The New York Herald Newspaper, December 6, 1865, Page 2

2 N“W YORK HERALD, WEDNESDAY, DECEMBER 6, 1865.—TRIPLE ‘SHEET. Se a eee Se ee a oe | dene a eon currency is not 2 public neces egersy — ae an poss Se day, - Ney! ese Sampes ~ 144,078,100 bs’ a ‘to the pay- ‘epeedily dissipate ( hension whieh very geporaliy ho A ; ‘and. the @ time increase the éxportations See peoducnins ent Bonda, 6 per cont, due in 8,908,341 rratitied if the Be toon and praia! oS sim “4 exists, that the effect of such a policy must ly _ 2 Goagreay WH 4 ‘Tae Booretary would be, gratified ie for the yoar indi be to make money searee aad to the prennery remy within tbe conten: of ts telacuion of Gio cur-'| vontagh van miee’nere its race sini bo pak ance rs condi, t ovis tne mace of ituchmrger smut could bow applied withost aa I isa well-established fuot, which har nol created Ne | FEMY: ——jyooxr oF wars crnovusrioN. 130 Tommy. otes, is ia ip monoy by any kind of temporary loans, But he ——ecomemeren attention of ci intelligent ulation of the United States on the dist of ‘increases (by reason of an advance of prices) The ire “i wrth supply, andint this denandiano ureauenty | Det he es a eae and factveal cur. J e of currency is the a a most pressing when Werached tho culminating point | | rency. 454,218,088 | of European exchange, Money being an unprofiable article to hold, very uae is | 2 Hotes of the vesicnal aS. 185,000,000 + ory ame 4 ome a . is in: withheld from active use, and ip provrtion Mo etion of Ing taauos of State bunks convort-d into way of an ~4 readvance; on the other hand, ee wand as prices are reduced the demand pational banks. .... «Reh lt oct, rnd me em | Toad aveesn ono Pp ype ply of it. Tho amount of notes furnished to the national banks | Bem at exce dingly low prices. beh Kror need there be any apprehension that a reduction | yp to and incl din the Bist of October was a little over | oe —_ pase one veo cnates of the currency—unless It be a violent one—wil inj- | $995,000,000, but it is estimated that $20,000,000 of these p ares se inary causes, it wi be apnereal nf, or tniyaiiect Fal prosperity. Labor is the great source | hag not then been put into elreulation, y refeTeno> to the proper tables that our ienporee im, of national wealth, aud industry invariably declines on In addition to the Unted States notes there were also —— our expol = nigh un iw, py ce So inflated curren’ y. The value of money depends upon | outstanding $32,536,900 five per cent Treasury notes and | * lant currency. as enone are a dhe manner in which it is used. If it stimulates pro- | g174.012,140 compound interest notes, of which it would, mpceneney so auamiaa inte) orn oe ductive industry it isa benefit, and to the extent only | Goupuioss, be safe to estimate that $90,000,000 were in | tiated by the statement « county 10 wh igi ae) to which it does this is ita benellt. Tf, on the other | circulation as currency. press prevail is an inviting one for sellers, but an unin- beeen wnedeinisnises band, it diminishes industry, and to the cstens to whieh | | From thie staloment it appears thet, without inoied” | 7 hing que for perchesess, ‘The following is a statement of receipts and expendi- it diminishes it, it isanevil. Eve ing seven an ¢-tenths notes, many of the emul! de- : , rs us metals fi may = sere to bo eer borminasions of whlch were payne rently ‘as money, and hewever, that there may be no misapprehension on this | tures for the fiscal yoar ending June 30, 1865 ;. tion, ‘The idea that a country 1s necessa pro- | afl of which tend in some measure to swell the inflation, PEP. GES portion to the amount of Bold or ye eeitcuor, | the paper money of the country amounted, on the 31st | Or this department, accom this roport. rep ieee rey oo ENN 306,730,005 gosses is a common and natural, but an erronoous ono; | of October, to the sum of §$734,218,038, which has ‘pa maetily Bee a ty 1h aoa , ‘while the opinion that real prosperity is advanced by a | been daily increased by the ‘notes "since fur-| MURLISS IN AN UNBRALTIY CONDITION. ‘ Hecelgts freee loans applice- lice. ae Tnerease of paper money beyond What is absolutely | nished to tho national banks, and is likely to | ,,Rve"y consideration, anetaee, that es Sean twotaths Pore (meagre $804 needed asa medium for exchanges of real values is | bo still further increased by those to which | {pone Mund Op Semmens conoams tg ce rage geod ~— npeporns 607,361,241 0 totally fallacious that few sane men entertain tt whose | the; ‘are entitled, until the amount author- e views has nt business: ment of public 361, in, while such a provision is contained inthe jer which the ten-! years and paid in United States gh it is not desirable that our gecurities should be held out of the United States, it is desirable that they should be of good credit. in foreign marketa on account of the influence whick these markets exert upon our own. It is, therefore, im- tant that all minsppreheasions on these points should removed by an expl ion of Congress these bonds are to be paid in coin, STATE TAXATION OF GOVERNMENT SROURITIES lose & the fact that Be Rath of parce securities from State taxation persons, sidered an unjust ‘scrimination tn thelr favor, Sy ee maneee een preaa tener sub} ir jon. Of course, the e: on tom State and municipal taxation of bonds and A if ‘$300, — 1,472,224, 740 rs \dgment is not clouded by the peculiar financial atmos- | jzed by la o] country rested uj a stable basis, or if crodits ” mt be Phere which an inflation is 80 apt 10. Produce, pega any ett to aoe deve a | pam nees pmperrsd could be Kops from being rau fart res thare Receipts from customs. ....... beyond oan see, no oi rot in sonia ade? Led GOLD AND SILVER THE ONLY RO ‘A rawal of the notes of the State jak would ‘occasion peal Ks gg ‘An irredeemable ‘f currency may be a necessity, ‘The following is a peat ‘of the bank note circula- buch ts not the fat, Business is not in » hi y condt- | Receipts from direot tax. 1, ron oom, ivy br pil nA not ouly —- but it can scarcely fuil, 1f long continued, tobe acai | tion of the country at various periods of highest and | Hon; # is speculative, Severte, unceriais, ent Roe _— a lelecpel aranee 200, 466, mity to any people. ‘Gold und silver are the only | towoat issues prior to the war:— n pe o4 aud venting a financial col Prices and credits will BOULCEB. sereeeeeeee fesevens 92,078, mee measure of value. They have been made | Jan. 183n...., $61,324,000 Jan., 1856, ....$195,747,950 Deorenting: 8: compo aban, Bros food mt Sppativutional, se heseste ot the re grag = to disregard. would also, judgmen the Secretary, be unwise for Congress to grant to the ‘the tacit agreement of nations, and | Jan’) 135, 03,692.495 Jan. 214,778,822 States the power, which they will not possess unless com- we Me ‘necomary regulator of trade, the me- | Jan” 1ag0°"<". 1a0spLons Jan” IR68. 2.2, Teer] navanoo; and st will not reoede without the exereise of | Feaies (De Ores: Coacronacenl eosetioeat, oC int dium by which balances are settled between differcnt | Jan’ igat..... 149,185,890 Jan., 1860..... 