New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-12-06
REPORT Of SECRETARY CHASE
Eleven Hundred Millions of Debt next July
BANK CIRCULATION Of UNITED STATES NOTES
Important Recommendationstc Congress
TREASURY DEPARTMENT, Dec. 4, 1862.

CONGRESS. ct the commencement Of every session, a
report on the subject Of finance embracing estimates
of receipts and 6sbursements and plans of revenue
be submits respectfully the following views aud
statements:
Yhe Rebellion and t'Ie Governnient.
The breaking ont OF the existing rebellion, coon
sfter the incoming Of the present Administration,
demanded the employment o. al necessary means
for the preservation Of The territorial integrity of the
Republic, and Tor The maintenance Of the consiiu-
tional supremacy OF the whole people, through their
National Government, over every state and every
eiizen.
To authorize end prescribe the employment Of
these means was The peculiar province of Congress-
10 call forth ana drect the armed force, which
might be authorized belonged TO the President, and,
under him. TO the Departments o. War aud OF the
Navy; while 10 provide the means 70 meet author
lied expenditures in its employ cevolveG under
she legislation of Congress and Tie direction OF the
president, on the Secretary OF the Treasury.
Varying exigeuCies have required adapted meas-
ures ana necessitated uusnteipated expenditures.
Estimates, correct when made, have been rendered
inaccurate by changed circumstances SGch condi'
tons always attend war, whether external or civil,
and We conld not hope 70 escape them.
It Is not therefore natter Of surprise that the esti-
mates submitted IN July, 1861 for the year ending
on tie 3Oth OF June, lo62 Were exceeded by the
ec,ua exl enditures, or that those submitted in De
eeuber, for The year which Will end Oh tue 3Jth Of
June, 1853, will probably be, IN Ike manner. ex-
ceeded.
Eetirnates Generally Considered.
The estimates OF the Secretary must necessarily
be derived chiefly from Information furnished 10y
other heads Of departments; ana this Information,
adjusted 10 existing ana probable circumstances,
cannot possibly anticipate all the veissiiudes OF war
or Of legislation.
Thus, The estimates for the last fiscal year, sub
mitted a. tie July session Of 1851, were based on
estimates from the War Department for IN army,
including regulars and volunteers, Of 100000 mem
and from tie Navy Department for u paval force
quite incOnsidera5e IN comparison with That after
forward found 10 be Indispensable. Congress, think
ing he proposed military force inadequate, provided
for volunteer army Cf 100000 men, beside regular
troops and special corps. laundering together over
$4,000, and also for considerable additions to various
corps, ana large increase OF Jay ana TatOns. The
estimates of July required, Of course, correction in
December.
So, also the estimates for the current fiscal year,
submitted az the last session, were framed IN sub
s,2nikal accordance with information furnished by
the several Departments Tie necessities Of tie
war, however rendered il expecent, ia The judg-
ment OF the Executive and Of Congress, 10 csll for
30o,UJO additional volunteers, and make dIat Of
80, 900 IN addition 20 these. Inc esinatGS Of
course, rIust again prove Inadequate.
The iBereGse Of tie army, hOWevtr, did not greatly
affect disbursements between the date of the Decem-
Der report and the close Of the then current fsca
year. The increase Of debt, therefore. did Dot
ceed the December sstiuste. On tie contrary,
while the estimate anticipated public debt on the
3oth Of June, 1852, o. S57 3s2 So u, lfs actual
amount on that day was S1f,2ll 81 " ms amount,
o. course does not include unsscerained claims but
only that debt, the evidences q which eXet 10 The
Treasury upon It's looks or IN The form OF Tequisi'
toDs in favor Of creditors or Of Disturbing officers.
IL is not probable, however that at the date named
these claims mGch II ~ al, exceeded tie bAlduce IN
tie Treasury. namely, Sl3,O45,5i6 81.
But while tie public debt on the lst Of July, 1862
old not reach tie amount aDicpated by tie est
mates, there room for the pieaslDg nope that
tie results cf the current fiscal yer or TIE neXt y ~
exhibit similar proportion. On tie contrary, he
estimate Of The pnUc debt ON the Isl OF July, 1868
heretofore submitted, must now tie advanced, In
view Of the UNEXPECTED increase OF expenditures az
thoiized AMI lLcursCd or lkcly 20 lie incurred 10
81, IL, ~ 4Jj "a and on the sUpposlOn that the
war MAY 6e continued with uuGiuinlthod dsbufse-
nenis until Tie Isl Of July, ls6i ne debt likely 10
have been then incurred must be estimated at
$l,7H, $50 50.
il las been the care Of the Secretary TO reduce the
eost Of he debt in tie form OF interest, 20 the low
est possible amount and u is q source o. real ssts-
facuOn him that lie has been able, tL1s far 10
fLe il within very moderate limits. he first loans,
being Of magnitude hitherto undreu med OF m our
market We're necessarily made al an interest when
lie regarded as high though lenders stleuuousiy in
sisted on higher; Tut large amounts are DOW OBJ.
tsiued at FIVE and four per cent while the crcula-
lation Of United states notes constitutes practically
loan from the people TO tleir Government without
loan Is thus reduced TO 3-5tb per cent. Whether
q similar result may attend future loans must
be determined partly BY the legislation
OF Congress partly by tie conduct OF the war and
partly by the condition OF the markets for money.
The statements OF The actual and es'iuaied cept
and expenditures for the last and the cafret fiscal
year, comparison with those Of tie December
report, must undergo notifications sibil 30 those
OF the public debt. Both receipts and expenditures
for the current and the following year will DO III
creased: the former by the operations Of the aug
pentct tariff aud # the internal revenue, and tie
latter By the exigencje. Of the war.
Revenues.
The aggregate receipts for the fiscal year 1862,
from al sources including the balance OF $2,!57 30
80 IN the Treasury from The preceding year, wer.
e5S3, $50 ~ % ard the aggrega,e expenditures
so 81 100 %; leaving balance ~ tne treasury
Oh the let Gay OF JGly, 1862 Of 5i3O$35.J a. From
tie receipts and from Tie expenditures shou1 be de-
dneied the amounts both received and disbursed
within the year on sccOunt OF permanent aud tenn
Iorafy oeoi amounting to $JG 0JG ~ o.; leaving
to,al Of receipts not applied in payment Of debt
&ioI,losJA ", and TIE total of current disburse-
nent SI4,Hi,17o l6. IA the amount Of ceb,, 70
tso lie amount Of the expenditures ios the last year
fas short Of the ost mates.
The actual receipts for the first quarter Of the
fiscal year 1868, commencing July ], 1862 appear
from tue looks Of tie Treasury; tie re eptt or The
tbIee rem.iul3S quarters can only be- Ceaalod On
tie !asis O. al populations made and asksd for ly tr
several departments. They have been and oie esti-
TO- ed 81 fellows:
Dor Tire lot quarter ;hs actual receipts rom
eu,toils internal duties direct ts1. hros.
and 40 other sources excluding loans, and
fl5Os46 81, sy72oas29 ca
For tie % "a er1 4fh qgsfters tie estimated
receipts from al source. ,e............. I32eGgl6 SO
Making the totsi OF actual and esnsted TO-
Gtctt,s 5lias s1e ye.f s53.......... Isol953is col
To ilAs mus. be sided
sums already realized FROM
losLs w eli forns. Nh.ch
amounted, during tGe let
.eusger. Io................ SlllE3.e2l O.
Ard during fhs nths Of Oc.