The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1862-12-13
Chr llatienal fiuanfes.
REPORT
or the Secretary Of the Treasury.

VI sAN ''SNiS"hy VI t1N lIS0Sus J
TIE annual lepor, of Secretary Chase
which vas sent to Congress last Friday
is Il document of such inpo rtanee that
we lay the principal portions of il
before our readers this week. After
enumcrating the acts of the past Com
gress in providing revenue, the Sccrc.
,ary says:
y short sta cmcnt will exhibit tho
practical working of the laws actually
enacted
TO the lst of July. 1862, $G, 92G,-
1867 had been received aud were re.
mining on deposit United States
notes to the amount of $l5s,j9l ,23O
had been issued aud were in circulation :
Sl9,SSl, 979.73 had been paid in ccrtli-
Gates of indebted pSss; and S2OS,345,-
29l.S6 had been paid in cash. Not "A
single rcqnsi ion from any department
upon the treasury remained unanswered.
Every audi ed aud settled claim on the
Government, and every puar;crmastcr'
check for supplies furnished, which had
reached the treasury had been met
Aud there remained in the treasury a
balance of $l3,043,546Sl.
The revcrscs of June, July and Aug
nst affected, of course, injurlously this
financial condition. The vast expendi-
lures required by the large increase of
the army, authorized by Cohsrcss and
directed by the President, made exhaust
ing demands on all available resources.
Themcasurcs of Congress, however, en-
ablcd the Secretary to provide, If not
fully yet almost fully, for the constantly
increasing disbursements. The actual
paymcn $, her than for principal of
deb during the quarter ending on the
3oth of September, were 81 ,US4, 49,
10: during the month OF October they
were $49,243, $500 =: and during the
mon h of November, $50, S47 ,071.34 ;
while the accumulation of acquisitions
beyond resources amounted TO less than
the fourth Of the aggrcga of these
sums, namely, to $4S,354,70l.22.
1t remains to consider wha- further
resources for satisfying the debt now
existing in the form of acquisitions,
and meeting other presen and prospcc
tive demands upon the treasury, may be
provided under existing legislation and
what additional measure, my bc bcnc-
tcia'ly adop ed for the Improvement Of
the revenue aud for the sure es Hblish-
men of the public credit, by he dis
charge, with the greatest possible promp-
ii'nde and punclualIty, of all public
obligations.
The whole power to borrow money
under the act of July, 1861, to- author
ize Il national loan is now exhausted. -
'Ihr only Important laws under which
means for meeting demands on he cas-
ury can he had are those enacted OF
modified by Congress at its last session.
These are of two general CLASSES,
namely, those which provide revenue
from duties and taxes, and those which
al horizc the OBJ aiming Of money by
loans in various forms.
The actual and estimated receipts
under these laws for the current fiscal
year, as already stated, will amount
under the tariff act to $6S,04l, 136. 80
and under the internal revenue law TO
SSj,456,303.73. The receipts for all
other sources, exclusive of loans, as
estimated, will reach Sl3,9J3, 75s, T.,
making a general aggregate, including
ssl3,043, 346.S1, balance from last year
of $3.50, 493, 345.GO, aud leaving to be
provided from loans, in some form,
$GOS, OG3, 432 90.
The laws of the second class limit the
issue of United Sa es notes, exclusive
Of the contingent reserve for deposits,
to S250,000,O 900, limit the amount re-
ccivable en- temporary deposit to $780,
600, 900, and limit the issue of five
twenty skies to $500, O00,0 900. The
issue of certificates of indebtedness and
of fractional currency Is unlimited by
legislation. .t .'|
The amount of United States no cs,
including notes receivable for customs,
already issued and IN circulation, or in
the treasury to the credit OF distressing
officers or of the Treasurer, was on the
lst instant 1922 ,932,lll. There yet
remains, therefore, under the law an
authority to Issue the further sum of
S21 OCT $3.50. The amount received on
deposit, including coin and estimating
for the last day of November, is $79,-
79S,G5O. The further sum of $40, 20l :
$50 may therefore yet be received
The issue of fractional currency has
reached the sum of $3,SS4,S0O. The
best lights lead TO the estimate that
before specie payments can be resumed
not less than $40, 100000 will be re-
quircd by the wants of the community.
The sum of $36, $4,000, not yet issued :,
may therefore be counted on as an ad-
di:ional resource. 1t is not easy to
determine wha: further payments cun be
made in certificates of indeb cdness, but
1t seems probable that payments in that
form may be safely carried TO tho amount
OF 100000, 200. These payments have
already reached $751; 1868. 24l .Gj, and
the additional sum of $40, ,75S.3 81
may therefore be paid in that way
" hat can be justly expected from CON
versions under the act authorizing the
issue of five twenty-sixes, that il to saw.
from exchanges by holders of United
States notes for these bonds, at mar.
cannot be stated with much Ger ainty.-
The amount received from this source
fr,,, ho data >e d., ~ .