The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1865-12-21
VOL.12:
The Treasury Report.

PO1S VI tu0 C0CIetaTy OI ShO 1FeOufy,
embracing ito most important statements
Of fact and Of epinioa, iacluding tho
three topics Of Currency, Public Debt,
and Revenue, and pursuing the order in
which they are treated By NJ. MsCul.
loch: ........ .....''
TaE CuRRENcr.-Ths key to the pol
10y which the Secretary advosatss may
b found in the declaration Of his belief
that the authority Of Congress to make
the obligations Of the Government legal
tender resides outside of the Constitu.
tion, aud that the Imitation which hss
followed upon the necessary exercise Of
that authority during the var i prsjudi-
easl - bosA Pa6ne end prtvats interests.
WAils, therefore, he docs nos sdvossss
The repeal Of tho legal tender acts, nor
believe il possible to reduce the volume
Of the currency by violent measures, he
is Of opinion that those acts should DO
regarded as only temporary, and that the
work Of retiring the notes which have
been issued under them should Be com.
menced without delay sod carefully aud
persistently continued until all are with.
drawn. The rapidity of the process will
depend upon the ability to dispose Of
securities. The specific measures rs.
commended are as follows.
First-That Congress declares that the
compound interest notes shall cease to be
a legal tender from the day of their ma
turity. These notes were intended to
DO . security rather than . circulating
medium, and such declaration by Con
grcss would be neither injurious to the
public nor IN act of bad faith to tho
holders.
Second-Tbat tho Secretary be author.
lied in his discretion to sell bonds Of the
United States, bearing interest at a rate
not exceeding six per cent, and redeem.
able and payable at such periods as may
be conducive to the interests Of the Gov.
srnment, for tho purpose Of retiring not
only compound interest notes but the
United States notes. a&a !,
The amount which the Secretary esti.
mates Is necessary TO be retired in order
to bring the currency within proper
limits is from one hundred to two hund.
red millions, 10 addition to the compound
notes, tho amount Of which latter, Oct.
81, was s173,082, l4l, all due in 1867
aud 1868. The total paper circulation
Of tho United States at thst date was
37O4. .2lS O36: tn which shnuld he aAdeh
$50, 600, 600, the estimated amount OF
compound interest notes a.sually in cir
culation. Tho total is likely to be still
further increased by tho issue Of notes to
the National banks now daily going on,
and destined to continue till the limit Of
$500, 100000 authorized BY law shall
have been reached, ss it will bc st no
distant date. As but 1856, 900, 1000 of
National Bank notes are included in the
estimate Of S734,2lS, ,03S, there remain
Sll5, 900, 900 to be added, and the az
gregatc amount of circulation will then
be $S49,2l8, ,O3S. If the recommenda.
tions Of the Secretary 10 regard to con-
traction be fully carried out by retiring
5000. .0O0, 900 Of United States notes and
tho S30,O0O,0OO Of com pound interest
ootes actually in circulation, there will
still remain . total circulation Of $685..
21S,O3S, even supposing that 20 exten-
sion of the amount of Nationol bank notes
now authorized to BE- issued be granted
by Congress. It is, perhaps, in view of
these or similar calculations that the
Secretary adds to his suggestions tho
remark that "neither the amount of re-
duction nor the time that will be requir.
ed to bring up tho currency to the specie
standard can now be estimated with any
degree Of accuracy. The first thing to
be done is to establish the policy Of con-
traction"
THE PUBLIC DEBr.-The Secretary
regards it IS . public burden, the work
Of removing which should not Be long
postponed Hs sees no way Of doing
that except BY decrease Of the nation.
81 expenditures. The first step 10 TO
fund the obligations that are soon to
mature. The next, TO provide for rails.
ing revenues necessary to pay the inter
est on the debt, and ! certain definite
amount annually for tho reduction Of the
principal. On the 3lst October, since
which time no material change has taken
place, the public debt amounted to $2,-
808, ,549, 437. SIS. Receipts for the fiscal
year ending June 80, 1865, were ST.
89S, ,522, ,533.24, Of which $50, ,863, ,499..
II were from loans applicable to expen-
ditures, and $607, ,36l, ,241 6S from loans
applied to payment Of public debt, and
S2O9, ,464, ,2l5 IS from internal revenue.
Expenditures we're S1,S07 ,674, ,224 %,
Of which the War Department il charged
Wit s1,0sl, 1873, 800 10; redemption Of
debt As above stated; interest on public
debt, s77,297,712. Balance July |, 1865,
sS58, ,3O9 Is. Total increase Of public
debt during tho year, $941, ,9O2, ,537 .O4.
The receipts for the quarter ending
Sept. 80, 1865. were SAC, 229,77O.27; ;
expenses, s373, LOGS, ,254.s3; leaving .
balance Oct. l, s67,15s,5l5.44. Esti-
mated receipts for the remaining three
quarters Of the year ending jane 80,
1866, are:
Balance $67,l5s,5l5.A
Customs $l00000,0oo 90
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