The Weekly Perrysburg journal. [volume] (Perrysburg, O. [Ohio]) 1861-1???, 1865-12-15
DEPARTMENT REPORTS.


atthe helm Of the American Republic.
DEPARTMENT REPORTS.
r Below wo give synopsos Of the Treasury
War, Navy aud PoBtonice Reports, to tn,
exclusion of our usual variety of new,
matter. Their Importance is our apology
They will be read with interest:
The Treasury RcpOrt.
OF the report of the Secretary of the
Treasury we present a RJ nopsis of the most
important statements of TACT aud of opinion
including the three topics Of Currency, Pub.
lie Debt, and Revenue, aud pursuing the
order in which they are treated by Mr..
McCuloch. t..
I. Tie Cmrency,---The key to tho policy
which the Secretary advocates may be
found in the declaration OF his belief that
che authority of Congress to make the oblj.
cations OF the Government legal tender
resides outside OF the Constitution, aud that
tho ipllatiou which has followed upon the
necessary exercise of that authority during
the war is prejudicial TO both public aud
private interests. While, therefore, he docs
Npt advocate the repeal of tue legal tcnder
acts, nor believe it possible to reduce the
volume OF sho currency by Yiolent measures,
he il OF opinion that those acts should be
regarded as only temporary, and that tho
work of retiring the notes which havo been
lseued under them should bo commenced
without delay and carefully and plrsistontly
continued until all arc withdrawn. The
rapidity Of the process will depend upon
tue ability 10 dispose of securities. The
n lpI nrn no f,l
lows; .u mt
FrSt: That Congress declare that the
compound interest notcs shall cease to be o
uegEl fender from the day of their maturity
THESE nates were intended 10 he n security
rather than 4 circulating medium, and such
dedaration by Congress- wduld be neither
in0Nrious to the public nor an act OF bad
faith to the holders.
Second; That the Secretary he authorized
IN his discretion to sell bonds Of the United
States, bearing interest ut a rate not exceed.
ing ak per cent, and redcemahle and pay,l-
bile st Suol, periods as may be conducive
To alse iutercsts oltthc Government, for tho
IsarposdGl re tiring not only compound in
lerest notes but the United States notes.
The amount which the Secretary cs,i-
mates as necessary to be retired in order 20
bring the currency within proper limits is
from one hundred to two hundred millions,
inndditipnto the compound notcS, hc amount
of which latter, October 81 was 81 10 0l2, ,l4l,
all due in 1867 and 1868, rhc total paper
circulation of the United States at that date
was SI04,2lS, ,03S, to.which should bs added
S30,000,000, the estimated AMOUNT of com
pound interest notes actually in circulation.
The total is likely to be siill further increased
NY the issue OF notes to tho National banks
HOW duly going OF, and destined to continue
sH tlIU limit Of 1900, 600, 900 authorized 10y
law shall have been reached, ~ il will be
at no distant date. As but SlS5, 050, 900
Ol National Bank notes are Included III tbs
estimate Of S73l ais, ,03S 20 there remain
Sil5,O00,0O0 TO be added, aul the aggregate
amount of circulation will then be SSl9,.
2ls,03S 20 Ii the recommendations Of he
Secretary in regard 10 contraction be fully
carried out by retiring S200000 900 OF
Wuited States notes and the $4,000 900 OF
compound interest notes actually in circu-
htion, there will still rcmiin total circula.
tion of Sil9,2l 49, ,03s 20, evtn supposius that
NO extension of the amount OF National
Rank notes now authoriz ID To be ssuel be
granted ty Congress. II is, perhaps, ia
view of these or similar calculations that
tho 5 Secretary adds to hls suS sesto ,s the
remark that "deither the amount of reduo
tion nor the tim, that viii bo required Ia
bring up the curacy to the specie stand
ard can now be estimnted with any dogrec
Of accuracy. I've first MiHJ % b. done
is 10 ssidiiish p1licV 0fRa coa'rdetioa"
IL. The PWbiic De5t-Tho Secretary fe
CARDS il as public burden, the work OF N,
moving Which should not be long poStpon "a
lie sees no way Of doug that except by al
Increase Of the national Income beyond Tia,
national expenditures. The FIRST Step is Il
fund the obligations that are soon 20 mature
The next, TO provide for raising revenue,
necessary TO pay the interest on the debt
aud certain definite amount annually fol
the reduction OF the principal, On the 3ls
0ct since which time 40 material chang,
has taken place, the public debt amounted
10 S2,80s, $40 437 55 for the items of whio'
total readers may refer TO the report itself
Receipts Tor the fiscal year ondiug jane 3C
1868, were 81 ,s9S, ,532, ,533 -, of which SS6i
S6S,4 II We're from ioius applicable 1
expenditures, aud S607, ,3Gl ,2ll GS from loan
applied to payment Of pubic debt aud 5000
64,2l5 20 from internal revenue. Expeudi
lures were Sl,s97, ,67I,22i 90, of which tn
War Department is charged with 81 .03l
323, 800 70 redemption of debt as abov
slated interest on pnlilc debt, ST., 7,3gT,Tl.
B daDoe July L. 1868, SS5s.30g Is, luta
crease OF public debt during the yeol
S9ll ,9O2.537 0I.
~ The receipts for the quarter ending Sept
80, 1865, We're Si40. 22G,7f0 as expenses
S3T3,06S,25i 50 leaving balance Oct
SSIl5sbl5 "a, Estimated receipts Tor II
remaining ihreequaters OF las year eneh
Ipne 80. 1866. are;
dNnca. ......,. .. -. SJI I5S5i5
Customs .sl00, 900 600 90 .at
Lands -, ......,, 50O0000 90
Internal Revenue, lT5OOOO00 90
Miscellaneous ..,.. so O0o, 900 90 sos, 500, 900
tHedt eafa ssi9sSs,SlS
Estimstod expenditure for the same peri,
are Si6f, ,e53.462 Ga, Of which the War d
partsnent tlor payment OF troops aud clio
ing ap existing balanceS) wants S3OT 7sl
ESQ 81 end lhteTest on the Public iIel
S96,8l3.s6s ia Deficiency for the We.
SIP, ,t9l9tT 90
For the year ending Jaue 20, 1861, es