The Norfolk post. [volume] (Norfolk, Va.) 1865-1866, 1865-12-09
following year ending June 30, 1867, al

following year ending June 30, 1867, a
1896, 900 900, the expenditures for til
same period at $2S4, 3l7 1.6S, leaving
surplus Of estimated receipts over esti
mated expenditures of Ill ,8S2 S1S. IL 70
the year ending June 80, 1867. The cor
rectness of these estimated for the yea
after next is not of vital Importance a
the present moment
! The Secretary deplores that the neces
sites Of the Department will enforce
the Issuing of more certificates of in
| debtedness. The Secretary also pleads
the Necessities of the Department that
he may "be authorized TO sell, in his
| discretion, bonds bearing interest at a
rate not exceeding six per cent, TO meet
| any deficiency for the present fiscal
year, to reduce the temporary loan by
such an amount as he may deem advis-
able, to pay the certificates of indebted
ness as they mature, and also to take up
any portion of the debt maturing prior
Ia 1863 that can he adyantageol,aly re-
| tired.n ~ tsh atA a'f
The Secretary proposes paymentof the
national debt by the appropriation of
$2OO, 600, 900 per annnm, in half yearly
ihstallments Of 100000, 900 each, in
payment Of the accruing interest aud In
reduction Of the principal, which should
be done without doubt when the surplus
Is on hand.
The estimate of our national wealth,
depending, as ID does, on the CONNER
cial prosperity of the country, and the
freedom given to its enterprise, is
theme beyond the scope of this article TO
discuss. '''t
The Secretary afiLms the justice of
leaving the national securities free from
tax, and says that to tax them would
not only be unconstituti0nal, buta breach
of the public faith"
The Secretary recommends an increase
of salaries for the officials in his depart
ment-not an "indiscrminate raising
of salaries, but that provision he made
for the payment of such salaries as may
he necessary 10 secure the permanent
services of the right men in the most
important positions i'm this department."
The sale Of coin is justified, and also
the violation of the act of February %,
1862, in so far as It pledged the surplus
gold towarda sinking fund for the re-
demption of the loans negotiated under
that law. The sales of gold up 10 No
vember are stated at 1927 1893 ZIG II and
the premium thereon at $l2 $40. i59 7f
making the receipts in greenbacks
$40, 1903 ,675.S7. .....r.e- -. : E.,e
A revision Of the Internal Revenue
law is recommended but "tllat it would
be inexpedient at once - make any.
radical and violent changes in the ma
ture and working of the present revenue
system, and that we should rather seek,
through experience and study, t. per-
feet the presentsystem by degrees, so as
gradually to adopt it 10 the industrial
habits and fiscal capacity of the people,
The paper circulation on October 81 Is
stated as S704, 2lS, OBS. 20, including S454,
lS,03S. 20 Of United States notes and
fractional currency, 1885,, 100000 of ma
tional bank notes, and $65, 10000 of
state banks. To this sum must be added
$32 ,536, 800 of five per cent, coupon legal
tenders, and $l73,012, l40 of compound
interest leg i tender, and $40, 600, 900 ma
tiOnal bank notes, making tia total pa
per money issues 1929, 1877 ,07s. NJ y.
World. 20 3Hf .tl