Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-12-17
NATIONAL INTELLIGENCER.
THE NATIONAL FINANCES.
REPORT OF SECRETARY OF THE TREASURE

Ia submitting TO the consideration of Congress the re-
port on the state of the finances required Of him by law
at the Of each session, the Secretary Oh
the Treasury has much satisfaction in being able 10 say
in general that the operations OF the Department entrus
ed Ia his charge have been attended DUNG the last fiscal
BY greater of than no yentured to
anticipate at it's beginning
At the beginning Of the year all demands on the Trea
.urv had indeed been discharged and there remained
balance to the credit of the Treasurer of $l3043546-
But the large disbursements, constantly demanded by
military and naval operations reduced, by comparison,
this seemingly considerable balance to almost nconsidera
BILE proportions and tho practical operations Of the
srctye provisions Of the acts authorizing the negotiation
OF the bonds known fVetwenties the important
loan not already fully avaed of made negotia-
tons for adequate amounts and admissible terms quite
impractcable. 7 he reverses which beel in
June July, and August increased the difficulties of the
situation that though the Secretary enabled,
der tie existing legislation, to provide largely for the in
creasne disbursements there remained necessarily unpaid,
the first dsy OF the last session of Congress- acquisitions
on the Treasury chiefly from the War and Navy Depart
ments, amounting IN the aggregate to the SUN OF
S46, 1874 S75
The Loan and the Bounty Acts.
To provide for these acquisitions and for current de-
mans Congress the IL of January 1853 authorized
an additional issue Of United States notes TO the
of ono hundred millions OF dollars but did not reach any
definite conclusions in regard to in time to embody
them act before the day which the session closed
On that day March 3, 1868, the act to provide ways
and fol the support of the Government received
the approval of the President and became law In ad
various provisions for loans it contained clauses
repeating the restrictions affecting the negotiations OF the
Fve-twenties and thus dsengaged that important loan
from The embarrassmens which had previously rendered
it almost unavailable.
week earl err on the 25th of February an act even
more important the credit If the Government-the act
to provide national currency through national bank
ing sysehad received the sanction Of Congress and the
President. The sautay effects of these two great acts
conspicuous.
Notwithstanding the aid afforded by the additional issue
Of the United States notes. Under the joint resolution Of
January the Secretary had found impossible to prevent
gradual during ths session of Congress- IN the
amount If unpald requislCions Those which were un
satisfied at the begnnHg OF the indeed dis
charged and large applied TO new demands for
current disbursements But the aggregate of dsburse
meats remaining necessarily unpaid increased steadily,
notwithstanding all Efforts t. prevent it. until it reached,
at the close of the session. the sum OF $72l7l,l69
The loan act and the national banking act fol-
lowed by Immediate revival of public credit Success
quite be, ord anticipation crowned The efforts Of the Sec
Rotary distribute the fve-tweny loan in all parts Of
the country we'll every other adopted by
him for replenlshng the Treasury he result that
within months after the Adjournment of Congress the
whole Of suspended acquisitions had been satisfied all
current demands promptly met and full provision made
for the Of the army and navy During the remainder
of the fiscal year embsrrassments attended the admin
straton ~ the finances, except thosu which inepa
rable from vast expenditures. Notwithstanding these
penditures il gratifying be able during
the year the total of disbursements did not greatly
coed while the Of the public debt did not equal,
the estimates submitted 10 Congress by the Secretary at
the session Thus, while it then estimated that
public debt the Both Of june 563 would reach the
sum of 8 ,l2l 2g7 403, its actual amount that day
81 09s 93ISi and while the disbursements for the year
estimated at S693 SAG, 32l the zeal total STA
1O9995.
Healthfm Condition OF The Treasury.
The aggregate receipts from all sources, including the
balance from the preceding Shown by the books Of
the Treasury, during the last fiscal year $90l,
1854 and the aggregate disbursements 1896 $50
leayog balance the goth of June 1868, Of So 29 044
But borrowed during the year aud applied during
the time payment Of debts, affect only nomnally
the total If receipts and of disbursements. The sums
thus borrowed and applied during the last fiscal year
amounted to Sl5l 0e6 635 This aggregate, therefore
should be deducted from both sides of the statement
making the amount Of receipts, including balance
from last year $40 039 G3S and the true amount of dis
bursemens S7l4,70909J. The balance. OF course,
mains the same
1t gratifying aso be able to state that while debts
did not reach the amount anticipated the receipts from
all Of income except internal revenue, exceeded
the estimates Thus the receipts from customs estimated
at Sos 04l 1856 actually 500 059 642; from lands
estimated at 5S,724 Sl67 6l7 aud from miscel-
sneous estimated at 2244 3l6 50 04665.
Direct receipts estimated at 81 620,7l7 aud
this amount neary this amount, has been received in
the form of pay ments for military supplies and services
by the States, for which they entitled to credit
beyond their several proportions Of the tax In
qu"nce however OF incomplete settlements only the
of l4-5l JOB appears the books received into the
Treasury.
While the receipts from other ordinary sources Of
nue thus closely correspond with the esmates or largely
exceed them, the receipts from Internal have
alone disappointed expectation. he estimate, indeed,
made Of the operation Of law recently enacted and
necessarily mperecty executed but such had been
taken 10 obtain premises that hardly thought
possible that the conclusion deduced from them could be
vide Of the truth Uuder the instructions Of the Com
missioner, at the instance of the Secretary very compe
tent gentleman for time employed in ascertain
ing with the aid OF practical with bust
the probable amount Of from each object of
taxation The result OF his inquiries the estimate
which, sanctioned by the Commissioner, believed To-
be correct by the Secretary aud therefore submitted to
Congress
Experience has demonstrated its error The estimate
SS5 456 1903 while the actual leceipts $3 640
Ts part of the deficiency may be attributed the
imperfect execution 0 the law and part TO the changes
made ID by Congress after the estimate made but
It'll NOT probable had neither operated to reduce
ceips, that the from this would have
ceeded hall the estimated amount Ii IL that the
law, unless materially amended, will not produce the
venue expected fromit
Receipts and Expenditures
The whole Of the receipts and disbursements for the
last 6sca year may be easily understood from
what more formal statement
The receipts estimated and actual then for the
cal year, ending the 30th june 1863 were including
balance from the preceding year as follows: