Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1862-12-24
THE TREASURY REPORT.

We cannot better analyze this most impor-
tant and elaborate document for our readers
than by taking up its conclusions first, and
beginning at the end of it. The Secretary ex-
presses his decided'opinion that, notwthstand-
ing the great difficulties created by the vast,
sudden, and protracted expenditures of the
war, he can still maintain the public credit
and provide for the public wants. The means
by which he proposes to accomplish these great
ends are simple, and the general plan is con
denScd in short paragraph;
'sHc recommends that whatever amounts
may be needed hey ond the sums supplied by
revenue and through other indicated modes
be obtained by loans, without increasing the
issue of United States notes beyond the a.
mount fixed by law, unless clear public ex-
igency shall demand it. He recommends also
the organization of banking associations for
the Improvement OF the public credit and for
the supply to the people of a safe and uniform
currency. And he recommends no change in
the tlw provided for the negotiation of bonds
except the necessary Increase of amount and
the repeal of the absolute restriction to market
value, and of the clauses authorizing CONVEX
tibility at will.''
The estimate made by the Secretary's ex,
penditures of the current fiscal year for all
purposes other than of the War and NAVY
Departments. and of the public debt, are the
same as was the actual expenditures last year,
S2i,5ll ,4I6; Interest on public debt, S25,
O4l 5G2 War and Navy Departments, 7SO, ,OO5
1896 Total, IsS, 65S,177. Ofthis aggregate of
Course the greater part is due to the continu-
ance OF the war, and VIII lie there is little pros
pect OF redution OF the expenditure before
July next, there is, We trust, reason to hope
that 1t will not continue through the succee-
ding hscal year. The Secretary estimates
stiii higher sum for these two departments,
Tor the year 1861, should the war continue
10 meet this expenditure the estimate of
receipts from revenues proper is as follows:
FROM CUSTOM SOS, OIL 1856; From internal rev.
nue,so5. .456.303; All other sources, Sl3, ,953,-
'59; Total is l6I ,45l .79S. Add to this balance
unexpended from the former fiscal year of
sIo, ,5i6, and an amount to be realized
from loans already made or authorized of
sSSl.l50, ,9l4, and the excess of expenditures
q.
sum must be provided through new legislation
This balance is less than the public have
generally believed it would be. With the pub
hc credit at the high point it was shown to
nave been, at the placing of the last loan,
there should be no great difficulty in provi-
ding means to get though the year, and the
Secretary expresses confidence in being able
10 DO so He advocates at great length sys-
TEN OF bank note circulation based on United
States bonds, which would, when established,
absorb bonds and provide revenue by their
sale. He advocates the remova of the limit
now assigned to the acceptance of temporary
deposits, and expects to get S25 ,00O, 900 from
'hat sourse for the current year, If the limit is
removed. Not much of immediate revenue
Sexpected from the proposed banking system,
II adopted, and the great resource, therefore,
Is additional loans. The laws of last session,
authorizing the issue of $500, ,O0O, 900 of ssfve-
1Wenties,, in bonds, and $3.50, 900, 900 in Uni
ted States notes, convertible into such bonds.
were attended by conditions which have made
'he negotiation of large amounts impossible,
and it is recommended that these restriction
Ne repealed. If repealed, it is believed that
The requisite amount can be realizedfron them
alone. These bonds are not now negotiable
oeio" par, and therefore they are taken only
oy individual investors, and as no taker can
make profit on either bonds or notes, they
60 off slowly.
Bonds for longer time, or at higher rate
Vi interest, would offer one alternative t., the
repeal of these restrictions.
Next to these propositions the Secretary