, 1865-12-06
REPORT
HON. HUGH McCULLOCH
Secretary Of the Treasury,
70 TIE HOUSE OF REPRESENTATIVES,
THE STATEOF THE FINANCES
For the Year 1865. Ending Dec.1.
TREASURY DEPARr1Ey1,

=. L
The h1psnne: aptG neoe' ano
mi ~ uhIrh de,,,s, ths s.,,, .,a ...t,,
NJ Cnnrrsss " "Du 'Ae 7'' y nno saie'" ns1eat'o'
T. presenting these impestant subjects. With thei
srinus ~ IL oun ,sSiss .aS y psan,"5y ~ con
si,n,n Siricn,+ III =. tb.4 az ttupsti5 ~ 1.scus
th,t1 ,,I,1lna non9[ f ] and 'ne interests
A. ciTariv md 5e1nifs19 ~ 10 n W. r. auMsssL. ons
relation to then not doubar ia, cnners. 81, \
Iso.c iha1 ar arqed o9e 2 r. ie.laion
and rr;crt thota heS ~, = .oS.stan -
nractisshie o1 s,nsnm1d 1Ao A's'1'a - e'nes In
fn-aso o,a ra, =, ,,aat " u<a tasea. Hlnon
.nS I.,r u ~n.tix ~ ~ r0A ~. ~ aptouactee
1T d sst nsf Ct ss s' 'x.a + s
q tMnn!ess ~ Y pastinR toe neseasaly lawt, and o
eae ~ H. ana o. ne immediate prede
!hem. Ii : haidiy Necessary 10 suggest, howc1cs
that the lesifIhtton Nheh Was proper and wise
,ef my nns b.
rux1rn.1 rr4nrn .rr
The ,,eb4 ~ cnnerss. =, ~ +,,a.. - ,,,.,,.
money ana 70 hsne o62lgafions for leans IL sqeh
p1e Sa1 a. ma3 ee conaenicnt anqaeshonable; but
enS.1 oaenotdy 10 fsae sacn o9neadops !or cit
ttEal tenoef. ean OILY oe lound IN The
scn,.,iscs ~ - .,S h..s uo rtPe
tain he Goyerunrnt a1nnst IT, +rcmie- MAJ @..,.
elder IN R1eat cme10ency necesFar7 10 be done.
and lii he Ttta1 az tnss VIZ WaI
made The urtetl States nofes lawfni lnonav r. ~,
now recommended, ths secTetarJ is Of thc opin3on ion
ionrer iksn ths,, i" nrcrsss1 - .n,his X
n 1sT.natr ~ retu ~ ~ Innat;trt;oe eop!e
repcY. Il ts rot auppoted thst II VA he fntentinn
nfsn;me Il 1}mes ~ 1,ee ~ t~r H.. st at
stanass1 mnrh 3-ss X nerret,',1s ~ .osa w.
Whch mnsi ssIach 4, rrsat nation ubsc. dtsSnn.
einen,t,"n m trsrdee,nnb1s ~
mot in rmst s,nrs heen sro,ri1S ~ ~. %!..ta y
Concres to frnish he neone seetiy 'b ,nones o.
.nS ~ H. r" ~ r.11a shnt"cfs. IA so.a money
mi4a6 - cnr4,sn., ,a!aT ta' @aa, n a.
bcp found 10 be commefrta, neces.ity @ wond nis
r. Hsi5on. 70 S g. oeen dona y
shonid in se-nrs1 ha-nnd ~ -. apPsh,e
FeneT 70 ea bc1nnd III. a1exer snG Gpaun Iss4.
ie,,s'tsnast ~ Ell ah, em y saate
mi br,,e1eS to x. une. kso1s sa Isasae.
S9thIn H. senI.o ~ 6 * ,h,r n'es !.
The Ieasors which ars .omtt,n,es urpca IN e,vor
eed S,ates r. nss
1he nh5e,,on. ra T. .ur. ,,o,,c~ 49,. tr,,. .h
ner rircufsan If 1be Sy .,,i1 + ~ % t5e r.
tr-,etno sn .5,,iot ~ y" r.
