Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1865-12-05
REPORT OF THE SECRETARY OF
THE TREAsURY

P'''ou uooumeht was, IN nccoruance with
Jaw, dehVered TO the Speaker oil tho House
OF representatives to-day, with tho other
puohe documents
From an inspection OF it, we are prepared
70 say that II Is one oi the most important
state papers which has been produced In
our national history, making its appearance,
as IL does At the most critical period Of our
nnanoial progress The gravity OF the stu
atom the immense consequences dependent
upon proper or improper administration Of
the hnances oil the countryi the tremendous
responsibility deVoiving upon a hscal minister
AZ the present tme-all appear to be fully
reahHed oy the secretaryi and we have, as q
result oaim' o"reiuiy aigestod and digni-
neu report honorable ahke 10 him and to
Tue country.
ine Pu'''o ueo', the currency, and the
revenue are .ne princ'pai topics discussed,
a"u "nii0 NJ epeoiai no'o, views are pre-
I y, uu' n"a"V"' .neof'oS au-
'ancou' these suoJeots are handied In thor
ough manner evincing patient research and
conscientious presentation.
kANrntQTv NOmhQtQ Ia
- o
'o'o0 '"0 ,isn' Vi "onB''S', in time ot peace,
TO issue obhgations Tor circulating medium
as money, and to make these obligations n
legal tender; and, Notwithstanding their con.
vsniencs In soma resnscts r.oonm.na. a..
-, = 49,, '."'
'ne WIZ Vi io'"'"B 'ho ieBai-tehaer hotes
shouid Do commenced without delay, and
carefully continued until all are retired.
Gold and silver beinp the onIv nroner mans.
mr.. of vaIr. Tho ooss.,ion os ,ha;-
~, AZ. .rN.,.-.," 'no' u'0 40
currency anu tue suos''tuuon ior tnem oil
irredeemable paper money, have contributed
in no small degree to the present imitation in
prices, and CONSEQUENT danger of financial
Tbosa ros;t;ors ava o,o.,I,, -,
-, - t ".' Ii's V"'
torceu' anu Sucoinct vie" presented Oh the
causes Of the crisis of 1887 and 1857, which
were attributable to q condition, financially
speakinv similar to that now s,;stin, soms
.f a.. o,. .L,..,i.
=, 'u' POpui~t oO''''iOns 70 ieuu''i0n Oh
the currency are answered with clearnoss and
precision. In view Of tho fact that the longer
contraction is deferred the greater will be
the difficulty of preventing a financial col. |
lapse, the Secretary recommends that Con.
gress declare that the compoupd interest
notes shall cease to be a legal tender from
the date of their maturity, and that Coppress
authorize him. in his discretion. to sell Uni.
ted States bonds bearing m interest not ar.
ceedinp si1 Der cent. redeemable and nava.
BILE at such periods as NAV be condpcivs IN
the public interest for the pnrnose of ro.
tirin1 not only comnound interest not.s
but the United States notes. or nIsin IegaI'
The National Debt /, considered os renre.
,entinp n portion of the Accumulated wealth
of the country. and though A debt to The
nation, il /, capital to the citizens, WbiIe
more than two thousand millions of dollars
have been loaned by the people IN the Gov,
erpment. no branch of useful industry has
,ufIered from the Investment Notwitbs;onJ.
ror four wears by the C3overnmont freely and
IoyaIly sustained by the people of the north.
,rn States still the larger nortion of the
country has, since 1860, progressed both in
ysaIth and population. The nubIic debit
,owsv.r ia Waved as n burdsp mon tbs
esources of the country, as anti.repnblican
n lis tendency and ms adding to tbs nower
n tha Fyacutiya in ipcrsosino c.6araI not
onags, and n ia commanded that the wor[ of
emoying IL sbould not be long nostnonsd
Az m The manner in which the debt sbaIj he
aid The S,cretarv secs No WV of accom-
,Ii.binv II but bv an ipcrease of the national
ncoms bsvond the national exnenditurs In
, matter Of so great Importance az this, az.
periments are out of place. The piain
beaten path of experience is the only safe
one to tread. The first step is to fund the
obligations of the Government, which are
soon to mature. and the second to provide
for raising revenue necessary to nav the in.
terest ON the debt, and certain amount an.
nually for the reduction of the principal
On the 3lst of October last, the public debt.
funds in the Treasury, amounted
to a. sos. $40, ,437.55
The receipts for the fiscal year. Including
balance in treasury July l, 1854, amounted
to 81, ,89S, ,532, 533. "a, and the expenditures
for the same period were 81, ,S97, ga, 224 90:
leaving a balance in the Treasury july l.
1865. of 1855. .3O9.l5. The inorease of IN.
public debt for the year was $94l, ,9O2. 537. O4.
The receipts for the quarter ending Septem-
Der 80, 1865, including balance in Treasury
july /, 1855. are SAC, ,226. .77O 27: the ex.
1878, ,O68, ,254. SO, leaving a balance
October |, 1855, Of SB7, 1855 a. Inclu.
sive of this balance the Secretary estimates
the receipts for the remaining three ouar-
tsrs of the fiscal year at $S72, 658, SIS, "a
and the expenditures for the same period at
S484, $50, ,462. o., leaving q deficiency of
tll2, ,lO4,9 ,947.20. The estimated receipts for
the fiscal year ending June 80 1867 ara
$500, 900, 900, and the expenditures, accord
ing to estimates, will be 1924, ,3l7, 1875,
eayinp n surnlus of Slll $40 91S 10