Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1865-12-14
Annual Reports Of the Heads
of Departments.
1ntere sting Abstracts.
THE TREASURY REPORT.

THE TREASURY REPORT.
The report Of the Secretary of the Treas
ury we print in full elsewhere; in this col
umn we present a synopsis of its most i'm
portant statements of fact an Of opinion,
including the three topics of Currency, Pub
lie Debt, aud Revenue, and pursuing the or
der in which they are treated by Mr.. Nc
Culloch.
I. The CWrency The key to the policy
which the Secretary advocates may be found
10 the declaration of his belief that the au-
thority of Congress to make the obligations
Of the Government a legal tender resides
outside of the Constitution, and that the in
Hatation which has followed upon the neces-
ssry exercise ofthat authority during the war
is prejudcial to both public aud private in
terests. While, therefore, he does not ad
vocate the repeal of the legal tender acts,
nor believe it possible to reduce the volume
ofths currency by violent measures, he is of
opinion that those acts should be regaid ded
as only temporary, and that the work of re-
firing the notes which have been issued un-
der them should be commenced without de.
lay and carefully and persistently continued
until all are withdrawn. The rapidity of
the process will depend upon the ability to
dispose Of securities The specific measures
recommended are as follows:
First: That Congress declare that the
compound interest notes shall cease ta- be q
legal tender from the day Of their maturity.
These notes were intended to be a security
rather than circulating medium, and such
declaration by Congress would be neither
injurious to the public nor an act fbad faith
10 the holders.
Second: That the Secretary be authorized
10 his discretion to sell all the bonds of the
United States, bearing interest at rate not
exceeding six per cent, and redeemable and
payable at such periods as may be conducive
to the interests Of the Government, for the
purpose of retiring not only compound inter-
est notes but the United States notes.
The amount which the Secretary esti-
mates as necessary to be retired in order to
bring the currency within proper limits is from
one hundred to two hundred millions, in addi-
ton to the compound notes, the amounts
of which latter, Oct. 81, was $l73, 0l2, l4l, 4,
all due in 1867 and 1868. The total paper
circulation of the United States at that date
was $704.2lS, ,03S, to which should be added
$50, 600, 900, the estimated amount OF COM
pound interest notes actually in circulation.
The total is likely to be still further ncreas-
ed by the issue Of notes to the National
banks now daily going on, and destined to
continue till the limit of $500, 900 au-
thorized by law shall have been reached,
as it will be at no distant date. As but
$ls5, 900 900 of National Bank notes are in
cluded in the estimate of $734, ,2lS, 03S 20,
there remain $il5,00O,000 to be added, and
the aggregate amount Of circulation will
then be $S49, 03S 20. If the recon.
mendations of the Secretary in regard to
contraction be fully carried out by retiring
$500, 000.0 of United States notes and
the $50, ,000,0 900 Of compound interest notes
actually in circulation, there will still remain
total circulation Of $6l0, ,2lS,03S 20, even
supposing that no extension of tho amount
of National Bank notes now authorized to
be issued be granted by Congress. 1t is,
perhaps, in view of these or similar calcua-
tons that the Secretary adds to his sugges-
tions the remark that "neithcr the amount
Of reduction nor the time that will be re-
quired to bring up the currency to tho specie
standard can now b, estimated with any
degree of uccuracy. The first Mihg to be
done Is 10 establish he policy Of contraction.
d. Ill. The Public Debt The Secretary re.
moving which should not be long postponed
He sees no way Of doing that except by an
increase of the national income beyond the
national expenditures Tho first step is to
fund the obligations that are soon to mature
The next, to provide for raising revenues
necessary 10 pay the interest on the debt,
and a certain definite amount annually for
the reduction of the principal. On the
3ist Oct, since which time no material
change has taken place. tho public debt
amounted to $2 sos, 549,437 65 for the
items of which total renders may refer to
the report itself Receipts for tho fiscal
year ending June 30, 1865 were 81 sos, 532, =
633 "a, Of which $s64, S63, 400 II were from
loans applicable to expenditures, and $607,-
'36l, ,24i 6s from loans applied to payment
OF public debt, and 5000, ,464, 2l5 25 from
internal revenue. Expenditures 81 ,S07,-
674, 224 90, Of which the War Department
is charged with 81 ,03l, 323, 800 10; redelnp.
tion of debt as above stated; interest on pub
lic debt. $77, 307,7l2. Balance July l.,
1865, 1858, 309 Is To increase OF public
debt during the year, $9ll ,902, ,538 o.
The receipts for the quarter ending Sept.
so, 1865, were $40, ,226,T70 81; expenses,
'$37306s, ,264 SO leaving balance Oct. |,
46T, 1885 A. Estimated receipts for the
remaining three quarters of the year ending
June 80. 1866, are:
balance I5qbI5 a.
Gusioms ''''''.,'''' 'slOO,nn000 90
Lands ,,,,.,..'.t..'.....,...5 $40 100 ~
Internal Revenue. .,.,... I75 OO00OO %
Miscellaneous 3OOOOOOO OO30J 1000 on
u. sI'aoss,SlS ~
Estimated expenditures for the same
period are $4S4, 462 81, Of which the
War Department lfor payment of troops and
closing up existing balances) wants 1907.
7sS. 1s0 81, and Interest on tho Public Debt,
e96,sls.sss 10 Deficiency for the year,
4Ii2l94, 94T 20.
For the year ending June 80, 1867, osti.
mater are:
RgcKrrs-
Casfoms ;'.'s'sssSlfDNpOtAD %
Internal Revunue. .. 275 WndOl DO
Lands .....s..st u U0OOD w
Mlseeliune0us .2OOO00UO O0Slb3 000 600 0O
RxrHSDfTrGEs
Civil Service. .3i2.l035D0 07
Pensions and Iniians. :, II 00O6i0 -
War Departme'n .t..''. - olltm Us