Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1864-12-17
Report Of the Secretary of the Treasury.

Z The Secretary OF the treasury, IN his re-
port, reviews the financial measures adopted
since the outbreak of the rebellion. He is
in several acts authorized to issue bonds at
long periods, and the payment of the princi-
pal 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 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 5-20s remaining unsOld. 1t
is at 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 it advisable; otherwise
they should be cancelled.
The Secretary says that $500, 900, 900 at
least should be realized from internal duties.
1t is for Congress to select the source and de-
wise the modes in which this most desirable
result can be obtained. He suggests whether
the income tax should not be collected from
all, without exception
In connection with the subject of increased
taxation and the necessity of providing ad-
ditional revenue from ordinary sources, the
Secretary calls attention to our public do
main, especially to that portion of it abound
ing in precious and other metals, which, by
the policy of the government, has been pre-
served to the nation. He hopes that Con-
gress may be able to devise some mode by
which these lands may be made available to
an extent in some measure proportionate 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 royalty, may not be bene-
ficially appropriated toothe same purpose.
As to foreign loans, he says the possible
benefit to be derived has not seemed suffi-
cient to overbalance other and opposing con-
siderations.
He does not believe that patriotic people,
struggling for national existence, and in the
possession of ample means, should be COM
PEELED to adopt measures so frought with in
furious consequences as an issue of paper
money beyond the limits prescribed. The
question, however, is one for that people to
decide. They have pronounced for contin-
uanee of war until its great object shall be
accomplished, in. unmistakable terms. 1t is
for them further to determine whether the
necessary means shall be furnished by the
way of loans, and circulation be restrained
within strait limits, or whether they will pre-
fer to endure the evils of exorbitant prices,
with the loss of credit in the present, and
debt of endless magnitude entailed upon the
future. Notes bearing an increased rate of
interest, payable in currency, redeemable in
three or four years, and convertible at ma
turity into 500 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 expendi-
lures, for, while existing lawsremain nnchang
ed, the amount of revenue may be calculated
with reasonable certainty !; but it is impossi-
Bile to anticipate what the exigencies of the
war may require, on the one hand; and on
the other, it may be confidently hoped that
the great struggle is near its termination, and
consequently the. estimates now submitted
will prove far beyond the wants of the year.
While any doubt remains, however, it would
be insane to assume any other basis of calcu-
lation than one indicated upon the existing
state.of affairs.
The receipts for the year ending June S0th,