The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1863-12-26
synopsis Of tic secretary OF lie Treasury s
Report.

!. submitting TO the consideration Of
Congress the report OF the state OF tinaa-
ce>, the Secretary OF the Treasury has
mach satisfaction IN being able - say il
genera. that i,!e operations of the Departs
meut have been attended during the last
fiscal year Dv = create" measure ofsucce>s
than be ynn.Crrd to aatsoiplte at the be
ginning notwithstanding the aid afford
ttI rs lAe additional issue of United States
notes under the oiut resolution of Jam
uarv. the Secretary had found il impossible
to preyent the gradual increase d.ring the
session Of Congress in the amount Of un-
paid reQuiSitipu- Those that we're unsa.-
isfed at the bs ,inuin. Of the session were
indeed discharged and large sums were
applied to new demands. Current disa-
busemea:s remaining necessarily unpaid
Increased steadily Notwithstanding all
efforts to prevent it, until ii reached at
the close OF the sessie- the sum of SD,
l.. .lS9
The Loan Act and the National Bank
ing A.; were followed hy an immediate
revival of public credit. Success quite be
vonI anticipation crowned the efforts o!
the Secretary 20 distribute the 20 Loan
IN all parts ei the country. as we'll n every
other measure adopted ly him for replen
iSh;n- the Treasury. Tho result was that
within two months after the adjournment
| of Congress, the whole mass OF suspended
requisi.;oaS had been paid all current de-
| niauls and 'U.i provision made for the
pay of s;T army aai navy.
! Daring the remainder of the fiscal yeal
/ 10 e,nblrrassmeuts attended the admins
| stratiou of the finances, except those
which are iasoparat'c from the vast eX-
! pend;tures
| 1t Is gratifying to be aole To state that
| during he last year. the total disbursement,
! did not greatly exceed, while the increase
of the public debt did not equal, the es;i
mates submitted TO Congress by the Secre
! tory last session
Thus, while it was then estimated IL al
| the public debt on the 2Gth of June SG3
would reach the sum CT : l2o, ,201 ,403. it,
| actual amount on that day was 81 09S, Tg3,
| iOi: end while tbs Disbursements for ths
| year were estimated at S5J3 IL 30 , t.,
| real .1tal was &-l4,-0S,9 ,995, while tie re
cripts from other orinory sources Of
revenue thI> closely CORE s20nd With tbs
estimates, or largely exceed them. The
receipts from internal revenue nave aiOme
Disappointed expectations. Experience
has demonstrated t. error The estimate
was SO 4j6.303. w..iic the sctusl receipt.
we're :376lO,T 1871
| A part of the deficiency may be attribu
| ted TO the iape, feet execution 0! the law
| and a part TO the changes made ia it BY
| Congress afte. the estimate was made tni
| II is not prob..t!s, as neither cause oper-
ated to reduce the receipts. shat the reve
nue. from this sou.cs would haze exceeded
half t..e estimated amount. It is cleai
that The law unless materially altered
will not produce the revenue expected
from it.
The following are the Secrstary's esti-
mates of receipts and expenditures for
next year: estimated balance Jane lst,
1864, 81, ,S36, $50; fir m customs sIo. 000, ,000;
from internal revenue, $l25000GJ0 from
lands, 81 100000; from numerous sources
81, ,0O0,0 900, making an estimated aggregate
of receipts, 5000 s3S,539 He estimates
the real expenditures for the year a!
S7lS, l50,0SS, from which deduct the esti-
mated receipts from ordinary sources, as
before stated, s2O6, ,s3S,539. leaying to be
provided by law, S544,97S,5iS. The sua,
to be provided represents the increase OF
the debtsduring the year
Assuming therefore, the correctness oi
the estimates woich put the debt Of July
lst, 1864, at $1,6S6, ,959,64l, it will result
from these extracts that the whole debt