Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-12-15
REPORT ON THE FINANCES
LcoNoLupEn rnoM rnE rlas1 80 ]
THE COLLECTION or EXTERNAL REVENUE.

sut oz tho purpose Of nqurng TO PFC haoe sources
Of revenue and dsysDg improvements 10 the modes Of
It's collection might in country Of such varied pIoduc
3oD and among people Of such diverse industrial pursuits
elicit much Information, which would materially ssslat me
deliberations Of Congress, and shten its labors upon
zpsct 90 new 70 legislative experience on iEls continent
A. howeyer solution pointing TO this end old not meet
a. Congress last session. the Secretary did
not I'll authorized to institute inquiry through such
umntsty snd be has been unable 20 adopt ether az
Frcye ueaSurss for the same purpose Ailer muca Ie
Action and careful revision his opinions heretofore
.crassd il another plsceto which, Ender the crcun-
stances mug be paTdoned Tor reerrng-the secretary
rss obliged TO sy that he other resources for
raising tho additional revenue necessary to the national
credit than those pointed by the Commissioner. de
an are of the gest cuiss attending the collection OF
The duties proposed and feels all the force OF the obec
;ioas herstfJre to their imposition he neyerthe-
less believes that tax tobacco in the leaf or unmanu
cru cd can be enforced i'd the only mode by which
duty on the sticle be collected fairly and equally
and through which adequate amount of can be
Cbsnsd Il, 70 it, he believes also that although tax on
sa woud pr baby fail Of collection TO some extent YET
by arpyng 10 Stringent rules requiring frequent peEio
deal as verified by OATH coupled with the power 10
compel 81 exhibit of books Of account il might become
very large and important item Of revenue.
REVISION OF The INCOME TAX.
The Secretary would further suggest whether the
come should not be collected upon all, without Ell
supol he law e ia opens the door 10 innumeraole
frsudi and, ia young and growing country, tho yas
E1iUry of incomes ANAL while al participate alike
In be bic, ali Is cf good government The adoption of
scas ausneuIlng the OF taxation upon incomes
they Use amount though uns quail in one sense, cannot
De considered CPpTess assmuch Is the ability
70 Esv iocrseEes il much than srthmstcal proper.
ttn the amount Of increase OF income exceeds the
Init Of reasonable necessity From the results Of e1pe
!eIce, well 80 from all the Information received the
Secretary i well convinced mat much revenue Vss not
colesed through imperfect execution Of the Law, and
through fraudulent evasion OF It's provisions limo
and effort will il is hoped, remedy these evils III great
degree and the confident expectations Of those who framed
it bs realized. In the moan time no effort should 90
spared perfect it, far possible, and experiment
20 Increase its efficiency Of which there is reasonable
hope OF success, should be left untred.
AVAILABILITY OF MINERAL LANDS
"a connection with the subject Of increased taxation,
and the necertity OF providing additional from
od airy aouEcs' The Secretary cannot but cali ateatiop
OF Cor aess TO pubic domain and moro especially to
shst portion II il aSoundng IN the precious and Other
metals which, Il the policy Of Inc Government has been
reserved 10 ths ration, He cca add little, however,
these points what has been heretofore ably set forth
by hB pTsdsc.r.oF The agricultural region has through
the operation Of toe honeatsad a almoat ceased 70 s
ford direct revenue Whatever might be the opinions
of tbe Secretary TO the god effects Of this law either
u ss:7 national point Of view it is not probable that
aty xpT e those opinions would tend TO Effect any
material change or M dhcsioRs. Possbiy had the sTug
gle in which The nal engaged been ioTesesn
aPprs heDdtd Congress might have deemed it pru.
aut DOT TO adept sg.sm which lenders so large por
ton OF re NJ bic domain unavailable bass Of credit
either By way Of pledge Of ia proceeds or sn appTopria.
