The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-12-05
Making the aggregate means for the ser
vice Of the fiscal year ending June 30.

vice as follows:
To civil foreign intercourse, and miscel
laneous services. Observation-Disclosures. t2T 96q SO S
To service Of Interior Department indians
and pensions) 8,955, $50 3
To service Of War Department. 1G4O9 767 II
To service of Navy Department 5l3 15O1
10 the public debt., .,,........... Il 6l3 ,628 o.
Exhibitcdin detail in Statement No1.. II 462, ,1o2 ::
Dclucng the expenditure for the fiscal
year 1860, from the aggregate receipts
during that year, there remained in the
Treasury on the lst July, 1860, the hal.
ance 1929 2o57l
fiscal year 1861, from July to September
50, 1850, were.
From customs ............., SIG 119 S2I %
From public lands 2SIIOO.S4
From miscellaneous sources 3lS,S57oS
The estimated receipts during the three
remaining quarters of the current fiscal
year, 1861 are
From customs. $40 900 900 90
From public lands....... $3.50 10000
From miscellaneous sources. 75O, 10000
From loan, authorized June
u, lHOU Il 100000 90
--- GI,OOO, ,OOoo;
Making the total ofascertained and estima-
ted means for the service of the current
-, fsca, year, 1851 S4,aiS 99675
current fiscal year-that ending Septem-
Der 80, 1860, follows:
For civil foreign intercourse,
and miscellaneous services S6.4+O 0O3 -
For service of Interior Depart
ment. ilndans ana pen
For service of War Depart
;, nent. :.... ::.....:...... 5a52,771.42
For service OF Navy Depart
ment...................... 257S67S88
For payment of creditors Of
Texas, per act Of February
Is, lS55.., ................. 1,@S2S1
For redemption Of treasury
notes es..................... 575,4Oo.OO
For Interest on public debt. ll5, 5,56O.47
The estimated expenditure from appropria-
tiOns heretofore made by law, during the
three remaining quarters of the current
fiscal year 1851, according 10 the report of
IT., the Register 4ao25 2a2 5:
which is stated among the Of the
fiscal year 1861, is expressly required to
be applied to the redemption of treasury
notes.-the amount of these notes and in
tere,t thereon, deducting 1878 400 re-
deemed during the first quarter. as stated
in the expenditure of that quarter s 2OG2I 600 &C
Making the aggregate expenditure, ascer-
tained and estimated for the current fs-
W, cal year 1851 S4,1O3,1O517
asccrtained and estimated means for the
service of the current fiscal year 1861 as
before stated. leaves balance in the
Treasury on July l, 1861, beng the com
mencenent of the fiscal year 1862, off,, 245 I5s
The foregoing statement assumes that the whole sum
EN- braced in the estimated expenditure for the re
malnlng reequarters of the fiscal year will
actually called for within the year. The amount stated
S41955 52jS does not include the entire balance of the
appropriations heretofore made by law but such sums
the respective departments have indicated may probably
be required But in practice for many wears nast ne
sums drawn from the Treasury during any year have
been much less than the amounts estimated as required
within such year according to the character of the ap
preparations and the eXigenceS of the public service II
may be- therefore, fairly anticipated that should the ope
ratons OF the government proceed in their ordinary
course that at least four millions of dollars more may be
eeucteu from the estimated expenditure of the
fiscal year. increasing the balance in the Treasury on
July /. 1861, to that extent.
ESTIMATES FOR THE FISCAL YEAR FROM l. 1861 To
2
Estimated receipts from customs $50 GOO OGO OC
Estimated receipts from public lands... 3 600 OJo OC
Estimated receipts from miscellaneous
sources $50 900 0C
Estimated balance in the Treasury July l,
1861 245 sol SIS
Aggregate estimated means for the fiscal
year ....... 81, ,495, ,s9l 5s
Estimated expenditure from permanent ap-
:, proprations. 1926, 62o
Estimated expenditure from balance OF
former appropriations before required los l2
Estimates now submitted by the executive
departments for appropriation by Congress 40 $50 q
Aggregate estimated expenditure for the
9, fiscal year 1862 $685. 726I1
lhe service of the fiscal year ending June
30 1852, of.................. .,.... 1867 s84. 5;
The suggestions above made, as to not dra wing ron
the Treasury during the year the whole amount of thu
appropriations authorized by law will apply to these
umates so that instead Of the above deficiency of So
Nj 5 there will probably remain in the Treasury on thu
The correctness of this estimate of expenditure for thu
present and next fiscal years may be illustrated in anote
ana simpler form; The entire expenditure of the govern
men Tor the fiscal year ending June 80 lSGO exclusive
the redemption Cf treasury notes. which are otherwise
provided for, and the interest the public debt wa
S59s4S 4 ~ and in sum was included a 44 600 2
to meet deficiency in the Post Office Department pro
duced by the failure of the post office appropriation
bill at the second session of the Thirtyfth Congress
thereby causing this amount to be paid and charged
IN the expenditure of the fiscal year endin.
