Evening star. [volume] (Washington, D.C.) 1854-1972, 1862-12-06
REPORT OF THE SECRETARY OF YHE
TREA9vRY.

Owing 10 the Istsnsee q the hour at wAich
the report Of bscretary Chase was received,
our abstract OF yesterday wss necessarily
short.
Secretary Chase eetmates the custom. rev.
at one hundrcd and nfsy rulhons. For ,hst
portion Of the current year, during which the
internal taxss will have been IA operation, he
estimates their proceeds at eighty. i've miIlione
The public debt, which, on the 3Oth OF June
last, wae e5N NoUo, Co, Will be el, liz o0iOo0 on
the e0th Of next june and 4l, "a. ,ot0 on the
atih Of june, 1864, IL the war eheiI continue 90
long, which is not TO be expected.
The Secretary's views OF the resources Of The
country b hopeful. He says that our annual
production Of gold and enver has already
r. ached about iU,pQQ ouG and uet steadily
and rapidly advance. He counts largely upos
The immigration Of labor, to follow The return
Of peace. - %
national debt, but prefers loans at euch periods
as will enable the principal to be paid on q.
the earliest moment when payment becomes
practicable.
We subjoin a few extracts from the report:
The whole power to borrow money under the
act OF July, 1861 10 authorize q national loan /.
now exhausted. The only important laws
under which means for meeting demands on the
Treasury can lie had are those enacted or mod
ifcd by Congress st its last session.
These are of two general classes, namely
those which provide revenue from outies and
taxes, and those which authorize the obtaining
The actual and estimated receipts under
there laws for the current fiscal year, already
stated, will amount under the tariff act 70
STE, ,c4l, $3.50, and under the internal revenue
law 80 sS5, ,4!6- -c3.73. The receipts for all other
sources, exclusive OF loans, as es tirnate will
reach s13,e53, sSs47 nal king n general a aggregate
including l3,O43.5i5SI, balance from last year
OF lei,ia5,3i56N and leaving TO be provided
from loans, in tome form, a6ls, ,o63,a32d d2
The Jaws of the second class limit the issue
OF United States notes, exclusive Of the con-
tingent reserve for deposits TO ESQ. oo 600 limit
the amount receivable on temporary deposit to
slGGCOU;tV, and limit the Issue OF hve-twcnty
siA es TO $500 0C0Q0. The issu Of certificates OF
inde BITE dness and OF fractional currency il un-
limited by legislation.
The amount Of United States notes, in Guiding
notes receivable for customs, already issued
and in circulation or In the treasury TO the
credit OF dfsbursing officers or OF the Treasurer,
was on the 1st instant sIs2222, ,G3,IIl. There vet
remains, therefore, under the law, an auth hor1ty
70 issue the further sum of e27,06 SO. The
amount received on deposit including coin and
estimating for the last day Of Noyembar, is
e?9,7se,650. The further sum Of e2o, ,2ol $50 may
therefore yet be received. The issue Of f-ac-
uonal currency has reached the sum of
e3,eS4,Sl0. The best lights lead to the estimate
that before specie payments can be resumed,
not lees than e4lOt0,CtU will be required by the
wants Of the community. The sum Of $50, ls,2oo
not yet issued, may therefore be counted on as
an additional resource. 1t is not easy 70 deter
mine what further payments can be made In
certificates Of indebtedness, bit IL seems prob.
bDdt INchLS III l1ltt lOrIN may be 6afelY
carried TO the amount OF slO0eOU,0O0 Theee
payments have already reached &s7,363, "a 1 as
and the additional sum Of &l2636, ?JS Is NAV
therefore ce paid in that way. What can be
Justly expected from conversions under the act
authorizing the issue Of ive-twenty skies, that
is 10 say, from exchanges by holders OF United
states notes for these bonds, At par, cannot be
stated with much certainty. The amount re-
ceiyed from this source from the date of the act
10 the lst instant estimating for papt OF the last
week In November, is s23 750sl00. II may rea-
soHably be expected that S35, ,0vo, 600 will be re-
ceived, If the act remains unmodified, during
the remainder Of the fiscal year. The aggregate
OF all these sums, namely, S13i, ,S2i, b. con.
stitutes the total of resources available for the
current year under existing laws, except
through sales, regarded as impracticable under
the act authorizing their iss ne, of the -twen-
ties at their market value.
These credit RESOURCES, with the actual re.
ceipts from like sources, added TO revenue in
all forms, may supply the treasury with
SSH l,6l6,2S9.e6. There remains a balance of dis
bursem. nts Of 1910 92, ,5I7 66 TO be pro vded fo-
To meet this he recommends the iss ne Of Uni
Id States notes adapted to circ culation as money,
'aI the establishment of banking associations
10 b. organized under National legislation. The
Secretary says:
II is true that gold commands a premium in
notes; in other words, that to purchase a giyerf
amount OF gold greater amount In notes is re-
quired. But II is also true that, on the suspen-
sion Of specie payments and the substitution
for coin Of United States notes convertible into
six per cent. specie bonds as the legal standard
OF value, gold became an article Of merchandise,
subject TO the ordinary fluctuations of supply
and demand. and to the extraordinary huctus-
tons OF mere speculation. The cir
culation Of United States notes may greatly
facilitate the payments TO the banks through
which their own notes must be withdrawn:
and thus not only protect the community from
the inconyeniences, but the banks from the
losses which might otherwise attend red ction.
1t may also be stated that w hen the subetitu-
,ion shall have been accomplished, and perhaps
IL circums stancee favor, st earlier period,
payments in specie Of United States notes NAV
be resumed with less cost and less injury to
business than would attend like resumption
in payment Of corporate notee. With oompar-
atiyely trivial sacrifice, the Government can
whenever Its expenditures are reduced to its
revenue, provide, by loan or otherwise, ali the
ccin needed to commence and maintain the re-
sumption. 80 =