M enrsaani + i5 oesi9gss' NIL. VILE t. ialnsaeo "
e-a5 ~ hv th =. y, ." ~ Mg ~ 70 gov
telcst. paIes rother th he demsads e. of r. em i
1nen, 9u1 1aue. .,,,i s e. .t 9eSefn
i,a ens n ..sEe1 Moalo 9e RIrnJ n .Le Way ot pub
tlon o. he oTe,nmsnt poxsr %6{eh ihea.p ss
ihan the nnh1jc rnndEe.n1no 1hr ouestian If ~
enrrsnev eau.s,n,,1 49, X 81 tne
nnrstinn fhnn ,rhic seev Sbtr", To1 - -
n,Iono - hna Mea &c" 1al's' "oe'o "o oaote H.
Hut ~ :" ~, 20 ,.,..-...,,, .4t...,
rrsSr =. auu ~. aes+ ia.M. y; as a.
t;nSem~nr - nnrs + X fsrt ~ ~, a. the
ernrnent ~ ~ f1its = III 49, ~ .4o Hus.
aeIs: eaDss P0ms sae ,eat Tie ss.ho1y e sas
ss Sy ie s,!tn,inn I;l1 E'fa e 70 ta ,1 Go9-
cxrcnt - ,nco1nr. ~ ,,sss,tv =, - 49,, s ns,
e1ir!ncx II enns,Ssr.t,a,, ~ 1c,
ehaiscser should indnce n exercise b1 Conere9 II
poNers moi cIsari1 con,enpiated pT ihe ~ ~
ma e.,sh,..keI, lie Gove.nmtnis in tne
great contest which has been recently |
closed, has moi sourht 10 pcrease ite owl pont4e
States, Tho questions decided By lhe Ma az, thst
the Cnon L. lndI.tuluble; maj whatever L. easen-
tally opposed 70 Il maft be removed; that the 1
eoeta sn5n1st! !9 WitnM ass proper rpnelc, u sp-
not 70 be determined bY he s.asee bat by tdst ~
of ine Ccn,tIation Nat ,hts e4e,t ~ sp q. g.eg
sIIment bein. Gls1reI or IL fsa.,ons ~ 10 H tSe
s1stes b, tno + ,nred Va e 'eA'N'3"s " 11e
tso41 Tssnrr. suou1n .r n1,nrn
1ne iesne OF Chitsd states notes ns lawful money |
Nsa = ~ taeasue e1pedlent, d9pbuest, and necessary
nc 5s. e wesa wss ssdops bn
.itable may Sc The eayfng Of fntenst. and hnwrvsr
.stitisrforV thrse nofAa nav ~ ID rs,-1.t{,,s
dun, these cons1dersttons vii not # Il resneei.
Iuy Submitted jnstify dep1E1nre ffom that strct
ons 10 the war By patriotic men Of iii pa1tiet snd
Which Is cssent1 to tie eeral and hsfusoniors
working OF our pecuIar ;n,t,tniiUns rffe stre.oth
II TIC Goyc7nmsnt hss been proved by tha msnne,
IN which It has carried on the g.catesf war or mod
IN times: II oniT rrmains fnr tSs rin5irst;n ~
q excellence md The perfection Of it, trinmphs.
hat al powers exercifed Ior il preservation. but
with TIC ret1rn Of pcsee. Wbils, t6ero-
sr1 the Secretary Il Of The opinion that the fnme-
q. reered 10 would s. nnNi.e, ss being likely to
.fect injnrsously the legitimate business Of Tie
= elisre Of the people and lhc revenues which are
,ese*sarY ioE tie maintenance Of the natlonaI credit,
opinion that not only these provisions but ih1 acts
20 should ee regarded Is only temporary, and that
ieIay, and carefully and pcreisentiy continued M
q all are retired.
~ tpeaklng o. ne acts, reference his