New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-12-07

mands upon the Treasury, growing out OF hcrcasou
expenditures rise OF prices occasOncd Dy an increase
Of labor from productive pursuits accompanies py an
aggravated demand for products ana matelai inciuoH
TO q state of war. -,
The problem 10 be solved is how 10 mitigate the ev
if il cannot be fully avoided. II loans can DO nego
tinted az reasonable rates and the Treasury can thus
be kept in condition 10 meet cnrIehJ 1cihanus,
not difficult TO restrain the circulation OF
IA a time of peace though with abundant lescurces IL
ALWAYS shonld be- is often found impossible when war
upon large scale and long confined has created ms
trrst Hence IL has followed that under the acts re
reired 20 our bonds have assumed Farl0ns iOrms 10
suit what was supposed TO be the choice Of lenders
oar notes hay showna similar diversity OF character
While it has been found impossible TO avoid the noces
ssity of using them 10 extent which could not but
ageavate te troubles incident to the neces es OF our
conGitiOn yet though forced 10 resort 20 TIE issue
pauor FOR HE time the idea Of specie basis was not
lost sight Of as the payment n interest on long loans ID
coin was amply secured. and though IN seyers OF lne
acts authorizing The issue OF bonds at long periods pa3
ment of the principal at maturity in com ls nol spcV
fcGly provided. the omission II is peheNSu' Nus nce
dental there could have been ho intention 10 max
distinction between the different classes OF secuiles
in ills regard &c is respectfully recommended TO remove
all dOub upon ths point by proper iessiaon aInoueh
the wisdom of thus securing the payment oi interest on
bonds in coin has been questioned, ana tne pIeusc Oh
the receipts from customs 10 be eoebtoi ID com ior
that purpose has perhaps facilitated the operations VI
those disposed 10 enhance The price of gold Tor specuih
tive purpose the Secretary is of the opinion that these
mea sure wero hot only wise but Necessary NJ Inc ne
and greatly aided in sustaining public credit.
The expenditures for the preceding nsea, !sa 80
slightly exceed the estimates OF the Department ta' AT
The last session Of Congress it not considered nece
sary 10 Increase the amount authorized to DC borrowed
by existing laws. Experience had SHOWN ho"e'c'
tia, some changes OF form were advisable
J i}y an act approved March g. 1861, authority was
given 70 the Secretary Issue bonds TO the amount OF
5000 0co 900 in lieu OF So much OF nc loan u
the act OF March s. 1862 redeemable after any PERIOD
not less than five years ana payable not more thnh ioiy
years from datc At subsequent period of the tesson
JuBe 49, 1854, the authority conferred by the rsl sec
ton of The act of March 1863 repealed except so
far as 10 affected amount III s1OoOoO thoh auNer-
tised and power was given 80 borrow sf@UovO IN
hopd Geemahla after FIVE years and payable not more
than forty wears from date BY the second section OF
the act authority was conferred 10 issue ID eu oi
the same amount bonds $3.50 900 OOO III treasury notes.
which might be made legal tender ~ tnelf race Nale
bearing interest al rate lot exceeding seven and
threeientls per oentum, payable IN laWul money ana
convertible u the pleasure OF the Secretary into bonds
igsne1 under the authority OF said act
The Secretary further empowered TO substitute
for Treasury notes issued under former acts an equal
amount of notes, such as were therein authorized.
4 table is appended 10 this report showing the
amounts issued under the several acts hercnbeore re-
orrC. TO- 10 the beginning Of the present nscaI year
from which il appears that by the laws IN force on that
day the Secretary had authority to borrow on Tue cfoa'
Of the United States the amounts following, VIZ
First lnCH the act Of March 3. lco3, so nucn oi
s7jOoOUO advertised previously 10 june ~ leoi as
had moi been awarded to bidders.
Second. Under The act Of MarchsA ieii so innc'i a.
had 10. been subscribed for ana paid into the treasury
uiz, sl27 COS SO $3.50.
Third Under the net Of June 30 ls6i, S4tO0o0V 900
Fourth Amount q Treaslry notes issued under
former acts which had been redeemed and Cancelled
and which the Secretary was Authorized 20 replace by
notes issued under the act Of june 30 le4 et 49, 100
Total available resources under laws authorizing
loans >522, p g. 2j.
10 this nav be addcd tic actual balance in the Treas
my. July l. le64. sls si2.5Ss II.
Total sci, ~. 2l3 II.
statement Of tie receipts and oxpcd,nres. estimated
aud actual for the year ending jane 20 lst3 will show
how this balance IN the Treasury 81 obtained and the
increase of the public debt during the year, VIZ.