r e PORT


OF THE
SECRETARY OF THE TREASURY.
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OF THE


SECRETARY OF THE TREASURY.
TO the Honorable, the Members e the Senate and Of M


House of Representation of the United STATES Of dwert


ca, IN Congress assembled:


BY an An act to establish the Treasurv Dep.rtment,
apptoyed September D. 1885, Is the duty Of the secrs
OF tne treasury to digest and prepare plans foI
the Improvement and management Of the revenue, and
forts support Of the public credit prepare report
estimates OF the public revenue and the pblic expend
lures" n 49,


oct supplementary to the act entitled an act
70 me Ireasury Department" approved May
sniy 10 digest, pre- and lay before Congress- the
commencement Of every session, report on the subject
oil finance containing estuSates of the public revenue
and public expenditures and plans tor n proving or in
creaspg the revenues from time TO time for the purpose
gviag information TO Congress, in adopting modes Of
raising the money requisite to meet the public expendi.
lures"


BY other acts certain other duties are required of The


Ia obedience to those acl the Secretary Of the
Treasury submits most respectfully to the Congress- the
following report and estimates.


The support Of public credit of the first Importance to
the national honor national safety national prosperity
ths welfare q tne citizens individually and collectively


Public credit faculty to borrow pleasure lsrse
sums on moderate terms the Of distributing over
Of years the costs OF the extraordinary
prou pt employment Of ali The abilities Of nation and md
even Of disposing Of part o. the overpus Of othersa
the sxertion Of the will and the power 10 provide bv
prudent forecast the ways and means amply suficent
for the punctusl payment Of all debts according the
terms OF the contracts and good faith in fulfilling all
gagemens expressly entered into, implicitly and
nation is Composed Of natural persons
as body polite for the purpose OF promoting their mu.
na saey and advantage By the joint efforts Of their
e onea srsrgin such society s moral person,
ihnt their engagements are respected trusted
anu are able 70 obtain succsr in emsrgencies States
BY like means are respected trusted prosper and are
aoie TO obtain succor in exgencies


Breaches fpuhlic engagements which have arisen out
special emergencies which seemed to plead for them
as having been inevitable. have not been without effect.
in greater or less degree to weaken public credit But
violations o. public enssgemsnta proceeding from negli-
Of moral purpose to levy aad provide the ways and
means, are highly injurious to public credit.


Inc mscnles which ensue from nonfulhlment of pub.
lie engagements, are numerous and complex balefu to
the efars Of indvidusls and hurul to the operations
government Public and private credit closely al
hed credit may be considered whole an entirely
each part having dependency upon and sympathy with
every other part shock to public credit dminishes
tharesource private credit deranges exchanges Sales
and payments causes disorders and strictures in conn
merce, domestic end foreign.


ihe creditors of government disappointed in re.
ceiyiag ouncual pay ments they fail in their engage.
ments to their creditors and 90 on between other debtors
and creditors until the dssppointmens felt through
out long series OF creditors and debtors the circulation
obsruced business anguishes, losses are incurred
aud bankruptcies ensue. 4 !
nded BY ~ nnb;c
public virtue, and public happiness It is commanded BY
the nchangssble Preceps Of morality The affairs Of
observance Of justice and good faith


In the affairs Of nations, exigences have arisen and
rowing The changes made In modern times in the CON
don OF nations the great alterations introduced into the
art Of war have rendered modern very expensive
nsomuch that money, 10 considerable extent NAV be
accoused an instrument which csnduces to victory No
nation has been able to deay the expenses Of modern
Of increased annual taxation TO nav the whole
increased annual expenses Of the war, would be
iasoersby oppressive Wherefore, necessity arises Of
borrowing Large sums Of charging the payment upon
after generations by funding the debt mposns taxes to
pay the anausl interest and providing sinking fund to
TO be able TO borrow and borrow on good terms the
netional credit must be firmly established; system Of
revenue mast be provided by taxation adequate to the
punctua payment Of Interest," and pledged for that OBJ
Ject Il the public faith and credit Of the nation be
doubted loans cannot be obtained without extravsgant
rates OF interest reserved In one form anoher and the
like disadvantage will arise to the Government upon pur.
ment


safeguards interposed by the texture Of the fede.
raj constitution, have saved us from for trivial
causes OF schemes OF personal ambition. But the just
and pacific policy maneued by the United States In their
intercourse with foreign nations, has not saved US in
times past from the caames Of war; can we reason
aoy expect iha the blessings of peace which now
10 bs prepared for s one ofthe safeguards against
foreign aggresmons which lead to war wise people
Will IN time oil peace lock to the possibility that in
their intercourse with foreign nations they may be in
volve in war; and will not wholly neglect 10 provide fol
military and implements dssncumberinssr them
selves from the debts Of former wars and instituting
just system OF permanent revenue which might be readily
augmented when occasion should requires thereby plac
ing the public credit and national resources upon the
most solid foundation, and in the most commanding pos
ture.


On the lst July 1884, the debts Of the United States
(over and above the ordinary annual expendture
sisted Of the following particular, viz -
t-of the old funded debt being unclaimed
principal and interest returned from the
loan Office payable on presentations. Sl7so34 81
Outstanding certificate. Of the old IN.
funded debt, with interest 10 the 3ist day of


Dec in the year i79s, payable on presenta


tion,. .....:.............. 242ll 2s
.lsia.. 1880. 4,sl7 a
nnder the scts Of slst March, 1914. and 2sd
sh Debts assumed by the Congress- Of the ''''O "
United States for the several cities Of the


District of Columbia under the act of May


2oth, 1885, originally amounting to tile sum


OF 81 500 900, payable yearly, in sumsof


1900 in each and every year. with inte.


rest on the whole debt in arrear until the


debt Is extingnished-the sum remainngto
e.h1outstanding Treasury notes, viz =: '0 y
OF those issued after the 18th


Oct. 1897, and before Sd March,


lsi3, the sum of. :. 49,. e50, ,S07 81


OF the notes issued uud r the oct


OF March Sd, ls4a, the sum


of..... .......... ,so5, 400 90


Making aggregately the sum Of. .... 2,2se,2o7 81
7th- Certificates Of stocks for loans viz -
q Under the act OF 2lst July, l94l, redeema.
= BILE on the lst day Of Jan. In the year ls4s,


bearing interest at the rate of FIVE and


iy,.:..:. -. -. -. s.s7a s7e So
S,h- Certificates OF stock issued under the
Etact Of 10th April, ls42 to the sum Of
s. $s,s43, ,eS6 49, redeenable on aftsrthe
4 LIST DAY OF Jsnuary, In the ear 1883. bear.
ssIs;s Of Pc! cent per year, ssas sse Sc
9sh-Certdcates OF stock issued under the
Esct Of 8d March. IS43, rcdcemable the
lstday Of July 1859, bearing interest pay
gable half cnry, st the rate Of per cent


Government. ........::........... 7,oos asi 50
TThe aforegoing Of loans under tho


acts Of i5fl, lst2 and lela, make S2i0ll.


o9i 20 Of the principal bearing interest at
the rates upon the sums respectively be-


fore mentioned


All the aforegoing nine particulars make an


aggregate Of. S2474s 1888 2s