207,102,000 | the controlling power = as de rg gpl Jocal taxes upon socuritios of the United States wi countries and between sections of th: same country. AS | Jan.) 1843. '68°554/000 iby Hse Lalonde arin ev a Redemption of publio debt. 6007, 201,241 may be hereafter issued, Such taxation, n any fe @ universal measure of value th y are a commercial no- | “ 4y’witt be noticed by this statement that the bank note ie Daceetary, Cheretirn) omen ee Ry tut Sara re eee enacivil eareion I eda passa wey Pe mt in serious, if not fatal, emberscssmcel ceasity. Tho trade between different nations and be- | circulation of th: United States inoreased from $61,324, - ee That Guanes meen nd inte- | For ponsions and Indians... "14-258, 576 to the governmont, and, instead of ‘relieving, would tween sections of the same coun ry is carried on by an | 999 to $149,185,890 b-tween the Ist of January, '1830, re hat, Cony evens teen ceo conaponne ate. | Bor pation ee oitnaee oventually injure "the great mass of the exchange of commodities, but is né balanced | ‘and the Ist of January, 1837, in which’ latter year the | TS} nctessial uease 1e day | For the Navy Departmont.... "122.667. 078 tho laborer, and with entire harmony between the dif- | who ase to bear thelr full proportion the , by them; and unless crodits are being established the | great financial collapse took place; sell from $149,185,- | ren tit The Secretary be authorized, in his dis- | For interest on public debt... 77,307,712 ferent sections, it will be rapidly diminished, in burden | burden of the public debt. This is a sub. movements of coin unerringly indicate on which sid@ | 99 yn 1887 to $58,564,000 in 1843, and rose to $214,773,- | creriom tonelt bonds of the United States, baring into. mow ‘and amount, by the growth of the country, without an | joct in relation to which thore should be no difference of the balance oxists. 822 on the Ist of Jan-ary, 1857, in whieh year the next | Pt ath rate not oxc’eding six per cent, and Aaionnabis increase of taxation. opinion. Every taxpayer is personally interested im ieee ebro kevere crisis occurred, ‘falling durine that year to | ‘it payable at such periods a8 may be conducive to tho | | TOLL... .0.--s-0, ow THE RNTIRE NATIONAL PFET AN BE PAID IN TWRNTE- | having the public debt ‘at home, and at a low rate d States buy of @ jons—as they now | 155,208,344, and rising to $207,102,000 on the 1st of | 810 Pay ola pig I vetiring | Leaving a balance in’ the ‘Treasury on HAGIT OR THITY-TWO YEARS. Of interest, which cannot be done if the public securities and 100 generally do—more ti y sell to them, it 18 | January, 1560. lalorssia GE Che ote a ee Peer Gai | lm cay of July, Anaad The following estimate of the time which would be | aro to be subject to local taxation. ‘Taxes vary largel Seicred soa. a alana ase which must either | " ‘Tho foliowing isa statement of bank deposits aud loans Se ee ORCARD 0 Sun Rae DOMINO Ei required to pay the nations) govt (if funded. at ave por | different States, and In different counties and cities 0 the be settled in com or ontinued as a debt. i ‘a t © and one- F cent same State, and are ~where 80 unless pro- ‘That balnneos. between "nat ons. should be promptly | 1 He sume Yours oii NO RHODE RITRCR 25 MAL ARTRERION | ee oe ibe pall tbe fer Che Socal year oan ee eoontcr oles antuaity on thetinier: | tsted: agalnat theme the’ Doms, tatorwhich' the ‘prevesb paid is the diciate of wistum, be ause by prompt pay. | 5 ant seay pach tine | Bile Se om ls eta e Energy ae ba ee | oe ye*F | cai and principal, and also of the diminution of the bur- | debt must be funded cannot be distributed among the Pvt the adverse current is chet @ the debior | January }, 18: 00,451,000 | stated, thal the process of coniraction canno ve in- tae ae nat eae Gen ofth debt by the increase of productions, may not | people, except in some fayored I wnieas a nation b comes rerionsly inv | on tie other | January 1, 18: 365,163, Jurioutly rapid; and that it will not bo necossary te re- | Amount of public debt tune Ay, Sekt. bo without interest to Congress and to taxpayers, fean anatuat soninacen Pea ate > the debt band, ‘f they are permitted to niiate, January 1, Fr gen tire more an one Lundred, or at most two hundred, | Amount of public debt June 80, 1664. Ten UAltaLY debhe dediseling eponag ase tha Seaman, vorlg-erpcessixn, nad imaaedan the preepech, of 14 Se wheu the cay of pay went can no loner be dete sein? 1 tee ee canara |/ Tall lone of Unllad Stated aoaes, M eAtilice. ta, the. 09 a “Fous,o02,697 | Was, on tho Slet of Covober, 1805, $2,740,854,760, With: | tingulshment well nigh hopeless. Exempted from local prove uot only disustious to the ¢ fanuary 1, 14 vgrcd pound notes, before the desired result will be attained, | Total imcroase.....-... «000.10: .00. 100 o Gut altompiing @ nice calculation pf tho amount it may | taxation, the debt can, itis expected, be funded at am disturb the b siness of the redi January 1, 19) fae But neither Yhe amount of reduction, nor the time that Which Lnoreaie wae: caused as follows: — feach when ail our labllities Shall be atbutately ascet- |. early blithe a ren: pene ihe = Vast incresse of Seauuary 1 18 654,458,000 | wil! be required to bring up the aurrenoy to the specie | Bonds, @ per cont, sols Jay 1 tained, it ecoms eafe to estimate it, on the Ist of July, | considerable portion of tho debt which falls ‘ive witkig within the last qv nat 53 802) OMe standanl, can now be estimated with any degreo of einge micd ns | @R0/708) 1866, at three thousand millions of dollars, The exact | the next four years can be funded at home at less or Sunuary 1, 16 3, 802 000 691,945,000 y. ‘Tho first thing to be done is to establish the | Bonds, 6 per cent, act Feb. 4 ve y egies Nhe date’ off thls inet quar: wi Mikotad os 48 4,000,000 am. unt of existing indsbtedness yet unsettiod, and the | olght per cent. ‘The taxpayers of the United States oan- wits Vn and dome open nen. § 2 policy of contraction, Wien this is offected tho Secre- | | 25, “0 sash iurth ramount that may accrue in the interval, are not | not afford to have their burdens thus increased. It is alae > rly exc 10s not fo cou inne | terly 4 and loans of the national | tary believes that the brsiness of the country will road- | Bonds, 6 per cent, act March Spo property excha and rd to cow bn ubie ret h ‘ z ¢ now capable of oxact catimation, and the revenue of the | evident that the relief which local taxpayers a trailic which leaves tt with a heavy debi to be | basks ( udie returns of these | {ly ‘aecommodale Mself to the proposed change in t 6 3, 186: +. 82,329,726 fame period can be only approximately calculated, but it | obtain from government taxation, as the play | the precious metals, unless these metals are a p iterns ate banks) were as | action of government, and that specio payments may | Bonds, 6 per cont, act June will be sa'o to ageume tha the debt will not exoced the 4 a low rate of interest on the national securitics, produc and then only to the © follows. s be restored without @ shock to trade, and without a 30, 1664....... 91,789,000 sum pamed, at be a -echoniiy-edyrnant of local produc When there are no Ropualis, indieitasl anit babble 53g 9°44: 150,104 | diminution of the public revenues or of productive in- da, 8 t, act March 3. 