Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-12-15
THE NATIONAL FINANCES.


We to-day continue and conclude the publica-
ton of the Report Of the gecretary of the Trea-
sury.
Commencing with brief history of the inan-
clal legislation of Congress, and the policy and
acts of the Treasury Department, since the begin
ming of the war, Mr. FEssENDEN details the pro-
gress OF our financial operations and the success.
sive steps that have been taken in meeting the liza
billtes OF the Government from year to year. He
lntmates that if in the beginning it had been fore
seen that what was believed to be contest for
months was to be continued for years, and that
hundreds of millions of public debt would be
swollen into thousands of millions before the
close Of that contest, it may well be doubted
whether the American people might not have
shrunk appalled, from undertaking which con-
templated sacrifice 50 far exceeding all former
experience AT the same time he expresses the
opinion that the country can if it WILL sustain for
q long time to come sny burden which the war is
likely to impose.
The Secretary estimates the probable increase of
the public debt during the current fiscal year, end
ing on the 30th of June next, at S482,374, 1873,
which, added to sl,74O, 500, 489, Cts ascertain
ed amount on the LIST of July last,) would make
the public debt July l, 1865, 50, 225 o64 ,677,
subject to such increase as may be occasioned
should Congress not provide for additional revenue,
or should the income from ordinary sources fall
short of the estimates submitted
There must be borrowed, or otherwise raised, dur
ing the year ending June 80, 1865, $780, 727, 5Os.
Fifty millions of this the Secretary thinks
be raised by additional taxes to be laid by the pre-
sent Congress. Deduct this, and also sSS, 800
Of the public debt to be redeemed during the year,
and it results, as before stated, that the national
debt will be increased during the year by $780,
374,1s8.
The expenditures for the next fiscal year, COM
menciug on the 1st of July, 1855, are estimated
at 1915, use, O05, of which, if the calculation be
made the same basis of receipts as that assumed
for the current fiscal year, S422, 256,O05 will re-
main to be provided for by loars. To this should
be added for redemption of excess of certificates
of indebtedness 81, 365 900, making the whole
amour: to be provided for by loans s469, 621, oO5
Assuming the correctness of these estimates,
the whole debt on the first day of July, 1865,
would be found, by adding the foregoing amount
of S422, 1885, O5 to the estimated debt on July l,
1865, s2,223, O64,677, giving s2,645, 800. 6S2 as
the probable amount Of the debt at the close of
the next fiscal year, subject to such increase as
may result from the causes just suggested above.
The interest on the national debt for the current
year amounts to s9l, s1O,2l5 Is, of which more
than $50, 100000 are paid in coin.
From taxation and other sources, the revenue of
the current year is estimated at S4l9 ,5l2, 3S9. Of
this amount, customs yield S70,27l ,09l internal
revenue, $249, 562 $3.50; " miscellaneous sources"
1924, 020,171.
The daily expenditure is calculated at two and
quarter millions
With regard to expedients for increasing the re-
cepts Of the Treasury, Mr. Fessenden confesses
that after much reflection and careful revision of
his opinions he feels obliged to say that he no
other resources for raising the additional revenue
SO necessary to the national credit than those
pointed out in the report of the Commissioner Of
Internal Revenue who recommends tax on to-
bacco in the leaf and tax on all sales To this
Mr.. Fessenden adds the Recommendation of tax
to be levied on all incomes without exemptions or
deductions
In its comments on the Secretsry's report that
leading Administration journal, the New York
Evening Post, avows the opinion that the financial
public will be somewhat disappointed with it. Our
contemporary says:
The important question OF restoring the currency upon
which the Secretary expected to explain himself he
avoids He proposes plan, and appears to throw upon
Congress the whole responsibility only Of passing laws
but Of initiating measures 1t perhaps mistake 10
suppose that Mr. Fesenden would both state the facts and
suggest remedies be apparently believes 1t to be no part
Of his duty to present to Congress plan
for the OF the uances during the coming year
with the obec not merely of raising revenue but Of re-
establishing the credit Of the country and bringing the
currency back to normal state These latter objects the
people consider OF perhaps greater Importance than the
collection of revenue, and the feeling of dsappoin
ment that Mr. Fessenden has not elaborated plan for the
accomplishment Of this desirable and necessary end but
has evsded any discussion of it, will be very general
though 1t msy 10 unjust TO the Secretary"
The New York Commercial Advertiser, a paper
specially devoted to the discussion of financial to.
pics, cOncurs in this opinion, and says
1--WE confess disappointed in the report of Mr.
Fessenden Every thing treated solely IN an emp
ica manner He shares most Of the prevailing popular
aaces Of the day 10 regard finances and TO the efficacy
and proprey Of controlling by Government inter-
ference He examines the natural effects of past or
prospective legislation He constantly makes assertions
Of principles without the slightest argument to prove their
correctness Arguments against certain measures fire.