Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1862-12-16
Greeu Sit. freeman
MONTPELIER Vt.
Tuesday Morning, Decemhe~ ae' iss".
National Finance.

National Finance
The report Of the Secretary of the treasury
il so long that we have reea for oaly the b7iet-
eat illusions to the facts and discussions con-
tanned in it. II ia an able paper, as have been
all Of Secretary Chase reports, azd presents a
clear statement o. the financial condition OF the
country The receipts actual and estimated for
the year ending next June, are $5ll '64e 2oo,
96 |; THU. afseesrse, including all the funde OBJ
tained, eft8le obtained, by loans or the lssae OF
legal teftdAf hplAA upder the existing laws OF
Congrsxs. pount Of expenditures, actual
and ostil4nt n 4E the year ending the same time
are. 49, ,ssaz37 e. leaving deficit to be
proyiddf bg Congress Of s276, 9l2,5l7 o.
The alsbdEsu receipts from customs Tor the
current year are estimated at $G8 O4l ,136 ~,
from internal revenue at $50 ,456,303 ~, and
from all other sources exclusive OF loans, at
sl3,05S 1853 AT, with $lS,oi5,5 sS 81 balance
from last year, making 10 oil $50 ,4o5,34s 90.
Treasury notes and fractional currency, already
issued, and which may be Issued Under the ez-
isting laws, make up the difference between this
sum and the whole estimated rooe pts as stated
above. After giving these figures, the larger
part of the report is devoted to- discussion of
methods OF raising this deficit, which is OF course
10 DO done by loans Of como sort. A part OF the
plan proposod is thus stated in the report
While tbe Secretary thus repeats the prefer
-ence he has heretofore expressed Tor United
States note circulation, even when issued direct
Iy by the government, and dependent on the ac-
ton OF the government for regulation and final
REDEMPTION. over tie note circulation s0f The
numerous and variously organized and yariously
responsible banks now exciting IN tho country !
and while be now sots forth, more fully than
heretofore, the grounds Of that preference, he
still adberes TO the opinion expressed IN his last
report that q circulation furnished by the gov
ernment, but issued by banking associations, or
gained under general act Of Congress, is to
be preferred TO either. Such circulation,
uniform in general characteristics, AID amply
secured as to prompt conyerlibiIty by national
bonds deposited in the treasury, by the associa'
tions receiving it, would unite, in his Judgment,
more elements OF soundness and utility than can
b. combined in any other.
circulation composed exclusively OF notes
issued directly by the government, or OF such
notes and CON- is recommended mainly by two
considerations the first, derived from the ia
cillty with which it may 10 provided ia emer-
gcncies; and The second, from its cfeapness.
;saas 'e !asyy ars--s ss 49, ss "a
circulation Of tie banks or about $50 ,00e 900
But as it would not in that event even give i'm
mediate relief, OF furnish enough in any even
to meet the deficit now aud prospective tn
Secretary advised some modification of the Law
authorizing the issue Of $500 COO 900 fve-twen
ties, the Issue of which has been thus lar lilaite
by the restrictions placed upon their sale below
market value, or provision fol other loans Oh
more favorable terms for the holders, at inoreas
ed rates Of interest, OF longer time.
After making these recommendations th
Secretary says;
If Congress ehall concar in these views, til,
Secretary, though conscious Of the di1icultie
which vast, sudden, and protacted expendi
lures impose on him, ventures to hope that b.
may still be aJle to maintain the public cred
aud provide for the public wants.