The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1865-12-13
REPORT OF THE SECRETARY OF THE
TRTASTTRV

terest perhaps unequalled since the
days of William Duane, Nicholas
Blddle, and the United States Bank.
Seldom has an executive document
been looked for with more anxiety.
We subjoin but brief synopsis, de-
ferring a more ample abstract:
The Secretary discusses the three
questions of the currency, the public
debt and the revenue He goes into
a full exposition of the objections to
United States notes as a permanent
currency, the chief of which he
states to be the fact that the Govern
ment of the United States is one of
limited and defined powers, and that
the authority to issue notes as money
is neither expressly given to Congress
by the Constitution, nor fairly to be
inferred except as a measure of ne
cesslty in great national emergency.
He holds it to be the secrowning glory
of the Constitution that this great
war has been waged and closed with
out the power of the Government
being enlarged or its relations to the
States being changed
The Secretary, after very ably
meeting the various objections to q
reduction of the currency, recon-
mends:
First. That Congress declare that
the compound interest notes shall
cease to be legal tender from the
day of their maturity
Second. That the Secretary be au-
thorized, in his discretion, to sell
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 interest notes, but the
United States notes.
In reference to the debt, the Sec
retary believes that, if kept at home,
1t need not be oppressive, but that it
is still a national burden, and the
work of removing it should not be
long postponed.
The Secretary sees no way Of re-
moving it but by an increase of the
national income over the expendi-
lures. 1t should be our ambition
not to bequeath it to our descend
ants
The first step should be to fund
the maturing obligations. The next
should be to provide for raising, in
the least odious manner, the revenue
necessary to pay the interest and
certain definite annual amount for
the payment of the principal. Mr..
McCulloch hopes that Congress will
be decided and emphatic on this
point
The debt on the 31st of October
was 81, ,S0S, $40, 1855; deductine
moneys in the Treasury it was So, 74O.
o54, 100. He estimates it on July 1,
1866, at So, 100000, 900. The annual
interest, if funded at five and ahalf
per cent, would be $165, 900, 900, but
If funded at five per cent, it would
be $3.50, 100000.
If 5000, ,0OO,O0 per annum should
be applied to pay accruing interest,
and to reduce the principal funded at
the higher rate of five per cent, .he
debt would be paid in thirtytwo
years, OF at five and a-half per cent.
IN little over twenty eight years.
The Secretary believes that no Act
" NoiiSoA Coo NOttli NC more popular
than one which should provide for
such an extinguishment of the debt.
Upon the subject of internal reve
nue., the report recommends:
tirst. That the collection of the
internal Revenue Taxes, which ac-
crued before the establishment of
revenue Offices in the StateA recently
IN rebellion, be indefinitely post
Second: That all sales of property
IN those States under the Direct Tax
Law, be suspended until the States
snail have an opportunity of assum
ing las was done by the loyal States)
the payment Of the tax assessed upon
| them.