1664 $167,016,226 | “sho annual interest upon thre thousand millions, if | which thoy would bB aubjected on account of the e: the way, und balances ey oT ‘gicuiln tile = epee bool July ; = “Was 90,432,350 | rated gt 634 per cent per annuin, would bo one hundred | tion of government securities; wile if those socuri setticd, the flow of coin in Unted States At . of f d \ d 3 and sixty-five millions, but if funded at five per cent it | should bear a rate of interest sufficient to secure thelr but little ‘ed the close of agreat war, which has bec waged on July 2, 1864, iss ed to Central Pacitio 9 - local fow, if of th ad other United both sides with a vigor and energy, and with an expendi. | “Bedcoad Yom interest payable in Would be one hundred and @fty m tions, sale when subject to taxes, fow, if any oa, States securitie . 427,731,800 arg of oncy, without a precedent m mod ti lawful money 1,258,000 Now, if two hundred millions per annum should be | would long remain where those taxes could reach them, 2 9019,04s;6a0 | trenton ot the United Stator are engumbered with ¢ : Sie Fics’ boc is 258,000 | anpiied, in half yenrly instalments of one hundred mil- | They would bo rapidly transferred to othor countri Joss occasions, beco ,045, the peop'e of ‘the United States are enournbered with a | Treasury notes, act ne 30, 1864, Doea'eash; in payment of tho acoraing tatorest aed in'| into the fiapda of rele capitalists, and thus at last fore, and, by ietiracts DANGEROUS FINANCIAL CONDITION OF TLE COUNTRY. requires the immediate and careful consider. | and March 3, 1865, Interest payable in reduction of the principal funded at the higher rate of | burden of paying a tigh rate of interest would be lel and draws again to itsel’ the coin’ of hit had been These figures area history in themselves, exhibiting | ation of their r presentatives, lawful money: : 671,610,400 53g per cent, the debt would be entirely paid in thirty- | upon the people of this country without compensation or deprived. not only the past ahd present condition of the country, Since te sommencement of the special session of | Compound int i, two and one-eighth years. At five per cent ie tatieny alleviation. f All this is well und rstood, and if trade betw in matter. o exe-eding interest, but indicaring unor: | 1861 {he most important -ubject which bas demanded and | _ per cent, act June 80, 1864 it poorly egr mitted, ‘py the like application of ono | SUCQKIH OF THM INTERNAL BRVENUE SYSTRM—NEGHSEY OF tions were carried on by wn exchange of products and a | ringiy th ‘ous direction in Which the financial cur- | received lve attention of Congress has been that of pro- | Temporary loan. “ yer col hy ndred wittocaaea) ‘six months, in a little over twen- TTS FREQUENT REVISION. Prompt pay t of bat in specie, no nation would | ren. is sweeping. viding the means to prosecute the war; and the success act July 11, 1862 tp-aighe yeace, ry d ‘Tho present eystem of internal revenue is one of the ever become udebt d to avotuer tuan extent seriously | On the Let of January of the memorable year 1837 the | of tho go,ernment in raising money is evidence of the —-—-— 196,142,049 | “Vente higher rate, the sum applied in the | rosuits of tho war, It was¢ramed under ciscumstances to alfect :ts prosper ty. bank uote circulation of the United’ States was | wisdom of the measures devised for this purpose, as well | United States notes, acts Feb. 25, 1862, frat eae ee actlon” of the: priktipal ‘of the | of pressing necosaity, affording litte opportunity for care= All serious emburrassinent growin comm re al 185,590, the deposits were $127,397.00, the loans | a6 of the loyaity cf the people and the resources of the Juty 11, 1862, and January 17, 1863. 1,809,295 | Gobt “would be ‘thirty-five millions of dollars; | fut and accurate investigation of the sources of revenue, intercourse between the peopie of di 15,000. in January, 1857, the y of the next | country, No nation within the same period ever bor- | Fractional currency, act March 3, 1863, 7,363,098 in the last or shirty-second year, when the | Its success, however, has excoeded the anticipations of sults froin failure tn the pron) tof yaad | g he circulation was $214,778,822, the dopos ts | Towed so largely, or with 6o much facility, It is now to et ge inintohed See eee oer se. cianosmmonetatie teaie eeat io shalt the carrying .orward of these ba.ances by extensivhs of 130, 51,009, the loans $684,436,000, Thre are no | be demonstrated that a r publican government cannot | Gross increase. . $1,185,252,320 | into millions, about one hundred and ninety-one mil. | wisdom, abd to the patriotism of the people who have'se credits stivs to exhibit the amount of spec.e actually in eir- | Only carry on a war on tho most gigantic soale, and oreate | | From which ded lions of the uniform annual payment would go the re- | cheerfully submitted to its burdens. DOMESTIC TAD" B TANCES. jon in those periods, but it would be a liberal osti- | & debt of immense magnitude, but van place this debt on | Bonds, 6 per cent, act July duction of the principal. ” | With the restoration of peace industry ig returning Tho trade bewween tho drier ni} ions of the Untied 0 puc it at $30,000,000 for 1837, and $50,000,000 | 4 satisfactory basis, and meet every engagement with 4 $1,400 ‘On tho assuniption that the debt may be-funded at five | again to its former channels, and @ revision of thes! States is subject to the eame law the | for 1857. fidel.ty. The same wisdom which has Deen exhibited by per cent, fifty millions would be applicable to the reduc- | tem now becomes important to accommodate it to course 0 trade, become: ‘These were years of great Inflation, the effects of which | the national councils in providing the means for pre- tion of the prinoypal in the first year ‘and In the twenty. | changed and changing condition of the country. balances must be carried int mm of debt. Wecady reierred to—the revuision of 1837 not | serving the national mnity will not be wanting in devia- 168,800 eighth or last. year of the perlod—the intorest fulling a ‘Every complicated system of taxation opens the way expensive and generaily dangerous lo the deb eee Mer rag op bute | ing measur 8 tor Rea ap a Keg ns oy pal brig e 3907,000 leas than eight u.lilions—one hundred and ninety-two | to mistakes, abuses and deceptions. Tomptations to die tion, or se wsure of prostra!.o continued until 1843, at the co NECESSITY OP MAINTAINING THE PUBL ; . |, 807, ? “ , a convertibie currency, Mencem-nt of which year the bank uote circulation | | The mainsonunce o public faith is a national necessity. | Treasury notes, 7 alllons of She agusel payment wort grt We Pec. | tote t ales 1 epee left to the natural kiws that amoun oi only t+ $68,564,000, deposits to $56,163,000, | Nations do not and cannot safely accumulate moncys to 17, 1861 30,212,300 ‘The annual interest accruing upon seventeen hundred | Honest pi who pay their taxes in full, are tojui ments take place promptly and e a:!:0ut 1 51.44,000; tlour ‘having declined in New York | be used ata future day, and ox.gencies are constantly | Certificat Day te er ep dn iy ei ober oe cece ere eg Boe map ol a Ne eee ease ection. dtawn | trem $025 por barrel on the 1a, of dunuary, 1857, to | occurring in which the richest and most powerful aro | — per cent, act March 1, 1863... 