The daily Green Mountain freeman. [volume] (Montpelier, Vt.) 1861-1865, 1862-12-08
National Finance.

The report Of the Secretary of the Treasury
| il so long that We have room for only the b:iet
70, alusIons 70 the facts ard dl-cursqns cor
| tanned in IT, Il Is Az n6te papo:, as have been
al OF Secretary Chase 3 reports, and presents a
clsar Statement. o tie financial condition Of tie
country. The receipts actual and estimated fer
Jhe year ending next June, arc $jll $40 2jG.
JC this, of course, including all tie FUNDS ob-
win"d, or to be obtained, by loans or the issue Of
i'g4i tender notes under tho existing laws Of
Congress, The amount of expenditures actuul
an0 cs'!mated iJr the year ending TIE same time
IRE $1S8,56S,7777 g. leaving . dyici. to be
provided for by Congress Of $21G ,9l2. ST S.
The amount ot receipfs from customs for tlrt
current year are estimated at $GS OIL 1876 81,
rom internal revenue at $9j,4j6, 1903 -, anG
rom al! other sources exclusive Of loans. at
Sl3,953,158 A. with $l3,O43 j4G 81 balance
rom last year, making in all $50 4J5 34t &c
Treasury notes anu fractional currency. already
isssed, aud winch may be issued under the cz-
isting laws, make up the difference between thiS
sunt and the w4olc estimated Eecei pts a. siat ed
above. Alter giving these hgnres, the larger
part OF the report is devoted l. a discussion Of
methods OF raising this deficit, which is Of course
70 be done by loans Of somc sort. \ yart of ,he
plan proposed ls thus stated in the report
While the Secretary thus repeats the prefer.
enee nc has heretofore expressed Tor d United
States note CHI eniatlon. even when Issued direct
iy by the government, and dependent on the at
.lOn .! the government Tor regulation and tnal
redemption. over The note circulation nvf he
numerous and yarously organized aud var,oasIy
reepoDsiole banks now existing IN tho Country !;
and while he now sets forth, more fully tn.A
heretofore, the grounds OF tbat preference, he
still adheies 10 the OPINION expressed i'll he last
report, that . cucalavlon furnished by the gov
eminent, but Issued by banking associations, or
54nlzed under d general act vi Cungress, % to
DC preferred 20 either. Such crc.lat,un.
uniform 10 general characteristics, and amply
secured as to prompt eUnveriDlity by national
oondS deposited IN LIE treasury, W me ussvcla.
tons receiving il, w0uld unite, IN nis Judgment,
IDUre e.emebts .. s0undness and utility lhan can
b. combined IN any other.
a Circulation com posed exclusively Of note.
issued directly ~ the government, or Of sueh
notes and COIN, - recommended inaiuly by TWO
considerations Shp frat, derived lr3al the IA
c!!lty with which IL may lie provilvd IA elner-
5encles ; ana iao second, from rs cheapness.
This pa an If adopted. would, Of course, put
into the national treasury > sum equal t. The
circulation Of tho banks Or about $3.50 600 900.
But as 1t would net III that event even give I'M
mediate relief, or talnish enough in any event
to meet the d16clt now and pros pectye, the
Secretary advises some modiEca ton Of the law
authorizing the Issue Of 100000 600 iiva-,wen-
ties, the Issue vi which has been thus lar limited
by the restrictions placed upon their sale below
market yalue, or u provision foi other loans on
more favorable terms tor the holdcrs, ut increas
ed ratee Of interest, or longer time.
After making these recommendations the
Secretary says;
If Congress Shal! concnr in these views. the
Secretary, though conscious of the difficulties
winch vast, sudden, anu protraoted expendl.
lures impose on him, ventures to hope that h,
may still be able to maintain the pubic credi,
and provide tor tao public wants
q B 49,