The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1863-12-17

have been attended curing IA0 last HoCoi JO"4
bv a greater measure OF success than he ven
tured to anticipate at It's beginning. Notwlth-
standing the aid offered by the additional is
sue of United States notes, under the JOINT res
olution of January, the Secretary had touno
it impossible to present the gradual increase
during the session of Congress in the amount
of unpaid acquisitions. Those when were
unsatis6ed at the beginningofthe session. were
indeed discharged, and large sums were ap-
nIied IN now demands for current dlsburse-
ments but the aggregate of disbursements re-
naininp necessarily unpaid increased, steadi-
". Notwithstanding all efforts to prevent, un-
III if reached. at the close Of the session, the
sum of S72,171,1 69. The Loan act and the
National Banking act were followed by an inn
mediate revival Of public credit. Success quite
beyond anticipation crowned the efforts of the
Secretary to distribute the 500 loan in all
points of the country, as well as every other
measure adopted by him for replenishing the
Treasury.
The result was that within two months at
ter the adjournment Of Congress the whole
mass of suspended acquisitions had been sat
isfed, 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 enbarrasslnents attended the
administration Of the finances except those
which are inseparable from vast expenditures,
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 pub
lie debt did ~notsequal estimates submitted to
Congress by the Secretary at the last session.
Thus while it was then estimated that the
public debt on June 30th, 1863, would reach
the sum of 81, 1872, 297, 4O3, its actual amount
- 1T f.. --- O. ono roo I OF III Ill,
the disbursements for the year were estimat-
ed at 1893, 346, 321, the real total was STA
7O9, 995, while the receipts from other ordin-
airy sources Of revenue thus closely CORES
pond with the estimates or largely exceed
them.
The receipts from the Internal Revenue
have alone disappointed expectation, and eX-
p|erience has demonstrated it's error.
The estimate was $85, 456, 303, while the
actual receipts were $37, $40, 787. A part Of
the deficiency may be attributed to the imper-
feet execution OF the law, and a part to the
changes made in it by Congress after the es-
innate was made but it is not probable had
neither cause operated to reduce the receipts
that the revenue from this source would have
exceeded half the estimated amount.
1t is clear that the law, unless materially
amended, will not produce the revenue ex-
pected from it.
In a former report the Secretary placed the
limit to which loan in the form of certificates
of indebtedness could be carried at 500, 000,-
900, experience has shown it can be carried
to $50, 900, 900, and that its natural limit is
about that sum.
On the 1st Of December the amount Of
these certificates was $145, 720, 900. 1t
would be unsafe, therefore, to rely On any
substantial increase Of loan III that form.
The limit prescribed by law to the issue of
L. S. notes has been reached, and the Secre-
tary thinks it clearly ~inexpedient to increase
the amount, sufficient circulation having been
already provided. The Government must
now borrow like any other employer of cap
ital temporarily requiring more than his in
come will supply,and rely for the credit which
will secure the advantageous loans upon good
faith. Industrial activity accumulated, though
not Immediately, available capital, and salts
factory provision for p%unctual payment Of &C
cruing interests and ultimate reimbursement
Of the principal.
To subscriptions for the remaining 5-20's
and deposits for temporary loans, therefore,
must be directed all reasonable expectation of
means for the service of the current year, ex-
cept from negotiations under the act of the
last session. The sums to he looked for from
these two sources have already been stated,
and they amount to 1926 59, 600.
If this aggregate be deducted from the
amount to be provided by loans for the last
seven months Of the current year, already
shown to be 1852, 226, 529, there will remain
the sum of 1926, l66, 999 to be provided by ne
d" gotiatiOns under the act Of the last session, and
under some like act must be provided i'll like
manner. If the continuance of the war shall
make it necessary, the sum Of 1914, 978, 900,
estimated as being likely to be required from
loans for the fiscal year of 1865.
The following is the Secretary's estimate
Of receipts and expenditures for the next
year:
Estimated balance June /, 1864 IS, $50, $50
From Customs ........... 70, 000, 900
From Internal Revenue ....... 1875, 600, 900
From Lands .............. 100, 900
From Miscellaneous Sources. 5000, 900
Estimated aggregate receipts 206, 838, $50
lie estimates the real expenditures for the
year at $751, SIS, O88, from which deduct the
estimated receipts from ordinary sources, as
before stated, $206, 1886, $50, leaving to be pro-
vided by loan 1914, 978, 548.
The sum to be provided represents the in
crease OF debt during the year. Assuming,
therefore, the correctness Of the estimate which
puts the debt Of July LIST, 1864, at 81, $685.
$50, Gal, it will result from these estimates
that the whole debt will have reached on the
30th Of june, 1866, the sum Of 81, 231, $685.
100.
The Commissioner of Internal Revenue rec
omInends an increase of the tax on bank note
circulation to 2 2-5 per cent, an increase on
distilled spirits to 60 cents per gallon, on to-
bacco to 20 cents per pound on leaf, and from
3 to II cents, according to quality, on man
ufactured, l0c per gallon on crude petroleum,
&c per pound on cotton.
The repeal of the tobacco and petroleum
drawbacks, and various other changes of the
internal revenue laws, to augment the re-
ceipts.
The enactment of such laws will secure an
increase OF the internal revenue to the amount
originally estimated, ofSl00, 600, 600 a year,
required by the strongest considerations of
public policy.
Hitherto the expense of the war has been
betrayed by loans to an extent which nothing
but the expectation of its speedy termination
could fully warrant. 1t will not escape OBJ
servation.
That the average rate of Interest is now in
creasing, and it is obvious that it must con
tinue to- increase with the increase of the |
proportion Of the now interest bearing debt,
and as the amount of the latter, consisting of
United States notes and fractional currency,
it can not be materially augmented without
evil consequences Of the most serious charac-
ter.
The rate Of interest must increase with
the debt, and approach continually the high
est average, that must be greater or less
in proportion to the duration and cost of the
war.
SEooND-The repeal of the existing Hnita-I
ton Of deposit and loan to 500, 0O,0O0. and
the substitution to a provision for a reserve
equal in amount to half the deposit.
THIRD-Permission for the negotiation of
l1opS raJaamobI, ,Igo1,t,I,- - a.. |