, 1861-07-10

couTenis Mt, they may be made redeem able ON
temand In coin, and Issued without interest
In either 9orm the treasury notes Of these
smaller denomination may prove very useful
lfp1udent3y uaed. In anticipation Of the reye-
nue. they are certain to be received. The
prevent the degradation OF such issues into
IN irredeeuab1e paper currency, than which
no mora certainly fatal e1pedlent for i'm
royerishiug the masses and dlscrediting the
government Of any country can well be de-
vised.
PRESENT NATIONAL DEBT.
The increase Of the public debt In conse.
quence Of tbs disturbed coalition Of the
,untry, and from other sources, will clearly
appear from brief review on the lst Of July,
1860. AZ shown By the last annual report, it
was So, $40, ,103 08; 1t had been Increased on
the 1>t Of January, 1860, to the sun OF $685.
Pc AZ, 721 C3. It had been further increased o.
Secretary took charge Of the department, to
the Fun Of SIC 455, ,2G9.28, and on the lat Of
July, 1861, the close Of the fiscal year, II had
been still further increased to the sum Of Ss0,-
SUI, ,s2s,6s.
FOREIGN COMMERCE.
IN connection With the general subject Of
:evenue,the Secretary thinks 1t his duty to In
yite the attention Of Congress to the condition
OF foreign commerce, aud Of the commerce
| insurrection at the ports of several States Of
the Union, the collection OF lawful duties on
imports has BEEN forcibly obstructed and PEE
vented for several months. This condition Of
stailh, and the admission Of foreign merchan-
| Gize into those ports without the payment Of
| duties to the United States, have given oppos-
tunity to many frauds In the revenue, and must
necessarily occasion great and harmful dis
| :urbance OF the regulnr commerce Of the eoun-
tTy. 1t Is in the province Of Congress to apply
the proper remedies for theae evils, and tae
Secretary begs leave to suggest tbs: proper
remedies may be found inclosIns the por!s
where the collection Of duties Is 50 dishursed,
| or By providing for such collection on ship
board or elsewhere, beyond the reach Of such
obstructlons. Every Independent nation ex-
ercises the right sf determining what ports
| within its territorial limits shall be, and what
ports shal1 not be open, to foreign commerce,
and nothing can be clearer where one or more
ports may be Temporarily in the possession Of
the insurgents against the government. than
that suitable regulations may be prescribed by
against, BY adequate provision for It's collec-
tiOn elsewhere tnan within the port, or for de.
.priving the port itself OF its character Is port
| Of entry or delivery until the insarrection
shall be suppressed.
CONCLUSION.
The Secretary is fully aud painfully aware,
that in preparing and submitting this report,
| LIE HaS 1aDOreQ unQer g{e1s anQ tpeGullat
disadvantages; he has but recently assumed
! the charge Of the vast and complicated con-
cerns Ct bis department, and he Is deeply
conscious how imperfectly hs Is prepared by
! experience, by talents, or by special acquire
| ments for such q charge. He also under
stands better perhaps than any one outside
can understand, the difficulties incident to the
task Of which lie has now attempted the per-
fo1mance, augmented aud multiplied beyond
measure by the criminal msuHection, which
| deEangea commerce, accumu1ates e1pcudi-
lures, necessitates taxes, embarrasses indus
try, deprec;ates property, cripples enterprise,
! illustrates progress. He has simply endeay-
ored, under the pe1lexing circumstances, to
meet the case just as 1t is to set forth plainly
the actual condition Of the public finances
aud to explain the means and measures by
which, In his humble Judgment, the evils Of
the existing situatton may be mitIgated and
finally removed. The energies OF 3 great peo.
ple will, as he firmly believes, surmount all
the troubles and calarnities Of the present
time, and, under the good hand OF the God ot
our fathers, out Of these very troubles and
difficulties build future which shall surpass
:he whole glorious past III the richness Of its
blessings and belefts-al which he respect.
ful!y submits to the indulgcnt consideration
ii Congress.
{signe1), S. P. CHASE,
Secretary Of the Treasury.