The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-12-18
ABSTRACTS OF DEPARTMENT
REPORTS.
REPORT OF THE SECRE FAIRY
OF THE TREASURY.

REPORT OF THE SECRETARY
OF THE TREASURY.
WASHINGTON. Dec 10.-The following is ii
synopsis of the Secretary of the Treasury's Re-
port:
In submitting to the consideration of Con-
yress the report of the state of the finances,
the Secretary of the Treasury has much sat.
isfaction in being able to say that the opera
tions of the Department entrusted to his charge
have been attended during the fiscal year, by a
greater measure of success than he ventured to
anticipate at its beginning. Notwithstanding
the aid offered by the additional issue of United
States notes under the joint resolution of
January, the Secretary had found it impossible
to present the gradual increase, during the
session of Congress in the amount of unpaid
ACQUISITIONS Those which were unsatisfied
at the beginning of the session. were indeed
discharged, and large su MS were applied to
new demands for current disbursements but
the aggregate of disbursements remaining
necessarily unpaid increased steadily. nOtwith-
standing all efforts to prevent, until it reached,
at the close of the session, the sum of 72171,-
1S9. The Loan and National Banking act
were followed by an immediate revival of pub
lie credit. Success quite beyond anticipation
crowned the efforts of the Secretary to dis
tribute the 5.2O loan in all points of the coun-
try as we'll as every other measure adopted bv
him for replenishing the Treasury.
The result was that within two months
after the adjournment of Congress the whole
mass of suspended acquisitions had been sat
listed. 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 attended
the administration of the finances except those
that are inscparabe from vast expenditures. 1t
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 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, 1922, 297 .403, its actual amount on
that day was 81 ,09S 1893 181, and while the dis
bursements for the year were estimated at
$685. 346, 321. the real total was $714. 7O9. 995.
While the receipts from other ordinary
sources of revenue thus closely correspond
with the estimates or largely exceed them, the
receipts from the Internal Revenue have alone
disappointed expectation, and experience has
demonstrated its error.
The estimate was $85 456. 303, while the
actual receipts were $37. $40, 1871. A part of the
deficiency may be attributed t. the imperfect
execution of the law, and part to the changes
made in it by Congress after the estimates were
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 expect.
ed from it.
In former report the Secretary placed the
limit to which the loan in the form of certif-
800, 600 600. Experience has shown it can be
carried to $3.50, 900, and that its natural
limit is about that sum.
On the LIST of December the amount of these
certificates was $145, 720, 00O 1t would be
unsafe, therefore, to rely on any substa ntial
increase of loan in that form.
The limit prescribed by law to the issue of
United States notes has been reached, and the
Secretary thinks it clearly inexpedient to in
crease the amount, sufficient circulation having
been already provided. The Government must
now borrow like any other employer of capital
temporarily requiring more than his income
will supply and rely for the credit which will
secure advantageous loans upon good faith,
industrial activity accumulated-thOugh not
Immediately available capital, and satisfactory
provision for punctual payment OF accruing
interest, and ultimate reimbursement of the
principal.
To subscriptions for the remaining 5-20s and
deposits for temporary loans, therefore, must
be directed all reasonable expectation of means
for the service of the current year, except from
negotiations under the act of the last session.
The sums to be looked for from these two
sources have already been stated and the
amount to 1926, O59, 800.
Ifthis 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, $50, there will remain the sum of
$226, 166 999 to be provided by negotiations
under the act of last session, and under some
slxo =
the continuance of the war shall make it neceS-
sary, the sum of $544 ,548 is 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 une !, 1864 1885, 500
From customs. ...................... "a, 600, 600
From Internal Revenue. minimum. 1876 00O, 900
From Lands 100. 600
From miscellaneous sources. .......... 100000
Estimated aggregate receipts 1906 s36, $50
He estimates the real expenditures for the
year at $751;, 81, O88, from which deduct the
estimated receipts from ordinary sources, as
before stated, $2O6, $3.50, $50, leaving to be pro-
vided by loan $544 1913 '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, $780, 956,
GAL, it will result from these estimates that the
whole debt will have reached on the Both OF
June, 1865, the sum of 81, 231, 935, 100.
The Commissioner of Internal Revenue re.
commends an increase of the tax on bank note
circulation to 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
to IL cents, according to quality on manu-
featured; 10c per gallon on crude PETROLEUM
&c per pound on cotton.
The repeal of the tobacco and petroleum
drawbacks, and various other chonges CT the
internal revenue laws, to augment the receipts.
The enactment of such laws will secure an
increase of the internal revenue to the amount
originally estimated, of $3.50, 000, 600 year. re-
quired by the strongest considerations of pub
lie policy.