New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-12-06

receipts and expenditure of financial years
of 1862, 1868, and 1864. Details of debt
are also submitted. The Secretary reviews
his recommendations to Congress-to increase
duties; by direct tax; by internal duties;
emit notes; negotiate loans, etc. Unexpected
military delays required further financial oper-
atiOns. The suspension of specie payment by
banks is treated financially. The Secretary de-
scribes the loans made and the course he took
thereupon. He considers the value of the
Treasury-Note system in the present exigency.
$50, coo, 600 in all have been emitted. Con-
gress authorized, late in the session, $50, O0O,
600 more; $50 600 Of which were to be
reserved from issue until actually required for
payment of deposits. Still later, Congress upon
the recommendation Of the Secretary au-
thorized fractional currency. Total author
lied emission, $3.50, 100000 sixty millions re-
ccived from customs were not available for
circulation, but might be replaced as paid
in by notes of the new issues which were
thus available, so that, in the end, a total cir
culatOn of $3.50, 000, 900 might be reached, and
on an improbable contingency increased
500, 0O0, 600 more. The Secretary recommended
and Congress authorized the receipt on tenn
pcrary deposit of 500, 900, 600 at per cent,
aud payment to creditors who liked Of debt
certificates at one year and q per cent.
Congress authorized bonds to the amount of
$500, coo, coo, convertible at will of holder TO
United States notes; bonds at 6 per cent
specie and redeemable after % years. They
are called fye-twenties or fye-twenty SKIES.
The good results have exceeded the Secretary's
expectations. The Secretary expresses re-
greet that his recommendation inregard TO gem
eral banking law, &c, were not carried out.
let July, S5S, 100000 on deposit. United States
Notes issued, SIS, O00, 600; $40 900, coo paid
in certificates of debt; sos, 100000 in cash.
Every call on the Treasury answered, and all
army business with it promptly executed.
Balance in Treasury, Sl3,OO0OO0. Notwlth-
standing the unexpected demands on the Treas
ury arising from army reyerses, the Secretary
has provided for constantly increasing disburse
ments. Payments during quarter ending Sept
80, other than for The principal of public debt,
were Sill 200, 600; October, S49, OOO, 600; No
vember S59, OOO, 600. AL acquisitions beyond
resources, only $40, 600, 900. Power TO borrow
or get loans under act of July 1861, is e1-
hausted. Secretary considers financial laws. He
does not favor the issue OF Treasury Notes 10
pay S276, 600, 900 as needed. A limited issue
under certain restrictions might answer. The
Secretary does not believe the present paper |
issues redundant. Stoppage of specie payments,
and fears Of ignorant people abroad throwing
stocks into the market, caused gold 10 be I'll
object OF speculation, till it reached Bag per cent
Tie Secretary treats OF the cause of The rise not
be attributed mainly to increase Of currency. The
cause Of redundancy in tie increase OF cor
pora.e notes. lie recommends u. 5. Bank
circulation, and the reduction OF the bank-no.e
circulation. He renews the proposition TO lay |
a moderate tax on corporate circulation, and
considers il the best means Of gradual reduc- I
ton aud substitution. The Secretary believes
in & sound circulation Of uniform value, through
banking associations organized under national .
legislation. He discusses the national resources
lands. mines DC, aud is hopeful of the fu-
ture. The mode OF obtaining the new loans IL
handled. Certain restrictions in the act author
izing the issue Of bonds he advises 10 be taken OIL
The bullion received at the Mint last financial /
year was S4J, 600. Amount coined-god
$45, 900, 600; silver, near -, 000,000, etc. Tota
coinage, So, 600, 900. Bullion deposited at Assay
Office, N. Y, $4,000. In San Francisco
gold deposits in branch mint, SIC, 900 600; silver,
$40, coo. The Secretary recommends that the
present decentralization Of gold may be well
availcd OF, for the purpose Of taking one con
siderable step toward having uniform weights
measures and coins. He recommends TINT the
half eagle be made equal to the gold sovereign .
Of Great Britain. He discusses the trade be-
tween the loyal and disloya States; Custom
House frauds; the necessity Of y. Y. Assist
ant Collector; the requirements OF the y. \.
CustOm-House building; the administration OF
the hospital fuLd; the issue of stamp currency; !
the printing and engraving Of Treasury notes;
the iabors OF the Bureaus; the property de-
stroyed through military service; the appoln-
ments OF certain deputies; the inspection OF
steamboats,; the reyenuc-cutter service; praises
the coal survey; gances at maps and charts
and lighthouses; then concludes without any
peroration.
The report is written with a clearness, force,
and elegance Of all papers enanatng from the
Secretary Of the Treasury.