Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-01

Ihe total receipts accrued during the last
few menths of the fiscal year, and is not
fair criterion Of TIE ability of the Govern
ment to liquidate its debts. For instance.
the war expenses for the quarter ending
September 50, 1866, were Sl65,000 600 |;
but during the quarter ending Juae so,
1865, they were but S2,000,000. The bal
-ance in the Treasury in June, 1865, was
jbUt SIS, S30,9l5. The year ending Deem
Der 81, 1865, showed a deficiency in the
Treasury Of S6l9, 100000. But six months
from the time, June 80, 1866, there was an
excess of receipts over expenditures of
2 nearly S3,7O0,000.
The estimates Of the war department for
expenditures for the coming fiscal year
would be nearly S24,000,000 less than for
1855, were it not for the equalizing bounty
bill passed at the last session.
But the revenue from all sources for the
next fiscal year is estimated by the Secre-
tary in the Reighborhood of $500, 000 600.
The CVll expenditure for the next fiscal
year is estimated within $350,000, 900, in
Guiding interest on the national debt, and
a fair sum over for a sinking fund.
The Treasury has withdrawn from cir
Culation during the past six months the
limitof ten million dollars Uf paper money
The total amount of United States legal
tender notes in circulation is, therefore,
S386,000,000.
The most important and gratifying fact
q of the report will be in the reduction of the
public debt II will be shown that the
public debt has been reduced during the
last twelve months nearly two hundred
millions of dollars. The actual figures Of
the redutioD are Slg3 637 T21
Seven millions of compound interest
notes, legal tenders for their face, have
been cancelled. Loans executed S9,000,-
'000 The full amount of currency author
lied for national banks has been issued,
which, with the last notes, gives a circula-
ting medium of nearly S700,000,000, not
including the fractional currency.
On the lst of last November the total,
including the fractional currency, amount
ed to S7342l8,035 20, and 800, 100000 of
authorized national bank notes remained
Unissued.
The Secretary of the Treasury will not
present new plan for returning to specie |
payment lie has changed none of the |
views he maintained in his last report. He |
believes the Secretary of the Treasury
should have power TO control the currency |
20 the extent Of being authorized at his |
discretion to fill bonds bearing interest, not |
exceeding six per cent, redeemable and |
payable at such periods as NAV be con-
ducive to the interests of the government
for the purpose Of retiring all the notes.
He will ask Congress TO authorize a long |
i've per cent. bond, to be exempt from taxa
ton, in which to fund the obligations that
are soon to mature.
10 yrfIl Loo rrro,fHrFros- 90, a., -,
of urging Congress to adopt, at an early
day, q fixed policy Of contraction, which.
when adopted, will cause the business Of
the country to gravitate to its specie This
may be reached without great dinIinution
Of the resources or a widespread financial !
panic He does not propose to state any |
definite term for the resumption of specie
payment, but believes that, with proper
system, it can be attained with the retire
ment Of over two hundred millions Of Uni
ted States notes
twill be shown that the Government Is
sOn the high road to prosperity in reducing
the national debt; and the Treasury viii
cling to the simple and experienced policy
of liquidating the debt by keeping the ma
honal revenue above the national expendi-
lures. To this end the draft of bill,
prepared by Mr.. Wills, Special Revenue
Commissioner, will be submitted, propos-
iug an equalization in internal revenue
taxation and a modification of the existing
tariff.
Important reference will also be made to
the raw cotton tax Of three cents per pound
imposed last session,
In 1867 and 1865 SSSO,OOO,O00 of 7-3Us
fall due. A large amount of the first
series are now being funded in $40 bonds.
Improvements in the national banking
system will be SUGGESTED and argued.