Washington telegraph., 1865-01-18
TREAgURY REPORT.

tion cf tic Treasury up to Oct. lst
! 1854. T'hs receipts fuI the two quar-
ters cndiag at the last date amount Il
Is4I5,I9l $50 39. The expenditures for
the same period, Including payments oI
principal and interest ON the public
debt amount to s614, 4,93S,S32 70. Tie
balance on hand, april TT, 1864, vas
| 83o8, ,282,T22 l9. Adding This to re-
ceipts and dcduoting expenditures or
above leaves balance Oh hand at tie
last date " slOe, ,435,439 SIS, consisting
of Treasury notes and specie, 522, ,O53,-
200 6l; old issue Ito bo cancelled)
8G,362, ,238 on The expenses Of the
Government, civil and military, from
January 1T To July 1st, 1855, arc esti-
mated At sl38,G39,3I5 T3. There re-
mains nnexpcndod from private appro-
prizticns ~ be devoted 10 this purpose,
TIC sum " 5lJT,4I6, ,506- The aggro-
gate amount IF liz public debt g de-
rived from the books Of the Register On
the LIST Oct last, 10 set down at eleven
hundred and fOrty-scvsn millions, rine
hundred and seventy thousand, two
hundred and eight dollars, 1,14T,eT0,- Ii
2o8 o0J The Secretary, however,
gees into the consideration Of the results
NJ the taxation and funding of the Old
issues, which r. not yet appear % the
books Of tie Register, in order to ez-
hibit the state OF the public debt
with more precision. He makes out
\ from this tie total dybt Oh the lst Of
Oct, 1854, to " something over eleven
hundred and twenty-six millions, and
that in the ak months preceding the
debt lad only increased ninety-sevcn
millions. six hundred and fFty thousand
seven hundred and eighty dellaTe. &c
adds;
"TAis addition 70 our indebtedness i
IsmalIsr than might have been appre-
hended, yet u greater than If Ito car
rency had risen In value, and thereby
Y the expenditures had been redgced ard
tho large amount Of taxes paid lad con
tributod exclusively To tic relief " Tie
Treasury. The foreign debt, consisting
of single item, is omitted tie whole
amount being under sG2. 100000 II ade-
qua.lly provided for by the cotton own
/ ed Nv fhc Government, even at siz-
pence Per pound The quantity beiog
about 10000 bales.
He considers TIP measures developed
hy the last Congress- to Improve ths
currency as failuros-nrges tho impor-
tanco Of efficient action TO sustain il.
and accompanied with much argument
aad Illustration in detail, recomr ends
the following measure:
It Ia IA act pledging Tie faith Of tha
Issue of treasury notea beyond the
amount sutharized BY the act of ITth
of F'ehrusry, 1854 eEemPtiug the notes
from taxation providing for tho appli-
cation of tweaty per cent. Of tho taxes
annually to Lhs reduction Nj that amount
until peace - declared or Inc ontstan-
dirn sum bc reduced 70 $3.50, 600, 900 1;
4 continuing ths taz il kind after the war
and npproPriating An aGcerfaiQod pro-
lr5rti0a thereof annually TO tho redemp-
iicn OK payment ef the circulsti0n. until
I the whole shall t. retired.
Z propose that the redemption shall
Z be made from tie tithes IF cotton, wheat
and corn, at prices fzed BIZ tie sct,
namely: eatton at fifty cents Dor
| nouad, wheat a. four dollars per bush
n, and corn at two dollars rrr bushel /.
that the notes 70 received after the war.
Iron al persons liable TO the tax ia
kind, IN c0nnutation Of their tithea !;
AID that the Secretary of the Treasury
be authorized 70 issue certificates III oT-
change for treasury notes, bearing gix
per cent. interest, secured ard redeem
able ID the came manner and Oh the
same terms as tho Estes themselves.
free from taxation and receivable after
lie wSr " payment of tie tax "a kind /;
and That all notes, received into Tie
tTcasEry foF these certificates, BE- can
! ceile1
The effect of this measure would be
that, ~ present prices. the entire ponn-
lati1H would be interested IL exchanging
their productions for treasury notes.
They would constitute not only safe
currency, tut q profitable investment.
I f9r III the ratio of ten dollars FOR ona. AZ
compared With specie, the produce OBJ
tained 10 payment at the close or tie
war, would cost Tie following prices.
viz: cotton five csnts per pound, wheat
forty cents per kushcl and corn twenty
cents. These u0minally low prices
would not operate to the prejudice "
Lhe agFiculturist, for LIB tax, being il
kind, would neither w increased Hor all
niniShed by the price. II is true he
would hsve collateral interest III com
@on with tax payers generally, (for Uf
course all interests will be taxed in
the redemption Of the notes at . rnoder-
ate rate. ia thig respect his interest
would De protected by the prices stip-
ulated by the act. which are not too low
FOR time Of peace. But If they were
full compensation would accrue ~ lily
taH payer ia the immediate enhancement
Of the notes ard consequent reduc-
4