The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-12-07
Report n the ,sseret'-y Of the 4,,sas..ry y.

Eod 80 WASHINGTON, Dec. 6. ~
The Secretary OF the Treasury in his report
evlews the financial measures adopted since
rne outbreak OF the the rebellion. Though In
several acts authorizing the issue of bonds at
long periods, payment Of the principal at ma
turity in coin is not specifically provided
Inc omission, was accidental. as there could
nave been no intention to make a distinction
between different classes of securities in this
respect. The Secretary recommends that an
doubt be removed by legislation.
The act OF June last authorizes the Secre-
tary to dispose of any bonds known as 500
remaining unsold. 1t is at least questionable
whether by the clause power is given or CON
ferred to dispose of an amount beyond that
fixed by existing laws. Additional taxation
may remove that doubt should Congtess deem
u advisable, otherwise they will be cancelled.
The Secretary says $500 000, 600 at least should
De realized from internal duties. 1t is for
Congress to select sources and devise modes in
which this most desirable result can be obtain
3D. He suggests whether the income tax
should not be collected from all without ex-
Aemptlon. In connection with the subject Of
Increasing taxation and the neeessity of pro-
vidlng additional revenue from ordinary sour
ces, the Secretary calls attention to our pub
nc domain, and more especially to that portion
OF 1T abounding in precious metals, which by
the policy OF the Government has been reserv-
ed to the nation. He hopes that Congress
may be able to devise some mode by Which
these lands May be made available in some
measure proportional to their yearly produc-
ton. He suggests board of officers as COM,
missioners OF the sinking fund, and whether
such income as may be received from the pub
lie domain from sales or in the shape of rents
or royalty may not be beneAcially appropri-
ated to some purpose, As to foreign loans he
says the possible benefit to be derived has not
seemed sufncient to counterbalance other and
opposing considerations. He does not believe
that patriotic people, struggling for national
existance, and possessed Of annie means
should compel him to adont q measure SO
fraught with injurious consequences as an is
sue OF paper money beyond the limits pre-
scribed, -
The question however is one for people 10
decide; they have pronounced for the con-
tinuance Of the war until its great objects
shall be accomplished, in unmistakable terms.
1t is Tor them further to determine whether
the necessary means shall be furnished by way
OF loan, and the circulation to be yestyained
within safe limits or whether they viii prefs,
to endure the evils of exorbitant M, 49, ,.,,.L
loss ofcredlti in the present. and a deht ~ of
needless magnitude entaied upon the fnture.-
Notes bearing an increased of interest nav
able 10 cnarenoy, redeemahle in three or Ave
years, ana convertible at maturity into 800
bonds would be preferable to any other form
OF security, The Secretary estimates receipts
Tor the fiscal year at 1916 OO0, 600, of which
$3OOOO0 900 are from internal revenue. and the
expenditures at s., 268, 256, Q0A: of which there
IS for War Department 1881 1852 ,191; for
Navy department 81 L, 219, 1855, for interest on
public debt 1927 00O, co. and the balance of for.
mer unexpended appropriations $3.50 500 900.
This latter amount Is likely to remain unex-
pended st the close of the year, reducing the
total to $Sl8, 256 600. Deducting these from
the estimated receipts and S422 1855 OO5 re-
main to be provided Tor by loans The debt
at the close of the fiscal year is estimated at
50, 645, 320, 1882. fgoF s. -