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The National Finances

The National Finances image
Parent Issue
Day
8
Month
July
Year
1864
Copyright
Public Domain
OCR Text

Washington, July 2. The communioation of tho ex 8eeretary, S. P, Chase, which was sent to tho Cornmittee on Ways and Mean?, on the 29' h of June, says tho aggregate revenue fibra olí eou.rces for tho yénr olosing with tho 30ih ultimo, reached 8242, ■ 000,000. The expenses, c.xohuling two mouths' pay of the army, due July lst, were 880,000,000. Tho amountin excess of the revenue is thereioru 8640,000,000. Tukingthe highest amountèstimated, and assuming that tlie misoellaneous reoeipts will reach 35,000,000, the whole amouut of revenue for next year can not be pet down at more Iban 8318,000,000. Tho expendifures are ■likely to reaoh 850,000',000 and $-150,800,000 is to be raised by loans. The íoan bilí provides for only 400,000,000, ar.d that is tho largest surn, which in thejudgment of Mr. Case, can be reasonably atí&mpted. Therè remains then 82,003,000 to be provided for. and all consideraron oí public interest, seemed to him, to require imperatively that they be raised by an increase of rev.;i3e. He, therefore, proposed to raise the deficieney, believing that the changea proposed by him would produce the differenoe between the rato on íncomes by tho oíd and new bilí added to the tas of the current year 1,500,000; the tax on leuf tobáceo 1,000,'600; iucrease of tax on smoking asid chewing tobáceo $6,000,000 ; inorease of tax on malt liquors 1,000,000 ; tax ob d-ealers' sales $5,000,000 ; tax on pirita ob hand 5,000,000; and the amount not norensed but brought frotn tlie Eext into the current year $2,000,000, mailing an aggregate of an actual or virtual locrease of 85,000;000. Wasitington, July 2. The WorlíVs Washington special says if Pessenden accepts, hi.s poliey will be, first to repe:il the Gold Bill aad all reatríctions upón commeicial traoeactions ; secoud, to issue additioD all curreney incielv to i.iake the money tnarket eaeier ; third, the establishinènt tíf a system of open loans to supply the necessities of Government, and reduce the exoessive currenev; fóurth, the stoppage ol the war on State banks; filth, to make the tai iff more on revehue than a political basis; sixth. to levy taxation as Congress can be ndueed to impose ; seveuth, to issue six per ceut interest hearing notes instead of curreDcy ; eighth, a system of collectiig táseseO as not to withdraw currenev euddeniy and embarrase trade.

Article

Subjects
Old News
Michigan Argus