The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-12-16
Extract from the Report of the Secretary OF
the Treasury.

The aggre gate receipts from all sources ID
Guiding the balance from the preceding year
a. shown bv the books of the treasury, were.
during the lasti fiscal year S90l, l25.o14 SO
and the Disbursements Se95. 196.6SO co. leaV-
ing balance on the S0th Of June, lS6S. OF
s., 329.044 p But sums borrowed during
the year, and applied during the same time IN
payment OF debts. affect only nominally the
total Of receipts and disbursements. The sums
thus borrowed and applied during the last f.
cal year amounted to $lsl.0s6.635 o.. This
aggregate therefore should b. deducted from
both sides Of the statement. making the true
amount Of receipts including the balance from
last year. S720.039. O59 20. and the true amount
Of disbursements S7l4.709.995 sc. The bal
ance. of course. remains the same.
II gratifying. also. TO be able TO state. that
while debts did not reach the amount antici-
patcd. the receipts from all sources OF income
except internal revenue. exceeded the estimates
Thus the receipts from customs. estimated at
S6s.04I.736 50. were actually 69.059,642 40,
from lands. estimated al SsS,72i 10, We're
Sl67.6l7 Il: and from miscellaneous sources.
estimated at = 244.3l6 -, were S3.046.6l5 80.
Direct tax receipts were estimated 1t ; .62O.-
III 3d. and this amoant. OF nearly this amount,
has been received in the form Of payments for
military supplies aud services by the States,
for which they are entitled to credit beyond
their several proportions Of the tax. In con-
sequence. however. OF incomplete settlements.
only the sum OF Sl4S5.l03 I'll appears on the
books as received into the treasury.
While the receipts from other ordinary
sources of revenue thus closely correspond
with the estimates. or largely exceed them the
reccipts from internal revenue have alone
disappointed expectation. The estimate. in
deed. was made Of the operation OF law re-
Gently enacted. and necessarily imperiectly
executed but such care had been taken 10
obtain correct premises that it was hardly
thought possible that the conclusion deduced
from them could be wide Of the truth. Under
the instructions of the Commissioner. al the
instance of the Secretary. very competent
gentleman was for some time employed in a.
certaining with the aid of practical men, con-
versant with business, the probable amount of
revenue from each object of taxation. The
result of his inquiries was the estimate which.
sanctioned by the Commissioner was believed
10 be correct by the Secretary. and therefore
submitted TO Congress.
Experience has demonstrated its error. The
estimate was $50. l56.3O3 73, while the actua,
receipts were s37 .6407o7 95. A part of the
deficiency may Dee attributed to the imper ect
execution of the law, and part to the changes
made in it 10y Congress after the estimate was
made bat il is not probable. had neither cause
operated to reduce 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 expected from it,
The whole of the receipts and disbursements
for the last fiscal year may be more easily un-
derstOod from somewhat more formal state
ment
The receipts. estimated and actual. then for
the last fiscal year ending on the 30th of June
1868. were. including balance from the prece
ding year, rs follows: