The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-12-23
The Treasury Report.

Saint RAUL Efl0ays Oeos 20 1854.
The Treasury Report.
We owe Mr.. FEsssHDxN our thanks. HI
has furnished us with a Report, which
while open to objection in some Of it
details, and not entirely sound in all it,
reasonings and conclusions, is upon the
whole, great advance upon the reports
of his predecessor. It affords evidence OF
financial talent grounded upon common
sense, and trained and developed by a
study and knowledge Of the great prlnci-
pies of political economy which Mr.. CHASE
20 studiously ignored. The style is per-
spicuous and pointed. The arrangement is
in good taste, and it possesses the merit Of
being business-like production. The mes
sage of Mr.. LINCOLN was so consistently
negative in its character, that criticism
could hardly find salient point upon
which to hang metaphor. The
report of the Secretary of the Navy
looks very much as if it had been put
through the circumlocution Office. Brev-
ity is not the soul ofMr GIDEON WELLRs's
wit. Nor can We admire the bad taste he
displays in bis sensitive depreciation OF
newspaper criticism, and his defence OF
the Naval Department at the expense OF
of the Secretary of War. But Mr.. FRs-
szsDRN's report is not open to the objec-
ton of absolute mediocrity, of unneces-
ssry length, or of ill-tempered structures
upon the administration Of coordinate de-
partments. 1t is refreshing to us to have
something to commend, and if in the
course of our remarks we have some fault
to find, it is not because we fail to appre-
oiats the peculiar merits of Mr.. FEssEsDKH.
1t appears clear from this report that the
people of the United States must divest
themselves of any expectations they may
have formed favorable to the negotiation
Of loan through foreign sources, Says
Mr.. FRssRNDRH
In March, 1868, 1t became necessary to trans.
nit q considerable amount Of funds TO London
for a special purpose, for which an appropri-
alton had been made by Congress, and it was
thought advisable to deposit certain amount
of our securities with an eminent London
banker, against which bills might be drawn.
Fve-twenty bonds to the amount of $40 00O,-
600 were accordingly passed into the hands
of two distinguished citizens, 10 whose care
the negotiation was committed. The negO-
tiation failed, and the $4,000, 900 were re-
turned to the Treasury and disposed OF.
This certainly seems to set at rest the
reiterated falsehoods of the Treasury press
in relation to spending negotiations
abroad;" but it is very hard to recon-
Gle with subsequent statement of Mr..
FEssENDKN, to wit: "This nation has been
able thus far to conduct domestic war
of unparreled magnitude and cost, NTH
out appealing for aid 10 any foreig"
people" Such An appeal has been made
and failed to meet with a response. We
hope, for the honor Of the government
that it will not be made again.
The Secretary informs us, under the
head OF receipts and expenditures, esti-
mated and actual, that there was derived
from customs Gin gold) last year, the
Sum of. Sz02, 316 l 81, 80
Interest paid ................ 1856, 421. 90
Excess of gold. .............S4 S, $50, 731. 80
There il law OF Congress which makes
it imperative that the gold derived from
customs in excess of the amount required
to pay the interest on the public debt,
shall be applied as shaking fu'td. Mr..
FRssENDBN, disregarding this law as in his
opinion unwise, and Gin fact simply bor-
rowing to lend again." has sold the gold
and used it for other purposes. We nope
that Congress will hold Mr.. FEssEsDES
and the President to strict accountable
ity for such fragrant violation of law.
The Secretary estimates the debt Oh
July lst as $l,74O, 69O,4S9. The debt
contracted for the first quarter ending o.
tober 1st was $277, s49, 47229. The
whole amount of increase of debt estima-
ted for the year is $57o, 727, JOSH. De-
duct from this the amount contracted fol
the first quarter, ($277, $40, 1920 and We
have q balance to be applied to The re.
manning three quarters of 1922, s7s, oa5.s2
An estimate which makes the expenses
for three quarters of fiscal year, only {
little in excess of the first quarter, is evi
IDENTITY wrong upon the face of it.
In order to facilitate the negotiation 0
loans, the Secretary says "such advan
tages should be offered as will induce al
who have anything to spare, to invest il
national securities These advantages Cal
only be found in an increased rate OF int
rest, an exemption from public burdens
and security Of possession" This coun
try is now paying larger rate of interes
upon its bonds than any other nation Blu
as Mr.. FEssRNDRN estimates the custom
for the ensuing year at only $4,000. 600
I i