Delaware State journal and statesman., 1865-12-12
THE TREASURY REPORT.

The report of the Secretary of Treasury
being too long for our colums, we present a
synopsis of its most important statements OF
fact and of opinion, including the three topi, .
of Currency, Public Debt and Revenue, and
pursuing the order in which they are treated
by Mr. Mcculloch.
!. The CuRRENcY.-The key to the policy
which the Secretary advocates may be found
in the declaration OF his belief that the all.
thority OF Congress to make the obligations
of the Government a legal tender resides
outside OF the Constitution, and that tile in
tiation which has followed upon the neces-
sary exercise OF that authority during tile
war is prejudical to both public and private
interests. While, therefore he does NOT ad
yooate the repeal OF the legal tender acts, nor
believe II possible TO reduce the volume OF
the currency by violent measures, he is of
opinion that those acts should be regarded
as only temporary, and that the work OF re-
firing the notes which have been issued IN
der them should be commenced without de-
lay and carefully and persistcntly continued
until all are Withdrawn. The rapidiiy OF the
process will depend upon the ability to dis.
pose of securities. The specific measures re-
commended are as follows.
First: That Congress declare that the com.
tender from the day of their maturity. These
notes were intended TO be a security rather
than circulating medium, and such decla.
ration by Congress would be neither iniuri.
ous to the public nor an act of bad faith to
the holders.
Second: That the Secretary be authorized
in his discretion to sell the bonds of the
United States, bearing interest at rate not
exceeding six per cent, and redeemable and
/ no sro I1a af IL,
/ TO the interests of the Government, for the
purpose of retiring not only compound in.
1 terest notes but the United States notes.
The a, lount which the Secretary estimates
as necessa y to be retired in order to bring
the currency within proper limits, Is from
one hundred to two hundred millions, in ad-
| dition to the compound notes, the amount of
which latter, October 81, was $173, ,012, 141,
| all due in 1867 and 1868 The total paper
circulation of the United States at that date
was $704, 4,21S, OBS, 10 which should be added
$50, 900, 600, the estimated amount of COM
pound interest notes actually in circulation.
The total is likely to he still further increas-
ed by the issue of notes to the National
banks now daily going on, and destined TO
continue till the limit of $500 O0O, 900 au-
thorized by law shall have been reached. as
it will be at no distant date. AS but $1S5,-
600, 900 of National Bank notes were includ.
ed in the estimate of $734 ,21s, OBS 20, there
remain $115, 200, 900 to be added. and the
aggregate amount Of circulation will then be
$S49, ,2ls,03s go. Ifthe recommendations OF
the Secretary in regard to contraction be
fully carried out by retiring 5000, 900, 600 oil
United States notes and the $50, 600 OpO OF
compound interest notes actually in circula.
tion, there will still remain total circulation
Of 6l9,2ls,O3s 90, even supposing that no
extension of the amount of National Bank
notes now authorized to be issued be granted
by Congress. 1t is, perhaps. in view oi
these or similar calculations that the Secre.
tary adds to his suggestions the remark that
neither the amount of reduction nor the
time that will be required to bring up the
currency to the specie standard can now be
estimated with any degree of accuracy tn,
frat thing to be done is 10 establish The policl
, Of contraction" "
II. THE PUBLIC DEBr.-The Secretary re
f CARDS 1t as public burden, the work OF re
moving which should not he long postponed
f He sees no way of doing that except by al
J Increase of the national income beyond the
national expenditures. The first step is tc
fund the obligations HAT are soon to mature
/ The next to provide tor raising revenue,
9 necessary to pay the interest on the debt
+ and certain definite amount annually fol
5 the reduction of the principal On the Bis
3 October, since which time no material chang,
] has taken place, the public debt amounted
( TO $2, sos, $40, ,437 55; Tor the items of whicl
f total, readers may refer to the report itself
! Receipts for the fiscal year ending June 30
) 1865 were 81, sos, 532, 533 "a, OF which ss64
r oBS, 499 II were from loans applicable to ex
r penditures and 1907, 361 ,24l IS from loan
5 applied TO payment Of public debt and $209
Q 484,2l5 25 from internal revenue. Expen
t ditures were 81, ,s97 ga, ,224 90, of which til,
War Department is charged with 81, OBJ
S 1928, $50 10; redemption of debt as above stat
. ed; interest on public debt, S77, 1897, 712.-
Balance July /, 1865, 1858, ,309 is. Total in
/ crease of public debt during the year, S94l,
902, ,537 o.
The receipts for the quarter ending Sept
80, 1865, were S44O, ,226, no s7; expenses
. 1878, ,O0S,254 So; leaving balance October /
r s67, 1853, 5l5 A. Estimated receipts for the
D remaining three quarters of the year ending
June 80, 1866, are;
ilbs,tlo aa
, Cusioms,..... .....s si0O,OOO 900 90
Land ,,."...,.....u..., 100000 90
Internal kevenue, 17bOOnUOU OF