Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-09-20

From War Tax 10,539,9lO 20
1902, 555, 1876 60
The expenditures at the same date are as follows:
War Department $29s 376,549 Al
Navy Department 14,6O5,175 90
Civil and Miscellaneous, 15,766,503 43
1925, 74s, $50 20
The difference between this sum and the receipts,
amounting to $685. 1893 6S4 TO- is made up of the va
rious balances the books of the Treasury to the
credit of dsbursing officers which are not yet paid
There are also, outstanding acquisitions upon
the Treasury, upon which warrants are not yet is
sued, as follows:
War Department $1s112192 Is
Navy Department 411,936 90
$1s,524,12S Is
This sum must be added to the expenditures paid
as above in order to exhibit the whole expenditures
of the Government from its commencement to the
1st of August and the aggregate is $947 272 sos 5S
and for still greater accuracy it should be stated that
as about five millions of the amount charged
penditure has been paid for the redemption of De-
posit Certificates the aggregate above stated is SUBJ
ject to that abatement when considered in the light
of actual expenses.
The Treasury notes issued to the same date are
as follows:
General currency notes of Five Dol
lars and over, s1SO,s56,OS5
General currency notes under Five
Dollars, $4,000
Interest bearing at rate 365, 1,441 200
Interest bearing at rate 73O, %, 799, 900
$2O6,O4S, 135
To pay the balance against the Treas
ury as above set forth, there must
be further issue of 261ss,684
And to pay the outstanding requisi-
TONS as above stated, 1s,524,12
s25, 761,7 97
The issue already made of these notes
above shown to 1S3,2441S5
Leaving authority to issue only 16755,S75
SaO0,OOo,OOO
The differences between these bal.
ances now due by the Treasury, 44,71TT62
and the above 1876, S65
is $27,96l,S97
Unless this balance can be paid by bonds or 7.30
notes. the authority to issue general currency notes
must at be extended to pay the same and that
authority must be extended still further to meet the
appropriations already made by Congress not yet
paid and also the further appropriations vet to be
made.
The appropriations already made
by Congress and not drawn on
1st August, amount to S164 ISL, 3S9 90
The estimates submitted by the various Depart
ments of the additional supplies required to make
SOOu ucuCoLClcS uHu W SuppOIL Tie government 10
LIST January next are as follows
For the War Department, s44373, 500 Sc
For the Civil List 1885, GOT SO
For the Miscellaneous, 102, 500 So
s44,s62, O97 10
So that the whole amount of s1p-
plies required to LIST January,
presents a total of S209, 550,4S7 O6
Congress must now determine the best mode of
raising this sum.
If the Bonds or Stock Of the Government to aEy
considerable extent could be Sold they would un-
questionably offer the best mode of raising the
money. An examination of our funded debt &C.
count will show that only a small portion can be
raised in this way.
The whole amount of Bonds and Stocks issued is
as follows:
Eight per cent. Stocks and Bonds, s41,577,25O
Six per cent Call Certificates, 80, 7s4, 400
$74, $50
This statement while in the large amount of call
deposits, it exhibits its confidence in the credit of
the government yet in the small comparative
amount of Bonds and Stocks, it shows an indispo.
sltion to make investments in that form. We are,
therefore constrained to resort to Treasury Notes
as the only mode by which the requisite funds can
be raised The resource has its limits. But it is
hoped that with reasonable economy in making
the appropriations the plans already set in opera
ton Will extend these limits, SO as to reach to the
end of the war.
The inherent objections which attend govern
ment currency are that it disturbs the standard of
value and enhances prices. The facility with which
Is created is constant temptation to excess and
the Danger OF this excess together with the doubt
OF an ability to pay, the chief causes which az
feet Its credit as a currency
Thus far, no want of confidence has been exhibit
ed IN our currency. 1t freely circulates every
where and the fact that the banking institutions
receive and pay out Treasury Notes in their own
business Is the most certain indication that their
credit is unimpaired
Inc other cause becomes active only when the
total amount OF circulation exceeds the usual bust
ness wants OF the community. 1t operates without
Ieiallon TO the actual value of the circulation,
tnat even coin, if it could be kept in country, Gf
IN excess) produces the same result The effect is
necessary consequence of the relation between the
whole circulating medium and the whole business
ana property OF the community, and can only be
modlhed by influences upon the cause. Every
means, therefore, which will reduce the quantity of
circulation, becomes important, and should diligent-
ly be sought AFTER
1t was with this view that Congress adopted two
measures OF relief-one by which any excess in the
quantity OF currency mi ht at once be permanently
Withdrawn and funded in eight per cent bonds
the otner by which the same effect could be pro-
duced for time through interest bearing notes and
deposits on call Both plans are working WE'LL
Inc deposits have, in fact, been permanent loan
Ut SIX per cent The interest notes although cur
rent to certain degree usually withdrawn from
general circulation soon as sufficient amount of
interest has accrued upon them to make them yalu-
aoie as temporary investment 1t nust be OBJ
served however, that if this interest should remain
arrear Tor long or indefinite time, these notes
encounter difficulty which secretly impars their
Sslue' namely, that of an unproductive investment.
mus, oelng both unproductive and uncurrent thew
WIN not pass into general use unless the interest he
pslo annually. 1t will be seen that the issue of
sss notes already amounts to upwards Of twenty.
TWO mhlions Much of it has doubtless been taken