The New York herald., 1864-12-07
THE BUDGET
4 ntf NNy
1000 es.. as s.r
aa OF THE
SECRETARY OF THE TREASURY
OUR NATIONAL DEBT.
kc., &C., &c.

In presenting Congress his annual report tho stae
OF the 1nances obedience requirements law
the Secretary OF the Treasury feels that who Is
occasion dstrust the ability Of The people OF the
United States to bear the great and increasing burdens
imposed upon them by the arduous aud prolonged
struggle national existence n which they
there nevertheless much in the financial condition OF
tho government which requires careful and anxious
sideration. Among the serious duties devovcd upon
him, the Secretary recognizes full aud clear exposition
OF that condition first ip importance order that the
wisdom OF Congress may provide remedy for existing
evils and guard against the OF similar evils
the future The Secretarys assumption OF office
nearly ooncdeus with the comnencemen OF the preseat
1sca year that he would be naturally impeed to begin
by stating the condition OF the Treasury upon that
day Before proceeding 10 do so, however. brief 70
view OF the financial measures adopted since the out
break o. the reoelon and OF their operation and effect
may be without value In cndeavorng 10 arrive at
just conclusions with regard TO the future.
pRixy REVIEW or TBn FINANCIAL MEASURES ADxLsis-
M@
On the fourth day OF March, d. 1861, the national
debt comparatively SO inconsderable as hardly to
deserve the name. Accustomed TO degree OF prosperity
heretofore unexsmped in the history Of nations, the
people OF United States had grown rich and powerful
without berg conscious OF national ourheus and equally
unconscious OF vast and Increasing ability 70
sustain weight which, could have been anticipated,
might have seemed altogether beyond their strength
Uuaccosomed for long Of years 70 great national
efforts u fortunate that their power OF endurance
should be tested only BY degrees, as the struggle which
dence had prepared for them developed is vast
proportions and tho necessity Of great and long Continued
effort became apparent. Had toreseen thai
what was believed be for months was 20 be
continued for years. and that hundreds millions OF pub
lie debt would be swollen Into thousands OF millions be-
fore close Of that contest, IL may well be doubted
whether, ignorant they Of their own immense
resources, the peoplo might not shrunx appalled,
rom undertaking which contemplated q sacrilee so
far exceeding oil former experisnce.
his nrst report Congress, made on The sth day
July, 1881, my predecessor estimated the whole amount
required for tbe service OF the hsc ending Juue 80
1899, al e3fsslo 5sf ST. To meet this anticipate cd sx
peuditure Congress, by act approved July IT. 1861,
authorzed loan Of $40 600 ,O0o when, with tbs ord-
nary revenues, considered ample provision Zoe
exIgencies Of the year. BY approved August
g. 1901 congress further authorized . direct tax Of
f2o 900 ard tax Of per centu on toe excess
1i al incomes $500 per sunum 10 was not antic.
patcd, however that any revenue derived from these
last mentioned would be available within the
year. Experience proved that tho estimate OF toe sere-
tsry though founded what seemed 10 BE- resbs d's
was altogether nadcduas and In report of pscembar
., ls6i ne compelled Congress 20 provide 'oc
probable deficiency of s2ls pOl a2I o. 10 iae same
report ho estimated the expenditures Of the hscs yeaf
commencing on .nc IL, day or Judy 1s62 = $40 5Sl,
as ST. On the soth OF Dcisnbsr. 1sUi ard soon Ailo
wa d. most or the state banks suspended specie pay
mems v .44 s+- t.a ..5
In view or this condition Of arArs, and Of The large