The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1862-12-13

.TrAuraaxfsd EAw agTT
session 81 Congress shall AFFORD IN % opno,t-,;.
Of providing for any deficiencies that nav h.,y.
after occur. Hence estimates always i.,~a,|
exceed expenditures. Misrepresentation oes!
pended, therefore, will lessen the above ann -
S9O0, O0O, 900, making it $7ss, 5bs, IN g.. r.,
of this sun, a. already stated, there has hsss
received and may be expected OF customs. s,o
$3.50, ,345 co.. and loans. 1881, loo 9l4 AZ
Aggregate. to be deducted from actual and any,;
cipsted expenditure, SSH, s4s,26s 90. sHs
leaving to be provided for the current vo.S
3276, 9l2,6l7 66. The Secretary next Offers ,bs
copjectural estimates Of the fiscal year Iss1 '
commencing Let of July next. Expsnditprss,'
$S45, 900, 900. Receipts customs, taxes H.
S223, 600, 900. Leaving amount to be pro,ss1
for, $622, O00, 900. Amount needed beyond ~
sources under existing laws, If war coutinn.s
tor the fiscal year 1868, $27s, O0O, 900; 70, n.
fiscal year 1854, S622, 00O, 900. Aggree,,s.
5000, 0OQ, 900. A tabular statement is submit;
ted with the report 10 part Of it, giving ths
receipts cad expenditures of the financial ,e,,,
Of 1852, 1868, and 1864. Details Of debt Az
also submitted. The Secretary reviews Ma
recommendations to Congress-to increase dn.
ties; by direct tax; by internal duties; emf.
notes ne8otiase loans, etc. unexpected mill.
tsry delsys required iurtner nnancisl operasiou
- The suspension OF specie payment by Bapksis
treated financially The Secretary describes Tie
loans made and the course he took thereupoa
He considers the value OF the Treasury Note
system in the present ex,gency. $l50,OO0N0
in oil have been emitted. Congress authorized,
late in the session, $3.50, 900 more; $50
DOC, 900 Of which were to be reserved from issue
up ~; acf o1lv renuirod FIR na unont of danoe;,
Still later, Congress upon the recommendation
Of the Secretary authorized = fractional Cur.
rency. Total authorized emission, $250, 000, OOO
Sixty millions received from customs were no.
available for circulation, but might be replaced
as paid in BY notes Of the new issues which wer.
thus available, 90 that, in the end, total cir
culation Of $3.50, OOO, 600 might be reached, and
ON an immediate contingency increased 49,.
900 900 more. The Secretary recommended
and Congress authorized the receipt on tempo.
rary deposit Of 500, 00O, 900 at per cent, aid
payment to creditors who liked OF debt certii
Gates at one year and per cent. Congress AZ.
thorized bonds to the amount Of $500, 600, 900,
convertible at will Of holder to United States
bonds at 6 per cent specie, and redeemable
after rs years. They are called 6ve-twenties or
five: twenty sizes. q The good results have e1.
ceeded the Secretary's expectations. The Sec.
Rotary expresses regret that his Recommendation
in regard to general banking Law, &C., were
not carried out. lst July, $4,000, 900 on de-.
post United Statas Notes issued, Sl58, 000,.
600; $49, 200, 900 paid in certi6cstes of debt;
$2OS, OOO, 900 in cash. Every call on the Trea
sury answered, and oil army business With il.
promptly executed. Balance in Treasury,
SIS, 100000 Notwithstanding the unexpected
demands on the Treasury, arising from army
<hA hos cd
stantly increasing disbursements. Payments
during quarter ending September 80, other than
for the principal of public debt, were slll,.
OOO, 900; October, $49, 1000, 900; November,
$59, 100000. All acquisitions beyond resources,
only SIS, 100000. Power to borrow or get
loans under act of July, 1851. 10 exhausted
Secretury considers financial laws. he does not
favor the issue of Treasury Notes to pay $276,-
600, 10000 as needed. A limited issue under
certain restrictions might answer. The Score.
tary does not believe the present paper issues
redundant, Stoppage Of specie payments, and
! fears of ignorant people abroad throwing stocks
into the market, caused gold to be an object Of
speculation, till it reached SIS per cent. ,r,
The Secretary treats of the cause of the rise !;
not to be attributed mainly to increase of cur.
| rency. The cause Of redundancy in the increase
of corporate notes. He recommends o. s.
Bank circulation, and the reduction Of the bank.
note circulation. He renews the proposition TO
lay moderate tax on corporate circulation, and
considers it the best means of gradual reduction
and substitution. The Secretary believes in 3
sound circulation of uniform value, through
banking associations organized undor national
legislation. He discussed the national reeources
lands, mines, &C., and is hopeful of the future.
The mode of obtaining the new loans is haH-
1al os1 ,soks IN, kho aoSo ,I-s
the issue Of bonds. he advises to be taken OF.
The bullion received At the Mint last financial
wear was Bah. 0O0. 600. Amount coined-gold
S45 600. 600: silver. near Is. 600, 600. etc. To.
+ tai coinage. s65 900 600 Bullion deposted at
Assay Office, N. T., $26, 900. In San Francisco
gold deposits in branch mint. x16 600. 900;