Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-06
TREASURY DEPARrMENr, June

Chhse'S Statement OF the Receipts
and Expenditures OF the last Fiscal
Year.
TRBAsuRY DEPARTMENT, June 90.
SIR: In previous communications to the
Committee of Ways sud Means, have on
several occasions expressed the opinion
that in order TO insure sufficient means even
for considerably reduced expenditures,
large increase of internal reVenae was in
| dispeusable, and that this increase should
be such that the internal revenue aud the
receipts from customs would be equal, al
least, 10 one half the national expenditures.
On the 4th of December, 1862, | estimated
the expenditure for fiscal year, which ends
tomorrow, at SS45 .4lS, lSS 20. aud the
revenue from all sources st S223, O25 600
90, aud l expressed the opiRion that the
expenditure, not met from revenue, cculd
be provided for by loSns. This opinionrest
ed upon the expectation that success would
attend our arms; that the rebellion, if not
crushed within the year, would receive such
fatal blows that its complete suppression
within brief period would be assured; and
that the year would, therefore, close with
diminished and diminishing expenditure.
The reduced expenditures ofthe first quar-
ter of the now closing fiscal year, and the
general condition of affairs at the COM
mencement of the present session of Con-
gress in December, 1883, seemed to Justify
this opinion, and to warrant the eEpects-
ton that the amount 10 be provided By
loans would be far less than was sutici-
pated in December, 1882, and / reduced
my estimates accordingly. Events have
shown that the original estimate was most
correct. The expenditures, increased by
new bounties, by new levies OF troops, aud
by the great disbursements Incident to the
vast movements now ia progress, have not
only gone beyond my second estimate, hut
have largely exceeded my first. The rev.
eDue, however, has also largely exceeded
the second; by several millions, also, my
first estimate. The necessity of meeting
these expenditures, recently so rapidly
augmented, has led to the increase of cir
culation beyond its due proportion to wants
for money payments, and TO the Offering OF
bonds in quantities beyond the immediate
demand for home investments. Hence, de- |
probation in currency and in the market |
value of bonds. There is no good reason in |
general, except over supply, for any
considerable difference in purchasing |
power between United States five dollar
coin and Uuited States five dollar note;
nor for the disposal of United States FIVE
per cent. bonds, payable principal and
interest in coin, for less than par in
notes or coin. The Injurious influences of
over supply have now however, been aided
by tears of ill success in military opera
tions, and by other alarms excited by the
INSCRIPTIONS acts of enemies aud traitors.
To insure q fair price for bonds, and to
provide for gradual reduction in the vol
ums of circulation, and thereby insure a
diminution of the premium on gold, it
seems absolutely essential to reduce the
amount of prospective loans. To effect
IL.
ways. Expenditure must be reduced or
revenue must be increased. The best yay
is to reduce expenditures aud increase
revenue. 10 the internal revenue and tar
if bills which have just received the sane
ton of the national legislature, il was
doubtlessi the intention of Congress to in
crease revenue by The full amount REQUIRED
by the public exigencies; but l am CON
strained to think that this intention has
by no means been accomplished. The
| aggregate revenue from all sources for
the year closing to morrow will reach
as estimated, S242 100000; from Gus.
TOMS SlOO'OOo ,O0Oi from internal reye-
nue., Sl09 600 600; from miscellaneous
sources, including sales of gold aud
exchange, $30,000,eOo. The expeu-
ses will reach, excluding two months
pay of the army due July l, 1864, accord.
| ing 10 the best estimates thai. can COW be
made, $3.50 O0O. 900. The amount in ex-
cess of revenue is $3.50, GOO, 600. The ne.
cessity of providing ihis large sum from
loans in various forms has caused the pres.
cot coalition of affairs. The aggregate
revenue from the tariff for the next fiscal
year cannot be safely estimated at more
than $50 o0O. 600, and the Inc ONE from mis-
celIaneous sources may be set down at SlO.-
900 900, with a chance Of increase if the
insurrectisnary district trade bill shall be
come law, TO S35, 600, 900 have caused
careful estimates 10 be made of the prob.
able income from Internal duties by COL
lector Orion, of New York, and Acting
Commissioner Rollins, and their experience
aud soundness OF Judgment lead me very
confidently to rely on their conclusions
Collector Orion estimates the amount at
S220,O0o, 900, add Acting Commissioners
Rollins at S223 900, 900 Taking the highest
amountand assuming that the miscellaneous
receipts will reach S35, 900 200, the whole
amount OF reveu1r for the year cannot be
SET down at more than $3lS 600 .0OO The
expenditure OF the year cannot be stated
even With tolerable accuracy; but there is
nothing in our experiences which will jus
tify the setting OF it at less than $3.50, OO0,-
900. 1t is more likely to reach $500, 600,
0cO or $3.50, 000, 900. Take the mean sum
aud deduct the $Sls,0o0. 600 OF expected
revenue, and the difference is S4s2 900,
600, 10 be raised by loans. Gan this be
donef The loan bill only provides for
$500 600, 900, aud that is the very largest
sum, in my judgment, that can be reason
ably attempted. There remains, then, Ss2,-
coo, 600 600 to be provided for, aud all con !.
siderations OF public interest seem to me
to require imperatively that il be raised by
an increase OF revenue. With such an in.
crease it Is probable that our credit will he
so improved that all OF the great ohisets
already indicated can be aecomplished
1t is ussless to expect any increase 10 the
miscellaneous receipts, and ii is not prob
able that aoy further revision OF the ssrifF
can be had at this session.
| have, therefore, directed Collector Or
ton To aTamina the intern.l rava,-,s Lam