The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-06-20

The following is the letter of Secretary Cobb to
the Hon. John Sherman, Chairman of the Commit
tee of Ways and Means of the House of Represen.
tatves in relation to the prospective condition of
the United States Treasury during the next fiscal
| year:
Treasury DEPARTMENT, June I5 1850
SIR:-ln view of the early adjournment of Con-
gress, submit to you statement of the probable
demands upon it for the fiscal year ending June
80, 1861. The modification of the estimates now
submitted is based upon the actua! operations of
the Department since the time my annual report of
December y, 1859, was prepared. The probable
amount in the Treasury on the Both June 1860
will be four millions seven hundred and fifty thou
sand dollars. The receipts for the next fiscal year
| are estimated as follows
| From Customs as oOo Ooo
Fro iaus 100000
miscellaneous. DDS, 900
| Making an aggregate of means for the wear Of
! siXty-iiVe million nine hundred and seventy-fve
| thousand dollars.
The estimated expenditures for the same period
are:
For unexpended balances of appropriations for
the present fiscal Sl7 S25 6l4
Permanent appropriations Observation-Disclosures. Sl73 $50
New appropriations estimated for....... 40 27S Sg3
Making an aggregate of seventy-fve million two
hundred and seventy eight thousand and eighty
nine dollars.
If the same amount of unexpended balances
should remain at the end of the next fiscal year as
will remain at the close of the present there will
| be OF the above amount seventeen million eight
| hundred and TWENTY-FIVE thousand six hundred and
fourteen dollars uncalled for during the year. and
| should therefore, be deducted from the above ap-
gregate of seventy-two million two hundred and
seventy-eight thousand and eghty-nine dollars,
| which would leave the sum of fifty-IOur million
four hundred and ftty-two thousand four hundred
| and seventy-fve dollars. The unexpended balance
howevera at the coseofthe present fiscayear ismuch
| larger than usual, owing to peculiar causes and
should not be taken as the basis of safe estimate
a1 halo = tbo IoE, q, al
year does not ordinarily much exceed the sum of
twelve millions of dollars. Deducting that amount
from the aggregate estimated expenditures of the
next fiscal year, and it leaves the of sixty mil
lions two hundred and seventy-eight thousand and
eghty-nine dollars to be provided for. Deducting
this amount from the estimated means of the Treas
ury for the same period, and it would leave the
sum OF i've millions SIX hundred and nncty-sX
thousand nine hundred and eleven dollars in the
Treasury the Both Juue, 1861. This amount
| would be increased by any excess of unexpended
balances and above the twelve millions esti-
mated to remain unexpended at the end of the next
| fiscal year.
This statement shows that the means of the
| treasury will be ample to meet all the demands
which were estimated for. The necessity for ad =
dtional means depends entirely upon the excess of
| appropriations made and to be made by Congress-
over the amount estimated for. The bill providing
for the increase of the pay of the navy will require
an additional appropriation of five hundred thou
sand dollars. The sum of three hundred and fifty
thousand dollars is required meet the expense of
| returning the captured Africans to Africa. The
| amount that will be required to pay the private
bills passed by Congress cannot be estimated with
any accuracy. 1t will, however, in all probability,
not fall below million five hundred thou
sand dollars. | understand that appropriations
have passed either or the other branch of Con-
gress, in the general appropriation bills, for the
following objects and amounts
For the Treasury Extension and other public
For Fortifcaons, over and above the esti-
For the Texas Regiment ................... 10000
For the payment of the Oregon War debt... 5000 900
For the Water Works ks...,..,............... 100000
For the Jail in Washington .....,... $50 900
For payment of the Militia called out in New
For Choctaw Indians. 600 600
Increased expense of the Post Office Department OOO 600
Total 200 600
The aggregate of these additional appropriations are
| $ll,050OL0.
A bill for additional payments to invalid pension
ers, estimated by the Interior Department to ex-
ceed 600, has passed the House of Represen-
| tatives, as L am informed, and is now pend
ing in the Senate, If these appropriations, and
others OF which have no information, should be
made by Congress, means must be provided to meet
them. Most of them of an extraordinary char
acter, and are not legtimately chargeable to the
ordinary expenditures of the year. At the same
time they will be called for during the year, and
provision should be made to meet them If Congress
should pass them.
1t is proper to add that have made the foTego-
ing estimate of the means OF the Treasury for the
next fiscal wear, upon the basis that Congress will
authorize the revisal of the twenty millions of out
standing Treasury notes These notes will fall due
during the year, and without this authority their
redemption would make an additional draft upon
the Treasury for such amount as should be pre-
sented for payment. To pay this amount of the
public debt in the course OF one year, and in the
present condition of the Treasury, is not contem-
plated. Whilst no additional loan is asked for, the
authority to reissue these Treasury notes indis
pensabe.
am, very respectfully,
Your obedent servant,