The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-19
Our Financial Condition aud Prospect.

Our Financial Condition aud Prospects.
A portion Of the annual official report Of
the Secretary of the Treasury with regard to
the financial condition Of the country has been
published, and it shows very prosperous and
fsttering state of things. From this we learn
that the income of the government from all
sources, exclusive of loans--that is to say,
from customs, public lands, direct tax, internal
revenue and miscellaneous sources-for the
year ending June 30, 1866, was over five hun
dred and ffty-six millions. The expenditures
for the same period for every department of
government--that is. for civil, foreign and mis-
cellaneous service, for Indians and pensions,
for the War Department, for the navy and for
interest on the public debt-amounted to more
than five hundred and eighteen millions. There
was cash on hand to the amount of over one
hundred and thirty millions But il the gold
in the Treasury were expressed in currency
sixty millions.
The excess Of receipts over expenditures
was nearly thirty Eight millions. This may not
he considered large excess; but it must be
remembered that there were large expenses 40
soon after the war, which will not be the case
hereafter. This excess has accrued, also, with
in the last few months Of the fiscal year, show
ing that the income Is becoming much greater
than the expenditures as we settle down to the
ordinary peace expenses of government
We shall see the extraordinary progress
made In relieving the country of the burdens
of the war if we compare this statement with
that Of the previous fiscal year. The year end
ing December 81, 1866, there was a deficiency
Of six hundred and ten millions; six months
after that time, June 80, 1866, there was an ex-
cess Of nearly thirty-seven millions. This is
something astonishing in the financial history
Of country. No nation before, and no other
nation now, could show such wonderful re-
sources and recuperative power.
Mr.. Secretary McCulloch must be in COM
plste fog with these surprising results, for he
had not the least conception OF them when be
made out his estimates. He was able to hit
upon the amount OF revenue to be received
somewhere within hundred millions or 80.
This might have been pretty good guess for
country banker, to whom great questions Of
national finance are as incomprehensible ~
the intricacies Of diplomacy are to hod car
rier, but We expect something moro from the
Secretary Of the Treasury. The Finance Min
ister Of . great nation ought to be statesman.
A man whose knowledge Of the subject Of
finance 10 limited to counting house or to local
banking Is not fl TO manage the finances Of
this great republic, especially ~ such time
- this, when 80 much 10 TO be done and the
highest order Of intellect IL required. Mr..
McCulloch has blundereds strangely In his o.
Inmates and in his financial operations, but
the country is 80 full OF resources and il
50 prosperous that we get over his
plumbers without much trouble. Stih il is
necessary that our financial affairs should be
managed with more ability. They ought to be
placed upon sound basis so as to relieve us
Of some Of the most burdensome taxes, to
place the debt in process Of steady liquida-
ton and 10 raise Ae national credit.
The exhibit Of our prosperity, as shown by
the Secrctsry's report, will have the hsppiest
effect upon the country aud abroad. The
croakers and the bears are efeciual,y silenced.
Our national debt Is small affair compared
with Our means Of paying II. As to specie
payments, which some clamor for continually,
We shall reach that period ~ soon as II win
be hcalthfnl and safe 10 do so, provided the
currency quscks will lei the matter alone and
allow the country to grow up to specie basis.
On the whole we are in most prosperous COP.
dition. As soon az our political difficulties ere
settled we shall bound forward in still
greater prosperity. Heal up our sectional
troubles. let we'll enough alone, AZ regards
The currency, and improve upon the manage
ment of our financial affairs, and we shall have
a future Of which no one has vet dresmcd.