Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1863-12-23
Tag RAFTsMAN's JOURNAL.

7O9. 995 IS. The actual receipts into the
treasury from all sources were Tor the same
period S5, 329, GA 2l more than the expen-
ditures The receipts from all ordinary
sources of ofreyenue, except the internal reve-
nue., exceeded the estimates: the revenue
from customs amounted to S69,059, 64240,
whereas Mr. Chase had estimated them at
SOS, ,04l, 736 30. The internal revenue tell
far short OF the estimates, owing IN Il meas
ure to the imperfect execution of the law
and principally In the change of the law OF
Congress after the estimates were made.
The receipts for the fiscal year of 1864 i'm
Guiding loans to the amount of 1894, 09O, ,OO0l
are estimated at S755, SOS, 500 80, and the
expenditures TO S749, ,73l $50 42-this in
cludes the interest on the public debt. The
national debt on the lst of iuly, 1864, ises-
timated at 81 $50, 956, col Al, instead Of ST.
744, ,6S5, $50 so, estimated in the report of
December last-a decrease not usual IN such
estimates.
Whilst the Secretary declares that he
has no apprehension of deficiency from any
of the estimated sources of revenue, loans,
still heFrecommends revision in some points
OF the customs duties, but more particularly
in the internal revenue taxes, including In
the latter tax on bank note circulation of
2-5 per cent. on distilled liquors, 90 cents
per gallon Oh tobacco, 20 cents per pound
ON leaf, and 5 to II cents on manufactured,
according to quality; change in the petro-
leum tax and other items.
The Secretary, whilst recommending the
sources of revenue to meet our expenses in
the conduct Of the war, whistles not to be
understood as advocating that kind of econ
omy which is at the expense of efficiency.
Such economy Che adds is not extrava-
gance. But efficiency is not prompted by
profusion Of waste, and least OF ALL by mis-
use Of public money or pupilc property.
Every dollar, and every man, are freely offer
ed by a generous people ; how sacred the
obligation that not one man should be vast
ed, and not one dollar nisapplied Nor is
17lshness in war Vigor. But the vigilance
that misses no opportunity, the energy that
relaxeS no effort, the skill that vitalizes all
resources, and the perseverance that never
grows weary these make true vigor.
If by such yigOr the rebellion can be sup
pressed, and the war ended before the lst of
July next, the country will be saved from
the vast increase of debt which must neces-
sarily attend its continuance during anoth-
er year, and the debt itself can at once be
placed in course efsteady reduction. And
whenever progressive payment shall begin,
the value of national securieties will rapidly
rise, and reduction in rates Of interest viii
gradually diminish the burdens ofdcbt !"
The Secretary alluded with much gratifi-
cation to the planadopted by which the pub
lie debt is being disseminated amongst the
greatest possible number Of holders, which
has been accomplished by the universal DIFF
fusion of the United States notes and other
subscription arrangements, including the
appointment ofa general agent, lay Cooke
and the sub-agents appointed by and directly
responsible to him, to whom the Secretary
pays high compliment for their indefati-
gable efforts and great success, by which
means nearly four hundred millions, of dol
lars, in denominations offfty, one hundred,
five hundred and one thousand dollars were
distributed throughout the whole country
not controlled by the rebellion, and a
mong all classes of our countrymen. The
history of the world may be searched in vain
fora parallel case of popular financial support
to national Government The Secretary
is unable TO preceive in what better or more
effectual mode the important object Of dis.
tributien could bc accomplished, and he
proposes no departure from it, except such
as considerations of economy, harmonized
with efficiency, may suggest.