The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1863-12-16
Synopsis o oftfle..Eseports Oftlie
Secretary of Treasury.

Synopsis o oftfie..Kseports Ofthe
secretary of Treasury.
| In submitting to the consideration of
Congress the report of the state of the f.
nanccs, the Secretary of the Treasury has
much satisfaction i'll being able to say in
general, that the operations OF the Depart
nent entrusted to his care have been at
tended during the last fiscal year by tar
greater measure of success than he had
anticipated at its commencement. Not
understanding the aid afforded by the au
idittolal issue ul IS. notes, under the
Ioint resolution Of January, he had found
it impossible TO prevent ti.e gradual in
crease during the ssIUn oil Congress i'll
the amount o. paid requIsitious. Those
which were dissatisfied at the beginning oI
the session were discharged, and large
sums were applied to new demands 1or
current disbursements. But the aggre-
t gate vi disbursements remaining necessa-
! riiy unpaid increased steadily, notwith-
! standing all efforts to prevent it, until ii
reached ut the close ol Inc session, tue sum
Of $lZI7l, ,lS9.
|
Actwere followed By all itlnisdiate revival
of public credit Success, quite beyond
anticipation crowned his efforts to distrib-
ute the 5:2U ioau III all parts OF the cuun-
try as we'll as every other measure adopted
by him for rep.en.shlus the Treasury the
result was within two months after the
! adjournment. of Congress the whoic mass
OF suspended requIs,tious had been satis-
! fed, all current demands promptly met
and 1uil provision made for the pay OF the
army anu navy during the remainder OF
| the fiscal year. No embarrassment ten
ded the administration OF finances except
those which are lusc cparable from vast cx
penditures. Yet it Is Crafty ing to be
J. ,thle to state that during the last year the
total disbursIneuts u.u not greatly exceed
! while the increase OF the pubic debt did
not equal the estimates submitted to Con
gress Wy tue Secretary at the last ses-
sion. a.a t,-:5', rs
Thus. whilc 1t was then estimated that
4 the public dcut ontne 3Oth OF June 1865
!, would reach the sum of SlI2, -, 974 ,0a
its actual amount Oh that day was y lUJ, )
S193lS, and while tns. disbursements loI
the year were estimated at S693 .346, ,32
| The real total was S7l4, 1U9, $50 whIie
the receipts from other ordinary source:
] OF revenue was thus closely correspondent
/ with the estimate or largely excccu them
Tue receipts from the internal revenue
have alone disappointed expectation and
cx perence has Demonstrated its error
The estimate SS5, 400, 1903 while the actual
receipts were S37 $40. 1877. n part OF the
deficiency my be attribute to the imper
iect execution OF the law and part to the
changes made i'll it by Congress after the
estimate was made, but it. Is not probabIe
and has neither cause operated to reduce
the receipts that the revenue from this
source would have exceeded half the esti-
mated amount. Ii is clear that the law
unless materially amended will not pro
dace the real revenue from it,
The following is the Sccretary's esti-
mate of the receipts and expenditures for
the next year. The estimated balance oi
Jlrc lst 1864 So. S36, $50: from customs
/ { nJ0, 900: frcm internal revenue Sl25,
Uuv 90, from lands $ ,UOn, 900; from mis-
icellaneous source s5,0G0,0U0. Making
1.-The estimated aggregate receipts AT 800,
! S3S, ,339. He estimates the real expcndl-
,tures for the year at S75l ,S50. .0oS from
which deduct the estimoteu receipts from
irdinary sources, as before stated, S206,
S3G, ,539, leaving to lie provided by loan
!! S54i'91S,54 The sum be provided
represent the increase of the debt during
! the year Assuming, therefore, the cor
irectmess Of the estimate which put the
debt July lst, 1864, Sl,6o6, $50, COL. 1t
II tim hat fla
whole debt will have reached on the 10th
j oil June, 1865 the sum of ~ 23l ,936, 1870.
The Commissioner OF Internal Revenue
will recommend all increase OF the tax on
bank note circulation to 224 per cent of
IN increase of duty on distil4eu spirits to
60c per gallon; on tobacco to z0c per
pound; on leaf, from 8 to lie, according
To quality in manufactured; lUc Per gall
loe eu crude petroleum. &c per pound on
raw cotton The repeal OF the tobacco
land PETROLEUM Drawbacks and various
other charges OF the internal revenue
loans to augment the receipts. The ell
actment ef such laws will secure an i'll
crease of the internal rereaue to the
amount originally eati..ated Of sl5U, 900,
700 a year, requiring by the strongest con
siderations of public policy. Hitherto
THE expenses of the wlr has been detruy-
ed by loans to an extent which nothing
but the expectation of a speedy termina-
tion could fully warrant. 1t will not es-
cape observation that the average rate OF
interast is now increasing, ind it is OBJ
1 vious that it must eontinne to increase
with the lncreaee Of the proportion of the
interest bearing to the non interest bear
| ing,debt. and AZ the amount vi the latter,
conssting OF. u, s., notes and fractional
currency. ean,iot he materially augment
I1d without evil, consequences, ofthe most
.erio,ika character, the rate of interest
must increase with the debt and approacb