4,051,000 ber last averages 6.03 por cont. A partol thie suto le | evade thelt share of the public burdens. upon by their depositors and not holders for «on or | $4 69 on the Ist of January, 1843, and other articles in | under the necessity of borrowing. The millennial days, | Treasury notes, 5 percent one now due; anotier portion will b» payabl barter anid ‘The multiplicity of objects at nt subject to taxes ex bance, Tui was of d ab yut the prvportion, when nations shall beat their swords into ploaghshares, and two year, act March 3, the bulance will be due or aaa atthe cation of the | tion is one of the most serious tiuns to the present. posits, {© ey on in 1857 was severe, but, for the reagon | and their spears into pruning-hooks, and learn war no | 1863. 111,182,740 government in 1867 and 1868. If thesoseventcen hundred | system. y of these yield little revenue, while ite of discous before sl d, less disastrous and protracted. Taore, are yet, according te all existing indioatons, far ind. twenty-Uve millions shall be funded or con- | collection is troublesome to thé collector, and irritating trading (1 so'r duces the pric 8 as to ‘On ti 30th of September last the deposits of the na- | in the future. Wiak and defaulting nations may main- 308,396 verted into five per cuts by the year 1869, the aver. | and offensive tojthe taxpayers, This multiplicity alao ta- the demand for them until che ut change nd the | tional burks alone amounted to $544,150,194; their | tain a nominally independent existence, but it will be by Spo intarens of de nda eee = It be 6.195 per cent. In |. volves as many temptations to fraud, and as many oq. Nbrium is res ored, I thou national sec -rities' as 'a loan | Feason of the jealousies rather than the forbearance of See tie year67h, I the debt then maturing should befunded | cult questions: for decision, aa the objects from which This brie. statement of the wei! known laws of trade xovernment—to $913,045,029; both of | stronger Pewors. No mation is absolutely safe which is MR MPAINT Tein eccn attatheavernes intaerat mould bervedooea Sfoveune ibtaativea not only illustraics the necessty of prompt payment of items must have ben increased during | Not in u condition to defend itself: nor can it be in this ———— | 6.16, and mil ates pore: nt, excepting the bonds for Tie omens ‘taxes judiciously, go as to obtain revenue balances between the United -tates and foreign nations month of October; while on the ist | condition, no matter how strong in other respects, without Net imorease... ve + $941,902,537 ny ‘millions to beadvanced in pry re Pacific Rail. | without repressing industry, 4 ‘one of the highest anf and betw e. thed flerent rection: of the Un ted tates, a month tho eirculadon, bank and national, had | & well-eslubilshed nancial credit, | Natwons cannot, | In the report of the Secretary year 1864 tnere | M4 ace percent, which will have thirty years torus | most didleult duties devplvéd upon Congress. - Taxation Dut the necessity of haviag everywhore the same | reached the starcing amount of upwards of $700;000,. | therefore, aftord to be unfaituful to their pecu- | was excluded from the public debt the sum of $77,89%- | trom their respective dates. ‘The interest of these bonds, which in one year may bo scarcely felt may the mem standard of ue 000, Nothing b yond ths statement is required to ex- ligations. Credit to them, as to individuals, | 347, which amount had been paid out of the "asury, | added to the supposed five per cents, would, in 1681, year be oppressive ; ‘and that which may not be burdea- ABUK OF THs CREDIT S*SUEM TH: CAUAR OF FINANCIAL | { Hation or explain the cases of the | i ‘und money is the war power of the age. But | but'had not been reimbursed to the Troasurer by war- | take the average rate of the entire debi five and threo | some to,those who are well scuabitistied te vasiness may conve & vancing prices, Ii disaster followed the | for tho unfaitoring contjdenco of the people of tho loyal | rants, and was not reunbursed until after the commence- | Gne-hundredthsof one per cent until the whole should | be fatal/to those just commencing. Every branch ef It is admitted that on a con basis there will jons.of 1837 and 1857, what must be the couse- | States in the good iaith of the government, the late re- | ment of the next fiscal year. This explains tho diffwrence z indi bas ite infancy, and ought to be encouraged by ofexpanson. Timesof tho Sot the present expansion unless speedily | b-lion would have been a 6%ecess, and this great nation, | petweou $15,842,568, assumed in that report as the bal- | "rs “inose ‘calculations of the average rate of interest | liberai legislation. Whiseves of tudestcy or entorpiio’ ulation in the United Stat od and red ced ! 80 rapidly becoming again united and harmonious, would | ance in the Treasury July 1, 1864, and $96,739,005, the | goon ‘the funded debt the outstanding United States | is destroyed, by injudicious taxation or otherwise, = @ banks were nominally pay 's undoubtedly true that trade is carried on much | have been broken into weak and belligerent fragmenta, balance according to the warrant account, as ‘above potes and fractioual currency are not en:braced. What- damage to the national welfare. prior to the revuisious OF credits having, sm both + but this does not milit. he expansion | ances, pre ad suspen. against the theory just | for money than there would bo if sules 4 retoiore on credit. It 18 also true that there isa | tegrit, argely for cash than was ever the caso previous to But the public faith of the United States has higher | stated. f se 1861, and thas there le & iunob premier, Pp was dowand condldcrations than these for It support. It resis not | MRCRIETS AND EXPExDIrORES Yom THR QUARTER mxDIxG pf mets iy my ere} per eat per anna wil pa 4d gre Sean's coma Some [og ge sorta te int only upon the interests of the people, but vu; their in- SEY TEMTER, © made as ak "te Ga ae ae Valea ‘athens The following te a etatement of the tectipts and ex- provertionalty setmothe erage rates of interest upon LF ragteanespepe ‘and thus prevent that demaud fer stated. E which is the best security for its reward. ‘The great expansion of 1835 and 1836, ending with th demand than formerly for money on tho part of | has been creat the people in their succesafal | penditures fe quarier ending eptember 30, 1865:— ‘ terribie finane al collaps of 2*3¥, from the e cturers for the payment of operniives. But, | struggle for undivided and indiviatble mationatity. | Balance in Treasury, agreeable to warrants, Le en ent comes Srowee ae Pee seme betas ceeetbatre: Bp eelils 4 which the country aia Hot rail: fF Poses, was the conse the most liberal allowances for the increased ay neg ce ere pig Be —< 4 A Peg $958,309 | actly five per cent, unless money may be burrowed, at | spirit of opposition and discontent which may endanger quence of exves: nk cire: \ation aud discounts, an i authority, Recei rom demo ‘precens, cicen coeal an abuse o Wioeredit system, stimulated in the fret of the country in business and themselves for Ue preservation of their govermment to cxp»nditures. Syenen 4 fal of cota gale cnr by the bid: Pais iopociens shore that our revenue system place by goverisus posits with the State banks, aad nt from the foregoing statements, the prese Lene - ace Cee ene ba, iy beeaieed pecs — Lok apy excess, the bility of which fully warrants the cal- | i¢ may be accommodated to the ie dlpeer| character fore, ders for five cent loans, woul! more than cover the | should be frequently and carefully revi im order labor