The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1862-12-10
Extracts from the Report OF SeCre-
tary Chase.
THE FINANCIAL LAWS.

Inc Wn0le power to borrow money un-
/ der the act of July, 1861, to authorize a
national loan, is now exhausted. The
/ only important laws under which means
| for meeting demands. on the Treasury
can be had are those enacted or modi-
/ fed by Congress at its last session.
These are of two general classes,
namely, those which provide revenue
from duties and taxes, and those which
authorize the obtaining Of money by
loans in various forms
The laws of the first class are, (lst,)
the several acts imposing duties on i'm
ports, and I'D, the act to provide inter
nal revenue
The laws of the second class are, (lst,) J
the act authorizing the issue of U. S.
notes, and of siv per cent bonds of the
United States, redeemable after FIVE and
payable In twenty years, to the amount
of five hundred millions of dollars; cd,
the two acts authorizing the issue of GER
tifcates of Indebtedness and the pur-
chase of coin; (3d, the act authorizing
/ an additional issue of United States
notes; and (4th,) the act authorizing
payments in stamps.
The laws of the first class have been
too recently enacted, and their practical
operation and results are affected by too
large a variety of circumstances to war
rant any very confident opinions either
as to the particulars in which amend
ments may be required, or the amount of
revenue which may be expected from
them. The year which will elapse be-
fore the next regular session of Congress
will allow sufficient time for practical
tests, and will doubtless suggest benefi-
cial notifications. 1t seems already
probable that some taxes imposed may
be either repealed or reduced in rates at
that session, without injury to the public
service or the public credit Possibly,
also, some comparatively unimportant
changes may be indicated as useful be-
fore the close of the present session.
The actual and estimated receipts UNI
der these laws for the current fiscal year,
as already stated, will amount under ,he
tariff act to $6S,04l, ,736 SO, and under
the internal revenue law to SS5, ,456, ,303
73. The receipts from all other sources,
exclusive of loans, as estimated will
reach $l3, ,953, ,75S Ii, making a general
aggregate, including $l3,043,j ,j46 81,
balance from last year, Of $3.50, 49,, ,34j
90, and leaving to be provided from
loans, in some form, $60S,O63, ,432 OF
The laws of the second class limit the !
issue of u S. notes, exclusive of the
contingent reserve for deposits, to $780, |
100000, and limit the amount receiva- |
able on temporary deposit to Si0000O,- |
600. and limit the issue Qf t&eqT5tBfi.sir
The arrruuI1t- of United States notes, \
including notes receivable for customs, /
already issued and in circulation, or in
the Treasury to the credit of disbursing |
officers or of the Treasurer, was, on the
lst inst, $222 932, Ill There yet re-
mains, therefore, under the law an au-
thority to issue the further sum of ST.
O67,S ,S89. The amount received on de-
post, including coin and estimating for
the last day of November, is $40, 1885,
$50 The further sum of $50, POI $50
may therefore yet be received. The
issue of fractional currency has reached
the sum of S3,S84,SO0 The best lights
lead to the estimate that before specie
payments can be resumed not less than
$40, 600 will be required by the wants
of the community. The sum of $50, l5,-
200, not yet issued, may therefore be
counted on as an additional resource
1t is not easy to determine what further
payments can be made in certificates of
Indebtedness, but it seems probable that
payments in that form may be safely
carried to the amount of 500, coo.
These payments have already reached
SS7, ,363, ,24I G5, and the additional sum
of $l2, 1876, 75S 35 may therefore be paid
in that way What can be justly eX-
pected from conversions under the act
authorizing the issue of ive-twenty skies,
that is to say, from exchanges by holders
of United States notes for these bonds,
at par, cannot be stated with much GER
! tainty The amount received from this
source from the date Of the act to the lst
instant, estimating for part of the last
week in November, is $23, 100000. 1t
may reasonably be expected that thirty
FIVE millions will be received, if the act
remains unmodiied, during the remain
der of the fiscal year. The aggregate
of all these sums, namely, $l3l, ,O2l, !
1917 So, constitute the total resources
available for the current year under ex-
listing laws, except through sales, regard
ed as impracticable under the act au-
thor Eing their issue, of the fve-twentles
at their market value.
SUPPLY OF THE TREASURY.
These credit resources, with the actual
receipts from like sources, added to reve-
nue. in all forms, may supply the Treas
ury with S5ll l,646,2 ,259 90. There re.
mains balance Of disbursements Of
S276, ,9l2,5l7 &c to be provided fo".
How?
The easiest mode doubtless would be
an issue of the required amount in
United States notes; but such an issue
especially in the absence of proper re
strictions on corporate circulation, would
in the Judgment of the Secretary, be as
injurious as it would be easy. The addl
ton of so vast a volume to the existing
circulation, would convert a currency, o.
which the benefits have thus far greatly
outweighed the inconveniences, into
positive calamity. It's consequences
would be vast diminution Of exports, in
: lation of prices, increase of expendit
ures, augmentation Of debt, and, ulti
mately disastrous defeat Of the very pur
pose sought to be attainedby it
To a certain extent, however, anC
undar certain circumstances, a limited