New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-12-11
arr NATIONAL FINANCES.


su6mitting TO the consideration Of Con.
the report ON the state Of the finances required M
IN Nv law at the commencement OF each session VIC
kecreary Of the Treasury Inns mnch "a
she 20 say in general that the operations OF tne
nent entrusted to his charge have been acnuea ,b
~ last fiscal year, by greater measure oi
= ventdied 10 anticipate at its besnnsg q, The
At tie beginning Of that year nli az nnd ,bere re-
Treasury had indeed been dseharseu nv "Iasnrsr of
snained a balance To the credit OF the iioasu.' o.
"a "a sS Inn the LARGE disbursements constantly
demanded by military ard naval Pci", ,, Io,s,,na a.,
by comparison this seemingly i ,b nrncfcel on
Almost inconsiderabic proportions anu ~ 20 ",,hoy
sa'in. If the restrictive PROVISIONS OF the aess nu.noI
49,, he re-otiaton OF the bonds known as ne'w WI
tes The most important lOan ~ts Iut "i'e" 80
;,d 81 made new egotioons for adequate amounts
and ON adm issihle terms. quite inpiacilraoic S
vsrxes which befcl our arrs IN June, ou! OIL"
Ssa.no.cJ the difficulties Of the SITUATION, 80 shat
-. Secretary was enabled under existing egls'
tion 70 provide largely for the lhcieeeihe
Ssnts there remained necessarily uhpaiu Oh 'nr ~ ~
aav OF the session nj Congress r.9uSons On no
Taasury chiefly from tie War and Navy Departments
amounting in the aggregate TO the sum o s4o's1o'o ~
10 nroyide for these acquisitions ard for current ne'
.r1 Conrress on the 18th Of January. 1868 anthor'
s.ed an additional issue of United States notes to inc
amount of 100 OJe OCO but did not reach any DEFINITE
conclusions in regard TO loans IN time TO embogy ,hei
In an scr before the day which the session elcseo
On that dav March B. 1868, the act 10 PROVIDE ways
and means r the support OF the t"ehnshl reIei'eu
ebe approval Of the President, and became l". IN M
S;,;op 10 various prov isions for loans. II contained
clauses repeshng the restrictions affecting he negoa
dor OF the fve-twenties and thus disengasca Una, In
viousIy rendered II almost niavananH -. or
week earlier on the 25th Of February IN aet. e,tn
more in tOr,ani to the credit VI the 1o'erhneh-.n1
Ait Ia pJ,yide a national currency through nnona
Ssntn, sysem-had received the sanction OF congress
And the President The sautary enee's OF 'noset w"
great acts were soon conspicuous A., s,,.,uo,|
Notwithstanding the aid afforded ny the aOui'lorH
esre Of the United States notes under the JOINT resou
Won of Januery the Secretary had found II inpossiDie
A. nre,eut "A gradual increase. durng the session oi
Congress in tie amount Of unpaid acquisitions those
which were unsatsied ut the beginning oi the session
vee indeed dschaI ced and large sums were sppneu 70
aew demands for eugrent qs9lSs'nfnP'' ~ $3.50. Wv
3seeAte q disbursements remaining necessarily nru
kereased steadily, Notwithstanding oil efforts u pre-
van il until IL reached at the close OF the session. e
euIp Of s12.l1i, le9 al.
