New-York tribune., 1873-12-13
WASHINGTON.
FINANCIAL MISMANAGEMENf.


DEPLoRABLE CONDITION or TIE NATIONAL TREAS
URY-Sl7,cO,Oo0 MORE CIRCULATION oUTsrASD-
ING THAN Is AUTHORIZED BY Aw-THE TREAS
URERs ACCOUNTS ovERDRAwN - SECRETARY
RICHARDSON APPEALS TO CONGRESS FOR AID
HE REQUESTS THE RESTORATION OF TAXES AND
THE TARIFF on TEA AND CoFFEE-S42, 100000
ADDITIONAL INCOME REQUIRED.
lBi TELEGRAPH TO THE TRIBUSE.l
WASHINGTON. Dec. 12.--The desperate strait te
which the msmanagement of Secretary Richardson
has brought the Treasury is at last confessed. The
Secretary seeing hls greenback reserve, which he s
putting in circulation in violation of the plain letter
of the law, dwindlng day by day, so rapidly that it
is only too easy TO tell just how long the balance will
last comes to Congress with an appeal for more
taxes to repenish his empty vaults. At the close of
business at the Treasury Department yesterday, the
outstanding circulation was over $373,000000 or
Sl,oCO,Ooo more than is authorized by law.
The finances of the Government are in such an
unhappy plight that the Treasurer's accounts are
overdrawn in every direction and there is not an
available dollar in the Treasury outside of what is
termed the reserves, except the gold If all the dis
bursing officers should draw their balances, the
Government would go to protest for want of cur
rency; nor would it fare much better if all its gold
liabilities should be presented for payment includ
ing the January coupons and the $2O,0000OO of the
loan of 1853 falling due on that date for which the
holders can demand coin instead of the per cent
bonds provided for their redemption, if they choose.
Mr. Richardson is at the end of his tether. He must
have more money, and the people must be taxed to
furnish it, lie wants about S42OO,O0O more of an
nual income, he informs the Ways and Means Com
mittee and he proposes that it shall be raised by the
and by the increase of other taxes reduced not long
since, because they were thought unnecessarily
high. The tariff tea and coffee he wants
restored the tax on whisky increased ten cents
gallon, and that on tobacco four cents pound. II
this does not produce the required amount he recon-
mends the revival Of the tax on the gross re-
ceipts Of railways and express companies, and the
whole of the former schedule b. Unless the
accordance with these recommendations is made
party measure and whipped through the House, 1T
will be hotly contested on the Republican as well as
on the Democratic side, and the Secretary will not
be likely to get his money in time to save him from
insolvency.
lGKyRRAL PRHss DIsPATCu.l
WAsHINGToS, Dec. I2-'rhe Secretary Of the
80 hia
upon Congress said, should there not be a revival
Of hsiDess at an early day. and increase in the
receipts over those Of the past two and a half
months. additional means would he required to meet
evnepses. Should such be the cage, he wOnld
recommend additional taxation judiciously laid, so
as to be the least burdensome upOn the people and
business Of the country rather than resort TO bor
rowing money and increasing the public debt. The
Secretary said this morning that the public debt
would be largely increased, although II now too
early 10 approximate to the amount. He has written
a letter to the Chairman OF the Ways and Means
Committee recommending and inclosing bill Tor
that purpose The Secretary recommends the res
torat0n of the duty tea and coffee, which VIII
yield about S2O,OO0,OOO por annum. He also incosed
a letter to him from Commissioner Douglass max
ing the following recommendation:
An increased tax OF 10 cents per gallon on distilled
spirits, when HOulu yleld N1UhiNb dhuudl1
additional per pound tobacco, when wOuld yielh
s4OO0.COO; Illuminating Gas, S2,5OOuO on gross re,
ceipts railroads from ana irclght soOVVV
steamboat receipts from passengers ana rek
tOOOO0; express companies recepts SjOlOOO; on IN
surance companies, $3000OO; on telegraph receipts
S25O,OO0; making in the aggregate s22,l5J,NO
This with the tax on tea and coffee would make
over S42OO0OOO. The Commissioner says If more
revenue is wanted it could be obtained TO the extent
of Sl0,OOO,OC0 by restoring the taxes formerly in
Schedule b, which includes stamps on all legal in
struments, Deeds mortgages, &c, thus making addi-
tiona receipts of over 49, 100000 from internal reve
nue. sources.