New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-05
THE ANNUAL REPORTS,
THE TREASURY.

WASHINGTON, Dec 4-SeCretary McCull0chS
report in the printers hands The Secretary consratu
laes the country that the national finances are IN gOod
condition. and that the nation has not suffered from an
expansive credit system based on too redundant cur
rency Economy in public and private business inter
ess has diverted industry into healthy channels ana he
believes that with proper financial legislation, in the re-
vision of the Tariff and the modification OF certain por
lions OF the Internal Revenue laws the path TO specie
payments may be reached though he opposed to naming
by legislation any time for resumng and declares
funding OF the pnblc debt he regards step toward
resumption The report shows that up to date of the
thirty bonds SS2 62goJO have been funded into
fivetwenty per cent bonds; Of the first series
ss9o56570o second series S3OlSS 200; third SERIES
slT.975A5O TINS leaves, on the LIST OF December, OF
the outstanding 100 notes but $2363l5O. The floating
Indebtedness In the shape Of CompoundInterest notes
which became due between the 10th OF june 1861 ana the
10th Of October 1865 have not all been redeemed but
many have been received in exchange for the per cent
certlhcates leaving few millions OUTSTANDING. inns
policy of fundng-sO carefully and steadily pursued by
converting the temporary loans nterestbearing notes
most important bearing the question Of resumption
The report next discusses the contraction OF the paper
Mr.. McCulloch's we-known views remain unchanged
The Secretary estimates the expenditures for the
nsch year ending June 90, To-" 10 u DC
s2jOOoO,OOO in round numbers. though the war
many millions 10 this estimate Last year the war Dc
partmcnt asked for S500 for bOunties but It's esti
mate this is less than that amount moro ap
preparations tor g0unes are required Inc report i9r
er shows that the annual interest on the public debt is
IN round numbers S4OOOU, ana INC esllludle LOT tne
fiscal is but little IN excess OF that amount The
estimates of the Navy Department are some S5OOOOOO
lcsS than last year. ana the secretary calls again upon
Congress TO continue its work OF reducing the expend
lures in al branches of the service The receipts show
that the Internal Revenue for tie present fiscal year will
amount to about S200000O which, deucng the amount
OF revenue cut of by the OF March last Will prove the
Secrctary estimates made last November correct
The estimated revenue FOR the next fiscal year
toms internal revenue lands and aneOus sources
Is mauy millions in OF the expenditures.
This year the estimated but S9OOOOOO. OF
course these estimates do not include the contingency of
an ludlan war The SCcretaTy's report Will
snow that the public debt has been reduced during the
year from Nov l. 1867 10 Nov l. 1S6Sthe dates which
She comparison IS understanding 81 If the month Of
November be added 10 the year. the debt from Nov l.
lSI 70 Dec l. 1865 has been reduced but about 100000
These figures show the debt the cash in
the Treasury. Tho report viii show expenditure
account OF the public debt Of about SOOOOOO which
includes redemptOnS conversions interest the public
debt &c. The Secretary also renewS the recommends
ton contained IN MS last annual repOrt Of TeOrganza
ton or the Bureaus OF the Department and most
spectfuy and earnestly SOlcs for it the favorable ac
ton ct Congress He also allUdes 10 the taxation OF
Government bonds by the states, and adhcrcs his
views on that Telegram TO Boston Herald.