Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-12-08
Rsport ef seeretarr Chnse.

written, and at this period, when the means
Of carrying on the war expenses of the
Government are subjects of such vast i'm
pOrtanee, it will be read with an interest
second only to that given to the Presidents
Message. The Treasury report has gener-
ally been mere mass of dry statistics,
but at this time every mans pocket is vi
tally interested in the recommendations of
the able head Of that bureau.
The Secretary explains why a change Of
circumstances may cause estimates to ex-
ceed xpenditures-such as the great in
crease of the army. Disbursements, how
ever, up to the Both of June 1862, were al
most precisely according to the secretary's
last December estimate: the disbursements
being, in round numbers, 514 million dol
lars, and the estimates 517 millions. The
estimate Of debt to be incurred up TO the
commencement of July, 1853, is over eleven
hundred millions; and if the war be con-
tinued in full force till the 1st of July,
1864, the debt likely to have been then in
CURED is set down at seventeen hundred
and ffty-four millions.
The Secretary is happy in the statement
whiche can make in regard to the redHc-
ton of the cost of the debt, or the interest.
The first loans being Of such unusual mag
nitude, were handsomely paid for; but
large amounts are now obtained at from
four to Eve per cent, while the circulation
of the Q. s. notes continues practically
loan from the people to the Government,
without interest. The average rate of
loans is thus reduced to AZ per cent. Both
receipts and expenditures will be increased
for the current and following year. Ag-
gregate receipts for the fiscal year 1862
S583, ,885, ,247 O6; expenditures, $50, ,84l,-
700 %: balance in Treasury July, 1852,
S13, ,043, ,546 81. The actual receipts Of the
first quarter of the fiscal year of 1863, COM
mencing August l, 1862, are noted on the
Treasury books; the other three quarters
must be estimated The one is actually
S37, ,206, ,529 02; the others estimated S143,-
286, SIG SO. Loans during first quarter,
STA, ,458, ,321 OF; and during October and
November, S35, ,670,895 80. Loans OBJ
tanned up to lst December, $500, l29, 717Ol,
and to be realized probably, unker existing
Avs, in addition, SlS1, ,O2i, 1877 S5-making
the total of receipts under actual and
anticipated laws, S5lI, ,646, $50 SO.
For the first quarter Of the fiscal
year 1868, the actual expenditures
we're S1ll, ,084, ,447 40. For the second,
third and fourth quarters estimated eI-
penditures, under existing appropriations,
including interest on public debt, are
S672, ,S43, ,S41 73. Estimates Of deficien-
cies to be met, S109, ,413032 30. Making
the whole amount actually expended or
estimated, 1895, ,321 4s. Estimates,
for payment of public debt during the
year, Of S95,212, 456 IA; making an ag-
gregate for all purposes Of $685. 563, III
g. It is usual to make an estimate large
enough to cover all possible requirements
under it until session Of Congress shall
afford an opportunity of providing for any
deficiencies that may thereafter occur
Hence estimates always largely exceed
expenditures. The appropriations unex-
pended, therefore, will lessen the above |
sum by SOC, 100000, making it S788,- |
558,777 62. But Of this sum, as already |
stated, there has been received, and may
be expected of customs, etc, $3.50, ,345 |
60; and loans, 1881, 150,9l4 SO. Aggre- |
ticipated expenditure, S5l1, ,646, ,259 SO |
and leaving TO be provided for the current |
year, S276,9l2,5l7 &c. The Secretary
next offers the conjectural estimates of the |
fiscal year 1864, commencing the lst of
July next. Expenditures: S945, 100000. |
Receipts, customs, taxes, &C., S223,O0O |
900. Leaving amount to be provided |
for, S622, ,000,h Amount needed beyond |
resources under existing laws, if war con-
tinues, for the fiscal year 1868, S276, 000,- |
900; for the fiscal year 1864, S622, ,OOO,0 900. |
Aggregate: $500, ,OOO, 900. A tabular state
ment is submitted with the reportas part |
of it, giving receipts and expenditures of |
financial years Of 1862 1863, and 1854
Details Of debt are also submitted. The |
Secretary reviews his recommendations to |
CODgress-to increase duties; by direct |
tax; by internal duties; emit notes nego-
tiate loans, etc. Unexpected military de- |
lays required further financial operations. |
The suspension of specie payment by |
banks is treated financially. The Secreta-
ry describes the loans made and the course |
be took theTeupon. He considers the value |
of the Treasury-Note system in the present |
exigency. Sl50,000,000 in ali have been
emitted. Congress authorized, late in the
session, $3.50 100000 more; $50 100000 of |
which were to be reserved from issues un-
I'll actually required for payment of de-
posits. Still later, Congress, upon the
recommendation of the Secretary, author
lied a fractional currency. Total author
ized emission, $3.50, 100000. Sixty millions
received from customs were not available
for circulation, but might be replaced as
I'll ~ ,f II L..
were thus available, so that in the end, a
total circulation of $3.50, 100000 might be
reached, and on an improbable continRen-
ey increased S50, ,000, 900 more. The Sec
retary recommended and Congress author
lied the receipt on temporary deposit of
Sl00, 0,000,0 900 at 8 per cent, and payment
to creditors who liked Of debt certificates
at one year and 8 per cent Congress |
authorized bonds to the amount Of $780, |
1000, convertible at will Of holder to
United States notes; bonds ate per cent.
specie, and redeemahle aftap-25 years
They are called fve-twenties or five
twenty skies. The good results have ex-
ceeded the Secretary's expectations. The
Secretary expresses regret that his recon-
mendation in regard TO a general bank
ing law, etc. were not carried out
LIST July, SIS, ,000, 900 on deposit. United
States Notes issued, Sl58OO0,0OO; S49,-
600, 900 paid in certificates ofdebt; S20e,-
000 900 in cash. Every call on the Treas
ury answered, and all army business with
it promptly executed. Balance in the
Treasury, Sl3.000,000. Notwithstanding
the unexpected demands on the Treasury,
arising from army reverses, the Secretary
has provided for constantly increasing
disbursements. Payments during the
quarter ending September 80, other than
for the principal of public debt, were
Sill, 100000; October, S49,000,000; No
vember, $50, 100000 All acquisitions be-
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