Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1862-12-12
SECRETARY cHAsE's REPORT.

lsbI, IN July A2bAf hof4-b ~N~-
based upon the supposition that an army not to
excel SO. 900 men would be called into the field
have been as a matter Of course found inadequate
for On army Ct nearly million. Though TINS
increase Of the army did not affect the estimate Of
the last fiscal year, 4 like result cannot be hoped
for in reference TO the current year Tue estimate
of the debt likely 70 be incurred by July 1865 IN
consequence ofthe greatly increased exPen ditures
now authorized must be a lvanced. As now esti-
mated. it will be Sl,le2, POI, 1903 p, aad IL the
war shall continue until July lS64, with undi-
minishei disbursements, a debt viii then have
been Incurred amounting 20 Sl,1ii, ts5,5s6 So
Il has been the care Of the secretary 10 reduce
the cost Of the debt in the form Of interest 10 the
lowest possible amount He has succeeded "a
keeping down the average rate thus Tar % 81
per cent
The aggregate receipts for tie fiscal year is62,
including the balance Of S2.2j6,O65 So in the
Treasury from the preceding year, were $685.
,l.2i1 o. ; and the aggregate expenditures
sjIO. Sal 200 %, leaving talance in the Treas
ury on the lst day Of July 1902, Of Sl3,0ij,5 $40
81. lbs actual receipts for the first quarter Of
the fiscal year ls63, commencing July L., inc I'd
ing the balance in The Treasury, but excluding
loans was S31,20s, So o. The total Of actual
AMI estimated receipts from ordi1ary sources anu
from the dire; tax during the current hsca! year
is set down az $50, 49j,j4j co. To this latter
amount is aided The sums which have been, AID
W-AAAaA 80 u A.etHa A-fHA taA w. e--''-N
during the year, masking the total q actual a1d
anticipated receipts the year, under existing
laws, Sjll, go, 2Js yt
The actual expeni,t4. l-rius the first quarter
% the current fscll yss- vare Slll,us4,4is 80.
The total actual ami es-il rcd expenditures Of
tie year, including interest % the pabAc debt
are set down az S's>,jjs, -. o.
rt is necessary 90 observe that i, the present
stare of the Law the estimates Of the Departments
alwrys largely exceed the oxpedi,ures. This is
because the law f3Ibits the transfer Of any part
&c an appropriation for ore object class q OBJ
7scts TO IN Their. II nee il has become usual 20
..a he every estimate large enough 90 cover all
possible requirements. On this principle the Is
innate given above IS 500 600 600 90 larger
chan the probable ex- enditures Making t1is
deduction, and ,akin, tae difference between re-
ceiuts ami expenditures, we have SZ7t, Oh, sl2,-
5l- tG, 90 be pruyii. j f-- By action Of Congress
90 meet tbs current expense q the dscal year.
4 sh0r; statement ot the practical working Of
t1e tulace laws. by which the above results have
been attained 5. IS iollows:-Io the Is; day Of
July, lss-, SjIy2 lilo 81 had beeu received
a.d acre remai.ins on deposit. United states
-..r, o. the amount 4 SIS, jJl go lad been IS
sued and were Ia circulation; SO s5l ,tl3 6 had
been paid 10 certificates Of indCb,einess; and
S-l..Jij.-al SIS hid been paid in cash. Not
single r54uisiuon from any department uI7l the
Treasury remained unanswered Every audited
and settled claim On the government, aud every
aslr;ermas,er's cheek o.. supplies furnished,
vgli.l had reached the Treasury. hal been net
Ana t.ere rsu4illi b. r.. Treasury a balance %
81 o4g53c-l.
Tie -sycr=es ot June, JuIy alI 5u-us- affected
az g...-.g i1iali.us.v. tais luauci4i cl4di,ioa.-
E5. vase expenditure re1uirei b. tie LARGE il
e.,s-. u tie army. Authorized Is Congress a1I
directed tv the President. made exlaust.n. de-
mani ID al Available resources. The measures
u Congress. however. enabled tie Secretary %
r-..Ile. ii not fully. we. almost fully. fr the
en- ..l1tly iucrea s.a- disbursements ILeu1--al
r.vHents gther than f.r principal Ct public deb.
l.r.r. tas quarter ending or the 5Jta Il -ep.e--
b.-. were sIIIO~4t46 IS: during the mouth %
U.-sber they were S89.Zil.ss6O t; and during
tie month u November. 5s,ei1.0I- g8- while
..s s..t.ulatida q 1isiti1ns terlrI resources
...a-t.d 90 less than tie fourth II che aggregate
# these sums. namely. g. 5t-s1l.-Il ~
I-e ep.r. next discusses tLs -upl-.s.. .11s-
O.. %. how the deficiency ia receipts 90 nee. exc
psn.itures Of the current wear, wh.cl ..eacv
on. ants g. s--t.sI- 5l- a., is g. ts le provided
for. TIE easiest mode would be an o. issue q
United states notes. but such an issue would ia
tie Judgment ot tie Secretary be as g. furious as
cIsr. The Secretary does not however concur iu