The loan act and the national banking act were fol
sved by an Immediate revival OF public credit suc,
ess quite beyond anticipation crowned the efforts %
Sbe Secretary to disubnte the fvetventy loan IN all
0arts of the country. well as every olher measure
ssopted by him for reponishng the treasury Ihe 70
su was that within two months amer the adjournment
q Congress tie whole mass OF suspended requshoh'
Ssd been satisfied all current demands promptly met,
apl full provision made fOT the pay OF the arm! ana
aayy during tie remainder Of the fiscal year no en-
barrasements attended The OF Inc finances
o1cept those whch nsepsrable from Nast exsuc!-
tares Notwithstanding these eApoId lures II u srati-
fying TO DC ae state hat during the last year The
1oa OF disbursements did not greatly exceed while he
Snrresse of the public debt did ot equal the estimates
erbmied to Congress by the Secretary al tho last scs
sion Thus while il then estimated that ne p-oAo
debt on the Both Of june 1903 would reach the sun oi
N 10 cs7 4J "a its actual amount on tfat day was
S-s Isl 81; and while the disbursements Tor The
year estimated ct sos5.o4o,S2l g. lie fea4 'olH
The aggregate receipts from all sources, including
che balance from the preceding year az shown by inc
books Of tie Treasury were durag the isst hsca year
heOl, 1875 ia e5 and the aggregate disbursements
ess5 7g5 ESQ G5 leaving balance on jane 20 IooJ 0i
a GA 81 But sums borrowed during the year, ana
applied during tie same time II payment Of ue's ane.'
oniy nominy the total Of receipts aud Of dissurs G.
lnents The sums thus borrowed and applied during
She last fiscal year amounted TO ~ tstoA3 o. iMs
aggregate therefore, should be deducted f4Jn boil
sides Of tie statement making he true smou' Q; re-
c<p,s including balance from last year, l,2 u59 ~
and tho tTae amount Of disbursements S'l4 'JsS -
The balance. Of course. remains the same.
IL is gratifying also. to be able 10 state that vAe
aebls did not reach the amount anticipated, The re
eepts from al sources Of income. except internal re-
venue exceeded the estimates. Thus the receipts from
customs estimated ut Stc,Oil,1J6 SO. we're actually
60 l 6i2 40; from lands estimated at s IA 10 were
lC76l7 II; ard from miscellaneous source estimated
at s22H3l6 30. were s3Oi6,6l5 -. Direct tax 70
ceips were estimated at ell CO. III 90 md tits amount.
nearly this amount has been received IN the form OF
payments Tor military supplies and services ~ ths
States for which they are entitled to credit beyond
their several proportions Of tne tax IN cthsequenee
A4e5 los u appears on the books US received INTO h'
Treasury.
revunue thcs closely correspond with tie estimates. OF
largely exceed tlep the receipts from internal enut
have alone disappointed expectation The estimate, IN
deed was made OF the operation Of law recently enact
ed and necessarily imperfecty executed bnt such care
lad been taken TO obtain correct premises that II wa,
handy thought possible that the CONCLUSION uedIccl
ron them could BE- wide Of the truth Under tie Ia
attractions Of the Commissioner. al the instance u the
beeretary. very competent gentleman hs for some
time en- loyed IN ssceriannr with tho aid OF practice
men conversant with business. the probable amount Of
re,enue from each object OF taxation. The result oi s
Enquiries was the esiInGte which. sanctioned by the
Commits Oner believed 20 be correct BY tie Sccre
tarv and therefore submitted ~ Congress.
Experience bas demonstrated its error. The estimate
va s5j $50 3O3 IS while the actual receipts were
81 Go 7o7 %. part Of the deficiency may be at
trhutcd 10 tho imperfect execution OF tie law and
ar 10 tie changes made in 1t by Congress after tho
estimate made but II is not probable had neither
cause operated reduce the receipts that the revenue
I1om this source would have exceeded half tho est
mated amount IL Is clear that The law unloss material
" amended, viii not prcducc the revenue expected
from it,
The whole Of the receipts and disbursements far the
last fiscal year may be more easily understood from
somewhat more formal statement
The receipts estimated anu actual then for the last
1scl year ending the 3Oth of June lo63 were. IL
cludiag balance from the preceding year follows:
Estiusted Ac,uhl.
FROM cusous......... 500 O4J &c 50 60 90 ~ ~
From iands.................. Rs74 10 lt1olT u
prom ls......... 22lJl6 81 S0sl CTS IS
y 40 q