The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-04
IMPORTANT TREASURY CIRCULAR.
TRxAsuKY DEPARTMENT.. Jun

TREASURY DEPARTMENT, June 90, 1864.
SrR-n previous communications o. the COMMITTEE Of
Ways and Mesns have on several OCCASIONS expressed
the opinion mat in order TO insure sufficient
70: considerably reduced expenditures, large increase
internal Indispensable and that this in
be fuch that the internal and the
receipts from customs would DO equaFst least to one
hall tbe.nstionai expenditures.
On the 4th u iecamber, 1852 estimated the ex.
uonture for the fiscal year. which ends to morrow al
ssd5 dI31Sc 20, and revenue from all sources at
s2l3o25 900, and expressed the opinion that the ex
pendture, not met from revenue could be provided FOR
rnis opinion rested upon the expectation that
would attend our arms thar tho rebellion, Il crushed
WITHIN the year would receive such fatal blows that s
complete Suppression With q brief period could BE-
s,aad aud that the would, therefore, close With
diminished and diminishing expenditure.
The reduced expenditures Of the first quuter or the
now closing fiscal year, and tie general condititn o.
Congress December, Ise3 seemed to iue'v this opiD
ION aud warrant tho expectation that the smount TO
be provided Ivy loans would be Far ess THAI ant'ci
pared in December. ise2, ard reduced my estimates &C
cordpgiy.
Even.s have shown ha, the original estimate
correct Ths expenditures increased by new bounties,
by new eves OF troops and by the great disbursements
lncden, 10 the vast movements IN progress, have
not only gore beyond my second estimate, but have
largely exceeded my fret, The revenue however, bus
also largely exceeded the secondly several millions,
also, my fret estimate.
30 rapidly augmented has led to the Increase OF ccu
isoi beyond its duo proportion 70 wants Tor money
pay ments, aud 10 the Offering OF bonds In quantities
beyond the Immediate demand Tor home investment
Hence depreciation IN currency aud 70 tho mar
in general cxosp, over supiy for any considerable dit
lcrcnco purchasing power between United states I've
the disposal Of United states Eve per cent bonds payable
principal ard interest In con for less than rar IN notes
cola The Injurious influences Of over supply have
now, however. been aided BY fears Of III success 10
msry operations and by other alarms excited by the
unscrupuious acts Of enemies and traitors
To insure fair price for bonds, and TO provide Tor
reduction 10 the volume OF circulation and there
By insure dimnusIon o. the premium on gold seems
absolutely essential 10 reduce the amount Of prospective
To eec, this latter reduction there bat two ways
expenditure must DO reduced, or revenue mnst De M
creasod The he~ way 10 TO reduce expenditures ara IN
crease revenue.
In the Internal Rsve,ue and Tariff bills which have just
received the sanction Of The national legislature VAS
DOUBTLESS the ntencu o Congress 70 increase revenue
BY the fu required BY The public exgsnces but
Am constrained 20 think thai this Intention bias by no
means been accomplished.
me aggregate revenue from all fcr the year
closing ,omorTow VII reach a. sssmssa sssaouv
SlOQ 600 COO from including sAes
q gold and exchange, SO, 900 o00 The expenses VIII
1894 according 70 tho best sstimateshat can nov %
made $780, o00,O0e The amount IN excess Of revenue
$40 Zoo GOO me necessity OF providing this large SUN
ron loans IN various forms has caused The present zoo
rs srursasse revenue nom ths tariff fer the fiscal
YEAR cannot be safely estimated than SEQ GOO 600
and hs income from miscellaneous sources may be sss
down Al yIs 900 ,ooo with chance 81 Increase 'ns
nsurrectionary District Trade bill shall become a~ 70
Ss5 900 900 have caused careful estimates 10 be maze
OF the probabie from internal duties oy Ceetor
And their erperence and Of Judgment cad me
very confidently 70 rely tbeir conclusions coec'o
Orton estimates ths amount Al S22o and
Comissouer Rollins a. s22s 900 COO Taking ins nsnss
amount and assuming that the uiscellanecus rccei,s
Will reach sss 0co the whole amount " revenue or
Aha wear csnnot be down NJ more than oV
The expenditure or the year cannot be sa'ed even
toersbs accuracy but there rotnius In our eaperens
which viii justify the acting OF u less .hss
$3.50 900 ooo II s more lKely to reach w ~
| $3.50 100000 Take the mean sum ana aeauc. VIZ
sss oc00oo Of expected revenue, and tns dinoIsvce
Ss2 900 600 to se raised BY loans Can TINS % ovos
Tho can bin only provides for $500 600 600, and ,nu
the very largest sum, in my judgment that can % rea
| soasby attempted. . --,,.. s.- .
ali ccpsderatIcus public interest seem 10 me 10 requ
imp-ratvey that be raised BY an increase o. revenne
Win such an increase probable that our credh vii
be 80 improved that all the great objects already 10 ics,o
| can be accomplished. :, -, -
IN useless 10 expect any increase In tnAmF ceaneou
recspts aud IL Ia not probable that any fsrtl rsviso
/ Of the tariff can b mad at this session
have, therefore, directed Collector Cr'cn 10 cxsmn
| the Internal Revenue bill, With WV 10 ascertai
vheshAr Aha Ase6sd narssas 90 - 9nsAasd BY mSd'r