The Lansing state Republican., 1862-12-17
lansing, Dec. St
1he Treasury Report.

The annual report OF the Secretary Of the
Treasury 10 Of such q length as to forbid It's pub
iicati0n entire in our columns. We regret that
We are unable u lay it before our readers, for
se consider it the most important document
~hich has issued from that Department since the
formation OF the Government. IL comes at
time when the nation is engaged in u war, the
most stupend0us which has occurred in the his
tory Of the world, making necessary vast expen
diIures OF money, and creating debt enormous
III its proportions. The people ate awake to the
momentOus importance Of this subject, and to
the necessity OF adopting Measures 10 sustain the
credit Of the Government, and OF liquidating the
debt incurred in putting down the rebellion.
We hope all our readers will procure a copy
| Of this report and read it, rs in this way only,
can they become fully IN possession OF the plan
of the Secretary for conducting the fuances OF
the Government in the future, aud the mastery
arguments he briggs to the support of that plan
Mean bile We lay before our readers the follow
ing abstract Of this important Report, which We
lake from the National IsteItigeneer:
The extraordinary expenses incurred in the
defense Of the union have created debt amount.
lug As follows:
July 1867, acrual,.. 5l4, ,2ll 81
1868, estimated d,-...............l,l2 ,l22 397 40S
1904, estimated, L 6i4 te5 $50
The receipts from customs direct tax, internal
revenue, aud other sources for the current year
are estimated by the Secretary as follows:
From toms, t.x revenue, &c slso 495 s45
lnsna actin AL
" loans already author I'd d,.......... l3l OIL los
And there will b. iequ red the further Of go s25
To cover the actual expenditures of the fs
cal year, es,iI ated st,. $.ss ,55S I77
This deficit it is proposed to cover by the fur
ther issue Of six per cent. bonds, without any en-
lareement of the present volume Of United States
Treasury notes.
The Secretary refers to the opinion prevalent
in certain quarters, as to the enlarged volume Of
paper circulation but he claims that the increase
is no more than commensurate with the extinc.
ton of gold and silver currency. He states that
the bank currency in the loyal States on the Let
Of November, 1861,
Vas, ACKNOWLEDGEMENTS $50 COO 900
And the gold and silver then in circulation
And the Governmeu, demand notes wss,... Is 600 o.
Making Q total in the loyal Staes of, 1855 600 600
whereas the eli rcu auon November, 1862,
vas Culy,... SII 900 OJO
This latter sum Of increase during the twelve
months, amounting to $22, OOG, 900. consisted of,
Bank circulation in the loyal State, aug
And vsInmen crcu al on,.............. 210 900 90
The advantages Of con6ning the paper circu.
lat ion Of the country hereafter to Governor
notes are clearly shown. He demonstrates, first,
that Congress has exclusive control over this
matter and secondly, that the pera auent inter-
este Of the people demand a paper cur-
currency, guaranteed by the Treasury and Sc.
cured by the public revenues-thus avoiding
fluctuations and revulsions, and maintaining uni.
formisy Of value throughout the country, and
certainty Of redemption.
This uniform circulation, the Secretary argues,
should be issued through banking institutions,
deposting Government bonds as collaterals-
the banks thus making an interes, on the bonds
held, and another interest on the sums loaned.
r..