Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1862-12-19

very ipnf 4un IGll Wiling 10 fNfy EIlA1 49,
ofthe New Fosk rapsrt 4 h sbtioutly -cos
long to publish entire In our columns and We
avail ourselves of synopsis from fAr 7Sibaae q
it's principal features. Thsrepsft x clearly and
f0reibly written, and at this period. whsn the
means Of eafrying On the var expenses of The
Government are subjects Of such vast import
aoce. il win be rad with an insercet second on
ly TO that given 70 he Preai1sut's Mssags--
The Treasury report has generally kstn mere
mass Of dry statistics. bot q tkE. time svsry
mans pockets Is vitality Interested N ne rseons-
mendatiors ofthe able had or that buresn.
The Secretary explains Why change of eir-
cumstanees may cztrse eseiulaies % erosed en-
penditures-sueh a. the great increase o. the
army Disbursements howevsz, up 70 the J0th
Of June. 1862, were almoat precisely acssrding
to the Secretary's last December astifHaies ne
disbursements being, in yonBd BumhsrN sl4
million dollars, and the estimates 5l7 millions.
The estimate Of debt TO Be incurred Up 20 the
commencement Of July, 1861 il over eleven
hundred millions; and II the war BE- eontinoed in
full force till the lst Of July, 1854 the debt like
ly 10 have been then incurred is set down at
seventeen hundred and hfty-four millions.
The Secretary is happy in the statement
which he can make in regard to The reduction
ofih cost Of the debt, OF the interest Thsfnst
loans being Of such unsual magnitude, were
handsomely paid for; but large amounts are nov
obtained at from four to five per cent, Wills
the circulation Of the C. 8. notes continues prae-
ment, without interest The average rate Of
loans is thus reduced to a. per cent. Both re-
ceipts and expenditures viii be increased for the
current and following year. Aggregate receipts
for the fiscal year 1852. S5s3, 3,6eS 2t9 O6, expsn-
ditnres. $570sll. 200 Is; balance in Treasury
July, 1862, $l3J043,546 81. The actual receipts
Of the first quarter Of the fiscal year Of 1864 COM
meneing August 1, 1862, are noted on she Treas-
ury books; the other three quarters must be es-
timated- The one is actually S3T ,206, $40 %:
the others estimated $l43 43266,el6 SO. Loans
during the frst quarter, Sll4453, ,321 @; and
during October and November, 35.670,S05 99.-
Loans obtained mp to the LIST Of Deeember,
$2O0,l29,7l Oh, and to bO realized probably un-
der exiWng laws, in addition, Sl31 ,O21 1877 as
making the total receipts under actual and an
ticipated laws SSH 646,659 96. For the first
quarter Of the fiscal year 1863 the actual expen-
ditures were Sill ,064, All 40. For the second,
third and forth quarters estimated expenditures
under existing appropriations including interest
on public debt, are S672,S43.e .e4I 70. Estimates
Of deficiencies to be met, $l09, ,413. O32 30. Max
ing the whole amount actually expended OF es-
timated, $3.50, ,346 32l 46. Estimates, for pay
ment ofpublic debt during the year. Of s95 ANA
456 Ia; making an aggregate for all purposes Of
S9oo, ,563, III 81. Ii Is usual 70 make an esti-
mate large enough to cover all possible require
ments under It until session Of Congress shall
afford an opportunity of providing for any de-
ficiencies that may thereafter occur. Hence es-
Inmates always largely exceed expenditures
The appropriations uBexpended, therefore, will
lessen the above sum $200 900, making it
S7SS, SIS, III 81. But Of this sum, as already
stated, there has been received. and may be ex-
pected Of customs, etc, $3.50, 495 345 90: and
l.. l..
