Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1864-12-15
Department Reports.

Department Reports.
We have before us the Reports of the
Treasury and Post Office Departments, but
as their great length precudcs the possibl-
ity OF our publishing them in full, we must
be content to give our readers as full sy-
nopsis ofeach as our space will permit.
THE TREASURY DEPARTMENT.
The Report of Secretary Fessenden is an
elaborate, straightforward and comprchcn-
sive document, giving II clear idea of the
course of the finances during the past year,
and offering many valuable suggestions for
the future. In presenting his report, the
Secretary feels that, while there is no occa-
sion to distrust the ability of the people of
the United States to bear the great and in
creasing burdens imposed upon them by the
arduOus and prolonged struggle in which
they are engaged there is much in the linan-
cial condition of the Government which re-
qulres careful aud anxious consideration. In
order to prepare Congress for the better
discharge of this duty, the Secretary feels
called upon to fully and clearly expose its
condition a brief review of the financial
measures adopted since the outbreak of the
rebellion is then given, with the object of
showing, first, the utter impossbility, in
times like the present, of ascertaining with
any degree of certainty the prospective de-
mands upon the Treasury and secondly.
the difficulty and even impossibility. of fix
ing upon any policy not subject to the con
tingcncies of the hour Hence the Secretary
argues that the attempt to conduct financial
operations on so immense scale upon a
specie basis soon proved impracticable. and
a resort to Government paper, fraught with
danger though it has almost invariably
proven became necessary. But though
compelled to resort to the issue of paper for
the time, says the Secretary, the idea of Il
specie basis was not lost sight of as is evi-
dcn1ced IN the payment in coin ofthe interest
on long bonds, measure which the Secretary
not only approves as wise, but thinks was at
the time necessary, and aided greatly in
sustaining public credit. The failure to
specifically provide Tor the payment of the
principal OF these bonds in coin at maturity,
he regards as an accidental omission, and
recommends the necessary legislation to re-
move all doubt upon this point The Sec
retarry furnishes tabular statement Of the
receipts and expenditures of the last fiscal
year, ending June 80, 1864, from which it
appears that the receipts from all sources
were 1885,, ,07G, ,Gl6, 81; the expenditures were
$500 234 DS7 Sc, leaving a balance in the
Treasury at the beginning of the present fs-
cal year, July lst, Of SIS, S42, 558, n, of the
receiptst there was realized from loans, $6lS,-
la, ,SS4,92, of which there was applied to
the repayment of the public debt SIP, 527, =
52G, %, leaving to be supplied to the service
Of the year from this source $500. 272. .32G,-
2l from internal revenue SlO9. al. 1874, 10:
/ from customs, SlO2. .3lG, lj2. 90. and the re-
mainder from miscellaneous sources he
public debt .Julv 1st 1864 il stated ot 81
| 40, 600, ISg. 40
At the beginning Of the rrcscnt fiscal
year the Secretary found tho available rn-
sourcns of tbe Uon,rtnont to bo. E.or,
loans authorized bv cyistinp laws 5000
2S4 .633. balance in Treasury .Iulv I 1861
SIS. $40, jSS.7l. total S61I 117 1I9 IL
The estimated available resources for tbe
current wear under nr,sent Lave ora ytatnd
at S7SS, 35l. .947.7o. and tbe estimated ev-
pcnditures at 81 400 OS5 15G Sl ln,vinr :,
/ balance to be proyidcd for bvloons of 500
| 727. sos II From tbo.a figuros tbo Sod
tary estimates thc nubl;c dn6t .LnIy ISG5
at 81, 223. O64, ,G77 B., subject to such in,
crease as NAV be accustomed should Conornss
not provide for additional revenue or sLnnld
the income from ordinary sources fail sbort
of the estimates submitted
Though expecting better results from tbe
internal revenue the nrcsent Than in n,st
wears he il still IF oni,iinn tb ot tbn ount
derived from this source should bo larrcl,,
increased, nt least bronpbt nm to , v;nld If
three hundred millions In ordnr to .nc,,ro
much needed improvements in the collection
of the revenue and other details. commis-
sion for this purpose is suggested In this
| connection "A tax ON sales. with STRINGENT
rules requiring frequent periodical returns,
verified by OATH coupled with the mower to
compel an exhibit of books of account, it is
believed by the Secretary might become a
very large and important item of revenue.
The advantage of collecting an income
tax from all persons, undera scale graduated
to the amount of income, is suggested as a
means of preventing fraud under this law.
The Secretary is candid in expressing his
opposition to a further increase of Govern
mcnt currency except upon absolute neces.
Sity. With regard to foreign loan. he is
unable to see any satisfactory advantages to
be derived from it, but ON the contrary
deems it of the highest importance to keep
the interest in the public debt at home.
n detailed statement of the many cmbar-
easements under which the Secretary has
/, found himself placed together with the rca-
sons that forced him to the reluctant adop-
ton Of certain measures, is given, and sug-
gestions made for the prevention of similar
difficulties in future.