New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-12-07
Report Of Secretary efthe Treasury.


.,ro ~ ,re United states 10 bear The great and IN
'reasipc burdens imposed upon them by the aIducus
md prolonged struggle for National existence IN whleH
tcy are engaged, there IS nevertheless much IN VIC
suapcel condition OF the Government WHEN re4"''''
arefu and anxious consideration.
Among the serious duties deyoved upon him tle see'
- recognizes full and clear exposition ~ wa. III
niion as first in importance in 9rder .n. c;is ana
u Congress may provide remedy oI o;is IN the I'm
.otd scaiust the recurrence Of similar we III Wv ~
ure The Socretary's assumption ol oliVJ Was ~
,earlv copcident with the coninien y, ae
sse year that he would pc Iai ~ bc rcsrry ubon
IN, Nv Before proceeding 10 90 So however, uil.
view II the financial measures adopted SINCE INC GUY
break If the Rebellion. and OF their operation "uu
So not he without value in endcaVOrng 10 arrive al
ssi conclusions with regard 10 the future a,
ON the 4th DAY Of March A.D, lr0l, the Nauoht'
dotf was comnaTaiycy incOnsidcrabie rs haIoy 10
deserve the Accustomed to degree OF plpsper
Nv heretofore uncXaupec r the history OF nations TIC
noue of the United states had grown rlen ana power
ml without being conscious OF National BURDENS anu
sauay unconscious Of their own vast ana increasing
.b6ty Ia sustain weight which could il have been an
ticipited MIGHT have seemed altogether peyohd tIer
frepgtb Vnsccustomed for long course OF years 10
great national efforts was fortunate tnat thef power
efenlurfuce should be tested only by degrees, az inc
struggle which Providence had prepared for men, ue
veled III vast proportions and the necessity Oh great
and long continued effort became apparent. Had 1t
oeeD then iorsccn that what believed "a De con-
test for months be continued for years ard tas
INTO thousands Of millions before the close OF tha1 con
Jest il may wc bc doubted whether ignorant as iney
we're Of their own immense resources, the people en'
act have shrunk appalled, from an UNDERTAKING With
contemplated sacrifice 50 Tar exceeding all ioliher
In his first report TO Congress made on the 4th day
Of July is6, my predecessor esnasea 'Ie w aI
Ing June 80 1862 az S3s jl9 81 e. To meet tins an,
.cipated expenditure Congress, 10y an act appto'eu
July H. 1901, authorized loan of S210OOJOOo when,
aith Tie or nary revenues was considered an ample
proyison for the execpeles OF the year By an aet a
proved Aug. >, 1861, Congress further authorized
ircct tax OF SO 100000 and tax Of per centum on
he excess Of ali incomes $500 per aEnun IL Was
nOt anticipated, however, that any revenue ceil.cu
from these last-mentioned sources wouid te 'alpAc
within the yeaI Experience proved That Tic estimate
Of the Secretary though founded on what seemed 10 De
,eabe data, aitOgother inadequate ana IN ms re-
,oft of Dee O. 1861 he compelled 10 ask congress
a nroyide for probable deficiency OF S2390 ~ u.
In the same report he estimated the expenditures OF Inc
fiscal year commencing the lst dny Of July, leO2 az
k4753Jl.2lj 81 on tie 10Th OF Deccnnei, Isol, ah;
aiterward, most OF the state hahhs s1Spcnu'
specie payments. In view Of this condition OF AFFAIRS
and of the large appropriations called cr 10 meet th9
public wants Congress passed various laws Whch ncet
only be alluded TO- N had become manifest thar While
much the largest portion of the amount required must
be provided by loans IN some form resort mus De la
10 wider and more stringent taxation in order TO pre-
serve the credit of the Government. Accordingly The
Act Of July l. lr. called the Internal Revenue law,
was passed providing for levy OF duties on various
domestic manufactures upon trades ana occOpat OnS,
snd also providing system Of stamp income ana otEer
duties. This important measure II was hoIea would,
in connection with the duties OF imports ond the SUMS
derived from OTHER sOurccs furnish such production
nf the revenue needed would place the national credit
apon a<tahle foundation. Through the evidence thus
afforded Of readiness To impose ON the present q
reasonable public burdens leaving 10 TIC lUtui
no more than In Gs ice il ought To bedr, II these hopes
were not realized the disappointment was perhaps III
paiabe in great degree TO the facts that the system
adopted was one to which the people lad not been ae'
eus,0med; that the machinery was complicated me
officers who were execute II inexperienced ana that
'lficioIt allowance WAS not made Tor $40 lAp'iieht
element of time which alone can give 10 any sucA BY =
lem the requisite efficiency.
