Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-12-10
- nonn,.t ,,r - Eeasenden.

ILG DCNs0Eh Va AIo9C8N-N--s
The report of Mr.. Fessenden, which is
quite lengthy gives brief history of the
Financial legislation of Congress and the
policy of the Treasury Department since
the beginning of the war.
The national debt amounted, on the lst
of July, 1864. to 81, 74O, $50, O,4ss 40.
The interest on the national debt for the
current year amounts to $s1, ,s1O,125 IS.
From taxation and other sources, the
revenue of the current year is estimated at
s41s,5l23s9.
Of this amount, customs yield $7O,271,-
O9l; internal revenue, s249, ,562, ,S59; 'rnis-
cellaneOus sources $24O2O,17l.
The interest payable in coin snow ex-
ceeds hfty-six millions per annum.
The daily expenditure is calculated at
two and q quarter millions.
The daily receipts amount at present to
nearly million and hall, and if Congress
lays certain additional taxes, they can be
brought up to two millions per day.
During the year there must be borrowed
$500, 727, sos. Deduct from this fifty mil
lions additional taxes which Mr.. Fessenden
thinks can be raised, and also sss, 1853, 800
the amount of the public debt to be re-
deemed, and the increase in debt during
the next year ending June 80, 1856, will be
$4s2, ,874,I ,Is8.
The high duties have decreased the
revenues from customs. This deficiency
has been made good by an increase of do
nestle manufactory. He desires the IN
ternal revenue to reach three hundred mil
lions annually.
He recommends tax on tobacco in the
leaf tax on sales and that the income
tax be COLLECTED without exemptions" He
wisely suggests commission to examine
the whole question of taxation. Such 6
commission ought 1mmedlately 10 De ap-
pointed, and should report monthly its
doings and suggestions.
Mr.. Fessenden, contrary to ths general
expectation, recommended the issue o.
interest bearing notes-interest payable
in currency-convertible on maturing in
to gold bearing fve-twenties. he suggests
legislation against state banks, notices thr
smuggling across our northern border, anC
asks power to prevent it.
The report of Mr.. Fessenden is disap
pointment to financial men. He suggests
no remedy for our financial embarrassment
but throws the whole work on Congress
The New York Post says of it:
"He proposes no plan, and appears T.
throw upon Congress the whole response
bility, not only of passing laws, but Of in
itiating measures. 1t was perhops mis-
take to suppose that Mr.. Fessenden woul'
both state the facts and suggest remedies
he apparently believes it to be no part Q
his duty to present to Congress a compre
hensive plan for the management of tn
finances during the coming year, with tn
object not merely of raising revenue, bu
Of re- establishing the credit of the country
and bringing the currency back to q nor
NAL state. These latter objects the peopl
consider of perhaps greater importanc
than the mere collection of revenue, an
the feeling of disappointment, that Nj
Fessenden has not elaborated plan 70
the accomplishment of this desirable an
necessary end, but has even evaded an
discussion of It, will be very genera
though, it NAV be unjust to the Secrt
tary."