Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-12-15
Report of the Secretary of the Treasury.

:
port, reviews the financial measures adopted
since the outbreak of the rebellion. He is
in several acts authorized to issue bonds at
long periods, and the payment of the princi-
pal at maturity in coin is not specially pro-
Yided for. The omission, it is believed was
accidental, as there could have been no in
tention to make a distinction between the
different classes Of securities in this respect
The Secretary recommends that all doubt be
removed by legislation. The act of June last
authorized the Secretary to dispose of any
bonds known as 520s remaining unsold. 1t
is at least questionable whether, by this
clause, power is conferred to dispose of an
amount beyond that fixed by existing laws.
Additional legislation may remove that doubt
should Congress think it advisable; otherwise
they should be cancelled.
The Secretary says that $500, 100000 at
least should be realized from internal duties.
1t is for Congress to select the source and de-
wise the modes in which this most desirable
| result can be obtained. He suggests whether
the income tax should not be collected from
| all, without exception.
In connection with the subject of increased
taxation and the necessity of providing ad
ditional revenue from ordinary sources, the
| Secretary calls attention to our public do
main, especially to that portion of it abound
| ing in precious and other metals, which, by
the policy of the government, has been pre-
| served to the nation. He hopes that Con
gress may be able to devise some mode by
which these lands may be made available tc
an extent in some measure prOportionate tC
| their yearly production. He suggests board
| of officers, commission Of sinking fund, anG
| whether such income as may be received
| E,o,,, ~, - IL
| shape Of rents or royalty, may not be bene
| fcially appropriated to the same purpose.
| As to foreign loans, he says the possible
benefit to be derived has not seemed sufi
cent to overbalance other and opposing con
| siderations.
He does not believe that patriotic people
| struggling for national existence, and in the
| possession of ample means, should be com
PEELED to adopt measures so frought with in
| furious consequences as an issue of paper
money beyond the limits prescribed. The
| question, however is one for that people tt
| decide. They have pronounced for contin
| uance of war until its great object shall be
accomplished, in unmistakable terms. 1t il
| for them further to determine whether the
| necessary means shall be furnished by the
| way of loans, and circulation be restrained
| within strait limits, or whether they will pre-
| fer to endure the evils of exorbitant prices
| with the loss Of credit in the present, and
| debt of endless magnitude entailed upon the
| future. Notes bearing an increased rate O
! interest, payable in currency, redeemable il
| three or four years, and convertible at ma
| turity into 500 bonds, would be preferable tc
any other form of security.
| Any estimate of the probable receipts anC
| expenditure for the next fiscal year mus
necessarily be liable to uncertainty This
remark applies more particularly to expendi
| lures, for, while existing laws remain unchang
| ed, the amount of revenue may be calculated
with reasonable certainty; but it is impossi
| BILE to anticipate what the exigencies of the
| war may require, on the one hand; and or
the other, it may be confidently hoped thai
the great struggle is near its termination, ant
| consequently the estimates now submitted
| will prove far beyond the wants Of the year
| While any doubt remains, however, it would
| be insane to assume any other basis of calcu
| lation than one indicated upon the existing
state..of affairs.
The receipts for the year ending June 30th
1866, are estimated as follows:
From customs 10000, 0OC
From internal duties. 100000, o0C
From lands; 'ooo' o.
From mscella neous sources. ........ 25,OOO, O9t
Aggregate. $685., OO0,0OC
The expenditures are estimated as follows
Balance unexpended appropriations $3.50, 600, 900
For civil service. 33,Ob2 o.
For pensions ana Indians .............. 14,196,O5C
War department....,. ............ 9ZI 500, ~
| Navy department.. lLAsAlS,oNt
Interest public debt. III 100000
Aggregate 81, 1881 5o,9 4=
| From the above there may be deducted as
likely to remain unexpended at the close Of
the present year, S35O,0O0,OO0; total, 1918,
| 256, 005.
Deduct the estimated receipts from the Or
| binary sources, 1896, 900, 900, and there will
remain to be provided by loan, 1922, 256, O05
! To this should be added, for redemption OF
certificates of Indebtedness, S47,365,0OO,
making the whole amount to be provided for
by loans, 1863, 625,005.
Assuming the correctness Of these est,
| mates, the whole debt on the lst day OF July,
1866, would be found by adding the forego
ing amount of s422, 1885, 05, TO the estimated
debt on July 1st, 1865, 1928, 064, 67T, giving
-. 645. 800, $50 as the amount of debt at the
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