lion Of here process permanently to the creation of
Sikh fund Tor u Ultimate REDEEM pto1 tee public debt
10 tLsI aspect tass domain might have been made 10
render material aid but II may stl fairy be questioned
whether aud 10 what extent iuch aid has not been ao ded
By tie induce offered TO immigration which 10
On II augment the and power OF the Republic
Win ssar3 70 Es Dsrs lands the question freed from
ihs eubarrsn snE These are eth the property Of the
patton, and sy be disposed OF Congress fhs dstet
nine. hst they should yield revenue 70 the owner
pendent of the oostsrs advantages derived from nd
Siual enterprise il extracting se precious metas would
seem admit of dispute On the hand il may be
rad that 10 ssl them absolutely is to part with
equalkd and iuexhsustb!s Of wealth and power,
the control of which shoud always remain 10 the hands Of
ane Goverpnspt On tie other, that all attempts hitherto
to realize any considerable amount Of revenue from any
rysts Of rents han proved unsuccessful lt be hoped
that Coparess may be able 10 devise mode by which
tsess lands may be made available to extent in
lust PTopoTnouate to their yearly production
ID. question involving knowledge Of The subject
which he secretary does possess and requiring
- amount Of study and rejection which thus far be hes
feen unable - besloR. The attention Of Congres, in
Stsd to pspcr that subject prepared By direction Of
The SecTesry, which accompanies this report and will
repay al attentive psrussl
ysTABLisHNEST or A SINKING FUND,
The act Of February rs, 1852 provides that the coin
received for duties on imports sbs AFTER paying interest
on aid notes. 30 appropriated TO The purcbsse Of
per Of the u0hc debt 10 be set apart with its
us in erest sinking iuui It. Secretary might from
I me 10 tine, direct AL experience has proved that 10
aIn Il War Uss3 Expenditures must largely exceed re
ptA from Ordinary sources and large borrowed
in each year the stteDpt TO establish sinking fund in.
varsby fais IT s, in fact, simply borrowing to lend
rgap Fer ri. attempt TO carry ont THE pro
sisiou has yet been made. As the time is approaching
However Hhen The presen unnatural condition OF affairs
may be expected 10 terminate 10 ia well 10 consider whether
soue Legislation pOstponng for time the operation Of Il
provision referred to- and designating board Of officers
commissioners Of the nkng fund under proper regulations
may not be sdgIsable-ther duties 10 commence such
time Secretary Of the Treasury may designate such
should at least shew that the provision for
tLk fund ia not intended 10 remain dead letter upon
Ghs sAtutebook. When peace shH! return, and With il
the power 70 render that provision effective should any
further aid be neceEsaIy the Secretary would respectfully
susgst whether such income may be received from the
rubi, domain from sale the shape Of reuts and roy.
city may not be benefcay appropriated TO same pur
pose,
DEFICIENCY TO BE PROVIDED FOR
From preceding tements appear, that exclusive
ths receipts from Ordinary sCurces the amounts ioownI
are 10 provided viz: For the 6scE year ending june
30 1885, $50 727 sos for the fiscal year ending June 30
1866 S4oS "a tV5tOIal, ol0 3i5 5l3 Deduct smouD
now end balsBce 10 The Treasury July 1884
$3.50 Q63 ls II leaves 6slanee 20 be PROVIDED for by ad
5t nal Ieslslson Of $3.50 255 25 II will be observed
that this balance is preocad upon contingencies which
may calculations which prove deceptive
II would be saie therefore, 10 hBlt closely the pro
,st ps to be made by Congress for meeting the sxpend
lures OF this aud the succeeding years To raise large
yortcu the amount 10 meet these authorized
eKpsnaiures Il s obvious that 70 be hsd
loans which have been already In part negotiated.
A. necessities Gf former years have led 70 many expo
c.sus is apparent fFc tho diversity OF forms which
secuTe present As the debt increases from year 10
Jesr borrowing becomes more difficult Embarrassed az
the country With two sysiems OF baDkos and obstructed
Ne lie Government IL by currency wholly beyond it,
troll ~ - manifest that push circulation far ii