Quoted from actual and anticipated expenditure,
S3ll ,546,259 96; and leaving to be provided for
the current year. $276, 25l7 &c. The Seere-
tary next offers the eonjectural estimates OF the
fiscal year 1864, commencing the LIST Of July
next. Expenditures: $545, 100000. Receipts,
customs, taxes, de-, SOB 100000. Leaving
amount to be provided for S6220O0 O0O.-
Amount needed beyond resources under existing
laws, if war continues. for the fiscal year 1863,
$276, 600 coo; FOR the fiscal year 1863 e622 OO0-
600. Aggregate: $9O0000,00O. tabular
statement is submitted with The report as a part
Of il, giving receipts and expenditures Of fnzn-
cial years Of 1862, 1863. and 1864. "Details Of
debt are also submitted. The Secretary reviews
his Recommendations to CongFess-to increase
duties; by direct tax; by internal duties; emit
notes; negotiate loans etc. Unexpected mill
tary delays required further financial opera
tions. The suspension of specie payment by
banks is treated financially. The Secretary de-
ScrlDcs Tue loans tlaue anu tne course ne look
thereupon- He considers the value Of the
Treasury Note system in the present exiuen-
cy. $l50,000O00 in all have been emitticd.--
Congress authorized late in the session $50 0O0-
600 more; S50000,0 600 of which were 10 be re-
served from issues until actually required for
payment of deposits. Still later, Congress, upon
the recommendation of the Secretary, authori-
zed fractional currency. Total authorized
emission, S2500O0,000. Sixty millions reeeiv-
ed from customs were not available for circula-
tion, but might be replaced as paid in by notes
of the new issues which were thus available, so
that in tho end, total circulation Of $3.50, ,000-
600 might be reached, and on an improbable
contingency increased $50000,000 more. The
Secretary recommended and Congress KuthoFiz-
ed the receipt on temporary deposit Of $780,
100000 at per cent, and payment to creditors
who liked of debt certificates at one year and
6 per cent. Congress authorized bonds to the
amount of 100000, c0nvertible at viii Of
holder to United States notes; bonds at per
cent, specie, and redeemable after 25 year,
They are called fve-tweuties or ive-twenties
Sizes The good results have exceeded the Sec
rotary s expectations. The Secretary expresses
regret that his recommendation in regard to a
general banking law, etc, were not carried out.
1st July, SIS 600 on deposit United States
Notes issued, Sl5S, coo; S49O00000 paid in
certificates of debt; S25OO00,O00 in cash.
Every call on the Treasury answered and all
army business with II promptly executed. Bal
anee in the Treasury, $l3O00.000. NotWith-
standing the unexpected demands on the Treas
ury, arising from army reversss the Secretary
has provided for constantly increasing disburss-
ments- Payments during the quarter ending
September 80, other than for this principal o.
public debt, were SUI 100000; October. A9000,
900; November, $50 100000. All acquisitions
beyond resources, only $49,000,O 900. Power 10
borrow or get loans under act Of July, 1861, il
exhausted. Secretary considers financial laws.
He does not favor the issue of Treasury notes Ia
pay the $276O00.O00 as needed. A limited is
sue under certain restrictions might answer
The Secretary does not believe the present pa
per issues redundant. Stoppage OF specie pay
ments, and fears of ignorant people abroad
throwing stocks into the market, caused gold tc
be an object Of speculation, till It reached 37st
per cent. The Secretary treats Of the Gauss q
the rise; net to be attributed mainly to incFeass
of currency. The cause Of redudancy is the in.
crease OF corporate notes. He recommends .
u. s. Bank circulation, and the reductioH Of the
4 bank-note circulation. He -enews the proposi.
tiOn to lay moderate tax on corporate eircala-
ton, and considers it the best means Of gradual
reduction and substitution. The Secretary be
lieyes in a sound circulation Of uniform value
through banking associations orgaRized under
national legislation. He discusses the nationa
lresouFees-lands, minsa de-, aud is hopefal o
the future. The mode Of obtaining ths nsw
loans is handled Certain restrictions in the ael
authorizing the issue Of bonds, he advises 10 b.
taken oH. The bullion received at the Min
last financial year was Sf5,000000. Amoun
coined--gold, SIS, 900 600; silVes, near $4,000,
600 etc Total coinage s6500o0oo. Bulliol
deposited al Assay Office. N. Y, So Go. Il