Smyrna times., 1862-12-11
Report of Secretary Chase.

~POAL Va 0oCA6LdIH Nudb0'
The report Of the Secretary of the Treasury ha
oeeh more generally read, and we venture to say
says 'ne Ledger, has been more thoroughly under
S'Soa tnah any document emanating from that de
Partment of the Government in many wears. TIL
present condition Of the National finances, and tn
various sources of revenue most lucidly set forth
ne estimates OF the Public Debt in the last Annua
Nepsrt "f the Secretary, to the purport that thu
'o'AI at tllc close OF the fiscal year. June 30 1862
would be about. ut....................S5I S5I7 1927 8Os
The actual result was............... 5l42lI 374
"llh balance in the Treasury OH the Ist of JULY
Of Sl5O43,546, which the report states would abou
cover the outstanding claims against the Treasury
not then paid. The estimate, therefore, was exceed
" accurate, rejecting credit upon the candor anc
foresight of the head of the Department. So sue
ceSsiuI an estimate Of the public debt for the current
fiscal year, ending the Both of June, 1863 is hardly
hoped Tor In his last annual report
lie placed the figures at.......... 1897. .372 $40
he now apprehend$ it will be. e... 1922. .297 1O3
The difference of................$ Of. $23i 92f, ,60l
Is to be ascribcd to the very considerable enlarge.
ment Of both the Army and Navy establishments.
Compared with the basis upon which the estimates
were sent to Congress. The estimates for the suc.
c'cdIng fiscal year, cnding the 3Oth of June, 1861
are made upon the connccural basis that the war !;
to Continue nineteen months, and Of course thew as
sumo the widest contingent range dcmandcd bv tts
enlarged military and naval establishments. The
gross figures L:sI!t in running up the public debt ,o
The sum Of ST. III GS5 $50, after absorbing the proba
Die revenues Of the year from customs the internal
TAX ana miscellaneous, estimated together at 1923.
O"o'OOO. The loans wanted, therefore in Same
shape for the service Of the next eiohtern ,,,,.b
provided the war is TO continue, are:
or remainder of current fiscal year end
ing June Both, 1863, ......... .S276g12 5I7
FOR The next fiscal year........... 6O2. .388.ls3
iOse'"cI ''''........ ............ $3.50 300, ,7OI
Or' IN Found numbers, nine hundred millions, of
which nearly three hundred millions are indisveps
BILE before the Both Of June next over and above the
accrulng revenues, Impost and Excise, md the nm.
exhausted authority to issue United States Note,
and Postal currency. This is all very clear and
very satisfactory The question is, how shall these
nine millions be realized To the solution of this
N'S H'S'C'oIJ otIHSS ltic same ElepT ana
gsHt reasoning that characterzes his exhibition af
facts and figures He is not in favor of further in
creaslng the issue Of United States notes bevend the
amount fixed by law, unless a clear public exigcncv
shall demand it, This is sound and sensible. The
Secretary recommends that the required amount he
ased by loans, and as means Of facilitating their
negotiation the best terms, reasons most f,rcb,
Will -dIVeAfe scheme for 81.
national system Of back circulation. IfCougress
VIII but meet these suggestions in the same frank
ma fearless manner thut the Secretary makes them
here wi II be two good results. We shall raise means
n the most desirable way for the supply of the Trea
ury' IN putting down rebellion, and we shall open
he way to the establishment of the best and mos,
chabc system Of currency that can be made of p..
'er This portion of the report is its great feature,
'nd VIII give 1t prominent place among the State
'aPer" OF thls Government, years after the occasion
hat called 1t forth is forgotten. With circulation
inform in appearance, secured by the pledged faith
It the Government i'll addition to actual capitaI 70
eiVed for all public dues but customs, and redeema
'e IN coin at the place Of issue, we shall have cur
ency as near perfect as can be hoped for from pa
Der. Tho issues being all Fthe same general an.
'earance, they will become familiar to the eve
u the duilcst reader, thus materially narrowing the
leld for all fraudulent issues, and, what is even .f
n're importance, we shall have a currency at par
III over the country. The Secretary accordingly
dVlses the imposing of moderate tax on corporate
1t is necessity on that which
'os's little and is exceedingly profitable 1t may
wen protect the banks finally from losses which
would attend reduction, and enable the resumption
u specie payment to be more easily brought about
han when numerous corporations are involved. The
ysten is so plainly presented and so forciby aruu.
d. that the great difficulty is to find point for fur
her elaboration.