Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1865-12-20


80, 1868, were 440, 226, 40 81; expenses,
1878, ,06S, ,254 SO; leaving balance Oct l,
$67, l5S, SIS Al. Estimated receipts for the
remaining three quarters OF the year ending
June 80, 1866, are.
Balance $67, l5S,515 A
Customs $1OO,OO0oO0 90
Lands 50O,OOO0O
Int Rev., 175,0O0,000 90
Miscellaneous 30, 600, 900 90 -305, 500, 900 90
1872, ,65s, SIS A
Estimated expenditures for the same per-
iod are $4S4, $50, ,462 ga, of which the War
Department (for payment of troops and clos
ing up existing balanceS) wants 1907 1885,
$50 81, and Interest on the Public Debt,
$50, ,Sl3, 1868, rs Deficiency for the year,
S1l2, l94, 947 20.
For the year ending June 80, 1867, esti
mates are
RECEIPTS.
Customs SlOO,000,G0 90
Int Rev., 275,00O 600 90
Lands 10000 90
Miscellaneous 20, 600, 900 90 1896, 900, 900 90
EXPENDITURES.
Civil Service S42I65, ,599 67
PENS and Ind's l7,509,640 %
War Department 39.0l74l6 IS
Navy Dept 43,9S2,457 80
Int on Pub Dept 141 ,542 O6S 50--284.3l7, ,1S1 IS
Estimated surplus of receipts Sill .6S2.oiS IL
The past due debt on the 3lst October,
beside the compound interest, the United
States and the fractional notes. amounted to
81 ,373, 920, 09 ); debt due in 1865 and 1866
to $lS7, ,549, ,646 40; debt due In 1867 and
1868 to SS4S, 323, 59l SO. Of the latter
| item, $3.50, 900 consist of $40 notes.
As they are convertible into bonds only at
the pleasure of holders, the Secretary de-
L., yUhp
| ever it can be advantageorsly done, in adj
vance to their maturity. To meet deficiency
| for the present fiscal year he desires authorl-
| ty to sell, in his discretion, bonds of SINH
| lar character, to reduce the temporary loan,
| to pay maturing certificates ofindebtedneSS,
and also to take up any portion OF the debt
| maturing prior to 1869 that can be advan-
tageously retired. lit is not probable,
remarks the Secretary, that it will be advlsa-
| bic, even if 1T could be done without pressing
them upon market, to sell much larger
amount of bonds within the present or the
.sext fiscal year than will be necessary to meet
any deficiency of the Treasury, to Fay the
past due and maturing obligations OF the
Government, and part OF the temporary
loan, and to retire an amount of the. COM
pound interest notes and United States
notes sufficient to bring back the business
Of the country to a healthier condition.
But no harm can result from investing the
Secretary with authority to dispose of bonds
ifthe condition of the market willjustity 1t,
in order to anticipate the payment OF those
| obligations that must soon be provided Tor.
The total debt on the lst of July, 1866
is estimated at $4,000, 900, 900. The Sec
retary believes the whole may eventually be
funded at rate of interest from D to %
per cent, and he suggests the application OF
$500, 900, 900 per annum to the payment o.
principal and interest together, by which
the whole would be extingulshed IN iron
% to 81! years.
LII. Internal Rereaue. The Secretary
recommends frequent and careful revision o.
the system of taxation, with view to Its
becoming always more simple and produc
tive For specific recommendation ht
awaits the report of the special commission
expected early in the present session. Ii
reference to the Southern States, the Sec
retary recommends that the collection o
taxes accruing before the establishment
therein of revenue offices be indehnltel.
postponed that sales of property for direc
taxes be postponed till the States have al
opportunity of assuming those taxes, as tn
loyal States did; and that all transactions IN
valid for want of stamps be legalized SO ia
as lies in the power OF Congress. For
great variety of statements and suggestion
on other points the report itself may be con
suited.