Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-12-12

cry other measure adopted by him for |
Ieplenishing the Treasury. The result |
vas that within two mostbs after the |
djournmeut Of Congress, the whole
mass cfsuspcnded reqaisi,ions had been
satisfied, all current demands promptly
met, and full provisions made for the
payment Of the army and navy.
During the remain Ter OF the year no
embarrassments attended the admins
ua,ion of the finances except tho,e
which are inse perabIe from vast expen
drures. Notwithstanding these expen-
ditures. it is gratifying to be able TO
state that, during he last year, the to-
tai 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.
Thus, while it was then es,imsted that
the public debt on the Both of June.
1868, would reach the sum Of Sl,l22,-
297 ,403, its actual amount on that day
was 81 ,098, 763,1sl and, while The dis.
bursements for the year was estimated
at s693,34G,321, the real total was
$7l4,7O9, 995.
While the receipts from other oidina-
ry sources Of revenue thus closely cor
respond with the estimates, or largely
exceed them. the receipts from Internal
Revenue have alone disappointed expec-
tatlon. Experience has demonstrated
| ko
800, while the actual .eceipts were s27-
64O,7s7. A part of the deficiency may
be attributed to the imperfect execu-
ton of the law, and a part TO the
changes made 10 it by Congress after
the estimate was made; but 1t ls not
probable bad neither cause operated to
reduce the receipts that the revenue from
this source would have exceeded hall the
estimated amount. 1t is clear that the
law, unless materially amended, will net
produce the revenue expected from it.
The following is the Secretarys tsti
mate of receipts and expenditures for
the next year Estimated balance June
LIST, 1864. 1886 $50 from customs,
S7O,o0O,oO0 from Internal revenue,
Sl25, 100000 from lands, 10000 ;
from miscellaneous sources, 100000,
making an estimated aggregate Of re
ceip OF $2O6,e3s,5 1929. He estimates
the expenditures for the year at SIS )
81, 5Ss; from which deduct the estl-
mated receipt from ordinary sources, as
before stated, $206, 500, leaving 10
re provided by loan *5t4,o78, 548. The
sum to b. provided represents the in
crease Of debt during the year. Assum-
ing, therefore, the correctness Of the es-
innate which puts the debt on July lst
1864, at 81 ,686,956,64l, it will resul,
from these estimates that the whole debt
will have reached, on the 30th of June,
| 1865, the sum of S1,23I,9 100.
1he Commissioner of Internal Reve-
nue. recommends an increase of the tax
on bank note circulation to 9 2 5 per CT;
an increase OF duty on distilled spirits to
6Oc. per ga Ion on tobacco to zoe. pei
Id. on Leaf, and from to l2c., according
to quality, on manufactured 10c. pei
gallon on crude petroleum &c. per 10 on
cotton; the repeal OF the tobacco and
petroleum draw backs, and various other
changes Of the internal revenue laws, to
argument the receipts. The enactmen,
OF such laws will secure an increase OF
the Internal Revenue TO the amount
originally estimated of sl50,o00,000 a
year, required by the strongest consid-
eratlons of public policy.
] Hitherto the expenses of the war have
been betrayed by loans to an cxtcn,
which nothing but the expectation of It's
speedy termination could fully warrant.
1t will not escape observation that the
average rate of interest is now incteas-
ing, and it il obvious that it must con-
iuuc TO increase with the increase oil
the proportion OF the interest bearing TO
the non-interest- bearing bebt, end, as
| the amount OF the latter consisting Ct
| United States NOUS and fractional cur.
rencv cannot be materially augmented
without evil consequences OF the most
serions character, tie rate Ct interest
must increase with tic debt, and aE-
proach continually the higher average,
/
ton 10 the duration aud cost oil the war.
In former report the Secretary
| placed the limit to which loan in the
form of certificates of Indebtedness
could be carried at sl00,000,000. Ex
peIlence has shown 1t Can be carried to
$50, 100000, and that its natural limit
is atout that sum. On the LIST Of De
| cember the amount OF these certificates
was sl42,120,O00. 1t would be unsafe,
therefore, to reply on any substantial
increase of lean in that form.
The limit prescribed by Law to the is
sue of United States notes has cen
reached, and the Secretary thinks II
clearly inexpedient to increase the
amount, sufficient circulation having
been already provided. The govern
nent must now borrow, like any other
employer OF capital temporarily reauir
inv more than his income will supply,
aud rely for the credit which will secure
advantageous loans upon the good faith,
industrial activity, accumulated throug b
not immediately available capital, and
satisfactory provisions for the punctual
| payment OF the accrung interest and
Ultimate reimbursem Mt OF the principal.
10 subscriptions for the remaining 5 2Os,
and deposits TOR temporary loans, there
fore, must be directed all reasonable ex-
pectation Of means for the service of the
current year, except from negotiations
under the act OF last session. The sums
to be looked for from these two sources
have already been stated, and amount to
Sl26 Ohl GOO. Ii thia aruIenate be de-