The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1864-12-15
Abstract of the Annual Report Of the Sec.
rotary of the Treasury
WASHINGTON, December, 6,

tlafy OF lne treasury
WASHINGTON, December, 6.
The Secretary of the Treasury, in his re.
port, reviews the financial measures adopt
ed since the outbreak of the rebellion. lie
Is III several acts authorized to issue bonds at
long periods, and the payment of the prin-
! clpal at maturity in coin is not specially pro-
vided for. The omission, it is believed, was
accidental, as there could have been no in
tention to make a distinction between the
different classes of securities in this respect.
The Secretary recommends that all doubt
be removed by legislation. The act of June
last authorized the Secretary to dispose of
, any bonds Known as 20's remaining mn
sold, II Is "a. least questionable whether, by
this clause, power is conferred to dispose Of
an amount beyond that fixed by existing
laws. Additional legislation may remove
that doubt, should Congress think that ad-
visable otherwise they may be cancelled.
The Secretary says that $500, 900, 900, at
least, should be realized from internal duties.
1t is for Congress to select the sources and
devise the modes in which this most desira-
| bile result can be obtained. He suggests
whether the income tax should not be col
lected i'll from all, without exception.
! In connection with the subject of increas-
ed taxation, and the necessity providing
additional revenue from ordinary sources,
the Secretary calls attention to our public
domain, especially to that portion of it
Astounding in precious and other metals,
which, by the policy of the Government has
been preserved to the nation. He hopes
| that Congress may be able to devise some
mode by which these lands may be made
available to an extent in some measure pro-
portionate to their yearly production. He
suggests board of officers, a commission of
sinking fund, and whether such income as
may be received from the public domain,
from sales or in the shape OF rents or royal
ty, may not be beneticlaly appropriated to
the same purpose. AS to foreign loans, he
says the possible benefit to DO derived has
no. seemed sufficient to oyerbalance other
and opposing considerations He does not
believe that patriotic people, struggling
for national existence, and in the possession
of ample means, should be compelled to
adopt measures SO fraught with injurious
consequences as an issue of paper money
beyond the limits prescribed. Tue question,
however, is one for people 10 decide. They
have pronounced for a continuance OF thewar
until its great object shall be accomplished,
| in uumistakable terms. 1t is for them fur
| tler to determine whether the necessary
means shall lie furnished by the way of
loans, and circulation be restrained within
strait limits, or whether they will prefer to
endure the evils of exorbitan. prices, with
the loss of credit in the present. and debt
of endless magnitude eutaied upon the flu.
ture. Notes bearing an increased rate of in
terest payable in currency, redeemable in
three or four years, and convertible at ma
turity into 5-20 bonds, would be preferable
TO any other form Of security.
Any estimate Of the probable receipts and
expenditure for the next fiscal year must
necessarily be liable to uncertainty. This
remark applies more particularly to expen-
ditures, for, while existing laws remain un-
changed, the amount of revenue may be cal
culated with reasonable certainty but It
is impossible to anticipate what the exigen-
cies of the war may require, on one hand
and, OH the other, it may be confidently
hoped that the great struggle is near its ter
nination, and consequently the estimates
now submitted will prove far beyond the
wants of the year. While any doubt re-
mains, however. it would be insane to as
sumo any other basis of calculation than
one indicated upon the existing state of af-
| fairs .r.FatuH E1a h1ae
The receipts for the year ending June 80,
| 1864, are estimated as follows From GUS
toms, $7O,0O0000; from internal duties,
$780, 600, 600; lands 81 200, 900; iniscellane
Gus sources $25, 900; aggregate, 1896,
10000 Theexpenditures are estimated
as follows: Balance of uncxpended appro-
priations, $3.50, 600, 000 for civil service,
| $50, 0S2, 097 pensions and Indians. $l4,
| 1876, $50; War Department 1927, 253, 191
Navy Department S 12, 219, COG; interest on
public debt, 1927, 000,O00; aggregate 81,
16S, 256, 005; but from this aggregate there
may be deducted, as likely to remain unex
pended at the close of the year, $350,000,
900; total 1918, 1860 Deduct the esti-
mated receipts from the ordinary sources,
1896, 900 600, and there will remain to he
provided by loan, 1922, 256, 0O5. TO this
should he added for redemption of certificates
of Indebtedness, SAT, 365, 900, making the
whole amount to be provided for by loans
$500, 625, 005. Assuming the correctness of
these estimates, the whole debt on the LIST
day of July, 1866, would be found by add
ing the foregoing amount of 1922, 256, 005
to the estimated debt in July LIST, 1866, 3d.
223, 063, GIT, giving $2,645, 800, 6s2 as the
amount of debt at the close Of the next fis-
cal year.