Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-12-08

ing the important points OF his estimates, his
plans Of revenue, and his views upon the
financial condition of the country:
THE PUBLIC DEBT.
The amount of the public debt on the Both
of June, 1862, was $5l4, 81 80. 1t is
estimated that on the LIST of july 1868, the
public debt will be increased to 81, l22, 297,-
403 "a; and on the supposition that the war
may continue with undiminished disburse-
ments until the 1st of July, 1864, the debt
likely to have been then incurred must be es-
timated at $l,744, 685.5S6 so. The average
rate OF interest for the whole loan thus far in
CURED is four and three-ffths per cent.
RECEIPTS AND EXPENDITURES.
The aggregate receipts for the fiscal year
1862 (from July l, 1861, to June 80, 1862
were 1888, 1924 03; the aggregate ex-
pcnditures, 570,S4l 200 %. The receipts
for the first quarter of the fiscal year 1868
were $3.50, 495, 345 60. The estimated re-
ceipts for the remaining three-quarters will
increase this amount to $511 SAG, 259 90. The
actual and estimated expenditures for the year
(trom July /, 1862, to June 80, 1863 are
stated as follows
For the civil service, ........... S32 81. 543 %
For the interior department.. $685., BOG 43
For the war department, .......... 74l 359.S26 50
For the navy department. S2177,510 II
For interest On public debt. .... 25,346, 32l 4S
Total, ......................S69 1895, 346, 321 4S
The estimated receipts for the fiscal year
1864 are 1928, 625, 900 90. The estimated
expenditures, provided the war continues, are
$l,095, 4l3,l 56. Though the continuance
of the war is very properly assumed as the
basis of estimates intended to cover all con-
tingencies, yet the secretary expresses the
confident hope that it is a contingency des-
tined never to be realized.
TREASURY NOTES, STAMPS AND CERTIFICATES
The secretary justifes at length the finan-
cial system of the government, in the issue of
treasury notes and postal currency OF the
former, congress at different times authorized
the issue $500 100000, to meet the daily in
creaSing demands on the treasury, and subse-
quently the issue of a second Sl50.000, 900, of
which S50,000,000 were to be reserved till
actually required for the payment of deposits
The use of postage and revende stamps was
also authorized as currency-this eXpediency
being preferable to the issue of metallic tokens
reduced in value below the existing stand
ards. These measures have all worked well
more than fulfilling the anticipations of the
department. Congress further authorized the
issue of national bonds to the amount of $780,.
100000, into which the United States notes
holder. 1t was provided that these bonds
should carry an interest of six per cent. in
specie, and be redeemable after five and pay
able in twenty years.
is THERE AN EXCESS OF CURRENCY?
The secretary does not concur in the opin-
ion that the aggregate currency of the coun-
try, composed of United States notes and the
notes of corporations, is at this moment great
ly in excess of legitimate demands for its en-
ployment. Much less does he concur in an
other opinion, not unfrequently expressed,
that any actual excess is due to the issues of
the United States notes alreadyin circulation
IL is true that gold commands a premium in
notes. Butt is also true that on the suspension
OF specie payments and the substitution for
coin Of United States notes, convertible into
six per cent. specie bonds as the legal stand
ard of value, gold became an article of mer-
chandiSe, subject to the ordinary fluctuations
of supply and demand, and to the eXtraord-
nary fluctuations of mere speculation. That
the consequent rise in the marketable value
Of gold is not due wholly or mainly to the in.
crease of the currency, is evident from the
facts, (l) That the whole quantity of circula-
ton did not at the time exceed the legitimate
demands of payment. (2) The whole, or
nearly the whole, increase in the volume of
the currency which has taken place, was, it is
believed, legitimately demanded by the
changed condition of the country in the year
between the two dates. (3) That on the 9TH
day of October, when the actual circulation,
national and corporate, was about $3.50, O0O,-
600, the premium on gold was 81 5-8 where
as, on the 18th day Of November, when the
circulation had increased by more than
millions, the premium on gold was 30 to 80
per cent. But if the fact of considerable re-
dundancy in circulation be conceded, it by no
means follows that it is the circulation of the
United States notes which is redundant, and
upon this point the secretary concludes that it
is the part of wisdom and duty to support the
United States circulation, and reduce the bank
note circulation.
UNIFORMITY OF CIRCULATION.
lie still adheres, however, to his opinion
before expressed, that a circulation furnished
by the government, but issued by banking as
sociations, organized under a general act of
congress, is to be preferred to either. The
central idea of the proposed measure is the
establishment of one sound, uniform circula-
ton, Of equal value throughout the country,
upon the foundation of national credit COM
bined with private capital. These associations
would be entirely voluntary, and every dollar
of circulation would represent real capital
actually invested in national stocks, and the
total amount issued could always be easily
and quickly ascertained from the books of the
treasury. The plan is recommended by va.
rious reasons, but chiefly by the firm anchor
age it will supply to the Union Of the states
Every banking association whose bonds are
deposited in the treasury of the Union; every
individual who holds dollar of the circula-
ton secured by such deposit; every merchant,
every manufacturer, every farmer, every me-
chanic interested in transactions dependent
for success on the credit of that circulation,
will feel as an injury every attempt to rend
the national unity, with the permanence and
stability of which all their interests are so
closely and vitality connected. Had the sys-
TEN been possible, and had it actually existed
two years ago, can it be doubted that the ma
tonal interests and sentiments enlisted by it
for the Union would have SO strengthened the
motives for adhesion derived from other
sources, that the wild treason of secession
would have been impossibleY
GOLD AND SILVER A PERMANENT BASIS.
Inc secretary recommends, therefore, no
mere paper money scheme, but, on the con-
trary, series of measures looking to Il safe
and gradual return to gold and silver as the
only permanent basis standard, and measure
OF values recognized by the constituencies
tween which and an irredeemable paper cur.
rency, as he believes, the choice is now to be