Evansville daily journal. (Evansville, Ind.) 1863-1866, 1863-12-12
The VERY LATEST
TELE O. r. A p H.
BY LAST NIGHTS MAIL.
secre.arv Chase,s Report.


Secretary of the Treasury has much sat
isfaction in being able to say in general
that the operations of the department
have been attended during the last fsca
year by q greater measure of success
than he ventured to anticipate at the be
z ming. notwithstanding the aid af
forded by the additional issue of United
States Notes under the joint resolution
of January, the Secretary had found
it impossible to prevent the gradual In
crease during the session of Congress
in the amount of unpaid acquisitions.
Those which were unsatisied at the be
ginning of the session were indeed dis
charged, and large sums were applied tc
new demands for current disbursements
but the amount remaining necessarily
unpaid increased steadily, notwitstand
ing all the efforts to prevent until il
reached at the close of the session The
sum of $72,671, lS9. The loan act and
the national Banking act were followed
! by an immediate revival of public
credit. sF 3
Success quite beyond anticipation
crowned the efforts of the Secretary to
distribute the $40 loan in all parts Of
the country as well as every other meas,
ure adopted by him for replenishing the
treasury The result was, within two
months after the adjournment of Con
gress the whole mass of suspended re-
QUESTIONS had been paid, all current
demands met promptly, and full provis-
ion made for the pay of the army and
navy. During the remainder of the fis.
cal year, no embarrassment attended
the administration of the finances except
those which are inseparable from vast
expenditures. Notwithstanding their ex.
penditures, it is gratifying to be able to
state that during the last year the total
disbursements did not. greatly exceed,
while the increase of the public debt did
not equal the estimates submitted to
Congress by the Secretary at the last
| session. @si ra
Thus, while it was then estimated that
the public debt on the Both of June, 1863,
would reach the sum of 81, 10, 297, 403,
its actual amount on that day was 81 ,09S,,
1893, l8l, and while the disbursements for
the year were estimated at $693, SAG. 32l
the real total was $714, 709, 995, while the
receipts from other ordinary sources OF
revenue thus closely correspond with the
estimates or largely exceed them. ao'
The receiptsfrom internal revenue have
alone disappointed expectations. Elk
perience has demonstrated its error The
estimate was So, 456, 1903, while the ac-
tual receipts were $37, 640,7S7. A part
of the deficiency may be attributed to the
imperfect execution of the law, and a
part to the changes made in it by Con-
gress after the estimate was made; but
it is not probable, as neither cause oper-
ated to reduce the receipts, that the rev
enue from this source would have exceed
ed half the estimated amount 81
tbs clear that the law, unless materi-
ally altered, will not produce the revenue
expected from it.
The following Is the Secretary's esti-
mates of receipts and expenditures for
the next year: Estimated balance, June
l. 1864, $780, 39; from customs, $70,-
| 600, 600; from internal revenue, 1925
000, 900; from lands, 81 100000; Ifrom
eellanous sources, s., 0000 0-making an
estimated aggregate of receipts of $780,
S38;539. He estimates the real expeE-
ditures for the year at 1871, Sl6,O8S, from
which deduct the estimated receipts from
ordinary sources, as before stated, $780,
838, 537, leaving to be provided for by
loan, $544, 97S, 54s.
The sum to be provided represents
the increase Of the debt during the year.
Assuming, therefore, the correctness of
the estimate which put the debt July |,
1864 at 81 $50, $50, 64l it will result from
these extracts that the whole debt will
have reached on the 10th of June. 1865,
the sum of 81, 23l 1875, 100. The Com
missioner of Internal Revenue RECON-
mends an increase of the tax on bank
note circulation to 25-S per cent, an in
crease of the duty on distilled spirits to
60 cents per gallon on tobacco to IS
cents per pound on leaf and from to II
cents, according to the quality, on man.
ufactured; 10 cents per gallon on,crude
petrolem and 2 cents per pound on cot
ton.
The repeal of the cotton and petrole-
um, drawbacks and various other chang
es of the internal law to augment the
receipts. The enactment of such laws
will be an increase of the internal rev.
enue to the amount originally estimated
of $50, 100000 year, required by the
strongest considerations of public policy.
| Hitherto the expenses of the war have
been betrayed by loans to an extent
which nothing but the expiration of its
speedy termination could fully warrant
1t will not escape observation that the
average rate ofinterest is now increas-
ing. and it is obvions that it must con.
tinue to increase with the proportion OF
the interest bearing to the non-interest
bearing debt, and as the amount of the
latter, consisting of United States and
fractional currency, cannot be materially
augmented without evil consequences of
the most serious character, the rate O
interest must increase with the debt, ant
approach continually the highest average
That must be greater or, less in proper
ton to the duration and cost Of the war.
In Hrmer report the SECRETARY placed
the limit to which the loan In thu
form of certificates of indebtedness
would be carried, at $I00,000,000 Elk
perience has shown that it can be car
ried to $150000,000, aad that its natur
] llIulb 10 dOOQ0 t1Aot Sum vi Tue Id
of June the amount of these certificate
was Sl45, 10000. Itwould be unsafe
therefore, to rely on any substantial in
crease of the loan in that form. Thl
amount prescribed by law to the issue o
United States notes has been reached
and the Secretary thinks it clearly lack
pedient to increase theamount, eufficien
circulation having been already PROV
died. ,.-..t ..sr-s.
The Government must now borrov
like any other employer of capital, tenn
porarily, and requiring more than in
come viii supply, and rely for the cfedi
which will secure advantageous loan
upon good faith, industrial activity accu
INFLATED though not Immediately availa
BILE, and capital and satisfactory provi
sions for punctual payment of, aceruin
interest and ultimate Reimbursement Q
principal.
To subscriptions for the remainin
5,20s and deposits for Temporary loan,
therefore, must be directed all reasons