The New York herald., 1863-12-11
From mscelane,ussource 100000

unexpended July 1864 ............. $3.50 900 900
For the civil service. 2T,97Jls4
For Pensions Indians. 9,63l 304
For the war Department. Csc, ,2O4 l2T
For the Navy Department ............. I42 6l8 1856
For interest public debt. S5,387 GIT
| Making the aggregate Of estimated expen-
dtures. - sl.l5l,sis Oss
But he estimates as likely 10 remain undrawn
on the 3Oth June, 1865, and therefore 10
be deducted from this aggregate .... 400 900 900
ior the year, .s75I .si5 oss
From which deduct estimated receipts from
ordinary sources as before stated 2o6 ,S36, $50
Leaving to be provided by loans mann. $544 97s 64s
The sum TO be provided by loans represents tho in
crease OF debt during the year. Assuming therefore, the
correctness OF the estimate which puts the debt the
Isl OF July, 1864 at 81 1886 956 64I will result from
these estimates that the whole debt will have reached
tho goth OF June 1885 the sum of 81 PSI 1886 .l9O
Tables are appended to this report exhibiting
detail aud IN different FORM the general results already
stated The first shows the actual receipts and expeHdi
lures or the ca year ending June 30 1863 the second
the receipts and expenditures actual estimated for
the fiscal year ending Juno 30 1864 and separately for
notes, showing In detail the amount received from new
loans and applied in discharge Of existing debt during the
the amount yet required from loans for tho and the
probable increase OF the public debt, tho third
shows the estimated receipts and expenditures for
the fscal year ending June 30, 1865; the
fourth Is the Registers statement OF revenue
and expenditures during the fiscal year ending 3O
1868; the fifth is similar statement from the Office
for the first quarter OF the fiscal year 1864 ending Sop
tember 3o 1868; and the sixth is a complete statement
OF the origin progress and condition the Both Juno aud
Both september, 1868, OF the national debt.
REPORTS or THE CoMPrROLLER OF THR CURRENCY
AND COMMISSIONER OF INTERNAL REVENUE.
The reports OF the heads OF the several bureaus Of
department including that OF the Comptroller of the
Currency and the Commissioner of Internal Revenue will
also accompany this report OF tho Secretary They show
in detail the operations OF the several bureaus and
statements aud suggestions made in them commended
to the consideration OF Congress.
Anothe. statement, showing the prices Of the leading
articles OF consumption at New York, on or near
years, commencing with 1926 has been pre-,
pared under tue direction of the Secretary, and
that some help may be obtained opinions
many important questions and particularly those
corning the contraction aud expansion OF currency whe
ther metallic or paper.
has been already that the required for
general disbursements, exclusive OF payments
OF public debt for tho three last quarters of the current
fiscal the lst OF October last $579 567
OF which sum 6l15 100000 were expected from ordinary
sources, and the remainder $464 15T 567 expected
from loans.
The receipts and expenditures during October and No
vember other Of principal Of deb amount
ed each far has been ascerained SAT O60 T3I
without balance. or these receipts $35 ,629, ,703 were
from ordinary sources and Sill 93I O27 from loans
either temporary permanent leaving to be obtained
during the remaining seven months from ordinary
298, and from loans $o52 226 539 0n the Dass
OF these two months tho receipts and expenditures from
ordinary sources for the last Of the year
will respectively exceed the general estimates by
or the country oil IS sol ,tO6
The Secretary admits. therefore, apprehension Of
ordinary OF income except, perhaps, the
internal revenue nor does he anticipate any for
midable difficulty in providing the amount to be
obtained from loans especially il tho successes vouch.
sned by gracious Providence TO armies during the
| last nine months shalt continue TO attend them
But no can be moro profoundly convinced than
himself Of the worry great Importance OF providing oven
larger amo,nt than is estimated from revenue. 10
check the increase Of debt must he, circumstances,
prominent object OF patriotic solcitude Tho Secre
tary therefore, while submitting estimates which require
large loans, and while he thinks 1t not very difficult to
negotiate them feels himself bound by prudent regard
to possible contingencies, to Congress edicent
measures for the increase OF revenue.
