Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-12-24

REPORT OF THE SECRETARY OF THE
TREASURY.

In submitting to the consideration OF
Congress the report upon the state oil the
finances, required of him by law at the
commencement of each session, the Score
tarv of the Treasury has much satisfaction
in being able to say in general that the
operations of the department entrusted to
his charge have been attended durlag the
last fiscal year by greater measure OF
| success than he ventured TO anticipate at |
the beginning. At the commencement OF |
the wear. there remained a balance to the |
credit of the Treasurer of Sl3, 043, $40 81, |
There remained unpaid at the first day Of
| the last session of Congress acquisitions
ON the treasury, chiefly from the war and |
navy departments, amounting in the ag-
gregate 10 SAG, S94,S75 so. Notwith-
standing the aid afforded by the additional
issue of the United States notes under a
Joint resolution OF January, the Secretary
had found it impossible to prevent grad
ual increase during the session of Congress
in the amount of unpaid requlsiuons.-
| Those which were unsats6ed at the begin
| ming OF the session were indeed discharged,
and large sums were applied to new de-
I
! the aggregate Of disbursements remaining
necessarily unpaid increased steadily, not
outstanding all efforts to prevent it, until
1t reached, at the close Of the session, the
sum of $72,l7l,lS9 Al.
The loan act and the National banking
act were followed by an immediate revival
Of public credit. Success quite beyond
anticipation crowned the efforts of the Sec
rotary to distribute the fve-twenty loan in
all parts of the country, as well as every
other method adopted by him for replen-
ishing the Treasury. The result was,
that within two months after the adjourn
meut of Congress, the whole mass of sus-
pended acquisitions mad been satisfied, all
current demands promptly met, and full
provision made for the payment of the
army and navy. During the remainder
of the fiscal year no embarrassments at
tended the administration of the finances,
except those which are inseparable from
vast expenditures. Notwithstanding these
expenditures, it is gratifying to be able to
state that during the past year the dis
bursements did not greatly exceed, while the
increase of the public debt did not equal the
estimates, submitted to Congress by the
Secretary at this last session. Thus while
/, it was then estimated that the public debt
on the 30th of July would reach the sum
, of ST. ,122 ,297 ,403 "a, its actual amount
on that day was ST. ,09S, 793,lSl 81, and
Z while the disbursements for the year were
estimated at S639 GAG, 32l As, the real
: total was S7l4,709, 995 04.
d While the receipts from other ordinary
9 sources thus closely correspond with the
y estimates, or largely exceed them, the re-
Il ceipts from Internal Revenue have alone
n disappointed expectation. Experience has
ii demonstrated its error. The estimate wa:
n SS5 ,456 1903 73, while the receipts were
10 S37 .640,7S7 95. A part of the deficiency
l. may be attributed to The imperfect execu
lie ton Of the law; and part to the changes
e made by Congress after the estimate was
y made, but it is improbable had nelthe
S cause operated to reduce receipts that the
l. revenue from this source would have ex
ceeded half the estimated amount. 1t Is
clear that the law, unless materially
n. amended, will not produce the revenue ex
\ pected from it, The estimated receint'
" for the last fiscal year. ending June 80
a. 1868, from all ordinary sources, were
n lSO.495 ,345 60. while the actual receipts
u were S124,443, 1913 20. The estimated
u disbursements for the same period wer
ry 1898 BAG, 32l AZ, while the actual dis
Id bursements were $693, BAG ,32l As.
Id The following is the Secretary's est
ng mate of receipts and expenditures for tn
lie, next year, which he is required by law
tn make. Estimated balance July LIST, 1864
by SIS 1886, 539 90; from customs, revenu
a and lands, he estimates the aggregate re
so , cclp,s az 500, S36.5a9 %; the estimate
ne real expenditures for the year S75l,8l5
ice e8S SO; from which deduct estimated IT
We cepts, from ordinary sources, as befol
ed stated, S2O6, 836,559 90, leaving to
lat provided by loans, S544, 978, 548 90. Tt
let sum 10 be provided by loans represen
ed the increase of debt throughout the year
ere Assuming, therefore, the correctness of Il
lis estimate which puts the debt on the LIST I
ta- July, 1864, at ST. CSC $780, 4l "A, it WI
result from these estimates that the who
f debt will have reached on the 3Oth
NJ June, 1865, the sum of So, 23l 1925, 100 8
led The Commissioner of Internal Revenl
81 recommends an increase of the tax on ban
snt note circulation to two and two htths y
IRE cent: an increase of the duty on distillt
t's spirits to sixty cents per gallon; an inerea
of on tobacco to twenty cents per pound {
to leaf, and from five to twelve cents, accor
in ing to quality, on manufactured du
nd Of ten cents per gallon on cru . petroleum
ing duty of two cents per pound on cottot
far the repeal of the tobacco and petroleu
Su- drawbacks; and various other changes
are the internal revenue laws, designed to au
es- ment the receipts from TINS source. III
pie enactment of such laws as will secure
on increase of the internal revenue to I
md amount originally estimated, of one hu
as dred and fifty millions a year, is requlr
We by tho strongest considerations Of pub
to policy. Hitherto the expenses of the W
bed have been betrayed by loans, TO an exte
which nothing but the expectation Of
nee speedy termination could fully warrant.
nth The average rate Of interest on the wht
the debt. without regard to the varying ma