New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-12-07
THE TRRAsURY REPORT.
Cn.,inuea ftem Rirss Page.

Continued from PiPss Page.
..u,tb ey,reme reluctance that the Secretary felt
kimseH compelled 10 replace the i've per cen coupon
notes which rad been Withdrawn, by an issue OF ak
yer compound Interest notes unuer ,ne nc. oi Ie
80 1864 and even 70 exceed that amount 10 sma eA
teu Bat the necessity OF the hour Ell nln no choice
and he will proceed 10 state the condition OF man
oaI affairs which. IN his Jndgmea renuered saG h &C.
lion imperative. On assuming once upon the ON Gay
Of July last the Secretary found ms conGluoh Pecu'
Iarly embarrassing. The cash balance IN TIE treasury
WAS on the LIST OF july as before stated slsel2s II,
the unpaid acquisitions on the 9TH We're s'l,eI4C"
the anount of certificates Of Indebtedness outstanding
was $l6l 7e6 600 The daily expenditures could not pe
calculated at less than two and quarter millions lie
larger portion Of unpaid acquisitions for pay TO ,he
army and the Secretary was obliged 10 look forward 70
az increase from the same quarter OF over SOnoVv
on the lst of September Thus situated he c0ui1 NY
avoid scrutnizing, with some anxiety, his proDap3n
of meeting these most pressing claims upon y.
Treasury. and also providing for The sdditioun o"S
expenditures lie could look nowhere but 70 the Ic-
eeps from ordinary sources and 20 the power 10 DV
money under existing laws FROM customs -, I've
could expect no subslana aid and the TepraS hcyo1S
the revenue pledged 10 pay the interest upon poivs H.
sued. and to he issued during The year. coupaIs"''v
bttlc assistance cor IL he derived from tins source:
With regard TO internal revenue, the secretary iet
more encouraged Congress had wisely provided Tor
large increase of internal duties by law Whlen wen.
into operation ON the LIST day OF July. onuer former
laws the amount received had peen s'ea1iy ID,
creasinc during the three preceding months ana
IN the month of June had reached very nearly iif
taen r,;IIions of dollars The Secretary confident.
" hoped that for July end The succeeding mOn'nS
would reach Il II did not exceed the daily average OF
three on lrters of million but this nope II realized,
vould s,l leave him with very large deficiency 10
meet which, in part, he might issue certificates OF IN
6ettedness 10 public creditors. II was desirable now
ever. 20 avoid. could other means De i0nLo. III.
creasing the amount of these securities. He might
have tobe power conferred by the act OF June
80 1864, to put an additional Two hnhure1 minon'
of legal tender notes upon the market, and even IN
crease that amount by some sixty millions IN shcsut
ton for FIVE per cents issued under the Get OF March
1e63 which had been destroyed Flushed as ,e Loney
market with circulation sufficiently al least 10 meet
the necessity Of business he was anxious, possible 10
avoid doubtful expedient The prospect Of neeo
tisting loan in the ordinary way was Dy DO means
catering 80 the notice for loGn OF thrtythree millions
advertised the 3d Of ane bad been wiihdawL on ne
I'd Of July, the Secretary having reason 20 pe~'s
would be for the interest of the government to accept
Under these circumstances the secretary 'HouRh'
sepcics, 10 borrow upon bonds or not ana gu.
fhorixed by the various acts referred 10. MI!
millions Of dollars OF the banks in the citles OF
New-York Philadelphia and Eos'on, ana met
the representatives. of large number Of these III
situations in New.York. for the purpose OF ehect'
in that object. The result proved however, tnat no''
VithstaDdlng n protested. and as the Secr~I! was
CONVINCED a rea desire 10 aid the Government, these
institutions not able 10 Furnish the assistance
required upon the terms which ~. a anSori1e5 70
sccept he had no other alternative than 10 isaIe
lega[tender notes 20 very large amount, OF
again TO advertise for loan and he had no
Hesitation as to what course should be adopted.
