The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1861-12-20

ry at the same date, $685., Jos. The
amount thus issued, SO far as it enters into
the circulation of the country, may be regar-
ded as loan from the people, payable on
demand, without interest.
A brief recapitulation will exhibit the
general result:
There were paid TO creditors, or ex-
changed for coin at par, at diller
ent dates in July and August six
per cent two years notes, to the
amount .................... Sl4,Ol9 ,o34 Go
There was borrowed, at par, in the
months, upon sixty days
six per cent. notes. the of. e.. II. $50 90
There was borrowed, at par, on
the 10Th of August, upon three
years $50 bonds, issued tor the
most part 10 subscribers to the
National Loan. Observation-Disclosures. j0,tOU,O0U W
There borrowed Oh the lst o.
October, upon like securities .... $4,000 900 90
There was borrowed, at par for
Der cent. on the 10th Of November,
upon twenty years six per cent
bonds reduced to the equivalent
of sevens, including finterest. 45,795,47S IS
There have been issued, and il
circulation and on deposit with the
Treasurer, on the 30th of N0verl-
Der, Of United States notes, paya
bic on demand .............. 24,550,825 90
Making an aggregate realized
from loans in various forms OF SlJ' ~ .5co II
THE REVENUE.
While success thus complete has so far at
tended the measures relating to loans, the
Secretary regrets to say that the receipts Of
revenue from duties have not as yet fulfilled
the expectations INDUCED at the date Of his
july report.
The act modifying the rates OF duties
which received the final sanction Of Con-
gress, differed III several respects from the
measure which he had the honor of submit
ting to their consideration. In most Of
these particulars, especially in the diminish
ed duties on tea, coffee and sugar, and in
the exemption from the operations OF the act
Of goods in warehouses and on ship board
the difference, however, warranted by con-
siderations of general policy, was certainly
disadvantageous to the revenue; while anoth-
er and perhaps more potential cause of re-
duced receipts may be found in the changed
circumstances Of the country, which have
proved, even beyond anticipation, unfavora-
BILE to foreign commerce.
AT the date of his report the Secretary
counted on revenue from Customs for the
financial year 1862 of fiftyoseven millions Of
dollars, but the circumstances to which he
has just adverted now constrain him to re-
duce this estimate to $32,l98,6O2
The receipts from Customs for the first
quarter, ending on the Both of September,
were $7,l98, 6O2.65; while the receipts for
the three remaining quarters connot be safe
ly estimated at more that S25,000,O00,
making the aggregate for the year the sum
just mentioned, of S32 1913, 6O255.
Thao To-, e a,>l
miscellaneous sources must also be re-
duced from S., 900, 900 to $2,354, 0G2 80, of
which 1854, 1902 SO were received during
the quarter ending Both September, 1861,
and 100000 are the estimated receipts of
the three remaining quarters.
The only other source Of revenue which
promises an addition to the resources of the
year is the direct tax authorized by Con-
gress, from which, if increased to the limit
proposed by the Secretary, and assumed
by the States, the further sum CT $20,O0O,-
600 may be expected.
The aggregate of revenue from all sources
may, therefore, be estimated at4S54,552.-
sos. A, which is less by 5,447,33 Sc
than the estimate OF July.
This reduction, however, though arge,
would not have compelled the Secretary to
ask any additional powers for the negota-
ton OF loans beyond those asked for nhis
July report had appropriations and pen
ditUreS been confined within the est ates
then submitted.
THE COST OF THE ARMY EXCEEDS THE EsTI>
MATES.
These estimates, it will be remembered,
contemplated expenditures in all depart
ments. AMI for al! objects, to the amount of
S3lS,519,5Sl 81. O. this sum $l85,296
397 10 were Tor additional appropriations
required by the Department Of War aud
ST. ,652,l05 % for appropriations already
made Tor that department. The basis OF
the estimates Tor these additional appropria-
tons was the understanding that it would be
necessary to bring into the field, for the sap
preston Of the rebellion, two hundred and
fifty thousand volunteers, in place of the
seventy-ive thousand drafted militia origi-
naily called out, and to increase the regular
army by the addition of eleven new reg-
ments, making total force, including the
regular army already organized, of about
100000 men. After estimates for this
force had been furnished to the Secretary
in accordance with law, and his own report
founded upon them, had been closed, the
President thought it expedient, in order to
make the contest short and decisive, to ask
Congress to place at the control of the gov
ernmeCt at least four hundred thousand
men and four hundrd millions of dollars.
In the number thus called for the regulars
were included. Congress, animated by the
same desire for short and decisive contest,
went beyond this recommendation of the
President, and authorized the acceptance of
volunteers in such numbers, not exceeding
five HUNDRED thousand men, as he might
deem necessary. Congress also authorized
the whole increase of the regular army esti-
mated for by the Department, and provided
further for additional companies and for new