Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1862-12-11

cd and incurred, or likely TO be incurred, to o
81 %, 297 ,403 "a; and on the suppositon n
that the war may BIO continued with undlmin- o
ished disbursements until the LIST of July, %
1864, the debt likely TO have been then in- q
CURED must be estimated at 81, 744,6S $780,
so. ...... b.. .s.. :
RECEIPTS AND EXPENDITURES.
The annual receipts for the fiscal year of ,
1862 from all sources, including the balance Of !
So, 257 ,005 80 in the treasury from the pre- !
aggregate expenditures $50, S4l 100 2Ss-- :
leaving balance in the treasury July LIST,
1862, of Sl3,Ol3,546 81. From the receipts
and expenditures should be deducted the
amounts received and disbursed during the
year on account of permanent and temporary
debt, amounting to S96,096,922 co. leaving
the total receipts not applied ia payment Of
debt, $48I, 7S8, 3N 81, and the total Of cur
rent disbursements S474,744,778 To-
Both the amount of debt and the amount Of
expenditure for last year fall short Of the esti-
mates. 4r.t n t8t ip
Il The receipts Of the first quarter Of 1863
were 1877 ,208, 500 OF, for the remainder of |
the year the estimated receipts are $l48 1885,
SIG So; making total Of $3.50, 495, 345 60;
adding tbs amount already received from loans |
and the amounts anticipated, and the aggre-
gate amount for the year is SSH SAG, 259 SO. |
The expenditures Of the flrst quarter Of 1863
were ST ,0S4,447 10, which the estimated
expenditures o. ne balance Of the year bring
al; 70 1888, 55S,776 81. The Secretary Of
,f the Treasury anticipates a balance over =, wv
4 hundred million dollars from the approPr,a.'ohs
made and asked for, aid that there VIII pe
II deficiency of only $27S9l2,oii 90 LOT INC
!. current year, to be provided tor by ooneress'
Conlectural estimates for 1854 are maue,
A based on the continuance of the war, but they
! are of no practical interest at present. s,,q
EXISTING FINALCIAL MEASURES.
The secretary passes under review the vari-
GUS recommendations submitted by him in his
last annual report, and the means placed at
his disposal by Congress. When his recon-
he mendatons were made the banks were paying
BIZ specie but their suspension in Decsmoe' -
Is quired change of measures The nee r
zee of bonds payable in bank notes v sotiati'
at "ahle. as it would have createa las imprac
- - aioa 8 >~teni. NJ aissues of the
to an as m 70 e and ps's So Pd s . dst
mental to the p,. ,hhc as the issuing of Unit
States notes as currescy, v. ''cn Congress p
a. ceeded to authorize to the exten, Oh SAoO'oV'
n 900, besides 100000 if naO.,. w, iorsl
%: . payment Of deposits At thu sa me
III provided certificates Of indebtsdinaana,e w..
al lsue of national bonds to the extent of $500
oUO,OOO These measures have on the whole
worked well. On the lst of July last ss57,-
sZo,ll6 were remaining on deposit the gov
ernment notes IN circulation amounted to
$l5S,59l $50 and the certificates of indebted
N ness to $49, 1881 ,979. Then came the reyerses
10 to ou- armies which affected inuriously3 our
= gnancias condition by necessitating still heavier
BE- OUTLAWS. For the quarter ending September
3Oth these were Sill ,OS4, 446, for October,
Q $49, 243,S 1856, ard for November, $59,847,.
OF, while $4S,354,70l, of acquisitions re-
manned to be met. The secretary then pro-
! ceeds to discuss the resources available to meet
u these debts and provide for the future. The
actual and estimated receipts from import duties
for the current year are $68,O4l, 1876; under
the internal revenue law, 1856, 456, 304; from
other sources, $l3 $685. 1853; balance from last
year, $l3,O43,547; making an aggregate,
independent of loans, of $50, 495, 345 ~aThere
are also available of notes unissusd $27 ,O67,-
oo9, $50, 2Ol 50rsceivable on deposit, about
$36, ll5 200 of small currency issuable, Sl2,-
636,756 payable in certificates of Indebtedness,
and perhaps 1855, 900 900 from the conversion
OF notes into tve-twenty bonds. The total of
them is $l3l ,O2l 1877 There remains a bal
ance OF s276, 1881 to be provided for. 1a
THE CURRENCY NOT YET DEPRECATED.
| The secretary does not concur in the opin-
ION entertained by some, that the aggregate
tcnrrency OF the country, composed of United |
States notes and notes Of corporations, is at |
this moment greatly in excess of legitimate |
demands for It's employment. Much less does
he concur IN another opinion, that any actual |
excess IS due to the issues Of United States
notes already IN circulation. The ignorant l
fear OF foreign investors in national and state
bonds and other American securisies. and the
| tlmd alarms OF numerous nervous individuals
IN our own country, prompted large sacrifices
upon evidences of public and corporate indebt-
edness in our markets, and large purchases of
coin for remittances abroad or hsarlinp at
home. Taking advantage of these and other
circumstances tending to an advance of cold
spectators employed all the arts of the mar
ket to stimulate that tendency and carry it up
to the highest point. This point was reached
on the 18th day of October Gold sold in the
market at a premium of 81 5-8 per cent Z
The cause OF all the redundancy of currency,
if any, that exists is easily found in the state
ments of the banking corporations, The cir
culation of corporate notes increased during !
the year ending on the LIST of November, 1862, !
from $3.50, 100000 to Sl67 100000 During
the same time the volume of deposits, which .
answer very many of the purposes of circula-
ton, had sweled from 1924 ,000, 900, to S344,-
OOO, 900. The greater portion Of this increase J
took place within the last seven months The
augmentation of deposits always accompanies
increase of circulation. Together they stimu-
late loans, and are in turn, stimulated by the !
desire Of the interest derived from loans. As
might have been anticipated loans increased,
though not equally, with the circulation and
deposits. From $607 ,00O, 900 on the LIST day
of November, 1861, they had grown to 677,-
100000 on the lst day of November, 1862.
Here is an obvious and sufficient explanation :