The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1864-01-02
SYNOPSIS OF THE SECRETARY OF
THE TREASURES REPORT.

Congress the report OF the state OF finances
the Secretary of the Treasury has much
satisfaction in being able to say, IN general,
that the operations of the Department have
been attended during the last fiscal year by
a greater measure Of success than he ven
tured TO anticipate at the beginning. Not
withstandng the aid afforded by the addi-
tional issue of United States notes under
the Joint resolution of January, the Secre-
tary had found it impossible to prevent the
gradual increase, during the session of Con
gress, in the amount of unpaid acquisitions.
Those that were unsatisfed at the beginning
of the session were indeed discharged and
large sums were applied to demands. Cor
rect dis bursements remaining necessarily
unpaid, increased steadily Notwithstanding
all efforts to prevent it, until it reached at
the close of the session the sum of $72. =
I71,186.
The Loan Act and the National Banking
Act were followed by an immediate revival
of public credit. Success quite beyond an
ticipation crowned the efforts of the Score
tary to distribute the $50 loan In all parts
of the country, as well as every other meas
ure adopted by him for replenishing the
Treasury. The result was, that within two
months after the adjournment Of Congress
the whole mass of suspended acquisitions
had been paid, all current demands and full
provision made for the pay of the army and
navy.
During the remainder of the fiscal year
no embarrassment attended the administra-
ton of the finances, except those which are
inseparable from the vast expenditures.
1t is gratifying to be able to state that,
during the last year the total disbursements
did not greatly exceed, while the increase of
the public debt did not equal. the estimates
submitted to Congress by the Secretary last
session.
Thus, while it was then estimated that
the public debt on the 3Oth of June. 1868
would reach the sum Of 81, 122, 297, 4O3
its actual amount on that day was 1908,
1913, 1871; and while the disbursements for
the year were estimated at 1898. 346 32I,
the real total was STA, 700, 995, while the
receipts from other ordinary sources of rev
enue thus closely correspond with the est
mates or largely exceed them. The receipts
from the internal revenue have alone disap-
poited expectations. Experience has de
monstrated its error. The estimate was
S85, 456. 3O3, while the actual receipts were
S37. 64O,787 A part Of the deficiency may
be attributed to the imperfect execution Of
the law, and part to the changes made in
it by Congress after the estimate was made
but it is not possible, as neither cause ope-
rated to reduce the receipts, that the reve-
nue. from this source would have exceeded
half the estimated amount. 1t is clear that
the law, unless materially altered, will not
produce the revenue expected from it.
The following is the Secretary's estimate
of receipts and expenditures for the next
year: Estimated balance June LIST, 1864
$5.838, $50; from customs, $40, 700 600;
from internal revenue, 1925, 600, 900; from
lands, 81 600. OOO; from numerous sources.
So, 0OO. 600; making an estimated aggregate
of receipts, S2O6, 838, $50. He estimated
the real expenditures for the year at 1851,
815,088, from which deduct the estimated
receipts from ordinary sources, as before
stated, S2O6, 838 $50, leaving to be provid-
ed by law, $543, 977, $40. The sum to be
provided represents the increase of the De-
partment during the year.
Assuming therefore, the correctness OF
the estimates which put the DEBT Of July /,
1864 at 81 $50. $50, Gal, it will result from
these extracts that the whole debt will have
reached on the 3Oth of June, 1865, the sum
of 50, 23I, 935, 100.
The Commissioner of Internal Revenue
recommends an increase of the tax on bank
note circulation to g per cent, and in
crease of the duty on distilled spirits to so
cents per gallon; on tobacco to 95 cents per
pound on leafs, and from to 10 cents, ac-
cording to the quality, on manufactured 10
Ia
per pound on cotton. The repeal Of the
cotton aud petroleum drawbacks, and var-
Gus other changes of the internal law, will
augment the receipts. The enactment of
such laws will be an increase of the Inter
nal revenue to the amount originally esti-
mated, of $3.50, 900. 900 a year, required
by the strongest considerations of public
policy. Hitherto the expenses of the war
have been betrayed by loans to an extent
which nothing but the expeetion of its
speedy termination could fully warrant
1t will not escape observation that the
average rate of interest Is now increasing,
and it is obvious that it must continue to
increase with the proportion of the interest
bearing to the non-interest bearing debt,
and as the amount of the latter, consisting
of United States notes and fractional cur
renoy. cannot be materially augmented with
out evil consequences of the most serious
character the rate of interest must increase
with the debt. and approach continually the
highest average. That must be-greater OF
less in proportion TO the duration and cost
of the war In a former report the Secre-
tary placed the limit to which the loan, in
/ the form of certificates of Indebtedness,
could be carried at 500. 600, 600. Expert
ence has shown that it can be carried to
90, 900, 900, and that its natural limit is
about that sum- On the first of June the
amount of these certificates was SI45, $780,
600. 1t would be unsafe. therefore, to rely
on any substantial increase of the loan IN