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

THE NATIONAL FINANCES
THE ANNUAL REPORT OF THE SECRETARY OF
THE TREASURY
In presenting to Congress his Annual Report on the
state of the finances in obedience to the requirements
law the Secretary of the Treasury feels that while there
occasion to disrust the ability of the people of the
United States to bear the great and increasing burdens
imposed upon them the arduous and prolonged struggle
for national existence in which they engaged there R
nevertheless much in the financial condition of the Gov
ernment which requires careful and anxious consideration
Among the serious duties devoved upon him. the Secre
tsry recognises full and clear exposition of that condition
as first in importance in order that the wisdom of Con
press may provide remedy for existing evils and guard
against the recurrence Of similar evils in the future
The Secretarys assumption of office was nearly coin
cdent with the commencement of the present fiscal year
that he would be naturally impeed to begin by stating the
exact condition of the Treasury upon that day. Before
proceeding to do So however brief of the nan.
cs measures adopted since the outbreak Of the rebellion
and Of their operation and effect may not be without value
in endeavong arrive at just conclusions with regard
REVIEW OF FINANCIAL MEASURES
On the 4th day of March, A. D 1861 the natsona debt
was paravey ncopsiderabe hardly to deserve
the name Accustomed to degree Of prosperity hereto
fore unexampled 10 the history of nations the people
the United States had grown rich and powerful without
being conscious of national burdens and equally uncon
|
weight which, could it have been anticipated might
seeed altogether beyond their strength Unsccustomed
for long OF years to great national EFFORTS was
that their Of endurance should be tested
only BY degrees the struggle which Providence had
prepared for them developed it's vast proportions and the
necessity of great and long continued effort became ap
parent Had 1t been reseen that what believed to be
contest for months to be continued for years and
that hundreds of millions of public debt would be swollen
into ands Of millions before the close Of that contest
it may well be doubted whether ignorant they Of
hmm have
shrunk appalled, from such undertaking which coDtsm
plated sacrifice far exceeding all former experience
In his frat report to Congress- made on the 4h day Of
July 1861 my predecessor estimated the whole amount
oured for the service of the fiscal year ending June 30
1861 at S3lS5 58l. To meet this anticipated expen.
diture Congress- by act approved July IL, 1861,
borzed loan Of $270 600 000 which, with the ordinary
revenues was considered ample provision for the
Qences of the year. BY act approved August 1861
Congress further authorized direct taI Of 500 900 000
and of three per centum on the excess OF all incomes
over $500 per annum. 1t not anticipated however
that any derived from these last mentioned
would be available within the year Experience proved
that the estimate Of the Secretary though founded on
what seemed to be reliable data, sltogether made
ousts and in his report Of December g. 1861, be
peed to ask Congress to provide for probable deficiency
Of S2l3 27 In the same report he estimated the
pendtes Of the fiscal year commencing the lst day
July 1862 at SAYS 3l PAS. On the 30th Of December
1851 and soon afterward most OF the State Banks
pended specie payments
Ia view OF the condition of affairs and OF the large sp
passed various laws which need only be alluded to- il hat
become manifest that while much the largest portion
the amount required must be provided by loans in somt
form resort must be had 10 wider and more strngen
taxation 10 order to preserve the credit of the Govern
ment Accordingly the act Of July l. 1852 called the 10
terna Revenue Law, was passed, providing for levy
duties on domestic manufacturer upon trades
occupations and also providing ysem of stamp income
and other duties This important measure, il hoped
would in connection with the duties imports and th,
sums derived from other sources furnish such proper
.; of tba ad as he nat
credit upon stable foundation through the evidence thu
afforded OF readiness to impose the present reason
able share of public burdens leaving to the future NOR
than justce il ought to bear III these hopes
realized the disappointment perhaps mputabe in
great degree to the fact that the sstemsdopted
to which the people had not been accustomed that tn
machinery complicated, the officers who TO
cute inc experienced and that sufficient allowance
made for the important element Of time which alone
give to any such system the requisite efficiency. With
like view to increase the revenue and sustain owl
industry under the burden imposed by the Internal Rsve
nue. law, Congress, by act approved July IA, 1862
| largely increased the duties on imports
1t justly believed that these measures could hardly
fail to inspire confidence 10 the ability and purpose Of the
nation meet all its obligations the present and the a
ture The necessities Of the Treasury we're, however
Immediate To rase money in large amounts by taxation
and by loans, requires time than slwsys
afforded, with large armies in the field and great nave
aHost The demands Of imperative, and caLno
await the slow process Of financial negotiations to meet
demand thus urgent.
Congress by scts Of February 25 and July 49, 1862 saw
M to authorize the emission of United States notes to tb
smountincluding sIty millions Of Treasury notes pre-
vously authorized, which to be redeemed and
celledof three hundred millions of dollars substitute
for con declaring them legal tender for all debts publ
and private and clothing them with all the requisites
currency These notes convertible at the will Of b
holder INTO bonds Of the United States paying interest
six per centun semisnnusy in coin, to which tn
from customs, aso payable 10 coin specca
pledged The same act of February 25 1862 authorize
the Of bonds to the amount Of Eve hundred million.
increased subsequently to Eve hundred and eleven millions
redeemsble after FIVE years and payable twenty year
| from date.
| Notwithstanding the ample provision Supposed to b
made by Congress for the expenditures of the fiscal yea
ending the 30h of June 1863 the report Of the Score
tary submitted the 4th Of December ls62, showed
deficiency for the current year of 276 9I2 5l7 while th
estimated amounts of expenditures over receipts from OF
dinsry for the succeeding year $6o2 3s
To provide for the aggregate OF these amounts Congress
/ ----
In the tabular statements Of this Report, ss well
throug the text have heretofore for the benz
at Of the reader, omitted from large the fsurs
which designate the osa.s,