Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1866-12-13

commerce OF the country. His
views upon the currency and with
reference to a proper adjustment
of our revenue system, internal as
well as impost, are commended to
the careful consideration of Con-
gress. In my last annual message
| expressed my general views up
on these subjects. Ineed now on.
ly call attention to the necessity
Of carrying into every department
of the Government a system Of
rigid accountability, thorough re.
trenchment and wise economy,
With no exceptional nor unusual
expenditures, the oppressive bur-
dens of taxation can be lessened
by such a modification of our rev.
enue laws as will be consistent
with the public faith and the le-
climate and necessary wants OF
the Government.
SATISFACTORY CONDITION OF OUR Fl
NANCES.
The report represents a much
more satisfactory condition of our
finances than one year ago the
most sanguine could have anticipa.
ted. During the fiscal year end.
ing the 30th June, 1865, the last
year of the war, the public debt
was Increased SOIL, 902,537, and
on the 3lst of October, 1865, il
amounted to S2,740,SE4,75O. On
the 3lst day of October, 1866, il
had been reduced to $2,56l,310,-
006, the diminution during peri,
oil of fourteen months, common.
cling September LIST 1865, and end.
ing October 3lst, 1866, having
been $206, 1919, 565. In the last
annual report on the state of the
finances, is was estimated that du.
ring the three quarters of the fis-
cal year ending the 30th of June
last, the debt would be increased
Sll2, l94,047. During that peri
cd, however, it was reduced S21,.
1876, 1897, the receipts of the year
having been S89,529,905 more,
and the expenditures S200,5Z9,.
905 less than the estimates
Nothingcould clearerindicate than
these statements the extent and
availability of the national resour-
ces, and the rapidity and safety
with which, under our form Of
Government, great military and
naval establishments can be dis
banded, and expenses reduced
from war to a peace footing.
REDUCTION OF TAXES.
During the fiscal year ending
the Goth of June, 1866, the re-
ceipts were S55S,O32,620, and the
expenditures S520,75O,94O, leav-
ing an available surplus of $751;
8l,6S0. 1t is estimated that the
receipts for the fiscal year ending
the Both June, 1867, will be S475,-
O6l, 1856, and that the expendi-
lures will reach the sum of $780,
426,078. leaving in the Treasury
surplus of Sl5S,633,30S For
the fiscal year ending June Goth,
1868, it is estimated that the re-
ceipts will amount to S436, 100000,
and that the expenditures will be
S350,247 ,G4l-showing an excess
Of SS5, 752,359 in favor of the
Government. These estimated
receipts may be diminished by a
reduction Of excise and import
duties; but after all necessary re-
auctions shall have been made, the
revenue Of the present and of the
following years will doubtless be
sufficient to cover all legitimate
charges upon the Treasury, and
leave large annual surplus to be
added to tue payment of the prin-
cipal of the debt. There seems
now to be 10 good reason why tax
es may not be reduced as the coun-
try advances in population and
wealth, and yet the debt be extin-
guished within the next quarter
of a century.
THE ARMY.
The report of the Secretary Of
War furnishes valuable and impor-
tant information in reference to-
the operations of his Department
during the past year. Few volun-
teers now remain in the service, !
and they are being discharged rap
idly as they can be replaced by
regular troops. The Army has
been promptly paid, carefully pro-
Fided with medical treatment,
we'll sheltered and subsisted, and
s to be furnished with breech-load.