Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-12-06
Synopsis of the Report of the Secretary of
the Treasury OF the United States.
BY TELEGRAPH

ley TELEGRAPH.l
WAsHrNGToN, D. c., Nov. 30.
The forthcoming report of the Secretary Of the
Treasury on the national finances has been COM
peted and printed for distribution to the country
on the day of its presentation to Congress. The
news which it will present will not be new far
as line of financial policy will be laid down, yet
the resume of facts and figures will show the ma
tional financial situation to be in much more
fattering condition than at the opening of tho
first session of the thirty-ninth Congress-, or at
the close of the fiscal year, June 30, 1866
fiscal year ending June 30th, 1866, was
one of great prosperity. The balance
in the treasury on that day stood as full cash on
June 30th, 1865, 1858, 800 Is ; cash hand hand
June 30th, 1866, S130, 669, 815 19-net gain Sl29-
81, 500 O4. The gold on hand was not estimated
at a currency, value, or else the balance would
have exceeded by SIS OO0O 600 the receipts and cx-
penditures for the years lS65-65. The fiscal year
ending June 30th, 1866, are as follows-receipts
from customs in gold $179 DAG, $50 "a from pub
lie bonds $685. O3l o. from direct tax 81 974 754 II:
from internal revenue 5000, 226,Sl2 81 miscela-
neous sources S65 125, 966 46. Total receipts from
all $3.50, 039 1915 o. This revenue it is be-
lieved exceeds in amount that Of any other nation
on the globe for the same period. The cxpendi-
lures, CIVIL foreign and misselanous, were s41-
O49, 965 Sc pensions and Indians SIC 25S 800 "A;
1874, 449, 1Gl 81 navy S43, $40 ,G32 Il interest
est $133, OIL 37 81 Total $518 ,3l7, 337 20;
Total receipts 5000, 039 1875 0G. Total expenditures
S518, S47, 1897 70. Excess OF receipts S37,69l,857
Sc. This excess Of receipts all occurred during
the last few months Of the fiscal year, and is
not a fair criterion of the ability Of the Govern
ment to liquidate it's debt; for instance, the
expenses for the quarter ending September 3Oth,
1865, were $165, 900 coo, but during the quarter
ending Jnne 3Oth, 1855 they were but S12, 900 00O
The balance in the Treasury on June Goth, 1865,
was but So, 5S3, 091 Sc. The year ending Deem
Der 18Th, 1865 showed deficiency in the Treasury
OF S619, 100000, but six month from the time, June
3Oth 1866, there was an excess Of receipts over
expenditures OF nearly S37 0C0, OOO The estimates
of the War Department for expenditures for the
coming fiscal year would be nearly $40 00O,00U
less than 1866, it not for the Equlzing Doun-
ty bill, passed at the last session. But the rovc-
from all sources for the next fiscal year is os-
t.matcd by the Secretary in the ncighborhoOd OF
5000 600 600; the expenditures for the next fiscal
year is estimated within $4,000, 00O, including the
interest on the matured debt, and a fair sum over
for sinking fund. The Secretary report will al
state, that under the law Of Congress, the Urea
sury has withdrawn from circulation during the
past six months, the amount of ton millions OF
dollars of paper money The total amount Of l.
S. legal tender notes i'll circulation il, therefore,
1886, 0O0, OU0 The most important and gratifying
fact of the report will be i'll the reduction OF the
public debt. 1t will be shown that the pubit debt
has been reduced during the past twelve months
nearly two hundred millions of dollars-Ihe ac-
tual figures Of the reduction are 81, 1856, 377 21.-
Seven millions of compound interest notes, legal
tender, for their face, have been cancelled and the
temporary loans reduced nine millions Of dollars
The full amount of currency authorized for Ma
tional Banks has been issued, which, with the Z.
s. notes, give q circulating medium of nearly
$40, 00G, 900, not including the fractional
rency. On the first Of last November the total
amount, including the fractional currency, a.
mounted to 1894, 2iSO3S 20 and 80, 000 900 OF au-
thOriZed National Bank notes TemaRed unissued.
I he Secretary Of the Treasury will not present III
this report what may be called strictly
plan for returning to specie payments
He has changed none of the views which arc
in his last report, and which
were enunciated in the Fort Wayne speech. He
believes that the Secretary of the Treasury should
have power to control the currency to the extent
Of being authorized at his discretion 80 sell bonds
bearing interest not exceeding six per cent, and
redeemable and payable at such periods as may
be conducive to the interests of the government,
for the purpose OF retiring all the United States
notes. He Will ask Congress to authorize long
five per cent. bond to b. exempt from taxation i'll
which to fund the obligations that are to mature.
He will lay great stress the question of urging
Congress to adopt at an early day fixed policy OF
which, when adopted, will cause the
business Of the country to grayitatc TO
it, that sphere payments may be reached
without great diminutOn in the Bevcnues.-
In case of financial panic he does not
propose to state any dCinatc time for the rcsump-
ton of specie payments, but believes with prop
er system it can be attained. With statement
Of two hundred millions of United States
notes, it will be shown by the figures above given
by tho Secretary that the Government is the
high road of prosperity, in reducing the National
debt and the Treasury will cling to the simple and
existing policy of liquidatinS the debt by keeping
the National Revenue above the National eXpCn-
(Curcs. TO this end draft of bill prepared by
Nh. MILL the Special Revenue Commissioner, viii
be submitted with the report at some future day.
proposing an equalization i'll internal taxation and
a modification of the existing tariff. Important
reference will also be made to the cotton tax
Of 3 cents per pound, imposed last session. In
1867 and 1863 $3.50, 900, 000 Of scyen-thirty notes
are all due. A large amount Of the 1st series are
now being funded in iye-twenty bonds Improve
ments in the National banking system will be sug
gested and urged.