The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-02-19

The Revenue, Credit, and Securities of the
Government
From ne Times.
The internal revenue of the National Treasury
averaged $6,ssO,s2s in each Of the past two
weeks, and W II amount to about five million dol
lars in the week now closing.
Thus far in the current fiscal year, commencing
with July /, 1865, the income Of the Government
from, this increasingly prolific source has been a
triae over S2O6, 900, OF equal to a weekly
average of S6,242,4 ,424-a rate which, carried
through the remaining nineteen weeks OF the
year, would make the aggregate OF the years
revenue, from internal taxation alone, 1924
6,048, or over one hundred and thirteen mil
lion dollars more than the Internal revenue in
the last fiscal year, and nearly three times that
of the year ending with June 80, 1864. The fol-
lowing are the comparative dgures:-
Internal Revenue OF the Government in the fscal
years .''''' 80,
Grand total s117 las 749 s2i1 100 $40 1924 6OeOis
We give the official returns for 1864, and
lS64-5. We make up the total for 1866,
from the semi Official returns for thlrty-three
weeks, and take the weekly average for this
period to enable us to give an approximate esti.
mate of the revenue tor the whole OF the current
fiscal year. The indications are that the actual
result will be handsomely ahead of our estimate.
Assuming the latter however, as reliable basis
of comparison, we dnd that 1t exceeds the calcu-
lations OF the Treasury Department by fity-two
and half million dollars; the income of the
last fiscal year by S1l3, 1885, 4l9; and that of the
year ending June 30, 1864, by S207, 460, 300, or
nearly as much as tie total revenue tor the
whole of the year ending June 30, 1866.
The customs revenue lin con) OF the Govern
ment through the port of New York, has been
$2,64l, 900 thus far in the current week, making
81, ,232, 600 since the first Instant; Sl9, 1900
since the lst of January, 1866; and $50, ,429,000
since the commencement of the present fiscal
year. July l, 1865. This is equal to a weekly
average OF nearly So, 100000, or yearly aggre-
gate of about $685. 900, 900 in gold worth, at the
present market value of the precious metal,
$lS7, ,l25,0O0 IN currency. The most reliable
estimates OF the customs revenue OF the Govern
ment, through all The ports OF the country, place
the aggregate as hiph as $3.50, 900 in gold for
the whole OF the current fiscal year, which, at
the ruling market price, would be equal to
S247, 500, 900 in currency. This would make the
grand income OF the National Treasury from
internal revenue and customs duties, for the
year ending with June 30, 1866, equivalent TO
about five hundred and seventY-two million dol
lars in currency.
Granting that the aggregate expenses Of the
Government will reach $3.50, 100000 "a very
liberal Iestmate indeed) In the current fiscal
year, the anticipated revenue, as indicated
above, would meet all the disbursements and
leave considerably over two hundred million
dollars TO be applied to the reduction of the
public Indebtedness, in such form acd manner
as would be most in harmony with the iudicious
policy OF Secretary NcCulloch.
In view Of these significant facts and figures"
and of the very manifest disposition OF Congress
to render all possible aid to the Secretary of the
Treasury in his gieant labor of adjusting the
national finances to ''the new order of things"
the inspiriing financial strength and credit Of
the Government are indIsputable and becoming
more and more clearly recognized day after day.
Indirect evidence of this is furnished by the
strong downward tendency OF god and the
steady rise in the market value of the public
funds. The fail in gold from the highest price,
thus far in the current year, is fully seven per
cent, On the other hand there has been a nota.
BILE improvement in the national stocks since the
opening of the year, not only IN regard TO the
vastly increased investment demand developed
by the low prices ruling in December, but also
as shown in the actual advance on those prices.
The rise in the value of the public securities
has not lessened the eagerness OF buyers to pur'
chase them. On the contrary, 1t would seem to
have had directly opposite effect. Within the
past few days, the volume of business operations
in The Government bonds and notes has been
very large on rapidly advancing market. The
inquiry has been unusually comprehensive, run
ming on all the six and five per cent coinbear-
ing stocks as well as on tue Seven-thirties, COM
pound interest notes, and certificates OF in
debtedness.
The heaviest transactions have been in the
Ftve-twenty gold bonds and the Seven-thirty
notes. The latter are now within fraction of
their par value, and resolutely appreciating,
under brisk investu ent demand, 70 satisfy
which, especially in the instance of the notes of
the smaller denominations, the commission
houses experience much difficulty. The Five
twenties, which short tire ago were as 10 as
9940l00b, are now up to l034Dl034, and are in
active request at buoyant rates. All these cir
cumstances are eminently suggestive of the
steady growth of the public credit, and of the no
less uniform Improvement in the purchasing
power of the lawful money of the country, as
determined by the specie standard.