Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1865-12-14
report of the Secretary offhe Trea-
a sury.

will be read with an interest perhaps unequal-
led since the DAYS of VIM. Duane Nicholas Bid
die. and the United States Bank. Seldom has
an executive document been looked for with
more anxiety, or the effect of its premature dis
covery been guarded more conscientiously.-
We subioin but a brief synopsis.
The Secretary discusses the three questions
the currency, the public debt, and the revenue.
lTyAfter very ably meeting the various object
ions to reduction Of the currency, he recon-.
mends: --s.ssasu.
First. That Congress declare that the COM
pound-interest notes shall cease to be legal
tender from the day of their maturity.
Second. That the Secretary be authorised, 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 pc
REDS as may be conducive to the interests OF
the Government, for the purpose. of retiring
not only appropriateness notes, but the Uni
ted States notes. f 10
In reference to the debt, the Secretary be-
lieves that, if kept at home, it need not be OPP
piessve, but that it is still national burden,
and the work Of removing it should not be long
postponed. to.
The Secretary sees no way of removing it
but by an increase of the national income over
the expenditures 1t should be our ambition
not to bcqueath it to our defendants.
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 def
mite annual amount for the payment of the
principal. Mr.. McCuiloch hopes that Con-
greSs will be decided and emphatic on this
point. 10 a
The debt on the S1st of October was 81, $685.
$40, 4S7 So; deducting moneysin the Treasury,
it was S2,740,S54, $50. He estimates it on
July /, 1866, at S000,0OO,000. The annual
interest, if funded at five-and-a-half per cent.
would be S165,000,000, but if funded at 5
per cent, it would be $50, 100000.
If $200,000,000 per annum should be ap-
piled to pay accruing interest aud to reduce
the principal funded at the higher rate of five
per cent, the debt would be paid in thirty-two
years, or at five-and-a-half per cent. in little
over twenty-eight years. -, .i,ea Is.
The Secretary believes that no act of Congress
would be more popular than one which should
provide for such an extinguishment of the
debt. r.ss,e..s
Upon the subject of internal revenue, the re-
port recommends: 0f er
First. That the collection of the internal
revenue taxes which accrued before the estab-
lshment of revenue offices in the States recent
ly in rebellion be indefinitely postponed.
Second. That all sales of property in those
States, under the direct tax law, be suspended
until the States shall have an opportunity of
assuming (as was done by the loyal States) the
payment of the tax assessed upon them.
Third. That all transactions in such States
which may be invalid by the nOn-use of stamps
be legalized as far as it in the power of Con-
gress to legalize them.
The Secretary regards the national banking
system as one of the great compensations of the
war, and gives some interesting statistics about
its operations.