Mr. McCulloch's U. S. Treasury Report [pp. 146-165]

MR. McCULLOCH'S REPORT. 157
ent tariff, however, will probably yield more than $147,009,583, customs, provided that no changes are made in it, and that
no political or social circumstances may meanwhile tend to affect our foreign commerce.
Thus up to October 1, 1865, there had been received from cus toms, at all the ports of the United States..............$ 47,009,583
From October 1, 1865, to January 1, 1866, there had been re ceived at the port of New York alone, from customs..... 29,581,345
Add one-third more for outports............................ 9,860,448
Total for first half of fiscal y-ear 1866................$ 86,451,376
Add onle-tourth more than this for last half of fiscal year 1866.
[The imports during the last half are usually one-fourthl
greater than during the first half of the fiscal year. In
1865 they were one-half more.]...................... 108,064,220
Estimated customs duties for 1866................... $194,515,596
One million more, too, might safely be added, we think, for
receipts from direct tax.
For the fiscal year 1867, Mlr. McCulloch estimates the following receipts:
Customs..............................$......... 100,000,000
Internal Revenue..............275,000,000
Lands......................................... 1,000,000
Miscellaneous.................................. 20,000,000
Total for the fiscal year 1867.........$......$,396,000,000
These estimates we consider low.
Arranged in tabular form, they compare with previous years
as follows
Fiscal
year. Customs. Lands. Direct Tax Internal revenue. Miscellaneous Totl.
1862 $ 49,056,397 $ 152,203 $1,795,331 $ None. $ 931,787 $ 51,935,720
1663 69,059,642 167,617 1,485,103 37,640,787 3,046,615 111,399,764
1864 102,316,153 588,333 475,649 109,741,134 47,511,448 260,632,717
1865 84,92S,260 966,553 ],200,573 209,464,215 32,978,284 349,567,885
18(;6G 147,009,583 632,890 31,111 271,618,885 48,393,729 467,686,198
1867 100,000,000 1,000,000......... 275,000,000 20,000,000 396,000,000
This completes Mlr. McCulloch's estimates.
We now proceed to notice those portions of his Report
which have relation to special topics connected with the department over which he presides.
LIQUIDATION OF THE NATIONAL DEBT.-On this topic the
Secretary has a great deal to say, but nothing that he says indicates more than a very superficial examination into the
economical phenomenon of national indebtedness.
If the labor question at the South is settled on terms just to
the employer and to the laborer,;f the debt is funded at five or