Accordingly on the Path OF July he isssed proposals
for national loan under the act OF June 80 roo upon
notes PAYABLE in three years with semannuei interest,"
nj $40 per centum. per annnm. IN iaWil money.
he incurred considerable expense IN advertising is
Joan believing that II should be ss widely os.1 anu
AZ generally understood possible and offered liberal
inducements 70 stimulate the efforts OF corpo'
rations and individuals TO dispose Of the notes.
His success, though not what he hoIed Tor OF
contemplated has been such as not 10 diminish
his confidence in the disposition and ability OF me people
20 relieve the wants OF their Government serious
hrz hHfn pfr
eyes the amount of other desirable Datona! securities
pressing upon the market and preventing more favor
able opportunities for investments iainY 70 raise
the means required in the nary mode and urged Dy
the conviction that the large amount OF suspended
neutrality-suspicious. 10 more than Sl%opVl-shond
be reduced the Secretary resolved 10 use all the .a
ut his command 10 pay so mnch at ieakt az
was due 20 brave soldiers, who were snner
ing from the long delay in satisfying their rst claims
but still continuing their country with unfincn
ing courage and noncomplaining devotion. To effect
this object he compelled replace the whole amount
of Eve per cent notes which had been cancelled amount
ing in The whole to more than eighty mlons OF doers
aud even slightly 10 exceed that sum- More iuily 10
accomplish his purpose the Secretary resolved 10 avall
himself Of the wish expressed by many oniccrs ana
soldiers through the paynasters' 10 oner, 70
such as desire 10 receive mem seven.
rratihed 10 find that these notes were readily
isken in payment 10 large amount, our gallant
soldieys in many instances rot only receiving them
with slaery but expressed their satisfaction at being
able 10 aid their country by ioaniDg money 10 the
Government The hole amount OF noles thus disposed
Of exceeded twenty millions Qts0aIs and the secretary
great satisfaction in stating his belief that the ds'
pOsa thus made not only relief 10 the treasury,
but proved benefit 10 the recipients in afordng IN. IN
safe and valuable investment and an easy mode oil
transmitting funds 20 their families. To meet other
pressing demands the Secretary again oered 10 public
competition bonds issued under the act of March 8.
lst3, amounting TO abont S3.OOuOCO. This offer was
most fay orably received the bids reaching nearly
t70000 90 and the whole amount offered beng taken
1T premium of four per cenfum snd upward the treas
pry receiving, premium Included, thesum OF $50 49,
SH 80
Subsequently, on the ST Of October the Secretary i'd
yertised for another loan of forty millions upon five
twenty bonds issued under the act Of June 20, 1864
At the tire Of this offer tie money market in
feTersh condition, arising from volent fluctuations in
gold and other causes, and seriODs doubts enter
tanned whether acceptable offers would be made.
Under these circumstances and with the hope Of affect
ing fayorably the market Irce Of certificates Of ndebt
edness, which had become somewhat depressed by the
large amount to which the issue Lad been
yily increased, the Secretary decided TO receive
ebe-fourth Of the subscription in these secnr
ties The result was that, notwithstanding the
anticipated failure Of this loan bids received
amounting 10 nearly 5000 COO and the whole amount
offer ed taken al rate above and averaging 10
the Government a fraction less than per centnm
These negotiations have afforded satisfactory evidence
not only Of the ability OF the people TO furnish at short
notice such may be required bet Of the entire
confidence felt in the national securities After nearly
-four years OF most expensive aud wasting war; the
means 10 continue it seem apparently undiminshed
while the determination 10 prosecute IL with vigOr ~
fhe end is undated.
In some particulars the Secretary has found himself
july o Ie64, and he will, therefore, at an early day.
suggest such notifications he considers necessary.
in his Judgment wide discretion should be ntrusted
20 the officer charged with the duty Of loans
In order that he may be enabled old unexpected diff
cues occasoned BY possibly conditions Of the money
market. This delicate and responsible duty must ne
ceesarly be intrusted TO somebody and the people
have other reliable security for iathfuness in its
discharge than may be found in the established charac