The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1861-12-19

would find the further advantage of
large demand for Government securities
of increased facilities for obtaining th
loans required by the var, and of SON
sllevistion of the burdens on iudustr
through diminutiop in the rate of inter
est, or participation iu the profit Of cir
culation. without risking the perils of
great money monopoly.
A further and important advantage t
the people may be reasonably expecte,
in the increase Of security of the Union
springiDg from the con non interest il
its preservation. crested BY the distribu
ton of its stocks to associations through
out the country, as the basis Of their cir
culation. =
The Secretary entertains the opinion
that if credit circulation in any form b.
desirable it is most desirable in this Th,
notes thus issued and secured would. il
bis jud x ment, form the safest currenc;
which this country has ever epj yed; while
their receivability for all Government
dues, except customs. would make them
wherever payable. Of equal value. as
currency. in every part of the UDioD.-
The large amount of specie nov 10 the
United States, reaching a total of not
less than two hundred and seventy five
millions of dollars, will easily support
payments Of duties 10 coin, while these
payments and ordinary deu ands will aid
in retaining this specie in the country as
a solid basis both of circulation and loans.
The whole circulation of the country,
except II nited amount Of foreign, would
after the lapse of two or three years bear
the impress of the nations whether in coin
or notes; while the aDoaDt of the latter.
always easily a-certslnshle, and of course,
always generally kaown. would not be
likely to be increased beyond the real
want OF business
He expresses an opinion in favor Of
this plan With the greater confidence
because it bas the advantage of recon-
mend alton from experience. 1t is not an
untried theory. In the State OF New
York, and in one or more OF the other
States it ha- been subjected. ip its mot
essential parts, to the test of experiment,
aud ha, been found practicable and u-e.
ful
The probabilities of success will be in
creased by it. adoption under national
saDctloD, and tor the whole country.
TIE Secretary ioots ap the actual ex
peDditures of the ir-t quarter o. the com
ing year, and the estlm ated expenditures
of the gear. as follows:
For the first quarter the actual
expenditures were sos, ,239, 733 90
For the second, third and
fourth the estimated expen-
ditures under appropriations
already made for public SER
vice, including civil list, In
terror, War and Navy De-
pnrtments, and public debt
and interest, are 302, ,035, ,76l 81
And the estimated expendi-
lures under the additional ap-
now asked for are:
For civil SER
vice and increas-
ed interest, S5,I66,43S99
And for the
War and Navy
l37, 1864 .4SS7 II
l3O,927 76
Making totaI Of actual and
estimated expenditures under
existing and asked appropria-
tons of S543,4O6,4 ,422 O6
From which deduct actual
and estimated receipts 329.5Ol, ,904 3S
Making an apparent amount
or which recourse must be
had to loans of $2I3,9O4,4 ,426 6S
The whole amount likely to be required
rom loans, may be thus stated:
For the fiscal year 1861,
Inder existing laws $75,449, 1913 90
For The fiscal year 1862,
lnder laws to be enacted 2OO,OOOOOO 90
For the fisca year 1863, al
70 under laws to be enacted 379, ,53l ,245 81
Making an aggregate of 654, 4,9s0,920 81
On the lst day ofJuly, 1860
he public debt was 1854, ,769, 7O3 OS
On the lst day of July,
1861, the public debt was 90,S67, 1923 Is
On the lst day of July,
1862 the public debt will be SIT, ,372,SO2 93
On the lst day of July.
1863. the public debt will be 697, 7,372,S02 SO
The Secretary states that, believing the
raDkest is the wisest policy for nations as
veil as individuals, he has thought it bis
iuty to submit to Congress this plain
tat ment Of the financial condition OF the
That it imposes considerable
BURDENS 10 not to be cenied or disguised.
& is cou-oing to know that the energies
md resources of the people are not insult
isie ut for thea Thea mount OF the pub
ic dent ID the yesr 1916 wa Siz7 33i
,33 "a. aud in twenty years 1t Wa paid
If by the people. The country, even If
he loyal State. only are regarded, can
u tsiD aud pay off iD thirty years the
lett to which rebellion nov expo-es us
With hardly greater proportIonal contrI
,utjon- from increased and increasing re.