M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1864-12-22
Report Of theo secretary a
~ t't The Treasury.

y the Treasury.
The total expenditures ot the Gov
ernnent, actua! estimated! for The
year 1864, are stated at 81 245. 729
Il35 Is, which is at the rate SO, Az
967 per day. The deficit at the close
OF the present fiscal year, the rate o
taxation standing as it du+s at pres
vnt, is estimated at S532 .372 lSS 02
The total amount Of the public debt
on the first of July, 1854, WAS 81 74C
1890 4S9 46. Add 30 this the deficit
as stated above, ard tie public deb
at the close Of the year will be 50,
1913, ,0G2s677 5l.l<,,. .,a.a.i .N"'
The total revenues of the Govern
lnent, actual and tstimat d, for the
year 1864, from ordinary sources :
that is to say, exclusive OF Loans de
ducting balance on hand are stated
at 1854, 572, 3Sl o. from which il
appears that while the Expenditures
Of The government approach nearly to
three and bali millions per day-S3,
4t2, 697 the rec, ipt5 tall considrra-
bio short Of one mdIlon SOL 43l
making u daily deficit oi 81 All ,53G
TO be added to the permanent deJl
Of the country. l.. -.
! The annual interest np0n the pub
/ ic debt calculating at six per cent.
ptr annum, amoun'sto $I36, 1888, 100.
Upwards OF tiAy six millions OF dol
lals of this, however, is payable in
gold, which, calculated at its present
value in paper, will raise the amount
| to over two hundred millions. -
At this state OF things renders It
perfect y apparent that, if the pros
ecutions OF tie war is continued
something more must be done to sup
ply the necessary IN, ans, ahd presrrVe
something that resembles credit to the
Treasury, it is naturally to be expect
led llIat the recommendations OF the
Secretary would 10 devoted solely to
that end. Large as is the sum drawn
from the p ople by taxatOn,. it is pot
yet largo enough and the cxpedients
by which mur care to b. uXtorIed, with
little resmd to justice or to thepopu-
lar interest, Cccnpy the whnle Of the
significant portion oI his report. The
/
increase ol duties on imports under
the act OF June 80, 1864, have haG Il
contrary affect lrom that which was
anticipated operating to diminish
the impu!t9, ana to reduce rathsr thau
increase The amount Ui revenue dVrlv
I'd IRON theur from ths sonrc,
therefore, iUthirlg can be expected tx
capt through a repeal or modification
OF the laws oi tnc last session, an
again Opening the way To that exIraV
agance o private expenditure v hich
Congress, III It's character Ot coHserva
tor o. tho public mOraiS, sought TO re-
strain. ...
The prospect Of obtaining addition
al IL, ans by ordinary oAno, the Sec
relary states was Oh his taxing Uth5e
by no means hAttrrIng, 30 mat thu
notice lot Il loan nj thirty tnree mil
ions, advertised on the ~ Of June
had teen Withdrawn Oh tue III VI july
the Secretary having reas INTO believe
| that such loan would be taken on nL
terms which it would be Tor The inter
Get OF tue government to accept" and
AL attempt to oLtarn Ii ty mlIi6ns o.
dollars from the banks Of N1w York,
Philadelphia and Boston, upon bonds
or not, Us should DC IN J,t acceptable
'pfoved that nOtwlthstahi ng pre-
fessed, and as the oecretary Was Col
vincud, real desire 10 aII tho Gov
Eernmeut, lhJse lnolltuiOis were not
able to lnrnlsh tile assistance required
upon thU terms WhtcD under eXlstlDs
provisions OF tue law, tie Secretary
flelt authorized tp accept" In othel
words, the credlt'ot tue Government
with the capitalists OF the country i,
exhausted. r..'. . ..- .
The secretary therefore advises th,
creation OF Commission to look int,
the economical affairs and emnlo,
lnents Of the people, 10 ascertain an,
report as to where new tax 8 NAV h,
limposed and iurthpr III. 10 advise
a descent upon those small income
we hitherto, trOm their insignit
cance have escaped taxation basin.
his rect mmendatlvp upon the rathe
amusing ground that all participate
lahke IN the blessings Of good govern
ment." lie furthermore advises tfl
sale Of mineral lands: a thing Id itsel
perOaps, not improper but which
belly departure from the OLD an,
universally approved policy OF th
Governlhent, bears the appearance o
a work Of flilaAdation-the cutting Of
ol sources OF peqnauent revenue, 10
the cake tof presehto money. 1t is th