port on the subject Of finance, containing
estimates Of the public revenue and public
expenditures, and plans for improving and
increasing the revenue.
This duty, always important and reepon
sible. is now rendered douhly important and
responsible BY the peculiar circumstances
under which the present session OF Congress
IL held.
A vast conspiracy against the Union OF
the States and the very existence OF the M
tiona government, which has been gather
ing strength aud preparing hostilities 10
secret for many years, has at length broken
out into hagrant violence, and has assumed
pr porslnns 80 serious. that 90 txlra ordina
ry exprtion OF the public force, creating ex
traordnary demands upon the public re-
sources. il required for it's speedy and COM
plete discontinue and suppression. In
the Judgment OF the Secretary, the clearesi
ndrrstanding OF the actual condition Of the
public finances, and OF the measures dc.
mandcd by it's exigencIee. will be obtained
hy considering the whole subject under the
| following general heads:
LIST. The balance arising from the receipts
and expenditures of the fiscal year 1861,
ending on the 30,h Of June.
ID. The demands upon the Treasury eris-
| ing under existing appropriations, and crea
ted hy The new year 1862 - exigen les for
which provision is to be made during the
i f-cal year.
81. The bes. way Of providing for these
demards and the means available for that
purpose.
AZ TO the first md second branches, the
Secretary shows an aggregate OF apIropria-
tons already made, Of seventy nine millions
eeven hundred and ten thousand eight hun.
dred and seventy dollars and eight cents.
He proceed -
The additional estimate herewith submit
ted for the service 81 the fiscal year ending
June 3Dth, 1861, including the deficiency
caused by the application VI S6,29S,o5 O6
10 the service OF the preceding year, will re
qnire additional appropriations:
For civil list, foreign intercourse and mis-.
crllaneous objects 1881 ,49o 9O
For the Interior Department =. 43i SIS ID
For War Department lS5 300 39I ~
For Navy Department ~ bu9 rb2y ~
Aggregate SPOT les $50 Is
/. In addition 10 these demands upon The
Treasury. it will be necessary TO provide for
The REDEMPTION uf the Treasury notes due
and maturing to tho amount Of Sl2 630, s6l
Ga, aud for the payment 81 the interest on
} The public debt - be created during the year.
, which computed for the average ct the sll
months, may be estimated at 80, 900 QUO,
, After further figuring, the Secretary say'
the whole amount required for the fsca
, year Of 1862 may therefore BIS stated a
, $3lS,5i9,5sl 81.
Ii will DO seen, in the foregoing estimates
y no provision for the interest on the existing
!, public debt specifically appears. Tbs omis.
o siun il only apparent, the estimate for tbs
4 interest bcirg included 10 the sum Of nearl,
500, 1000, 900 already appropriated for tn
year lsG2.
On the third branch, viz the ways sn,
Q means, the Secretary says:
h To provide the large sums required for or
!. binary expenditure and by existing smergen
cy, it IL quite apparent, duties on imports
the chief resource for ordinary disburse
. ments, will no. be adequate. The de6cien
!. ey OF revenue, whether from imports or 9th
!, er sources, must necessarily be euppiied from
iuhHsy Wuu suo ptVu'Vm w w 6OivUu ~ tuU
: Of 90 proportioning the former to the latter
and so adjusting the details Of both, that th
Ii whole amount needed may be obtAinsd Wit
!. certainty, With doe economy, yi.h tic !c.s
possible inconvenience, and with the great
est possible incidental benefit to the people
Is The Secretary has given to this very i'm
Il porlant subject the best consideration whc
the urgency Of his varied public duties ha
allowed, and now submits to the coDsidsra
ton Of Congress, with great Difference, m
r no little distrust Of bis own Judgment, th
conclusions 60 which he has arrived. He
Of opinion that $50 COO, 600 should be provi
- ded by taxation, and that $40 O0O, 90
10 should lie sought through loAna. IL wi
il haralY be disputed that, IN every sound sys
- tenn " finance, adequate provision bT taxa
s, ton far the prompt discharge or all ordinar
:" demands for the Iuncsnal payment III the in
tetest Oh loans, and for the creation OF
u gradually increasing fuad for ibe Tedrmptio
a. Of the principal j. INDISPENSABLE. Publ
be credit can 9niy be created by public iaitt
Fe nrd putlie faith can oily be maintained b
30 40 90 lnomlcal, energetic and prudent nj
nln,~.ration or pabic afAirs, and by th
prompt ana puncsu&l fui6iimens Of every OF
~ legation. Il has been already stated TIL
't. appropriations for the ordinary expenditure
of the seal wear az 1862 including fha nes