The daily register. [volume] (Wheeling, W. Va.) 1863-1864, 1864-12-12
md none better worth its subscription


The National Finances.
We learn from the Annual Report Of the
Secretary of the Treasury that the rsosipts
of the list Ascal year, from costoms, havel
been $s2, Ooo, 900 10 excess Of the estimates.
The amount received for internal revenue
vas $lS7, 100000. 20 : Z
The Secretary estimates that the receipts
from internal revenue, ander the new law,
will amount for the current year to $780,.
100000. He recommends increased taxa
ton, priucipslly sn.saiss; estimated topros7
duce not less than $50, 000, 900 more It's
the expectation, Of the Oommisioner Of In
serpal Revenue thai the present law will
yield $500, OOO, OU0 when in full force and
operation. The Secretary recommends that
provisions be made Immediately for sink
ing fund, by the appointment of . board
of commissioners to regulate it. He further
recommends that some action be taken in
regard to the mineral lands, and that what
ever revenue may be derived therefrom
shall be appropriated to the sinking fund.
In regard to the continued payment of the
;nterest on the public debt in gold coin be
says: ...... ~
The laws authorizipg the issue of bonds,
bearing interest in coin, specifically pledged
the revenue from customs to the payment
of that interest, and provided for the COLI
lection of those dutiesin the same currency.
In the opinion of the Secretary, that pledge
should not be violated. A departure from
it could only Re indicated by one of those
State necessities which justify nation in
temporarily postponing its obligations In
order to preserve the power to discharge
them at future, day, When the pledge
was given no one anticipated apossible con-
finance of the war for such length of
time as would involve the increase of the
public debt to the point it has already at
tanned, or the possible payment of interest
in coin to an amount beyond the ability OF
duties on imports to supply.
"It will be noted, however, that our an.
nual coin interest now exceeds hfty>six
millions of dollars. Should the additional
amount required for the expenditures Of
the present fiscal year be raised on bonds
bearing interest in coin, and the revenue
from customs not exceed the estimate pre-
dicted on the receipts of tie first quarter, it
is quite manifest that resort must be had to
the emission of securities of q different
character. 1t could not be expected that
such securities would stand on level with
those the interest upon which is payable in
coin. unless an increased value should be
giveu them by higher rate of interest, or
their payment should be secured by spec
citic lien upon revenue.
I'm view of the serious considers tons
presented BY this question, whether as at
fecting the market value of coin or the abil>
ity of Government to meet Its specie inter
est, should the war continue, from the
revenue now specifically appropriated to
that purpose, the Secretary is forced to the
conclusion that We should in failure rely
for the most part upon securities beariLg
interest in currency convertible into bonds,
the interest of which is payable in CON-
Notes bearing an increased rate of interest,
payable in currency, redeemable in three
or five years, and convertible ut maturity
into five twenty bonds, would be preferable
in the judgment of the Secretary to any
other form of security. Bonds at long
dates, the interest of which is payable in
currency at the usual rate, would be less att
tractive and in the end involve much great
er sacrifice.
"The seven-thirty notes, authorized by
the act of June 80, 1864, and now offered to
the public, present as many advantages as
any form Of currency security, uniting 4
high rate of interest with convertibility-
AT the period of their maturity it may be
confidently believed that the country will
have been restored to state of unity and
peace, with all disturbing elements quieted
its population and resources increased and
increasing, its strength confirmed and with
ample ability to meet all its obligations from
its ordinary resources"