Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1862-12-11
Report Of the Secretary of the Treasury.

Owing to the extreme lengtho of this inter-
esting document, We are unable to publish it
in full, and submit the following extract, which
embraces the important points. 1t will be
found very interesting to the public =
The Secretary explains why a change OF
circumstances may cause estimates to exceed
expenditures-sue as the great increase OF
the army. Disbursements, however, up 10 the
39th June, 1862, were almost precisely ac-
eording to the Seeretary's last December esti-
mate the disbursements being, in round mum
bers, 5l4 million dollars, and the estimates
81 millions. The estimate of debt to be in
curred up 10 the commencement of July, 1868.
is over eleven hundred millions and if the
war be continued in full force till lst July,
1864, the debt likely to have bees then in
Cured is set down at seventeen hundred and
fifty four millions.
which he can make in regard to the reduction
of the cost Of the debt. or the interest. The
first loans being of such unusual magnitude,
were handsomely paid for but large amounts
are now obtained at from fonr to five per cent.
while the circulation of the United States con,
tuues practically loan from the pc eople to
the Government, without interest The aver
age rate of loans is thus reduced to 3 per
cent, Both receipts and expenditures will be
increased for the current am following year.
Aggregate receipts cf the fiscal year 1862,
$583,8S ,247 06 expenditures, $50, SAL
100 %: balance in Treasury July, 1862,
$l3.043, SAC 81. The actual receipts of the
first quarter Of the fiscal year of 1868, com
mencng August ], 1862, are noted on the
Treasury books the other three quarters
must be estimated. The one is actually $37,.
209 529 02 the Others estimated $l43 286..
SIG SO. Loans during first quarter, STA
453 72l OF ; and during Oct aud Nov $35,-
67O,S95 80. Loans obtained up to lst Dec
5000 1921 o. and to be realized proba,
bly,, under existing laws in addition, $l3l,-
OIL 1871 35-makIng the total Of receipts IN.
der actual and anticipated laws, $5ll 6f6,
$50 90. For the first quarter of the fiscal
year 1862, the actual expenditures were Slll
0S4,44 40 For the second, third, and fourth
quarters estimated expenditures, rnder exist
ing appropriations, Including interest on pub
lie debt, are $612 848,84l I3 Estimates of
deficiencies to be met, $l094l3,032 80
making the whole amount actually expended
or estimated 1898 346,32l As Estimates
iOi lhNlDfUl vi lju'b 'bllC htDb uuiIlS luG Itdi,
of S9j, j,ll2466 IA : maxi, an aggregate for
all purposes of 1898 563. III G2. 1t is usual
to make an estimate large enough to cover all
possible requirements under it until Session
of Congress shah afford an opp rtunity of
providing for any Deficiencies that may there
after occur. Hence estimates always largely
exceed expenditures. The appropriations un-
expended, therefore, will lessen the above sum
by 100000 600, making it $T88 55S,TT7 81.
But OF this sum, as already slated there has
been received and may he expected of customs,
etc, $I70, ,495, 345 60 aud loans, 1881 So
9l4 36 Aggregate, 10 / e deducted from ac
tuaI and anticipated expenditure, $5ll G46,-
259 96: aud leaving to be provided for the
current year, $2T6,9l2,5l7 &C. The Sccre
tary next offers the coujectura! estimates of
the fiscal year 1864, commencing lst OF July
next. Expenditures $S45, 600 900. Re-
ceipts customs, taxes, etc, 1928 600 600
Leaving amount to be provided for 1922,
100000. Amount needed beyond resources
under existing laws, if war coHtnueS, for the
fiscal year 1858, $276 000 00O FIR the fiscal
year 1868, 1922 600 000. Aggregate $780,
coo, 600. A tabular statement is submitted
with the report as part OF it, giving receipts
and expenditures of financial years o. 1862,
1868, and 1861 Details of debt are also
submitted. The Secretary reviews his recon-
mcndations to CongreSs-to increase duties
by direct tax by internal duties emit
notes negotiate loans, etc. Unexpected
military delays required farther financial Oper-
ationS The Suspension of specie payment by
banks is treated financially. The Secretary
describes the loans made and the course he
10 ,ousiAors ha vaIuo IF
the Treasury Note system 10 the present exi
gency $3.50. 600 600 in all have been emit
ted. Congress authorized, late in the session,
$3.50, 900, 600 more $50 100000 of which
were to be reserved from issue until actually
required for the payment of deposits. Still
later, Congress upon the recommendation of
the Secretary authorized fractional currency
Total authorized emission $250,000, 600 -
Sixty millions received from customs were not
available for circulation, but might be replaced
as paid 10 by notes of the new issues which
were thus available, so that in the end, to-
tai circulation of $250,000, 900 might be
reached, and on an improbable contingency
increased $50 100000 more. The Secretary
recommended and Congress authorized the
receipt on temporary deposit of 500, 0,O000 600
at per cent. and payment to creditors who
liked of debt certificates at one year and per
cent Congress authorized bonds to the
amount of $500 600, 900, convertible at will of
holder to United States notes bond at per
cent specie and redeemable after 25 years
They are called five twenties or fvetwenty-
SKIES. The good results have exceeded the
Secretarys expectations. The Secretary ex
presses regret that his recommendation in re-
gard to a general banking law, &c. were not
carried out. lst July, $5S, 5000, 900 OF. depos-
it, United States Notes issued, $l58,0 900;
$49,0 1000 paid in certificates of debt
$208, 000, 600 in cash. Every cal on the
Treasury answered, aud all army business with
it promptly executed Balance in Treasury,