The weekly pioneer and Democrat., 1861-12-20
l43,lSO,a 76

all financial eXigencies, without resort to
additional loans; and, not only so, but will
enable the government to begin at once the
reduction OF the existing debt.
1t is the part of wisdom, however, to be
prepared for eventualities, and the Secreta>
ry therefore submits the estimates of the
several departments for the fiscal year
1868, based on the supposed continuance OF
the war, as follows:
The estimated expenditures are:
For the civil list, including for
elgn intercourse and miscel-
laneOuS expenses other than
on account of the public debt $73,0S6 ,97l %
For the Interior Department
indians and ipensions). 4,l02,962 96
For the War Department.. 360, 1856 81
For the Navy Department. 80. 45,l64, ,994 Is
For thepublic debt
Redemption. So, 1888, 1854 IL
Interest on debt
contracted be.
fore lst July,
1862. .29, 1882 ,696 AZ
sInterest on debt
to be contrac.
ted after lst
July, 1862. . 10000, 900 OO-42, ,Sl6, $50 SO
Making an aggregate of estima.
ted expenditures of......... $475, ,33l, ,245 81
On the other hand, the esti-
mated receipts are:
From customs, lands
and ordinary sour
ces $40, 500, 600
From direct tax. 20 100000
From internal duties,
including income
TAX. .............3 30,000, wv
ted receipts of. ............ 95,soo,OOO 90
And leaving balance to Fbe
provided for Of............. 1878, ,53l PAS 81
The whole amount required from loans
may therefore be thus stated
For the fiscal year 1862, under
eXlSLlng laws. $40 ,449,6(5 w
For the fiscal year 1862, under
laws to be enacted. ......... 200, ,000, 900 90
For the fiscal year 1868, also
under laws to be enacted. 379, ,531,245 81
Making an aggregate of. 1854, $50, 1920 81
The total may be stated in round mum
bers at six hundred and fifty-fve millions
OF dollars.
THE PUBLIC DEBT.
A tabular statement. will accompany this
report, showing somewhat more in detail
the actual and estimated receipts and ex
penditures of the financial year 1861, 1862,
and 1868.
1t only remains, in order to complete the
view of the financial situation, to submit q
statement of the public debt as it was on
the lst day of July, 1860 and 1861 and
will be, according to the estimates now
presented, at the same date in each of the
years 1862 aad 1868.
The statement, in brief, is as follows:
On the 1st day of July, 1860, the
public debt was. .S64, 769, 703 O9
On the lst day Of July, 1861, the
public debt was............. 00,S67, ,S2S GS
On the lst day of July, 1862, the
public debt will be. .5I7, ,372 ,SO2 SO
On the lst day of July, 1868, the
public debt will be. .S97, ,372 ,S02 50
The particulars of which the debt con-
ssts, and the portions of which have been
or will be paid or contracted in each year,
will appear fully in table which will be
submitted with this report to Congress.
Another table will be submitted, showing
the amount of the public debt in each year,
from l79l to 1861, inclusive.
THE BURDEN OF THE WAR.
The Secretary, believing that the frankest
is the wisest policy for nations as we'll as
individuals, has thought it bis duty to sub.
NIT to Congress this plain statement of the
financial condition of the country. That it
imposes considerable burdens is not to be
denied or disguised. 1t is consoling to
know that the energies and resources OF the
people are not insufficient for them. The
public debt on the 1st of July, 1868, if the
war be prOtracted until that time, on the
scale of expenses contemplated by the esti.
mates, will be, in round numbers, nine han,
dred millions of dollars. The amount of
the public debt in the year 1916 was $l27,~
334, ,933 "a. and in twenty years it was
paid Oft by the people. The country, even
if the loyal States only are regarded, can
sustain and pay off in thirty years the debt
to which rebellion now exposes US with
hardly greater proportional contributions
from increased and increasing resources
than that debt made necessary.
1t will be for the wisdom of Congress to
determine how far the annual and the ag-
gregate burdens of the people shall be di.
minished by retrenchment, by economy, by
prudent yet vigorous adjustment of means
to ends, and by just contributions from
rebel property. Nothing more certainly
enhances credit and improves resources than
the reduction of wants and wise energy in
administration.
The Secretary forbears making any re-