The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-08
THE TREASURY REPORT.

THE TREASURY REPORT,
From he Times.
Secretary Fesscnden acqu,s himself with
marked credit ia his first formal report to Con.
gress. lie has grasped the financial situation
with the ability of a busincss-ike statesman, aud
the caudor aud planncss of his statements GER
tainly imply more experience in his new and diff
fcult Office than bIi.f practical administration
ofits vast figures and complicated and emblrrlss-
isg duties Of only five months service imply. He
msnifests no disposition to oyerestimate the re.
sources Of the country TO supply the siuews of
war ample as they coniessedly are but at
the same time does Justice to their intrinsic and
Increasing magnitude, and is not slow to appre-
ciatc the readiness Of the people to bear the bur
zen OF the pubic dc {. Ii Congress should as
promptly show an equal confidence we have
reason TO hope that the Sgcrearv's estimates OF
the amount TO be raised In the next year aud
haf, hy loan, in place of tax ltiun will be materi
ally lessened. From the experience of the pas
three years, on The Other hand, and the merchant.
Ike budget OF the present report, VIC have no
ground ~ think that these estimates will be
materially, II at ali, exceeded.
Tho increase of the puDIic debt since the war
has been siupulaTly well tureshadOwed from term
to term in the statements OF the late Secretary
ana there is ~ the present figures, and the exceed.
ingly lucid way in which they are placed by Mr.
FessCndCn, internal evidence that the country
Is not TO be misled in the future of the war
assuming its COutinuanCe-any more than in
the past. There were no coneealments on this
particular subject with Mr.. Chase, and no
disappontmcnts to the public creditors in
the actual yearly results following his esti-
mates, though the embarlssments which the
late Secretary was repeatedly forced to encounter
and suddenly provide for, from the de ays in and
reverses ~ the early mi itary campaigns i'm VIr-
gina, might have well excused mistakes of es,i-
mates of hundreds OF millions, had they really
occurred. Their very correctness may possibly
have rendered more desperate and unprincpled
the misrepresentation by the enemies of the
Administration and Of the war OF the magnitude
OF the public burdens; tut this is the work of fac
hon or somt thing worse, not The fault of straight
forward Candor and moral Ooldness to estimate
IN advance, and Tor the information of the COun-
try and the guidance of Congress, and to state at
tue end OF each h-Ca term the true condition of
the case. These misrepresentation placed tue
public debt at two thousand millions long before
II reached ore, and magnitied it to four thousand
millions long before II reached two, while the
facts in the present. report show an actual pro.
gression Of the public debt close to the esti-
mates OF the Department, that the country may
rest assured that deception has been and is no
part of either Secretary.
The total pnhlic debt Of all classes stood -
On lst July, lS63................,Sl l22, ,J75 GOi
On lst July, lS6l................. LAO, ,iS9
And 1t is estimated in the present report TO
stand -
On lst July, S., ,223 ,O0i677
On lst July, 1866 ................. 26ij32O6S2
through the remainder of the present and the
whole of the LeXt fiscal years.
for the hscal year ending June 80 last the re-
lance OF the Department upOn loans ofall descrip-
tions, before the Internal Revenue system was in
thorough Notwithstanding only $l00 Sil ,l3l
last year, in place Of $40 562 $50 actual and es-
mated for the current year--amounted to S6lS,-
ll4,oo4. For the present year, ending Goth jane,
1868, this reliance will be reduced 10 1872 374 lSS
and for the succeeding year, when the internal
taxes Will reach S3OOO0O00O, il not made by the
revision OF the system TO considerably exceed
this sum, the new loans required will be only
Si22,256,OO5.
The Secretary ia averse at this late dav in the
war 20 change the policy Of the seiErelance Of the
country for raising it's own loans. He has fol.
lowed his predecessor in recognizing this the
best, as well as the most Independent resource
and has entered upon no foreign negotiations
although the bonds have found q large market
abroad, without the agency Of the Government
or even the solicitation OF its friends on this side
among our own baQkeTs. The Presidents Mes
sage also indOrses this distribution of all loans
principally among our own people.
In like manner, Mr.. F5sscnden encourages the
spirit OF economy in the consumption of foreign
merchandise, already manifest by diminished
and diminishing mportatiOns. The gold customs
from this source are still ample for the gold in
terest TINS far pledged on the public debt; but
as he estimates for only $4,000, 900 this year
ana the same next year, without regrettng the
cause of scale so moderate, as against
SlO23l6, l52 last year, he proposes to make his
future loans mainly on 30 per cent. currency
interest notes. at three years date with the priyi-
lege to throw notes of conversion at maturity
into 5-2O gold.bearing bonds, when tho present
unnatural state Of things shall have given place
TO peace and regular healthy trade and cur
rency, foreign and domestic.
b. Mr.. FesseRden is opposed 10 the further inna-
ton of the legal-tender currency. He would
have the regulation Of this currency, as between
plain and interest bearing notes, and the amount
of each placed more in the discretion OF the head
OF the Treasury than they are LETT in the Act OF
July last. The gold gamblers in William street,
yesterday, seized upon this suggestion as evidence
that the Secretary contemplates early resort to
more lega-tender currency 10 put up the price of
gold, but no such purpose can fairly or reasonably
be drawn from the context, rs the mode of rails
ing money on 1880 per cent, convertbe--but not
iegal-tender-nOtes, 30 emphatically advocated
IN the report, abundantly shows.
The Secretary respectfully urges upon Congress
a revision and increase Of tho InterHal Tax sys-
tenn, and in this connection suggests uniform
tax upon all sales and resales of merchandise
cal estate, &c This important and productive
. well as thoroughly impartial source OF reye-
ne, has already been wide discussed and an.
PITed among the people. We hope that Con-
SIeS will lose no time in giving t their c0nsI-
derVoD, and the ear y alctioH OF law.