Il is possible that limited additional amount OF In
come may DO derived from judcous modification Of sOme
provisions OF the imposing duties foreign imports;
but the chief reliance for any substantial increase
even for the prevention OF possible decrease must be on
internal duties
The Commissioner or Internal Revenue recommends
Increase OF the tax bank circulation and
% ssas pc o on s eSsg On distilled
on tobacco TO twenty cents per pound 90 Leaf and from
five 10 twelve cents according to quality maaufac-
tured duty Of ten cents gallon crude petroleum;
duty of two cents pound cotton; tho repeal OF
the tobacco and petroleum and various other
changes OF the informal revenue laws, designed TO aug
nent tho receipts from this Ia the particular
recommendations lust mentioned the Secretary fully
concurs, and comnends all his suggestions to
ful attention. Tue enactment OF such laws as will
increase OF tho informal 10 the amount
originally estimated, OF one hundred and fifty millions
required by the strongest considerations OF public
policy.
FINANCIAL ADMINISTRATION AS DEMANDED THE
WAR.
Hherto the expenses OF the have been betrayed by
loans extent which nothing but tho expectation OF
It's speedy mnation could FULLY warrant.
his rs, report submitted ut the special session n
July 1851 the Secretary stated his conviction that to
sound financial condition. system OF taxation certain TO
produce sufficient revenue 10 pay tho whole ordinary
expenses OF the government In times OF peace
aud the entire interest the public debt, and
to create gradually increasing fund for tho re-
dempt,on Of its principal, Indispensable II
not important, so loug seemed highly probable
that would be speedily brought TO successful
close that the revenue soud largely exceed the ordina.
ry nj
wisest to obtain tho means for nearly the whole
Of tho extraordinary expenditures by loans and thus
avoid the necessity OF considerable increase Of the
burdens OF the people time when sudden outbreak
OF tagous rebellion had derangcd their business. and
temporarily diminished their incomes.
The financial administration OF the first fiscal year
after the outbreak Of the rebellion conducted upon
session OF July, 1861. framed with the
intention OF supplying the full amount OF revenue do
manded by thom Bnt receipts disappointed expectation,
and Il became obvious that a much larger proper
ton the needed Tor tho fiscal year 1862 than
the principle adopted would allow must be derived from
loans
Wneu, therefore, Congress assembled regular session
the 1rst Monday OF December 1861 the secretary d
rected attention the necessity OF increased taxation
he responsibility was promptly assumed by Congress,
aid the Internal Revenue law was enacted, ana such
the TariH made that ample pro
for the desired Objects was now supposed To have
been certainly secured II was not expected however,
that tho influence Of this Legislation would aect the re
suits OF the then year Nor did 1t affect them The
from ordinary sources 10 tho close OF that year
June 30 1862, insufficient for the pay yments eI
pected made from them The receipts S5l $685.,
I2o while tho disbursements for the civil service, for
pensions and Indsns and for interest $37 701 sl
ing only sl4 2 gi9 for tho War and Navy depart
ments the expenditures OF which IN the last year OF
peace f2I e22 g7 and nothing at all for extra
ordinary expenditures or a sinking flnd.
In hrs report at the December session 1862 tina Secre
ary considering this deficiency and assuming the cor
recness OF the mate $50 900 the amount OF
receils iIsm internal duties, and taking doubls the
OF the War aud Navy departments IN tho last
OF peare the amount likely TO be annually re
aurcd after the suppression Of the rebellion, cx
pressed the opinion That the probable receipts
under tho legislation Of the preceding session would
meet all ordinary expenditures FOR the nsca year ls63
interest ana leave large surplus TO be applied for
the present. TO the oxtraordinary disbursements OF tho
war or, its close to the reduction OF debt In that
report therefore, aud In his subsequent communications
TO the proper comuees, the secretary suggested no
crease but confined his recommendations 20
other for the Improvement OF tho pubic credit
among which those relating TO loans aud to uniformity o
currency hold the foremost place.
Congress effect to these recommendations by the
Loan act and tire National Banking but nj the
time some what diminished the expectation OF Income by
a. I'm II hn Inf crn kcynnnn