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~ :, .ba conurer ibis morning wrapper. ready


-ns;l;nr IL contains he Reports of he Secretary OF IN


T,e.su-r War, Navy aud Posi- Ofic+ Department eoL
e-y.onsi Proceedings o the Week &c ffcr sf GEMS


The F1nances-Mr. Spencer's Report


Editorial Correspondence.


W.sHrssros, Monday, Dec. H.


TUG RypoRT OF THE SECRETARY OF THE l RkA-
suxy appears in this mornings Natiohai in'eiii'
eencer It is very long but at the same time a
very able, and, what is better, a frank and manly
docnment. Mr. Spencer deyotes a column to
straitening out the accounts OF former years,
which had been tangled up by State DePosites,
Loans, Treasury Notes, &c. and by the change
of the commencement Of the Fiscal year from
1st January to lst July, after which he launches
boldly upon our troubled sea of Finance, truth
fully stating and fearessly suggesting. viii
present few of his more important facts for the
benefit Though they dc MT deserve IT. OF those
who will not read the whole Report, as every vo-
ter, at least, ought to do.


l. Of the Public Debt.-During the four years
of MIR. Van Buren's Administration, the average
Annual Expenditure of the Government for all
purposes bu: Public Debt were over Twenty
eight Millions of Dollars, which aggregate was
swelled to Thirty. odd Millions by his secretarys
absurd fancy of denying that the Treasury Notes
constituted Debt, and so making their payment
swell by so much the Expenditures During the
succeeding three years, the average Expenditure
mas been little under Twenty -four Millions and
Half-a reduction of Three and Half Mil
lions. During the former period the Annual Re
venue averaged Twenty .one Millions; during the
latter Eighteen Millions and Quarter. OF
course, the Government has been running be-
hind hand ever since Mr.. Van Burens elevation
to the Presidency. During Mr. Van Buren's
term the constant deficit was supplied by eating
up the balance of some Eight Millions beyond
the amount Distributed to or Deposited with the
States left by Gen. Jackson in the Treasury;
then by devouriag in like manner the Eight Mil
lions and over received from the U. 5. Bank OF
Pennsyvania for the Governments Seven Mil
lions of Stock in the U. S. Bank then by Eight
Millions and Half received from debts due and
other funds existing before Mr.. Van Buren's ac-
cession, and by the issue of Treasury Notes.
When Mr. Van Buren, retired, all available re-
sources had been eaten up, and public debt OF
some 94,000,000 created by the issue of outstand-
ing Treasury Notes. Since that time, this Debt
has been swelled by the average annual deficit OF
some Six Millions and a Quarter, with the accru.
ing interest, until it now amounts to some Iwen-
tv-fve Millions of Dollars. Mr.. Spencer does
not state the precise sum, nor devote chapter 10
the growth and present state Of this Debt, as ne
ought clearly to have done.) The practical ques-
ton presented, however, is this-Ought we, in
time of profound peace and Of general though
prosperity to allow this Debt to 60 on
We say emphatically No Let US
its repayment forthwith. But Tor the
'sretched, knavish demagogue clamor OF Loco
Focoism against "taxing the poor mans lea
and Coffee " in lS42, we should have at least es
sentially checked it's growth in 1872 now the
work must be postponed no longer.


2. Of Rerenue.-The Receipts of the Fiscal
year le42 fell little short of Twenty Millions;
he Expenditures, including Interest on the Pub
lie Debt, were about Twenty-Five Millions
clear deficit OF Five Millions. For the current
year, the income of the first quarter, ending
Sept Goth last) was over Six Millions and a Half
over Six Millions from Customs alone. FOR the
remaining threequarters of the year, the Receipts
are estimated at little less than Thirteen Mil
ions-only Eleven Millions and Quarter from
Customs. We think this must be too low-that
the Receipts Of the three quarters ending next
July cannot fall below double those Of the one
quarter ending with last September. The total
Expenditures of the current year are estimated at
about Twenty-Five Millions and Half, showing
deficit Of nearly Six Millions, which we believe
will be reduced by excess of Receipts from Gus
toms over the Secretary's estimate to between
-Four and Five Millions-stll very heavy sum.
For the year commencing JUG lst, 1874, the
Secretary estimates the Receipts from Customs
at Twenty Millions, from Lands at Two Millions
and Quarter, and other sources at Fifty Thou.
sand Dolars-total Twenty-Five Millions Three
Hundred Thousand Dollars; against which the
Expenditures will be over Twenty-Five Millions
and three Quarters, beside One Million for Inter
est on the Public Debt, making total of almos,
Twenty.seven Millions, and showing deficit
of over Four Millions and Half.


Here is rather dreary prospect-let it be me,
nanfully. Retrenchment is the first resource,
snd we trust il will be pushed to the utmost
We have larger faith in it than the Secretary has
though he makes some judicious suggestions.
believe the Expenditures nigh, be reduced Three
Millions without detriment TO the Public Service
but this must begin by deduction of al least
twenty-five per cent. from the Pay and Mileage
of Congress and what Congress will make this
The Retrenchments specifically proposed by the
Secretary would not save more than One Million
DER annum, if so much.


The next resource is an augmentation Of Du.