The Kingwood chronicle. [volume] (Kingwood, Va. [W. Va.]) 1861-1861, 1861-07-20
OUR NATIONAL FINANCES.
Special Report Of the Secretary Of
the Treasury.
TREASURY DEPARTMENT.
WASHINGTON. july 5. 1861.

w WASHlNGToN. July D. 1901.
The Secretary Of the Treasury is required
by law to prepare and lay before Congress, at
the commencement OF every session, report
on the subject of finances containing esti-
mates Of the public revenue and public ex-
penditures. and plans for improving and in
erca>ng the revenue
This duty, always important and response
hle. is now rendered doubly important and
responsible by the peculiar circumstances
under which the present session Of Congress
Is held.
4 vast conspiracy against the Union Of the
States and the very existence of the National
Government which has been gathering
strength and preparing hostlities in secret
for many years has at length broken out into
fragrant violence and has assumed proper
tionS 50 serious that an extraordinary exer-
ton Of the public force, creating extraordina-
~ demands upon the public resources, is re
quired for its speedy and complete dscomfit-
ure and suppression. In the judgment Of
the Secretary. the dearest understanding Of
the actual condition Of the public finances,
/
cies, will be obtained by considering the
whole subject under the following general
heads
First-the balance arising from receipts
and expenditures Of the fiscal year 1861, end
ING on the 30th Of June
Second-The demands upon the Treasury
arising under existing appropriations and
created by the new year ls62-exigences for
which provision is to be made during the fis-
cal year.
Third-The best way Of providing for
these demands and the means available for
that purpose
As to the first and second branches, the
Secretary shows an aggregate Of appropria-
tlons already made Of seycnty-nine millions
seyen hundred and ten thousand eight hun
dred and seventy dollars and eight cents
He proceeds:
The additional estimates herewith submit
ted for the service Of the fiscal year ending
June 30, 1861, including the deficiency caus-
Cd 81 the application Of 6..os: so 06 to the
service Of the proceeding year, will require
additional appropriations.
For civil list. foreign intercourse and
miscellaneous objects $ 93l 4O6 80
For tho Interior Department. 43l, ,595 -
For the War Department. s5296 39s 10
For the Navy Department, 3o,6o9, 52o 20
In addition to these demands upon the
Treasury. it will be necessary to provide for
the redemption Of the Treasury notes due and
maturing to the amount Of Sl2 $50 SCI GA, and
for the payment Of the interest on the public
debt to be created during the year, which
computed for the average Of the six months,
may lie estimated at 5000 600.
After further figuring the Secretary says
the whole amount required for the fiscal year
Of 1862 may therefore be stated at S3ls,-
5Ia.5sl ST.
It will be seen that in the foregoing csti-
mates no provision for the interest on the ex-
isting public debt specifically appears The
omission is only apparent, the estimate for
that interest being included III the sum Of
nearly 500 900 600 already appropriated for
the year 1862
On the third branch, viz: the ways and
means, the Secretary says:
dinary expenditure and by the existing emer-
gency, it is quite apparent, duties on imports,
the chief resource for ordinary disbursements
will not be adequate The deficiency Of rev
enue whether from imports or other resourc-
es, must necessarily be supplied from loans
and the problem to be solved is that OF SO
proportioning the former to the latter, and 50
adjusting the details of both, that the whole
amount needed may be obtained with certain
ty, with due economy with the least possible
Inconvenience, and with the greatest possible
incidental benefit to the people.
The Secretary has given to this important
subject the best considerations which the ur
gency of his varied public duties has allow
ed, and now submits to the consideration OF
Congress. with great Difference, and no little
distrust Of his own Judgment the conclusions
to which he has arrived He is Of the opin-
ion that $50, 600, 600 should be provided by
taxation. and that 100000. 900 should be
sought through loans. 1t will hardly be dis
puted that in every sound system Of finance,
adequate provision by taxation for the prompt
discharge Of all ordinary demands for the
punctual payment Of the interest on loans,
and for the creation Of gradual increasing
fund for the redemption Of the principal is
Indispensable Public credit can only becre-
ated by public faith, and public faith can on
ly be maintained by an economical, energetic
and prudent administration Of public affairs,
and BY the prompt and punctual fulflment Of
every obligation. It has been already stated
that annrnnriations for the ordinary exnendi=