Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-12-17
MIR. CHAsE's REPORT.

The reader will find in another part of to-day's
Intelligencer the essential portions Of the Report
of the Secretary Of the Treasury.
Always second in interest and Importance only
to the Message of the President of the United
States these annual expositions Of the Minister of
Finance have to possess sup,radded interest
and Importance from the enlarged demands made
on the national revenues by the exactions of war,
and from the consequent great enhancement Of the
difficulty to provide ways and means for the nation
on its present war footing. 1t was saying of
Burke that " the revenues of the State are the
State" and though he meant by this dictum to
designate something more than the income of the
national exchequer- embracing as he did within
the term "revenues" the widely ramifed and
various sources Of national wealth and industrial
activity in every field Of production is none the
less true that in certain sense we may predicate
almost the same Of revenues when taken in their
limited Specification as marking only the means by
which nation meets its annual expenditures. 1t
il these I" revenues" which keep the wheels Of the
Government in motion, and it has passed into .
very primary aphorism of political economy that it
is in these "revenues we must look to find the
"sinews Of war"
1t is quite unnecessary at this late day to COM
ment on the success which has thus far attended
Mr.. Chases administration of the Treasury Depart
ment, amid the unexampled difficulties and embar
snts caused by the extraordinary burdens of
gigantic war. The vast proportions Of the war
have entailed on the country consequent magni-
tude Of expenditures, for which the Secretary of
the Treasury was called to make provision under
circumstances of civil CONFUSION such in almost
any other country would have inflicted an incurabe
wound on the public credit And it is therefore
with legitimate pride that Mr.. Chase points to
the fact "a distinguishing characteristic of our
financial history in this rebellion that the public
credit, which was at the lowest ebb in the months
which preceded its breaking out, has steadily i'm
proved in the midst of the terrible trials it has
brought upon the country. The first loans were
negotiated at seven and thirty hundredths per
cent; the next 9t seven the next at six; more
recently large sums have been obtained at five and
four; and the whole of the debt which is repre-
scented by United States notes and fractional cur
rency BEARS Of course, no interest"
We are pleased to find that in devsiDg ways
and means for the next fiscal year the Secretary
does not propose to meet the accruing exigencies
of the Government by additional issue Of Trea-
sury notes. The limit prescribed by law to the
tissue Of such notes has been already reached, and
he thinks it clearly nexpedient" to increase the
amount lest by imprudently adding to the volume
of the circulation, and thus making it plethoric
beyond the healthy requirements for real payments
and exchanges, we may enter on that fatal de-
cline which leads with accelerated steps to the ruin
of the national currency, and which, he we'll says,
finds its only practical limit in the utter worth
lessness of the augmented mass" He therefore
recommends that the Government should hence
forth borrow like any other employer of capital
temporarily requiring more than income will sup
ply, and rely for the credit which will secure ad
vantageous loans upon good faith, industrial actvi
ty, accumulated though not Immediately available
capital, and satisfactory provision for punctual
payment of accruing interest and ultimate rcim-
bursement of principal"
The suggestion which the Secretary makes in
more than one part of his report with regard to the
taxation of the circulation of State Banks will per-
haps encounter objection from some quarter, and
especially from the managers and stockholders of
such institutions The Commissioner of Internal
Revenue having recommended the imposition of q
duty of two and two fifths per cent year on cor
poratc note circulation the Secretary suggests, in
addition, one twenty-ffth of one per cent. on de-
posts in each month, making twelve twenty-ffths
year. Under the existing law the duty on cir
culation is one per cent year on a certain pro-
portion two per cent. on amounts exceeding that
proportion, and one-fourth of one per cent. on de-
posts The small addition proposed will not be
regarded, the Secretary thinks, unreasonable or
onerous, when it is considered that all corporate
circulation is in fact loan by the people to the
Banks without cost except that of preparation,
and without interest, except the duties imposed
on it.
As wc shall have future occasion to recur to
some Of the suggestions of the distinguished Score
tary under this and other heads of his interesting
and lucid report, we will here drop the subject
to-day, merely recommending this important State
paper to the attentive perusal Of all our readers.
SUPPLIES FOR OUR PRISONERS REFUSED.
BALTIMORE, DEC. 13.-The following despatch re.