, 1864-12-10

SATURDAY DECEMBER 10, 1884.
ANNUAL REPORT OF THE SEC
RETARY OF THE
TREASURY.
Review of the Financial
Measures Since the
Breaking Out
Of the Re-
bellion.
EXPENSES FOR THE YEAR End
lNG JUNE 80, 1864,
s8G5,233. ~"- &c. c
PLEA FOR THE NATIONAL BANKS.
Modification Of the Internal Rey.
:. enue Bill Recommended.
PLEA FOR THE NATIONAL BANKS.


pert on the state Of the finances, in obedience
to the requirements OF Law, the Secretary Of
the Treasury feels that while there Ia no oc-
casion to dlstrust the ability Of the people Of
the United States to bear the great and In
creastng burdens imposed upon them By the
existence. in which they are engaged, there
Is nevertheless much In t..e financial condi-
tfon Of the Government w1i.ch requires care
full and anxious consideration.
Among the serious duties dcEnlred upon
him, the Secretary recognizes fulland c1ear
portance, In order that the wisdom Of Con-
g7ess may provide remedy for existing orils
md guard against the recurrence Of similar
evils in the future. The Secretaty's assump-
tion OF Office was 30 nearly coincidcnt with
the commencement Of the present fiscal year
that he would be naturally inpellcd to begin
BY stating the exact condition Of the Treasury
upon that day. Beforc proceeding to do 20,
however, brief view Of the financial meas
ures adopted since the outbreak Of the rebel
lion, and Of their ope.ation and effect, may
future.
THE Secretary then sums up the financial
history Of the war prior to his entrance upon
the duties of Ills othce, stating in substance
that until the 4th Of March, 1861, we were SO
unaccustomed to national debt that had We
heavy a war, we might havo shrunk from en-
tering upon it. In his first report, July 4th,
1861, his predecessor estimated the expenses
Of the fiscal year lending June 30th, 1862, at
$S18, ,519, ,561.87. To meet this Congress by
act Of July H.. 1861. authorized a loan Of
direct tax Of s20,0oo, 600 and Of per cent on
incomes over $780, The estimate, however,
was inadequatc, aud on December Q, 1861, he
asked Congress for $at3. .004 437. .6e.. The In-
ternAl Revenue Law and other cxpedfents
were passed, but on the 4th Of December,
ss76 OIL, SIT. GO i while the estimated amount
OF expenditures orcr receipts from ordinary
! sources for the succeeding year was $G22 1885,
1865. To provide for the aggregate Of these
amounts, Congress, BY An actapproved March
5, 1868, authorized loan Of 500 000, 900 for
the then current and q $500 900 ,ooo for the
then next fiscal year. By the several gets Of
| Congress referred to, Government paper as a
substitute for coin under the respective de-
signations Of United States notes and Trea-
snrJ notes might be issued to the amount Of
eight hundred aud tlftE millions Of dollars.
mo reference Is above made to the certifl.
cafes of Indebtedness, fractional currency, 30
day deposits, and other temporary cxpedients
which did not increase the debt.
The object Of the Secretary in calling attention
to these various acts Of Congress in connection
II" 1t II Tbe utter lmposslbiiity, in times lie the
present Of aseertain1ng with any degree Of Ger
talnty prospective demands upon the Treasury.
ID The difficulty Of fixing upon any policy not
subject To the contingencies OF the hour.
a table te appended to this report showing the
referred to, to the beginning Of the present seat
year. from which II appears that By the laws IN
force on that day the Secretary had authority to
borrow on the credit Of the United states the
| a1nounts following, viz:
1st. Under the act Of March 3, 1868, 80 much Of
s75 600 advertised previously to june 30 1861,
| - had not been awarded to bidders.
| I'd. Under the act OF March q, 1854, 20 much as
had not been subscribed for and paid into the
! 1rcasnafr, viz, S1S7, ,5e1
Sd. Under the sct Of June 90 1861, 800 600 600.
| 9TH. Amount Of Treasury notes issned under
former acts, which had been redeemed and c1ncel-
ed, and which the Secretary Was authorized 70 To-
place By notes Issued under the act Of Juue 80 1854
$f2 191.400
Total available resources under laws authorizing
loans, $6aa, Isl ,6a5.
To this may be added the actual balance in the
Treasury. July l, 1854, f1S, 81, ,t6S.71.
Total. $Ga1, ,i27.s1371.
statement Of the receipts and expenditures,
estimated and actuil. for the year ending June 30
1863, will show how this balance in the Treasury
ie obtained, and the Increase Of the public debt
during The year, viz: