The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1862-12-10

The voluminous report of Secretary Chase
Of the Treasury Department, is twice as long
as the Presidents message, and would fill two
solid pages Of our paper. OF course its publi-
cation will not be expected in our columns
Below we give condensation of this elabor-
ate report, embracing the important points of
its estimates, its plans of revenue and its views
upon the financial condition of the country.
THE PUBLIC DEBT.
The amount of the public debt on the Both
of June, 1852, was S514.211,371 92. 1t is esti-
mated that on the LIST of July, 1858, the public
debt will be increased to 81, ,122, ,297 ,403 "a and
on the supposition that the war may continue
with undiminished disbursements until the 1st
of July, 1854, the debt likely to have been then
incurred must be estimated at $l,744,6S55S6-
80. The average rate Of interest for the whole
loan thus far incurred is four and three-ffths
per cent.
RECEIPTS AND EXPENDITURES.
The aggregate receipts for the fiscal year
1882 from July /, 1851, to June 80, 1852 were
$563,6S5, ,247 03; the aggregate expenditures,
$570,S41 100 Is. The receipts for the first quar-
ter of the fiscal year 1868 were $3.50, ,495 ,345 CO.
The estimated receipts for the remaining three
quarters will increase this amount to S5l ii ,646-
259 96. The actual and estimated expendi-
lures for the year from July /, 1862, to June
30, 16631 are stated as follows:
For the civil service, s32,s11,543 %
For the interior department, 5,9s2,9O6 43
For the war department, 747,359,S2S 9S
For the navy department, s2,177,510 n
For interest on public debt, 25,346,321 3s
Total, 1885,, ,321 As
~ r.. A.
1864 are 1929 1926 900 co. The estimated ex-
penditures, provided the war continues, are
81 ,O95 ,4l3,1S3 56 Though the continuance of
the war is very properly assumed as the basis of
estimates intended to cover all contingencies,
yet the Secretary expresses the confident hope
that it is a contingency destined never to be
realized.
TREASURY NOTES, STAMPS AND cERTIFr-
GATES.
The Secretary justifies at length the fnan-
cial system of the Government, in the issue of
treasury notes and postal currency. OF the
former, Congress at different times authorized
the issue of S150,000,0 900, to meet the daily in
creasing demands on the Treasury, and subse-
quently the issue of second $150,000,O00, of
which $50,O00,O00 were to be reserved till ac-
tually required for the payment of deposits
The use OF postage and revenue stamps was
also authorized as currency-this expedient
being preferable to the issue of metallic tokens
reduced in value below the existing standards
These measures have all worked well-more
than fulfilling the anticipations of the depart
ment Congress further authorized the issue
of national bonds TO the amount of Sj00000,-
600, into which the United States notes issued
might be converted at the will of the holder
1t was provided that these bonds should carry
an interest of six per cent. in specie. and be
redeemable after five and payable in twenty
years.
is THERE AN EXCESS OF CURRENCY?
The secretary does not concur in the opin-
ion that the aggregate currency of the coun-
try, composed of the United States notes and
the notes of corporations, is at this moment
greatly in excess of legitimate demands for its
employment. Much less does he concur in an
other opinion, not unfrequently expressed,
that any actual excess is due to the issues of
the United States notes already in circulation.
1t is true that gold commands a premium in
notes. But 1t is also true that on the suspension
Of specie payments and the substitution for
coin Of United States notes, convertible into
six per cent specie bonds as the legal stand
ard of value, gold became an article of mer-
chandise, subject to the ordinary fluctuations
of supply and demand, and to the extraordi-
nary fluctuations of mere speculation. That
the consequent rise in the marketable value
OF gold is not due wholly or mainly to the in
crease of the currency, is evident from the
facts, ~ That the whole quantity of circula-
tion did not at the time exceed the legitimate
demands of payment (2) The whole. or
nearly the whole, increase in the volume of
the currency which has taken place, was, it is
believed, legitimately demanded by the
changed condition of the country in the year
between the two dates. (3) That on the 18th
day of October, when the actual circulation,
national and corporate, was about $780,
600, the premium on gold was 81 5-S; where
as, on the 10Th day of November, when the
circulation had increased by more than
millions, the premium on gold was 20 to 80
per cent. But if the fact of considerable re-
dundancy in circulation be conceded, it by no
means follows that it is the circulation of the
United States notes which is redundant and
upon this point the secretary concludes that it
Is the part of wisdom and duty to support the
United States circulation, and reduce the bank
note circulation.
UNIFORMITY OF CIRCULATION.
He still adheres, however, to his opinion be-
lore expressed, that a circulation furnished by
the government but issued by banking asso-
ciations, organized under general act of con-
gress, is to be preferred to either. The central
IDEA OF the proposed measure is the establish
ment OF one sound, uniform circulation, of
equal value throughout the country, upon the
foundation OF national credit combined with
private capital. These associations would be
entirely voluntary, and every dollar of circu-
lation would represent real capital. actually in
vested in national stocks, and the total amount