awelled by uire.cy Le ero? ty until, under the — 1 prices did not beter anaete that the circu- ane ey ’o been battling for ita ain! or anv,182,260 spirit of Speculation whieh per ‘eded the country, labor diuia of the country is altogether excossive. hose Who have bet tenance. total debt poopl justry ahd product on decruased We sich an oxtent that tho 4 TO A REDUCTION OP TUR CURRENCY axaweamp, | tH is a debt voluntarily Incurred for the common good, its | Receipts from customs. . i fae Seer ater ter et en emppep pe It country which should have boos ho t fo0d-prod .c before conciud.ng bis remarks upon this subject, it | bucuons will be cheerfully borne Dy the people, who will | Receipts from Inds. It must bo observed, aiso, that the assumed princtpal | of tho highost importance that there should be oe ing country of the world bevws uporter of bread- | may be proper for the Beorotary, aren af the expense oat not permit bee 7g gee eee ora saereen a of the debt in July, 1866, must wndergo eome diminution | adjustment of our internal to our external revenee stuf, ition, to notico brietly some of the poputur DENT REPRESENTS. Reeoipts srom ~ gg: Tho balanceof trade had bern for tong time favora- bie objections to a reduction of the curreney :— ‘The public debt of the United States represents por. | Receipts from miscellaneous Tolpeas Serene yh blo to Europe and against ihe ates, and also in -i.—Tuat, by reducing prices it would operate in- | tion of the accumulated wealth of the country. While # years, the principle, thus reduced to twenty nine hum | hat views somewhat simiiar to thes: were favor of the commerelal cities of Uv seasoardandagainat | jurionsly, if not dicaswously, upon trade, and be quite | is a debt of the nation, it becomes the.capital of the cith 362,186,200 | Gred millions, would be exting:shed by the process at- m the + $440,220,770 | ready stated in tw nine years, if funded at 6% per tay ‘net of March 3, 1865, cent, and if at Ove per cent im something less tham | Treasury was ee anal a commission, Cea- twenty-seven years, And 11 is well worthy of attention | sisting of three persons, to inquire and report, at the eare that one hundred millions le-# principal at the com- | liest practicable moment, upon the subject of rawing 4 meoncement of the process of ment, willsave four | taxation euch revenue as may be necessary im order bundred millions, in round num! in the end, if the peng d the wants of the governm havin; rate is 53_ per com, and three bun millions if five | and including the sources from which such revenne likely to proctpitate a finanaial criss. zen, The means of ‘the merchant, manufacturer and To this it may be replied, that prices of articles of in- | farmer, and also those of the workingman and the sot- tablisted large credtia abroad, dispensable necessity are already #0 high as to be severely have beon Liberally invested in it; and it isan im- were enabled to give favorabc oppressive lo consumers, especially to persons of fixed | teresting fact—a practical evidence of the great resources Jobers, in tura, were thus, and by ~ | abd moderace incomes and to the poorer classes, Not | of the country—that so large an amount of their wealth ‘tions from the banks, able to gio ouly do the interests, but the absolute necessities of the | Could bo loaned by the people to the government without country merchants, who, in turn, # masses require that the prices of articles needed for their | ¢mburrassing industrial pursu'ts. Notwithstanding more of credits prev the interior, but a vicious #y® the prompt settiement of balax. on an incetaite credit, ‘It then re- | use should deciine, than two thousand millions of dollars of the means of meet mode putable iv borrow money ' s earn it, pleasant- ‘Nori there any reason to apprehend, by any polley | the pooplo of the United “tates have been thus leaned, om 373,008,254 qo of national debt is, of course, relative to ey sormboa Pree a er, and appaicnsty more (v to specuiate than to | that Congress may adopt, eo rapid a reduction of prices | Brauch of useful industry has suffered by tho investment. -————— | the national resources, and these resources are not, | This subject received the early attention of the Work; and su the p ople hiow ‘Ucbt, labor | as to produce very serious erabarrassment to trade,” ‘The | It is undoubtedly truc that if the wealth which has been } Leaving a balance in thé Treasury on the Pee e ee retro el inecucsent proaociet ths] tary, and Goasl tke sulbertty of the Sey pede dorease:i, production fe t stowed. government currency can only, to any considerable ex. | invested in United States securities could have been em- | - 1st day of October, 1465, of $04,158,515 and industry of the country. The annual pro- | deliberation, a commission was organized, consisting of The financial crisis ¢ of « similar | tent, be withdrawn by a sale of bonds, and the demand sor sowing culture, in commerce, in mining and manu: | agiTMATED RECHIITS AND EX rox 1866. duct, however, is found to bear a ceriain ratio to capital, | Messrs, David A. Wells, Stephen Colwell and S. 8. cause, nom iy, the unbeaithy ext nsion ef the var bonds will be so aifected by the state of tho market | factures, i. vpeuingtarme aad the better improvement of | ‘The Secretary estimates that the receipts for the re- | Sng'this ratio ‘nay.be conveniontly and safely used in | represonting, toa certain extent, diflevent sections forms of credit. agin this case the evil had nm rapid contraction will be diffiealt, if uot impossi- | those already under cultivation, in building railroads and | maining throe quarters of the year ending June 30, 1866, | computing the probable resources which must in the | interests, and also diferent political sentiments. The Deen Jong at work, and produ industry had not been if it were desirable... There is more danger to be | Ships, in working the mines and in increasing the variety | will be as follows:— ’ seriously diriniaived, tre re ‘and de. ded from the inability of the government to | audamount of our manufactures, the nation would have | Batanee in Treasury October 1, 1865. 967,158,618 | oe peice rake ri oy ad hes) ae Se ee an denn atract ve, was not general, nor were the emburrassients its circulation rapidly enough than from a too | been far in advance of what it now is In material pros- | Receipts from customs. 