The daily register. [volume] (Wheeling, W. Va.) 1863-1864, 1863-12-11
Synopsis of the Report Of the
Secretary, of Treasury.

oS<AO"A ~
In submitting to the consideration OF
Congress the report of the state Of the d.
nances, the Secretary of the Treasury has
much satisfaction in being able to say in
general, that the operations Of the Depart
ment entrusted to mis- care have been at
tended during the last fiscal year by far
greater measure of success than he had an
ticipated at itf commencement. Notwith-
standing the aid afforded by the additional
issue of q. S. notes, nnder the joint resolu-
ton of January, he had found it impossible
to prev t the gradual increase during the
session IF Congress in the amount OF IN
paid acquisitions. Those which were unsat
isfed at the beginning of the session were
discharged, and large sums were applied to
new demands for current disbursements
But the aggregate of disbursements remain
ing necessarily unpaid increased steadily,
Notwithstanding ali efforts to prevent it,
until it reached, at the close of the session,
the sum of S72,l7I189. H.
The Loan Act and National Banking Act
were folliwed by an immediate revival of
public credit. Success, quite beyond anti
CIpdtiOu CTOHnCu ~ dfotllDutC
the 500 lean in all parts of the country as
we'll as every other measure adopted by him
for replenishing the Treasury the result was
within two months after the adjustment
of Congress the whole mass Of suspended
acquisitions had been satisfied, all current
demands promptly met and full provision
made for the pay of the army and navy dur
ing the remainder OF the fiscal year. No
embarrassment attended the administra-
ton of finances except those which are in
separable from vast expenditures Yet it
is gratifying to be able to state that during
the last year the total disbursements did not
greatly exceed, while the increase. of the
public debt did not equal sthe estimates
submitted to Congress BY the Secretary at
the last session.
Thus, while it was then estimated that
the public debt on the Goth of June 1863
would reach the sum of S1l2,222 974,03 its
actual amount on that day was SlO9,S79,-
3IS, and while the disbursements fer the
year were estimated at 1893, 346,32l. The
real total was S714,709,995 while the re-
ceipts from other ordinary sources Of reve-
nue. was thus closely CORRESPONDENT with the
estimates or largely exceed them. The re-
ceipts from the internal revenue have alone
disappointed expectation and experience
has demonstrated its error. The estimate
S85, 456,303 while the actual receipts were
S37, 6407S7, A part of the deficiency may
be attbute to the imperfect execution Of
The law and part to the changes made in
it by Congress after the estimate was made,
but it is not probable and has neither cause
operated to reduce the receipts that the
revenue from this source would have ex-
ceeded half the estimated amount. 1t is
clear that the law unless materially amend
ed will not produce the real revenue from 1t.
The fellowingis the Secretary's estimate Of
the receipts and expenditures for the next
year. The estimated balance of June LIST
1864 is $5,836,539; from customs 100000;
from internal revenue Sl25, 000,0 900; from
lands Sl,0OO,0O0 from miscellaneous source
$5,000,000. Making the estimated aggre-
gate receipts at $2O6,838, 539. He estimates
the real expenditures for the year at S75l, ;
$50, 1888 from which deduct the estimated
receipts from ordinary sources, as before
stated, S206, 836,539, leaving to be provi-
ded by loan S544, 97S,54S The sum TO be
provided represent the increase of debt du-
ring the year Assuming, therefore, the
correctness of the estimate which put the
debt July LIST, 1864, Sl,686, 956,6sl. 1t
will result from these estimates that the
whole debt will have reached on the 10th
Of June 1865, the sum Of 1921 ,936, $50.
The Commits eoner of Internal Revenue will
recommend an increase Of the tax on bank
note circulation to 224 per cent OF an IN
crease of duty on distilled spirits to 6Oc
per gallon; on tobacco 10 zoe. per pound;
or leaf and from to l9c., according 10
quality in manufactured; lQc per gallon on
crude petroleum; &c per pound on cotton
The repeal Of the tobacco and petroleum.
Drawbacks and various other charges ofthe
internal revenue loans ~ augment the re-
ceipts. The enactment Of such laws. will
secure an increase of the internal rev
enueIto the amount originally estimated Of
Sl50, 100000 year, required by tie strong
est considerations Of public policy Hith-,
erto the expenses Of the war has teen de
frayed by loans to an extent which moth
ing but the expectation of its speedy ter
mination Guild fully warrant. 1t vii! no
escape observation that the avert
age rate of interest is now increasing, and
it is obvious that it must continue to
increase with the increase Of the proportion
Of the interest bearing to the non interest
ibearipg debt, aud as the amount Of the
latter, consisting of Z. s. notes and frae-
toual currency cannot be materially aug
mented wit bout evil consequences, of the
most serious character, the rate OF interest
must increase with tho debt and approach
continually the highest average that must
be greater or les; N proportion to the cost
of the war.
In former report the Secretary
placed the limit to which the loan in the
form Of certificates of indebtedness could
be carried at SlO0,000000. Experience
has shown it can be carried to Sl5O,0OO,-
900 aud that its natural limit IS about that
sum on the lst Dec The amount Of these
certificates was sl45,720,00O. 1t would be
unsafe therefore to rely on am substantial
increase of loan in that form. Tie limit