New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-12-06

Making aggregate Of reeized and urtlcpd
resources to be deducted from the Of
actual snd anticipated expenditures ioI al go No.. -,
purposes. @'!loso@'v -
A yesr by ,s; acton Of I 2s9?5l C.
Estimnies for The Fiscal Ycnr 1854.
The estimates for The fiscal year 1864, COM
mencing ON the LIST day OF July next, and
ending on the Both day OF June, 1864,
must, in the present circumstances OF Tho
country, he. in great part, conJectural Tho eeti
mates OF expenditures have been framed by tho seve-
ral departments on The suppOs.tlon oil tue cOntin-
uance Of the wGr-a rupp0siuon which, though very
properly assumed the bae.s Of eetlma es intended
~ cover al contingencies il not, II may b. cOhdenty
hoped destined 10 be realized. The estimates Of
ccpts based upon the operations Of recently en-
acted lass, the working OF which cannot be aocu-
rately ioreseen
TIE estimates Of expenditures are as follows:
Fortle civil list. inc uclGs isisigh intercourse
bld ulisct aueols eapelscs, other Then On - ~.
Of tho pgoic debt............ fI5,e85lO cs
FOR he Interior Department, Indians aid ..
For VA 5ss 2'l+6 30
For the Navy Department ............. 60. i45 %
Fer interest on puoc dcot......'....'.' S5sl e 30
For principal Of public oeei...........'. s5oi "a %
eags.sl3IsJ 80
TO winch sun should 10 added lie eIpendl.
lures for ~hica appropriations made are es-
July ..' 100000 %
Making the aggregate Of expenditures TO tie
made Or slO93H3lt3 80
From Which .nso.d BE- deducted the probable
amount Of appropriations which VIII remain
undaFn on tie let oil july !o54.'.''''' zaVVVVVo "
iaea tara: f the d.S year s'Hse1 20
The estimates Of re cell u are as iOluwt:
From customs. ....................- ~ ltv,.s3
From iutefial daties............... I.oc zoos
From niioel.reous scarcSs....... 100000
Msling tho aggregate Of receipt, for the h.ci
year 1854, 10 be dedoc'ed rom tic sgsfsFite
Of 14ljU L' w
And leaving the amour. o. erperdilare, ofths
hsesl year leC4 u be provided for $500. 7o22 si'7 g
TIT Whole s3aLt 10 be provided b. Cobgrs. oHd
avtsble under existing law nay, therefore upon
tie sugon o: the continuance Of 10 wal he stated ~
10 The sesl year 1862 si2 81 Is
for the fiscal year t@-'eJ 81
Making an ssgrega,e of..............ssss 507o' p
tabular statement il ADMITTED WIKI tots report,
and ss part OF it, exhibiting clearly tho details OF
the epts aud expenditures OF tie financial yeArs
1862, 1863, and 1864.
Another table il also unlimited In which may be
seen OF what particulars tie existing debt siis,
il what years 1t "as contracted, and when aud ia
Wbst eu.ouais il will become due
Tie other tables required by law also accompany
this report.
f4Oans.
in order TO the formation Of roUnd opinions m 10
the measures required Tor meeting Tie demands die
closed by tic estimates and Sc. uuylDsidcd ~ 20
may be useful 10 royiew, briefly IN connection with
their actual sDd probable resui.s Ito mCGsures
already recommended and adopted, or yet uuae.
legislative consideration.
With view 10 he necessary provision for the
expenditures tLen anticipated, the Secretary pro-
posed 10 Congress, ~ its .s feEtiou. suoh measure
seemed 10 LIn best aC4ptcd 70 tho ALTAR uI.It VI
hat object. Iiese We're (irti an increase OF Cales
Oh variOns impOr,s; ~dl an InCp sse II the direct
TAX l31j the leyylug Of internal Guues; (4thj
limited emission Of United States uoes convertible
a., frbt fho ~
by the organization OF banking assOcanons, whose
circulation rAould consist only o. notes uniform IA
character, furr bed by the Government ana secured
10 converitiliy into coin, by United States bonds
depOsted in the Treasury.
At The time these recommendations were submit
ted, the banks had not suspended specie paymeuIr
ana there WA reason TO believe that cconOmiLed
expenditure aud decisive military action would 20
cure the mtaus required for Ae suppIes ion Of the
rebellion without serious sacriaceB on the part Of
the Government, aud without resort 20 any other
currency tlan that of coin and equivalent notes.
Unexpected military delays however, increased
expenditures, Giuni5Led confidence Ia public sCci,r
ties, and made il inpOfebls for The banks and cap
ilGlisis, who had taken tie picvio1s loans to dis
pose OF the bonds held by thefn except ~ ruinous
iofs, end impossible for the Government to nego-
tiate loans Of coin except at Ike gifa'er loss
These CONDITIONS made a suspension q sp-cie pay
mcuts inevitable The banks Of Eev-lork tus.
pended on tho 30th Of December, 1901. Their ex-
out The country, and tho Government yielded TO the
same necessity Tcspect 10 tue United States notes
then III circulation.
These changed circumstances required change Of
measures. The expenditures had already reached |
an average OF nearly million and quarter Of dol
isIs each secular day; while the revenue from all
sources hardly exceeded oDeteuth of that sum. IL
necessary therefore, to raise by loans IN some
form about thirty millions month, or sixty mil |
lioue every sixty daye.
Careful Inquiries satisfied the Secretary thei the
fret so CJJO 900 cOuld not be Lad IN cOin at better
rates han a dollar IN bonds Tor eighty cents IL
% oueyi and that each succeeding loan would Involve
eIbMlsson 10 increasingly tlfatraGia- tous term-. .
10 OBTAIN the lrst SO 90 600 would require there
lOIr, issue Of bonds to Tie amount 81 49, &c.,
aud 81 course, an ircreoae 81 the puhe Cet by ito
rune sum- the next $50 700 010 would require, per-
Lalf, s9D,OOJCJJ ~ bonds and debt; aud tbe next |
$6J,O0O,OJj il obfainabl, at oil, would reqrue I
erhaps, $4,000 CO. IL was easy 20 see tLat, Oh
This road, utter dscr'dit and paralysis wonld soon
be reached. The adoption Of plan q buance
involving slch consequence was not compatible /
with the Secretary ideas Of pubic duty.
4 ere remained but ono other possible way Of
raisng money by The negotiation Of bonds Ia The
uau0l mooe. Ihat way Whs 10 receive ia fayl 10 [
Of loans, the notes credits Of the banks III suspen
sion.
10 ascertain what would have been the conse-
queries Of a resort 10 this expedent il is uecossarv
10 remember thut the lauk circulation Of the loyd
States amounted, on tie ist day Of January, 1881
10 $ljJ,O0JOVJ; nut 10 had been reduced 20
.i3O,CJ) 600 ou Che Ist dag Oi January, 1867, ana
haL this circulation was diiused thrJu,, hout the
'ouhtry in all the channels Of b0giuefs. In
hese circumstances the collection by loans
,f sufficient amounts 10 meet the demands upon
be Tressuy in season FOR prompt payments would
Je extremely difficult. The negotiation OF such a0ns
Q tho extent required by the public eXigencies,
would create demand for tho n0tes which would