The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-06
OUR NATION AL FINANCES.
Special Report OF the Secretary OF the
Treasury.

TRrAsrRY BEREAVEMENT, WASHINGTON, July s, 1851
Tho Secretary Of the Treasury Is required by Law to
prepare and lay before Congress- at the
Of every session. report the subee, of finance con
tanning estimates Of the public revenue and public ex
pendtures plans for improving and increasing the
revenue
This duty, always important and responsible, is
rendered douby important and responsible by the pecu
liar circumstances under which the present session of
Congress Is held
vast conspiracy against the Union of the States and
the very existence Of the national government which
has been gathering strength and preparing hosttes in
secret for many years. has at length broken out into
fragrant vioerce and has proportions serious
that extraordinary exerton Of the public force
stg extraordinary demands upon the public resources is
required for its speedy and complete discontinue and
suppression, In the judgment of TIA Secretary the
cearest understanding Of the actual V9iton Of the
public finances and Of the measures demanded by It's
exgencies will be obtained by considering the whole
subject under HE following general heads
F;rst-Tle balance isirg from the receipts and ex
perdures Of the fiscal year 1861, ending on the 3oh OF
June.
Second-7he demands upon the Treasury arising under
existing appropriations, and created BY the year
1S62exgencies for which provision is 10 be made during
the fiscal year.
7ird-rhe best way Of providing for these demands
and the available for that purpose.
AZ 20 the first and second branches, the Secretary
shows aggregate Of appropriations already made Of
seventy nine millions hundred and ten thousand
eight hundred and seventy dollars and eight cents, he
Tho additional estimates herewith submitted for the
service of tho fscal year ending June 3d. 1881, in
cludirg the deficiency caused by the application Of
40 2es $50 CO TO the service Of the preceding year viii
| require additional appropriations
| For civil list, foreign intercourse and mis
cnlIa- OH nnio
For the Interior Department 4s1 525i75
For the War Department. 1926 501 10
| For The Navy Department .......... aooVs,e2o 20
Aggregate. ....:,"..:. ,... s2t7 ,les,s5o 10
In addition to these demands upon the Treasury VIII
be necessary provide for the redemption OF the rrea
sury due and maturing TO the amount or SIC $50 S6
"a, and for the payment Of the interest on the public
debt to be created during the year, which Computed for
| the average of the elk months, may be estimated a.
SO GOO 600.
After further figuring the Secretary Saws the whole
| fore be stated at 1918 6lo, ISL 81
1t will be seen that the foregoing estimates pro
vision The interest the existing public debt spe
cidcaly appears The omission 10 only apparent, the
estimate for that interest being included In the sum of
nearly s66 600 already appropriated for the 1862
On The tdird branch, viz the ways aud means, the
To provide the large sums required Cor ordinary
pendure snd by the existing emergency, it is quite ap
parent duties on IMPORTS the chief resource for ord
| pary disbursements, win not be adequate. Tha do
| fclercy of revenue, whether from imports or Other
sources, must necessarily be supplied from loans, ana
the problem to be solved that or propotioning the
former TO the latter and adjusting the details o. both
| that The whole amount needed may be obtained with
certainty, with due economy, with the least possible in
convenience, and with the greatest possible incidental
| Der eft to the people.
The Secretary has given 10 this important subjective
best confederation which the urgency OF HE varied pub
lie duties has allowed aud submits to the copstderu
ton Congress, with great Difference, and little dis
trust Of his Judgment the conclusions to which he
has arrived BE OF the opinion that $4,000 should be
provided by taxstion and that S240 00 should be
sought through foars. II will hardly be disputed that
In every sound system OF finance adequate provision by
taxation Tor the prompt discharge OF all Ordinary de-
Spds for The punctae payment OF The interest Ga loans
and for the creation or gradually increasing fund for
the redemption of the principal Indispensable. Public
credit can only be created by public faith and public
faith only be maintained by an economical, energetic
ard prudent administration Of public aars and by tie
prompt and punctual' fulflment Of every obligation II
has been already stated that appropriations for he ord
nary expenditures the fiscal year OF 1882 including
the and indefinite descriptions, amounts 70
se6 Ss7 $40 "a, ard the interest to be paid on the
| debt TO he incurred during the year has boon
| estimated at $4,000, 600, making an aggregate OF
| Ordinary expenditures Of $74sSI,Sf9 "a. If TO
| these sums be added IS 1000 ss pro.
vision FOR The reduction and final extinguahment OF the
pubic oebt the total viii be $40 ss1 SAG a. Top-ovde
fc nav rerts II is proposed IN accordance with tue
pr cn pt stated TO raise bp taxation ~ least the s
~ $50 eco 0oo In considering tho choice Of revenun
sosquste 'hs purposes lust Indicated, the attention OF
Z. .-. 3. G..E ...sss..'', G-aWc - -: 9--s..1.