The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-10


For the Navy Department ..,.... 45, iei 1874 Is
For the public debt
Redemption. s2,ss3,3G II
Interest on debt
contracted before
1st july 1862 -. Is, $50 CSC ~
Interest on debt TO
be contracted af
ter lst July, 1867. 1000 600 60
--- 42,sl6,s3o So
Making an aggregate of estimated
expenditures Of ........ .s475 1891 .245 81
On the other hand the estimated
receipts are
From customs, lands and
ordinary sources. 49,. s45 ,sC0Co0
From direct tax. ...... 10000 600
From internal duties, in
Guiding income tax. 30,o00000
Making an aggregate of estimated
receipts Of. .......... 95,soo,coo 90
And leaving balance to be pro-
yidcd for Of ............,...... s379,5 ,2a5 81
The whole amount required from loans NAV
therefore be thus stated
For the fiscal year 1862, under existing
For the fiscal year 1862. under laws ''''Y'''' =
to be enacted. Observation-Disclosures. 300 900 900 90
For the fiscal year 1868, also under
laws to be enacted .,........ 379,53l ,2i5 81
Making an aggregate Of .... 1851 ,9sO, 800 81
The total may be stated in round numbers at six
hundred and ffly-fve millions Of dollars.
A tabular statement viii accompany this report,
showing somewhat more in detail the actual and
estimated receipts and expenditures of the fi1an-
ciai years 1861, 1862 and 1863
THE REBEL DEBT IN 1860 1861, 1862 AND 1863
1t only remains, in order to complete tie view
of the lnaacial situation, to submit statement
OF the pablo debt as 1t was Oh the fst day Of
July, 1850 and 1861, and will be- according to the
estimates now presented, at the same date in each
Of the years 1852 and 1868
The statement, in brief, is as follows
On the lst day Of July, 1890 the pub.
o. ne th asp y asv q INV ,ss, he '7's7s os
On the lst day Of July 1862. the pub -
lie debt will be ............... ..5l7 1872. SOP %
On the LIST day of July 1863, the pub
The particulars of which the debt consists, and
the. portions which have been or will be paid or
contracted in each year, will appear fully in a
Congress. Another table will be submitted, show
ing the amount Of the public debt in each year.
from 1871 to 1861, inclusive.
THE SECRETARY CONSIDERS IT uNwIsE TO DISGUISE
NECESSARY FACTS.
The Secretary, believing that the frankest is the
wisest policy for nations rs well as individuals,
has thought it his duty to submit to Congress this
plain statement Of the financial condition OF the
country. That it imposes considerable burdens ia
not to be denied or disguised. 1t is consoling to
know thai the energies and resources OF the pe0-
pie not insufficient for them. The public debt
on the lst Of July, 1868, if tie war be protracted
until that time on the scale of expenses coniem-
plated by the estimates, Will be, in round Numbers
nine hundred millions of dollars. The amount Of
the public debt in the year 1916 was sl27 1874 1888
"a, and in twenty years it was paid off by the peo
pie The country, even if the loyal States only
regarded can sustain and pay off in thirty years
the debt to which rebellion now exposes us, with
hardly greater proportional contributions from in
creased and increasing resources than that debt
made necessary.
It will be for the wisdom of Congress to
determine how far the annual and the aggre-
gate burdens Of the people shall be diminished
by retrenchment, by economy, by prudent yet
vigorous adjustment Of means to ends, and by just
contributions from rebel property. Nothing more
certainly enhances credit aud improves resources
than the reduction OF wants and wise energy in adj
minstiaon.
he SUGGESTS THAT CONGRESS WILL FIX TIE LIMIT
or THE Rate or INTEREST.
The Secretary forbears making any recommen
dalton concerning the authorities with which it
may be expedent to invest him in respect to future
loans He begs leave 10 refer this matter alto
gether to the better judgment of Congress, sug
gesting only that, whatever discretion it may be
thought prudent to give him in other respects the
rate of interest to be limited by law.
Turning now from the more immediate conside-
ration of the public finances, the Secretary solicits
the attention ofCongress to some other topics con-
meets with the administration of the Treasury De-
partmcnt.
TRADE WITH THE REBEL STATES CONSIDERED.
BY the act Of Congress of July 49, 1861, CONNER
cal intercourse with States declared to be III in-
surrection by the President was prohibited, and
the Secretary of the Treasury was authorized to
establish such rules and regulations as he might
deem expedient in accordance with which, under
license from the President restricted trade might
be conducted. Upon full consideration OF the
whole subject, it has not been deemed advisable rs
yet to establish any general rules and regulations
for such trade. In few instances special Ii
censes have been granted to convey particular
tices Of property into insurrectionary States, and
to carry on limited trade with parts OF Eastern
Virginia inhabited by loyal people; but, with these
inconsiderable exceptions, it has been hitherto
thought best to enforce the prohibition to The fuli
extent of the act. As the act itself, however, does
not seem to contemplate the forfeiture of property,
unless used for the purposes OF the rebellion, or
found in transit to or from tonnry States, its
execution has not been extended beyond tidt intent.
COMMERCE TO FOLLOW THE FLAG OF THE uNios.
To avoid, as far as possible, the practical neon
veniences of this suspension OF commerce. the
Secretary, with the appreciation OF the President
has established regulations IN accordance With
which cotton rice and other properly VII pc con-
lected and cared for by agents OF the department.
in nsurrectionary districts occupied by troops or
The Union. and will be forwarded by sea to New
York All sales will be made for account Of the
government, and the proceeds pad INTO o. ma,
ctzens This arrangement is, of course, tempo
rary in it's nature. As general rule, In the judg-
meit of the Secretary, commerce should follow the
flag; and Whenever the AUTHORITY OF the unionl is
fn1v restored in districts sufficiently extensive for
the re establishment OF loyal State government.
afordinQ Que security against abuses OF trade in
furnishing aid and comfort to rebellion, the ports
should he opened without restriction, and all COM
merce freely permitted.
COLLECTION EXPENSES REDUCED.
With view to reformation Of abuses and reduc-
ton Of expenses the Secretary has caused most OF
the collection districts in all tac States and ferrto
rics moi under onafy con foi tc be visited
| bv an officer of his department Thair inquiries
have led 10 the abolition OF some Offices and re-
duction of the allowance and compensation to the