100, Tt bas been estimated by one who has made this eub- | labors Fosulting from it protracte.! pi uction of it, It ig, im part, to prevent afinan- | perity. But tt is also true rd notwithstanding the | Receipts land: 500,000 fect a study that the products of ag:iculture, manufac. ‘An investigation of the character of the revenue, eom- ‘Now, in both these itistances the expansions occurred | cial.crisis, that is certain to come without it, that the | large investments by the people of the United States in | Receipts from int 178,000 tures, mining, mechenic arts, commerce, fisheries and | templated by the act authorizing this co neces while the business of Ue councy was upon aspeeie | Secretary’ re ommends contraction. Prices ‘are daily | the securities of their government, notwithstanding, also, | Receipts from mircollancous forente in Ure year 1860 were 28 28.0 percent of the value | sarily involves # careful. and oom = = Dasis, but tt was only nomtnally so. Afalse system of | advaacing. The longer contraction is deferred the | more than to millions of men, in the Northern States | “sources. ae + 30,000,000 of the real aud personal Oi the United ‘states, | the condition of every industry, trade oF occupation credits had intervened, nndor which paymonts were de- | greder must the fall eventually be, and the more serious | lone, were, for longer or shorter periods, it tho military 305,600,000 | A similar calculation male the proddcss ‘of 1860:26.8 per | the country likely to be aflected’ by the natioual revenue ferred, and specie, as a mesure of value and a regulator } will be its consequences. It is not expected that a return poe lyw a seven hundfed thousand for a good een, tof the wealth of the country in that yver,-| system, and, in the absence of uasrly alt of trade, wus practically ignored, ‘orything moved | to specie payment will bring prices back to the standards | part of the Ume the war continued were constantly $92,668,515 xed by, the Bededea feturns tn the ealcdlation | bo ‘and exact deta, must necessarily be sinoothily, aud-apparentiy prosperously, as long asere- | of iormer years. The great increase of the precious | Under arms; and notwithstanding the immense waste of fromitted ‘be ‘anndal products of capital and industry | and laborious, - From prelluninary report mute to dits could be estab'ished and coniia Dut as s00n as | metals and high taxes will prevent this; but this consid- | Wfe consequent upon operations so extensive and are taken, for convenience, at twenty-tive per cent of the ‘by tte commission he. has reason to infer thas paymen s were demunded ute apecie Wis in requisition | eration makes il the more important that all improper | baitles so | sanguinary as characterized this me- capita) wealth of the Country, andthe oapital of each de- been accomphsbed by Gistrust vommenced and collapse ensues In these in- | aud uninevessary influences in this direction should be | Moruble struggle, | the larger | part of the country © nnlal year of the thirty that our bational cebt may run pane er investigation like stances the expansions preceded and contractions fol- | removed, bas sill, sinc» 1860, pi both ta wealth and bofore tls exting.dehment by the a plication of two hun. | they are now engaged, and to demoustrate the Jowod the suspen10-8; but it will be recollected that | Again it ie urged that a contraction of the currency | population. ‘The loyal States | have advanced Grod millions por anniia tothe payment of ‘ts principal | of the accumulation of correct and.sccurate kno While the waves were rising specie ceased to Lea reg. | would reduce the public revenues, fa materiel prosperity, im aptte Gf the gregh drain that and Intorest is here estimated ‘pon the basis of its | properly digested and presented, as a buale for our Intor, by reason of a credit system which prevented the Tt i possible that this might be the immediate effect, | hus been made upon them; and now that the was is 484,853,462 | Amount and increase as given by the census of 1860. In | revenue legislation. ‘ugo of it. but It would be temporary only. ‘Tho public revenues | closed, the Union {8 no longer in poril, and the men that Tay | the year 1860 the real and personal property of the Union | ‘The pian pursued by tho commission has been to take CAUERS OF THE PRESENT INFLATION. depend upon the development of our national resources, | Made the armies on both Naor chest kas earl « $12,104,047 | Was valued exclusive o” +4.-ves) at, $14,183,000,000.. Of | up, specifically, those sources of revenue which our owm The present mulation following the suspension of 1861 | upon our surplus productions; in other words, upon | dable are to be acain employed in profitable pursuits, BSTIMATED . Pond this amount the Stats lately in’ insurrection held | experience, and the experionce of other countris, have fs the reeuit of heavy expenditures hy cries an | uidor, The revenues derived from transactions based | the onward march of the country—even if temporary | The receipts for the year ending Junc 30, 1807, are 467,000,000, being an increase upon the like y | indicated a8 Likely to be most. productive under taxation the prosecsition of the war w " ‘ew | upon a Caise standard of value, of from intorests that can | rvaction, as the result of the war and the redundancy of | estimated as follows:— ; Pita or lasts pew cont The property. of the loyel | aud most capable of sustaining ite burdens In pursuanee measure of ale tu the for aoa Trem | oiuy flourish in speculative times, are not those upon | the currency, sball be experionced—will be decided and | ¥rom customs... $100,000'000 Bustoe was valuod st $10,716,000,000, an racrense of 1366 | of this plana large number of witnesses have been em- SUFY Notes as lawl The counicy, a8 @ whole, | which reliance can be placed for maintaining the public | Fesistless, 275,000,000 per cent over 1860; wgether averaging @ decennial in- | amined and much valuable testimony put upon record. Motwith-tonding the rea + tue war, and the draft | credit, What a healthy and reliable business requires is | THK DENT 4 NATIONAL BURDEN—IT SHOULD BE PAID As 1,000,000 crease of 129.7 per cent. It ig understood to be the opinion of the commissioners: which las been mate |) tubor, is, by its greatly de- | a stable basis, This it cannot ha jong as the coun- RARLY 48 20,000,000 Now, taking the increase of wealth in. the loyal States | that it would be inexpedient at once to make any radical Y a8 POSBIULE. n real wealth of what | try ts inflicted with an inconvertible currency—the value ‘The debt is , but If kept at home, as it is desirable it was in 1567, when the last of which, as well as the value of the vast property which | it should be, wi ‘re system of taxation it need The expenditures, acoording to curred. The people are now comparatively free from | is measured by it, is fluctuating and unreliable, aud may | not be it ia, how bt, debt; the banks, with their ecoured circulation and large | be in uo small degree controlled by specalative combi- | capital the holders of the securities, it is still | For the investinents in gover ni -nt secrrities, although not in an | nations, ® natonal debt, and am encumbrance upon the | For pen: le easy condition, and do. » much extended, are, It is also urged that the proposed policy would en. | national estaie. Neither = advantages nor its | For the War Departinent. in the ten years {rom 1860 to 1870at 126 per cent, we | and violent changes in the nature and working of the . have, as their cay in 1870, $24,111,000,000; and if we | present revenue system, and that we should rather seek, While it tg | mates, will be:— ut the wealth of the ether States at the same figure as | through experience and study, to perfect the present sys- in 1860, without allowing anything for inerease, we have | tem by degrees, 80 as to gradually adapt it to the indas- a capital, for 1870, of $27,588, This sum gives | trial habite-and fiscal ity of the people. The Seore- us the product of the year at’ $6,894,500,000, upon | tary is also imforwed by the commissioners that is veloped resources, fa. 1 advan ig believed, generally si en’. pat the same causes are | danger the public credit, by proventing funding; and or can or borne | For the Navy Department whicl " e f without increase