June So 1860 though in point Of fact, the wa
rendered and the liability incurred in the precedn.
year. It should be borne in mind that this sum {
$59,SiS474 a. included not only payments growing Oh
OF Such appropriations as had been estimated for by tn
department. but all other sums appropriated by Congress
There is no reason why the expenditure for the presen
or next fiscal year should exceed that of the year
Allowing however. margin for increase, it may h
safely stated that the expenses for the two years will
exceed S60OGOO0O each-making the amount to be pro
vded for Sl20, 100000. The estimated means of I'M
Treasury for the period are for the present sca
year $63 34S 9967 and for the year ending June 10
1862 O00, which would leave an excess of esti
mated means over estimated expenditure of 81 sos
The estimate of receipts into Treasury have beer
made without reference to the financial and Commercial
P'uc winch has assumed so threatening aspect within
the sL ie" days and OF which shall speak fully
hereafter. The country in a more prosperou
condition. Our planters and farmers have been blet
general rule, with abundant crops and were reaIizn
remunerative prices for all products The
of the last fiscal had reached the enormous sum
S4OO 2S6, and the imports for the same uerod
S62 yielding from customs of $50 Is7
5llS The exports Of domestic produce for the prcsen
fiscal year. far they have been received indicate
increase fully equal if not greater than that Of precedu
years thus authorizing the estimate of increased reye
nue. from that source Apart therefore, from the threat
ened embarrassments in the trade and business of tn
country these estimates both an receins
would be submitted to Congress with great confdenc
that they would not vary very far from the actual re
suits.
1t is impossible to anticipate the effects which Til
threatened revnsiOn will produce upon the business o
the country The absence of all the ordinary causes
such state Of things leaves data upon which to max
calculaons-al the elemests of prosperity are in exist
ence-abundant crops with rumeneratiye prices none
seeking sale indeed
cate more than the usual increase in trade and
The which have so suddenly arrested mis- ti
prosperity must he looked for outside the financial an
commercial operations of the country they are of poi
teal character and therefore dependent their uti
mate elect upon future developments that is impossi
Die at present to say what will be the extent Of their in
huence IT, as some suppose they merely tempora
ry and Will soon pass away then there will no neces
sly or any action of Congress- except to provide for
tbarrassments already existing consequence of them
H. on the other hand the effect should prove more
het thc TACT VIII be made manifest during the prescn
session OF Congress, and in time for such action as viii
provide the necessary carry the operations
oi the government, and preserve the public credit
Already has the Treasury been seriously affected
ny these causes The receipts from customs for the las
lew days have greatly fallen off, and the limited amour
received IS composed each day of an increas 40,
proportion of treasury notes yet due The ndica
tlons are that such will at least, for the present. con
tnue to be the case not only So in consequence
the failure Of bidders for the late loan to comply with tn
terms OF their bid portion of the ordinary revenues ha
been Withdrawn from the ordinary of expenditure
to meet the payment of treasury notes past due and b
interest thereon This condition of things demands th
immediate attention of Congress- and early action will
be required enable the department carry on the one
rations OF the government, and the same time preseTy
untmpaired the public credit
The permanent public debt June So 1862 was s45,
O'9O3OS and the outstanding treasury notes at that dat
amounted to Sl969o5O0 as will appear by reference
the table No. 3 hereto appended
by the act of June %, 1860, provision was made TO
he redemption OF treasury notes and payment
erest thereon This provided for the issuing of
Tor an amount not exceeding twenty-one million of dol
lars at rate of interest mot exceeding six per centur
per annum and to be reimbursed within period not be
Iond twenty years and not less than years 1t wa
the policy Of the department negotiate this loan for sc
amounts and at such times would place the money il
the Treasury to meet these treasury notes they shou
fall due To have negotiated the whole amount thereo
or any portion in advance of the falling due woul
nave subjected the government the unnecessary ray
ment OF interest during the time the money would hay
remained in the vaults of the Treasury uncaled for
lhere was no power in the department call in the treas
ury notes until they became due. Besides tn
| the public would have been attended wit
the most injurious effects upon the financial opera
uohs OF the country. For these reasons no negotiao
any portion OF the loan attempted until the eight
day OF september, 1860 when proposals invited f
teh millions OF the loan, which ample to all tn
treasury notes that would fall due before January
Inc rate OF interest fixed five per centum per
num- under the conviction that the loan could be readl