With Ike view 10 increase The revenue and 10 sus.
ain cur own industry under the bnlden imposed by the
internal revenue law. Congress by an act approved
July ID, ls62, largely increased ne dliies on H.
ports. .
il was Justly believed that these measures could
hardly fail TO inspire confidence IN the ability ana pur
pose Of tie nation to meet all IFS obligations 10 me pes
,nt and the future.
mediate. 10 raise money in large amounts By taxation
mi even BY lpaLs requires time than eau Gl"3!s
De afforded with large armies in the neid and great
.ayes afOat.
The demands Of war are imperative snl cannot await
.be slow progress of financial negotiations 10 meet
CcnrTess by scts OF February - Ind july j.. 1862
saw I'll authorize the emission Of Unlied States notes
20 the amount including lxy millions Of treasury notes
previously authorized which were 10 be redeemed ara
cancelled OF three hundred millions OF dollars rs sub
stiiu.e for coin, declaring them legal tender Tor dehs
public end private, ana clothing item With AL ne re-
Quistes Of currency. These notes were c0nNerpe az
the will Of the holder into bonds or The United states
paving interest at six per centum semannuay IN CON-
&c secure which the from customs also PAYABLE
in coin, specifically pledged The same act oil feD-
9uary o. ls65 authorized the Issue of bonds 10 tie
amount OF SEQ OOlCO0 increased subsequently TO SOIL
100000, redeemable after FIVE years AID payable Al
twenty years from date
made by Congress for the expenditures Of the hseal
wear ending The Goth Of June 1863 the report Of Va
Secretary submitted on the ith OF December, lsg2
for tf a
81 &C. while the estimated amount OF expenditures
over receipts nom ordnar! sources for the succeeding
year was S6 49, .G 80. To provide for The aggregate
VI these amounts Congress By an act approved March
1863 authorized loan Of $500 900 900 Os the then cur
rent and Of 5000 600 600 Cor The then next fiscal year by
the second section Of the same act the Secretary Na
authorized 10 issue a. part Of said loan 500 100 co.. n
snount ottrcauTy notes bearing interest a. rate not
exceeding per centum per aunuD. paylb!eln laval
money which notes pay ebe ct periods expressed on
their face might Dc made legal tender at their face
value BIZ the third section SlD.W0o J Of United
States notes Of like character with those previously
issued under the provisions OF former acts were al"
win be seen that by the several acts Of Congress
referred TO- Government paper a. substitute ior coin
under Tho respective designations Of United States
notes and Treasury notes might BE- issued 20 the
amount Of eight hundred and fifty millions OF dollars
viz: United States Treasury notes, not bearing inter
est the amount % four hundred and y millions. but
OF which ffty million wore to Dc held ior
the redemption Of temporary deposits and 70 Dc replaced
as possible, thus leaving thc whole amonnt in.
Ifnueu Clfculhl Dul 'iu svu
rndredmions 81 Treasury notes bearing interest aud
which it hoped and believed would Dot icnain IN
circulation they could be made Legal render only Tor
their face value without interest
In the preceding enumeration OF the several acts
passed by Congress with view TO provide the large
means required 10 meet annual expenditures 10 a
period including the fiscal year Of 1864 reference has
been made to tie several auxiliary measures designed
to meet the e1igences oi the hour Out neither cnargng
diminishing the amount required and serving no
other purpose than a mere temporary resource
or such the Ao. vi March st Iei= author ling