The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1865-12-27
sYnopsis Of the Treasurer,s Report.

|
may be found in the declaration of BIZ
belief that the authority OF Congress t.
make the obligations of the Govern
ment a legal tender resides out.ide O
the Constitution, and that the initiation
which has followed upon the necessary
exercise of that authority during The
war is preiudicial to both public and
private interests. While, therefore, be
does not advocate the repeal of the le.
gal tender acts, nor believe it possible
to reduce the volume of the currency
by violent measures, be is of the opin.
ion that those acts should be regarded
as only temporary, and that the work
of retiring the notes which have been
Issued under them should be commenc.
ed without delay and carefully and per.
sistenlly continued until. all ale with
drawn. The rapidity of the process
will depend upon the ability to dispose
of securities. The specific measures
recommended are as foliowsl
First, That Congress declare that
the compound interest notes shall cease
to be a legal tender from the day of
their maturity. These notes were in
tended to be security rather than a
circulating medium, aud such decla-
ration BY Congress would neither be
Injurious to the public nor an act of
bad faith tn the holders.
Second, That the Secretary be au-
thollZed in his discretion to sell the
bonds of the United States, bearing in.
terest It rate not exceeding six per
CT nt., and redeemable aud payable at
such periods az may be conducive to
the interests of the Government, for the
purpose OF retiring npt only compound
interest notts bat the United States
notes.
The amount which the Secretary esti.
mates as necessary to be retired in Or
der to bring the currency within proper
limits is from one hundred to two hun
dred millions, in addition to the COM
pound notes, the amount of which lat
ter on Ottober 81 was S273,Ol2,I4l,
all due in l867-8. The total paper cir.
cuation of the United States at that
date was s704,2ls, ,O38. TO which should
be added $3O,000,000, the estimated
amount OF compound interest notes ac-
tually in circulation. The total is like
ly to be still further increased by the
issue of notes to the National Banks
now daily going on, and destined to
continue till the limit If 100000, 900
authoriz d by law shall have been reach
I'd, rs il will be at no dis ant date. As
bh SlS5,000, 900 of National Bank
notes are included in the estimate OF
1894, ,o3s 30. If the rpcommenda-
ions OF the Secretary in regard to con-
Faction be fully carried out by retiring
5000, 10000 OF United States notes ana
he $80,000,oo0 of compound interest
notes actually in circulation, there will
'ull remain total circulation OF $Gi9,-
, S,O38.20, even supposing that no cx-
ention of the amount OF National Bank
1otes now authorized to be issued be
granted by Congress. 1t is, perhaps,
u view OF these or similar calculations
hat the Secretary adds to his suG ge3-
ions the remark that "neilher the
amount of reduction nor the time that
will be required to b:lrg up the curren-
~ to the specie standard can now be
animated with any degree of accuracy.
The first Ming TO be done is to establish
he policy Of contraction.
Ii. TIE PUBLIC DEBT. The Secre-
AIRY regards it as public urden the
work of removing which should moi
'e long postponed. lie sees no way of
loing that except by an increase Of the
rational income over the national ex-
The first step Is to fund
he obligations that are sooI to mature.
The next, provide for raising reve-
lues necessary to pay the interest on
he debt, and certain definite amount
tor the reduction of the prin-
;ipal. On the 3lst of October, since
which time no material change has ta-
ten place, the public debt amounted to
81, ,8o9, ,549, 1875; for the items OF
which total, readers may refer to the
'epoit itself, Receipts tor the fiscal
year ending June 80, 1865, were 81 $685.
'32, 2,539.24, of which 1854, 1868, ,499.H |
we're from loans applicable 10 expendi-
ures, and $e07,35l, ,24l6s from loans
applied to payment Of public dsbt, and |
sos, 9,464,2l5.25 from internal revenue.
Expenditures, Sl,s67, ,6s4, ,225.09, OF
which the War Department is charged |
With 81, l,o3l, 1923, ,36n.79, redemption OF
lebt as above stated; interest on public
lebt, $77,S97,712. Balance July lst,
865, S858, 8,309l5. To increase of pub
10 debt during the year, $94l, l,902,-
1904.
The receipts for the qua:tet ending
ptember 80, 1865, were $44o,22G,-
1927; expenses, 1878, ,o6S, ,264. s8;-
saving balance October lst, SCI, 1885,
1914. Estimated receipts for the re-
naining three quarters oil the year end
ng June 80, 1866, are:
ustoms ......... 100000, 10000 '-
andS. .............. .5OU, 10000 ....
Internal Revenue. 15,000,0 10000
liscellaneous ....3O,0 500, 100000
...... S37265S,5l5
Estimated expenditures for the same
eriod are $4s4,s5s,462.6 of which
be War Department (for payment of
roops and closing up existing balances)
'ants O7,fs6,75O.57, and interest on
he public debt, 800, 1913 S6s.75. Def
lency for the year, $il2,lO4,947.2s.
For the year ending June 80, 1867,
stimates are:
RECEIPTS.
ustoms. ......... 800 100000
,ternal Revenue. .975;000,0e0
and. -. ........!:!...l, 100000
80, 900 000-$396 900 900 90
EXPENDITURES.
lvil Service. -. .S42, ,l65, ,59y67
ensions Il Indians II ,6O964O23
lar Department. 80, OH, ,4lSls
avy Department. .43, ,9s24 750