The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1863-12-12

carry them into effect. he concludes as loi-
lows: II may be permitted to express ,iie
hope that the next annual report from ,lils
Department may announce the complete
overthrow of the rebellion, and restora-
ton of peace and the establishment OF tne
Union on a sure foundation IN all Inc
bounds of the United States"
Synopsis Of the secretary Oh Inc
Treasury's Report.
I'm submitting 10 the consideration of
Congress the report of the state Of the
finances the Secretary of the Treasury has
much satisfaction in being able to say in
general that the operations OF the Depart
ment entrusted to his charge have been at
tended during the last fiscal year by a
greater measure of success than he VEN
fured to anticipate at the beginning, not
withstanding the aid afforded by the addi-
tional issue Of United States notes. Under
the Joint resolution of January the Secre-
tary had found it impossible to prevent
the gradual increase during the session OF
Congress in the amount OF unpaid requl-
sitions Those which were unsatisfied at
the beginning of the session were indeed
discharged and large sums were applied
to new demands for current dlaburse-
ments, but the aggregate of disbursements
remaining necessarily unpaid increased
steadily, Notwithstanding all efforts TO pre-
vent it until it reached at the close OF the
session the sum of So, III lS9.
The Loan act and the National Banking
act were followed by an immediate revui-
sion Of public credit. Success, quite be-
yond anticipation, crowned the efforts OF
The Secretary TO distribute the go loan in
all parts OF the country as well as every
other measure adopted by him for replen-
ishing the Treasury. The result was, that
within two months after the adjournment
of Congress the whole mass of suspended
acquisitions had been satisfied, and all cur
rent demands promptly met and full pro-
vision made for the pay of the Army and
NAVY. During the remainder of the fiscal
year no embarrassments attended the adj
miuistration of the finances except those
which are inseparable from vast eXpendi-
lures. Notwithstanding these eSpendi-
lures il is gratifying to be able to state that
during the last year the total dlsburse-
ments did not greatly exceed, while the in
crease of the public debt did not equal the
estimates submitted to Congress by the Sec
rotary at the last session.
Thus, while it was then estimated that
the public debt of June 80, 1868, would
reach the sum of 81, 400 2297 ,4U3, its actual
amount on that day was 81, 09S, 793, ISL; and
while the disbursements for the year were
estimated at $685., $40 221, the real total was
STA, 709, $50, while the receipts from other
ordinary sources Of revenue thus closely
corresponds with the estimates or largely
exceeds them, The receipts from internal
ton, experience has demonstrated its error.
The estimate $50, 1915 3O3, while the actual
receipts were S57 ,64o,7s7 a part OF the de-
1iciency may be attributed to the imperfect
execution of the law, and part to the
changes made in it by Congress after the
es.iinste was made; but it is not probable
that either cause operated to reduce the re-
ceipts, that the revenue, from this source,
would have exceeded half the estimated
amount.
1t is clear that the law, unless materially
amended. will not produce the revenue
expected from it.
The following is the Secretarys estimate
of receipts and expenditures Tor the mex,
year:
Estimated balance June ], 1864, $685., 53s
From Customs, .O,0oo,o w,
From Internal Revenue, l25,O0O.OOl
From lands 100 00(
From Miscellaneous sources, 5oo,0oO,o0t
Making the estimated aggregate receipts
at S206, 1913, $50.
He estimates the real expenditures fol-
the year at $751;, Sl5,0SS, from which deduc'
estimated receipts from ordinary sources
be provided by loan Ssh, 97s ,54s. The sum
to be provided represents the increase OF
debt during the year. Assuming therefore
the correctness of the estimates, which pui
the debt, July lst, 1864, at 81 ,6s6, $50. GAL: =
1t will result from these estimates, that the
whole debt will have reached S; 6a on the ao'h
June, 1866, the sum OF s. %, 935, los.
The Commissioner OF Internal Revenue
recommends an increase ofthe tax on Bank
note circulation to two and tWo-hlths pei
cent, an increase of duty on distilled spir
it's to coo per gallon, on tobacco to zoe pei
10, on leaf and from to l0c, according tt
quality on manufactured, l0c per gallon
on petroleum, &C per pound on cotton; the
repeal of the tobacco and petroleum draw
backs, and various other changes OF The
internal revenue laws to augment receipts
The enactment of such laws will secur'
an increase of the internal revenue TO thu
amount originally estimated of $3.50, Geo.,
600 a year, required by the strongest con
siderations OF public policy. Hitherto tn
expenses of the war has been betrayed b,
loans to an extent which nothing but TIL
expectations Of its speedy termination
could fully warrant. II will not escape oh
seryation that the average rate of in
terest is now increased, and it is obviou
that il must continue to increase with the in
crease of the proportion of the interest bear
mo and the non-interest bearing debt, ant
az the amount of the latter, consisting O
limited States notes and fractional curren
CIV. cannot be materially augmented with
ont evil consequences of the most seriou
character, the rate of interest must increas
with the debt and approach continually tn
highest average that must be greater Q
less in proportion to the duratlon anu Coz
of the war.
In a former report, the Secretary place
the limit TO which loan in the form I
certificates of Indebtedness could be cal
ried. at SlOO, O0O, 900. Experience has show
that il Gamble carried to Sl5O,OO0,0O0, an
that its natural limit is about that sum-
On the LIST of December the amount OF thes