in at work that prodviced (le eviis referred to, There ts an | tht it would compel the government and the people, © people. Ite influences are anti-republi- | For interest om the public me oad but, 38 Ser centto the yeahh of 1h00 wale of teamien, ut by ube SSestaseut or come elon’ immense vol_me of paper mony in circulation--under | Who aro in debt, to pay in a dearer currency than that in to Ge powes of tie Bascete 7 re 284,817,181 | for the States lately in insurrection ax their probable | tions and amendments of the present law, coupled, pee q the influence of which prices, already enormously high, }| Which their debts were contracted. ing federal It must be di to the valuation in 1870, charge of $200,000,000 upon the | sibly, even with some reduction in the rates, an increase are stoadily advancing, and speculation is increasing— ‘The Secretary is unable to perceive any substantial | people because it fill the country with ge and | Leaving a surplus of estimated receipts over jucts of that year will be 2.81 per cent, But, allow. | of revenue from comparatively few sources to the extent which must be contracted if similar disasters would be c= for this objection. Ho cannot understand how | tax-gatherors, It eae ere virtue, be- | estimated expenditures of.........-+++-»-$111,682,818 | [ug all that can be. claimed iu this Tespect, and | of some fifty or sixty millions of dolla avoided, he process of funding is likely to be aided by the com- | cause it involves the tion and Of vast | THE DEBT KXDUCKD THIRTEEN MILLION DOLLARS IN SEPTEMUER taking the lowest estimate for 1870 as the’ basis | and above that now obtained, may be ‘ ABUSES OF PAPER PROMIKS TO PAY, tinuance of prices on thoir present hich level, or how the | sums of money, amd renders rigid national ecomomy AND OCTOBER, for ulating the wealth and products of the | on. If this should be the case an If the war could have been prosecuted’ ona specie | credit of the government is to be restored by the perpet- | almort impracticable. It is, in ® word, » national bur- The debt of the United States was increased duri year 1880, 125 por cent inerease in this period gives | titudo of small taxes which, frum th basis thero would doubtless have been a considerable | uation of an irredeemable currency, especially as that | den, and the work of removing it—no matter how desira- | the fiscal year ending June BET $941,902, 537, a capital of $62,050,000,000, and product of | acter of their method. of collection advance in the prices of those articles which w re in | currency consists largely of its own notes. While it is | ble it may be for individual investment—shoult not be $iss fra,09 first quarter of the present fiscal year | $15,612,000,000, upon which’ sum a char of | tremely odious and objpotionable, will be advisable, demand by the government; but inasmuch as in the con. | hoped that early provision will be made for the com- Meera $138,773,007. The Secreiary has, however, the satisfac- | two hundred millions falls to 1.20 percent. In 1800 the ‘Although the work of the commission has been thas 6 dition of our political affuirs extensive credits could not | mencement of the reduction of the national dobt, an tion of beine able to state that during (he months of ‘estim: ‘sources likely to be most Fo Oo ree ee ot | aera et ot itis not anticipated. "Nor is cunder. | cumbered estaten, so should te be the ambition of the | September and October tue public debt was diminialied | upon TB eee Ee ite direction would bave been kept within rea-onable che k | stood that those who are apprehensive of the effects of | people of the United States tojrelieve their descendants of | to the amount of about thisteen millions of dollars, Hone, upon ‘which two | the administration of the law has not been omitted by 0 by the outilow of coin to other nations, wlach would | contraction entertain the opinion that the present condi- | this national We need not be anxious that THE DEFICHKNCY OF THR PRESENT FIBCAL YEAR. r is believed that some have been the natural resuit of the advan ing prices in | tion of things should be continued until any considora- | future generatios share the burdes with us Wars If the expenditures for the remaining three quarters of than we tneeezear ner Lahn & in the ‘year 1900 ihe Eg Pious w! jl be submittea for the the United States, On a basis of paper money, for | ble portion of this debt shall be paid. are not at an end and posterity will have enough to do to | the prosent fiscal year shalt equal the estimates, there | tax upon the ts of the year would fuil to 0.322 per | consideration of Consress. whicl: there was no outlet, all articles needed for imme. So far as individual indebtedness oho ce d, it may be | take care of the debte of their own creation will be a deficiency, to be provided for by loans, of | cent, or lees than one. third of one per cent. ‘As a goatifying feacure of their work the commission diate use, of which it became ihe measure of value, ‘elt | remarked that the people of the United States, if not as $12,194,947, to which must be added $32,636,901 for To this chi upon the resources of thecountry, ifthere | report a most cheerful and prompt co-vperation on the ‘and responded to the daily increase of the currency; so | free from debt as wl were six months ago, are much the five cent Treasury notes (part of the public 7, for all 1 th ntatives of the industrial dint Tora und the prices of Moat articles for wich there | kess in debt than they have been in previous'years, and | the debt, but the Sec dota), whieh ‘become duc ibe. preesot monty and are | Cease tre aE nitions fa 1880, | fatcroste of che country in the procurement of exaes has Scena demand have been, with slight Cuctuations, | altogether less than they will be when inevitable day | ng it but the income beyond | now being paid out of moneys in the Treasury, and all | one hundred and sixty milMoms in 2800, and one hundred | information, and ® univ raal expression of ready acqul- con-tariiy advancing from the commencement of the | of payment «omes round, if the volume of paper money | the national expenditures, In a matter of #0 grave im- | other payments which may be mado on the public debt. | and seventy millions in 1900, the estimated total expen- | oscence in "4 demands upon them which the future war, and are higher now, with gold at forty-seven per | ts not curtailed. A financial poliey which would prevent portance as this experiments are out of plain | The heavy expenditures of the Inst Secal year, and | dure will be 493 per cent vf the products of capital and | necessities of the goverament umy require, united, at the cent pr mium, than they were when it was atone | the creation of debts and stimulate the payment of thove ry of experience is the only one to travel. | of the months of July and August of the present | industry in 1870, 226 per cent im 1480, 1.17 per cent in | same time, with @ Foquest that the government cee hundred and ' eighty-five. Evou those which wore | already existing, so far from being injurious, would be | The first to be taken is to institute measures for | facal veer, are the result of the gigantic scale on | 1890, and barely seven-tenths of one per cent in 1900. Or, seek to equalize, so fer as e, which affected by the fall of gold upon the surrender | in the hixhest degree beneficial. funding tigations that are socom to mature. 