The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-12-01


This excess Of receipts nj! occurred during
the last fer months Of the fiscal year, and i
not n fair criterion IF the ability ot the Go
Nernmsnt 10 liquIiatr its debt. For instance,
the war expenses for the quarter ending sep
TENDER 81, 1866. were Si6J,u3o,0o2' but during
the quarter ending June 30, i>Cj, they wcr"
but fl2, 900, 90. The balance in the treasury
on June So. 1875. was hut So 40. II. The year
ending December 81. ls6j, showed deficiency
in the treasury Of 500 100, 900. But six months
from that tim" june 81, lso'.l there was IN rT-
cess OF receipts over expenditures OF nearly
S27,vop,o0J. The estimates of the War Depart
ment for expenditures for the coming fiscal
year would be nearly s2io, o0o,ooo less than for
1855 were il not for tho rqualiAIng bounty bill
passed 1T The last session.
Bur the revenue from NIL sources Tor the
next fiscal year is estimated by he Secretary
in the neighborhoOd OF f%rt,tpU,OJD. Inc full
expenditure for iha next fiscal year Is "sti-
mated within a3Jb.ppO.v'y, including interest
on the matured debt and a far sum over tor
sinking fund.
The Srcrelarys report viii also state that
under tha law Of Congress III" treasury has
Withdrawn from circulation during III" past
six months IN" limit 81 Sln.p","'p Of paper
money The total amount 81 United states
legal tender notes in circulation IS thr!c!Ogr
$50. VJOoop.
The MOI. important aud gratifying fact Of the
report will b. in Ill" reduction Of The public
debt N,riH B. s.otca net ht lat'ic d,H his 5ssn
h,ialr.t r.ilii1ns II d,ijf,rst The actual figures
OF the reduction are Slyb, t3T72l
Seven millions Of COmpound.lnrre>t notes
legal tenders for their face haE" been can
celled, and the temporary loans reduced nine
millions.
The full amount Of currency authorized for
national banks has been iSSu"d, which, with
the United States notes. gives q circulating
medium Of nearly f-"'ooo,"r, not including
the fractional currency. On the LIST OF last
No "a. Ina al inrlnIinlr
currency, amounted To n"i2l>u5' -. ana
as ,poo,OpO OF authorized national bank notes
remained uussucd.
The Secretary OF the Treasury will not pre-
sent in this report what may BE- called strictly
a ncy: plan for returning 10 specie payments
He has changed none OF the views which he
maintained in his last report, and which were
cuunciatcd in The Fort Wayn" speech. Hcbc-
l"vrs that the Secretary OF the treasury
should have power ~ control The currency 10
the extent .. being authorized, II his dt>cre-
tion, To sell bonds bearing interest not exceed
Ing six per cent, and r"d.emabl" and payable
~ such periods rs may he conducive {" ia" IN
tercsts Of the Government, for the purpose OF
retiring oil raiisi StttttS lot,s. He VIII ask
Congress 10 authorize Z long i've per cent.
bond 10 b. exempt from taxation, i'll which 10
fund the obligations that arr, soon TO mature.
ing Congress TO adopt, NJ IN early day, y fcta
poticy If contraction, which, when adopted,
will cause the business of the country TO grari-
reached without 4 great diminution in the r..
venues, or n widespread financial panic. He
does not propose 10 state any definite TINE lor
III. resumption Of specie payments, but b..
licves that with a proper system II can he at
tanned with the retirement OF over 200, o0O,0o0
of United STATES notes.
II will be shown tby the figures above given
nv the Secretary that the Government is on
the high road Of prosperity IN reducing The
national debt, and the Treasurer viii cling 10
the simple aud experienced policy Of liqul-
dating the debt by keeping the national revt-
nue. above the national expenditures. To this
end 4 draft Of n bill prepared By Mr.. Wells,
The Special Revenue Commissioner Will b.
submitted with this report tor At some tutuu.
dayl, proposing an equalization in internal
taxation, and a modification Of Tie existing
tariff. Important reference VIII also be made
20 tile raw-cottun tax OF three cents pei
pound. imposed last session.
In l>67 and ISIS, s>3U,rDD.0ts OF $40 notes
fall due. a large amount OF The first series are
now being funded i'll $40 bonds.
Improvements in the national banking sys'
TEN will be suggested and urged.