The New York herald., 1862-12-06
OUR NATIONAL PlNANCES.
Annual Report of the Secretary
Of the Treasury.
The Adoption OF q Postage
Stamp Currency.
State Bank Bills Recommended to
be Taxed.
-.>,>1>--1~,>~-.>~~~>
Objections to Another Issue Of United
States Notes.
-~-~~~>---->->~~~-~~~
Proposition to Establish Bank
ing Associations.
What the Debt Accruing from
the Rebellion Will Be.
Prospective Resumption Of Specie
Payments.
Proposition to Establish Bank
ing Associations.
Prospective Resumption Of Specie
Payments.
NlNERhL WEALTH OF THE UNITED STATES.
Ae., As.s 40.
Treasury nrpAensrsr. Dec. 4. 1862

TREASURY DEpARrSHsr, Dec. A, 1862
sa-lp obedience to the which requires the sccre.
tary Treasury TO prepare ard lay before Congress-
at the Of every session, report the
subject Of finance embracing estimates Of receipts and
die and plans Of he submits respect
fully, the following views and statements;-
THE NECESSITY FOR RESISTING REmailoN.
The sreaging out Of the existing rebellion after
the incoming present administration demanded the
employment Of all necessary mcaus for the preservation
Of the territorial integrity Of the republic, and for the
maintenance Of the constitutional supremacy Of the whole
peop,e through their national government over every
State and every citizen
To authorize and prescribe the employment Of these
means was peculiar province of Congress to call forth
and direct the armed force which might be authorized
belonged TO the President and under him, TO the Depart
meuts OF War aud OF the Navy; while TO provide the
means 10 authorized expenditures in its employ
deceived under the legislation OF Congress and the
direction the President the Secretary Of the rrea
sury.
VARYING exigencies have required adapted measures
aud necessitated unanticip xpeniitres Estimates
correct when made have been rendered inaccurate by
changed snch conditions always attend
war whether external or civil and we could not hope to
escape them.
INCREASE PIE ESTIMATES.
II not therefore, matter of surprse that the est
30h OF june 1862, were exceeded by the actual expend
tures or that those submitted December for the year
which win end the Both OF June, 1868 will probably
| he in Ike manner, exceeded.
tho estimates OF the Secretary mnst, necessarily, be
| derived chiefly from information furnished by other
heads Of departments aud this information ad dusted to
existing and probable crcunstn cannot possibly
anticipate all the vicsiiudes Of OF Legislation
thus the estimates for the last fiscal year submitted
NJ the July Il 1851 based estimates from
tho War Department for army including regulars and
volunteers Of three hundred thousand men and from the
Gtfisfnb
conlparis with that afterwards found 20 be indispen
sable Congress- thinking the proposed military force
housand besides regular troops and special corps
pImbering together over n.ty thousand and also for
considerable additions To yarous corps, and large in
ere sc of pay and rations The estimates Of July
CURED, of course, correction In december.
TIE voLrSTEERs
So aso the estimates for the fiscal year, sub
mitied ut session, framed in substantial
accordance with information furnished b. the several
der tments The sites OF the however,
deed expedient in the Judgment Of the Executive and
Congress- call for three hundred thousand additional
volunteers and make DRAFT of three b1ndred thousand
addition to these. The estimates, Of COURSE must
again prove Inadequate.
rhe increase Of the army, however did not greatly
affect disbursements between the date OF the December
report the close OF the then current fiscal year The
increase OF debt therefore, did exceed the December
estimate on the contrary whc the estimate
public debt the 30h Of june 1862 $517 S02 %,
rs actual amount on that day was 1914 eli 37 81 This
amount course does not include unascertancd Claims
only that debt the evidences OF which exist In the
Treasury. upon its books or in the form Of requi-
1
II is not probable, however, that at the date
named these claims much, il at all, exceeded
But while the public debt The lst Of July 1852. did
not reach the anticipated blythe estimates there
H no room for the pleasing hope that the results of the
sSfisns eSfo" Sn e5r s y 6e paB eSs
the LIST Of July 1868, heretofore submittoi must now
be advanced in view Of the unexpected increase o.
pendures authorized and incurred or likely 10 be incur
red to 297 403 "a and on the supposton that the
war may be continued with undmiSshed disbursements
until the LIST Of July, 1884, the debt likely have
then incurred must be estimated at 81 ,7+4 65S6 So
has been the OF the Secretary TO reduce the cost
Of the debt In the Of interest," the lowest possible
amount, and IL 10 source or real satisfaction 70 him that
he has been able thus far within very
rate limits The first loans being Of magnitude hith
cr.o undreamcd Of in Market necessarily made
interest which be regarded as high though lenders
obtained at i've and four per cent while the circua
on Of United States notes constitutes practically loan
from the PEOPLE their government without interest
The average rate the whole loan Is thus reduced 10
per Whether similar result may attend future
loans must be determined partly BY the legislation
OF Congress partly tho conduct of the partly
by the condition o the markets for money.
The statements OF the actual and csmated receipts and
expenditures for the last and the fiscal year.
comparison with those OF the neccnbcr report,
Polh receipts and expenditures for the and the
following year will be incrrased the ormer by the opera
tions Of the augmented tariff and o the revenue
and the latter by the cSigeDcies of the war.
tIsAL
The aggregate receipts for the fiscal year 1852 from all
soarces including the balance u s225I 065 so In the
treasury from the preceding year S5s3 ss5 2s7 o.
and the aggregate expenditures $50 ZOO IS leaving
balance Treasury the let day Of July 1862 OF
Si30435 $40 81 From tho receipts and from the eSpendi
lures should be deducted the both received and
disblrsed within the year account of permanent and
temporary debt amounting to- SOC s22 90 leaving the
total receipts not applied in payms of debt SSs7 1885,,
324 Oh and the total OF current disbursements s474I
75s TO- As the amount Of debt. also the amount of the
expenditures for the last year falls short Of the est
mates.
THg r1Rsr QUARTER.
The actual receipts for the first quarter Of the fiscal
year 1893, commencing July /, 1862, appear from fhc
books Of the treasury Tho receipts for the three
ng quarters can only be estmaed tho appro-
praions and asked for by the several departments
they have been and are estimatefa as follows:--
For the hret quarter the actual receipts
from customs, internal duties, direct tax,
lands and all other sources excluding
loans and including the balance from last
year ,of s13 $40 81, we're. ,20s $40 o.
For the second third and fourth quarters
the estimated receipts from air sources
-
Making the total of actual and estimated re-
cepts from ordinary and from
the direct tax. during the year 1868 $50 loS 345 90
To this sum must be added
sume already realized from
loans in all forms, which
amounted, during the first $3.50 F
quarter, TO. lls,4bS62l o.
And during the months of
October and November,
estimating for some OF the
last days OF November, TO 81, ,670, 500 90
hf.ls sxa an uonunto olr oht .ia.I From.