16 war was prosecuted during ion | in general statement, the total estimated charges of the fairly distribute eens ite requirementa ie for th view of the fact of the Confederate armies, or the increased It in further urged that a reduction of the ment | next iat provi: raising, in @ manner the least | of this and the payment ment tof th supply or diminished demand, Vas advancing | notes would embarrass the national banks, f it did not | odious and oppressive to tax- the revenues neces. | ofeers Mes mustered out ot the servic tinge pen ana or hes obdieiey expenese, bey " nue ‘has been committed jo this commi again to former if not higher rates. The ex- | force many of them into liquidation. sary to pay the interest om the and ® ceriain dof. | The larve estimates of the War Department for the | jess than five per cent of the resources of the country, | Secretary docs not consider it proper for him to pres. pansion has now reached ave! a point as to be absulutely To which it may be said that it se better that the | nite amount annually for the redaction of the princi. | rest of the year aro for the payment of troops which are | and end in seven-tenths of ove per cent, * bent his views upon this important subject in advance of ‘Opprowive to a large portion »! the people, while a, the | banks should be embarrassed now than bankrupted | pal. The Secretary respectfully sugges, at on thie | toremain in theservice and of thove which are to be ‘These ostimates avd the basis upon which they rest, | the final ‘which it is hoped will be made early game time it is dimiuish.ny tn or aud is becommg sub- | hereafter. Thoir business and their customers are now | subject the expression of Congress bo decided | diacharved, and for cloring up existing balances. are sustained by the reeult of Englieh experience under | in the 5 ‘Vorsive of .ood morais. under their control, What will be their condition and emphatic. It in of the greatest importance, in the SATISPACTORY PROSPECTS YOR THE NEXT FISCAL YRAR, ‘a debt one-third larger than ours, with ordinary and ex- ‘There are some subjects, however, in the OUR PRESENT PROP RWETT NEY APPARENT, these respects if the expansion continues and awellaa | management of a matter of so interest, thi The statement ofthe probable receipts and expendi- | traordi expenses atloast one-hali lar,er than outs | report of the Commissioner of Internal Revenue which ‘Thore are no indications», a1 and pormanent pros- ‘our of two longer itis not difficult to et. While | the right start enould be made. Nothing but reven fares for the next fiecal yoar is in the hi sheet sat- | aro likely to reach, and borne through a period of mueh | require the attention of before the report of the fu our large imporiasions of foreign fabrics; In re Las been no unhealthy ex ion of credits in the | will rnstain the national credit, and 06 Jess than ae, According to catimates which are believed te | less wealth-producing power. The government charges | commission Is received, to which there vy Operations at ou commercial marta; in | United “tates for which the banks have not been ed policy for the reduction of the public debt wil } be le the receipts of that year will be sufficient to | for all expenditures ‘Shy years ago took one pound im } should be early action. the id fortunes reported io be made by skilful ma- | responsible, there has been none by which have not | be likely to prevent its increase. pay all current oxponses of the government, the interest | six of the products of Great Britain, but charges | COLLECTION OF TAXES IX THE LATE REDRLLIOUS STATED, ‘At the gold room or the stock board; nocvi- | been ulcaataely the losers. Uniess their sentiments are AMOUNT OF OUR DERT. on the public dot, and leave the handsome balance of | have now fallen to one pound in nine, We commence In putting Into operation the system of tnternal reve. ‘of increasing wealth in the facts that railroads | misund: by the Secretary, the conservative bank- On the Sist day of October, 1869, since which time gu $18 to be apphed toward the payment of the | onr national burdens with resources that, in the very | Bue the recently rebellious {t beeame necessary. aad steamboats are crowded with passengers and hotels | ers of the country are quite unanimously in favor of @ | no material change has taken the public debi, ‘tacit, year, ired to bear an aggregate of less | for the Secretary to dec! or not an effort with ; that cities are full to overflowing, and rente | curtailment of the currency, with a view to an early re | withoat deducting funds in the , amounted to | AMOUNT OF DEBT KOW DUE AND TO BE PAID DURING THR NEXT | than 5 per cent, or one dollar in twenty. should be made to collect te or os end tho prices of the necessaries of tife, as woll an luxu- | turn to specie Baymente 908,549,487, consisting of the following iterw:— THRER YEARS, It ia true that many efreumstances may occur to to the eatablisnment of revenue therein, ries, ere daily edvanciog. All these things prove Again, itis hat the excessive bank have 4s, 10-40, 8 percent, due im 5 ee eee Oc- the accomplishment of these results; ri the subject due Secretary, im that ® foreign dobt is being created, that | as much infuence in creating and sustaining high pricos mm 1 ++, $172,770,100 tober it appears that, besides the compound Interest, the estimates have been made upon What are re- the facts that federal revenee. Bamber of non-producers is increasing, and | asa superabundaat currency. This is unquesti Pacific Railroad, 6 per United Btatee and the fractional notes, the past due garded aa rolinblo data, and aro well calculated to on- officers to whem payment could bo made, that thet productive industry is being diminished. “there | true; but it is also true that excessive are the cont, due in 1896 +. (1,288,000 AMOUMIOT 10... . 6 ssc seserser eee 378,020 | courage Congress in levying taxes and the people im pay. | the people (many of them had been sub- ' fe 80 fact more manifest than that the plethora ‘effect off excomive currency, and that whenever the cur. | Bonds, 5-20'r, 6 per cont, due dobt duo in 1865 and 1966 to. 187,540,646 ee jected to heavy taxat! 6 government © paper money i# not only undermiving tho morals of | ronoy is reduced there will be, at least, a corresponding, in 1882, 1854 and 1886)... 650,250,000 dobt duo in 1867 and 1868 to. 848,328,691 fter careful reflection the Secretary concludes that no | which was attempted established in op. the peoole by encouraging Waste Ant extravagance, but | If not a greater, red.ction of deposits, Rone 265,347,400 VIFTY MILLIONS FUNDED. act of Congress (except for raising the necessary revenue) oo to that of States, and had fe striking at the root of our material proeperity by dim- The last objection which will be noticed to the mesura | Bonds, 6 per cent, due in 1880 18,415,000 During the month of October about $60,000,000 of the | would be more acceptable to the people or better calew- greatly exhausted ry wag, Salabing labor. The evil i nob of piceont beyond the | seqo ia thats would, by reducing the rave of | Rowds. 6 wer cent. doa in 1s7) 20,000,000 Compound inwrest notes were funded in Ave-twouty Aix Iated to strongthon the national credit than one which} ssued & olraular, under Tuna,