The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-05
THE NATIONAL FINANCES.
Abstract Of the Report of Secretary McCul-
l0ch-Thirty five Millions Reduction In Pub.
lie Indebtedness.
ha Nm

lie Indebtedness.
From the Boston Herald, Dec. Al
WARRINGTON, Dec 8, 1868.
The report Of the Secretary OF the Treasury on the
state OF the finances for the year 1858 has been
pleted and will be turned over tomorrow to the
Congressional printer. digest OF the report has
been In the hands of the President for some days In
order to enable him to obtain financial data for the
annual message. In general suggestions the pres
ent report Ia almost duplication Of that OF 1867
the latter was reproduction Of that OF 1885, The
Secretary congratulates the country that the ma
tiOna finances In good condition, and that the
nation has not suffered for the present commercial
year from expansive credit system, based on too
redundant currency. Economy In public and pr-
vate business interests has diverted industry
into healthy channels and he believes that with pro-
per financial legislation In the revision Of the tariff
and the modification OF certain portions OF the In
ternal Revenue laws that the path to specie pay
ments may be reached, though he Is opposed to
naming by legislation any time for rcsuming, and
declares that nothing can be gained by forced re-
sumption. The funding Of the public debt he regards
That up to date of the sevethrty bonds $527 800
have been funded into five-twenty six per cent
$780, lss 2OO third series, sis7. 450 THIS leaves
on the LIST OF December, OF the outstanding seven
thirty notes. but So $685. $780, The oang Indebtedness
came due between the 10th OF June, 1857, and
the 10th Of October 1885, have not oil been redeemed
per cent certificates leaving few millions out
standing. This policy OF funding. so carefully and
steadily pursued by converting the temporary loans.
interest bearing notes. &C., into q six per cent gold
bond, Is regarded a. having most important bear.
Ing on the question OF resumption, and the report
proceeds to discuss the next proposition, which Is
the contraction OF the paper circulation by the
demption OF United states notes. Mr.. McCuoch's
well known views in this respect remain unchanged
The Secretary estimates the expenditures for the
fiscal year ending June 80 1870 70 be $3.50 600
In the event OF an Indian war, will add
many millions to this estimate. Last year the
War Department asked for $250o0,0O0 for
amount, a. no more appropriations for Dounties are
required. The report further shows shat the annual
interest on the public debt Is, In round numbers,
year Il but little In excess OF that amount The es-
Inmates for the Navy Department are some
upon Congress to continue It's work OF reducing the
expenditures IN all branches OF the service.
Inc receipts show that the internal revenue for the
present fiscal year will amount to about $40 600 O00
which, deductng the amount OF revenue cut or by
the act OF March last will prove the Secretary's est
mates made last November 70 be quite correct. The
estimated revenue for the next fiscal year from
customs, internal revenue, lands and miscellaneous
sources Ii many millions IN excess Of the expendi-
60 0O0 or course these estimates do not include
the contingency OF an Indian war.
The Secretary's report VIII show that the public
debt has been reduced during the year from Novem-
Der l, 1867 TO November l. lS6s-the dates ct which
the comparison Is made-t36,6 ga, 102 ". II the
from November l. 1897, to December 1865, has been
reduced but about $27, 00o 600. These figures show
the amount OF debt less the cash In the Treasury.
the public debt OF about $780, oo0 which includes
redempti0ns, conversions, interest on the public
deb &c the ssc,eary a also renews sne
ganization OF the bureaus OF the department., and
most respectfully and earnestly solicits for It the
taxation OF government bonds by the States and ad
heres to his views on that subject.