Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1862-09-04

IS Nav 18th. 1861. 17,347, 956 90 Il
Aug 10Th, 1861 1871, 764,6l5 90 /
Int. :. April 18th, 1861 1929, go O 90 90
Temporary Loan from Banks-bal-
{" War Tax,..... ............ 1855 $40 70 l.
3o2 555,ls6 so
The expenditures at the same date are as follows
War Department ....-... 2as, 376,549 Al
Navy Department.. 146U9,U1 90
Civil ane Miscellaneous. ......... l5,766 5OS 43
328, 748 $3.50 70
The difference between this sum and the receipts,
amounting to 500 1913 GA 10 is made up OF the va
rious balances on the books of the Treasury to the
credit OF disbursing officers, which are not yet paid
There are, also, outstanding acquisitions upon the
Treasury upon which warrants are not yet issued as
follows
War Department.. l8ll3l dss 10 10
sl8,524,l 28 10
This sum must be added to tie expenditures paid IS
above in order 10 exhibit the whole expenditures ct
the Government from its commencement % the ISt OF
August, and the aggregate Is 347Z72 JOB So and Tor
still greater accuracy should be stated that as ABOUT
five millions of the amount charged as expenditure las
been paid Tor the redemption OF Deposit Certificates,
the aggregate above stated is subject to that abate-
ment when considered in the light of actual expenses.
The Treasury Notes issued to the same date are as
follows:
General currency notes Of Five Dollars and .o-
DO unde: Five Doilara =. ... $4,000
Int bearing at rate 3G5 ..... 1.44I, 200
do do 730 ....... 22,799,900
2O6 OH, ESQ
TO pay the balance against the Treasury
above set forth, there must be further Is $500. 49,
above stated '.,.o .l.. 1854 l28
25o,76l, 7s7
The issue already made Of these notes amounts
above shown tS3, "a, 80
Leaving authority to 100000
oo,Ooo, Goo
by the Tressury, 4l7l7, $50
aud the above. Observation-Disclosures. 1875 665
27,96ls97
Unless this balance can be paid by bonds or 730
notes. the authority issue general currency notes
must at once be extended to pay the same ard that
authority must be extended still further to meet the ap
preparations already made by Congress, and not yet
paid and also the further appropriations yet to he made
The appropriations already made by Con
gress and not drawn on LIST August, - 49,. -
amount to-. ACKNOWLEDGEMENTS. SIb4ooI 800 10
The estimates submitted by the various Departments
of the additional supplies required-o make good DELI
cences and to support the Government to lst January
next, follows:
" Civi 1886 3S6 6o9 80
g - Miscellaneous. .............-.. lo2,89o IS
sl18c8O97 10
So that the Whole amount Of supplies
CURED Ist January presents total of $2095C40 O6
Congress must now determine the best mode of rails
ing this
If the bonds or stock Of the Government to any con-
siderable extent ccud be sold, they would unquestiona
bly, cfer the best mode of raising -the money An ex-
animation Of funded debt account will show that on
ly a small portion can be raised in this way.
The whole amount of bonds and stock issued IS as
follows:
per cent. stock and bonds 677 $50
call certificates, 81, |o4'4OO
ass, $50
This statement while in the large amount of call de-
posts, it exhibits It's confidence in the credit OF the
Government yet in the small comparative amount OF
bonds and stock, it shows indspositon to make III
vesments in that FORM We are therefore, constrained
to resort to Treasury Notes the only mode by which
the requisite uuds be raised This has its
limits. But it is hoped that with q reasonable econo
my in making the appr9pEia 0ns the plans already set
in operation will extend those limits, to reach to
the end OF the
The inherent objections which attend Government
currency that 1t dsturbs the Btandar of value and
enhances prices. The facility with which it created
is constant temptation excess and tie danger OF
this S. together with the doubt Of an ability to
pay, the chief which affect its credit
reucy
Thus far, no want OF confidence has been exhibited
IN our currency 1t freely crculat6s everywhere, and
the fact that the banking institutions receive aad pay
Out Treasury Notes ia their OVID business is the most
certain Indication that their credit rs unnpaired.
The other cause becomes active only when the t0ta
amount Of circulation exceeds the usual bu neas wants
of the community It operates without relation to the
actual value OF the circulation, that coin, if it
could be kept in country, would f ia excees) produce
the result. The effect is necessary consequence
of the relation between the whole circulating medium
and the whole business and property of the community
and only be modified hy influences upon the cause.
Every means therefore, which will reduce the quantity
of circulation becomes important, and should diligently
be sought after
1t was with this view that Congress ad0p led two
measures OF relief one, by which any excess in the
quantity OF currency mg at once be permanently with
drawn and funded IN PER cent bonds-the otber by
which the effect could be produced for time,
through interest bearing notes and deposits call
Both plans working we'll The deposits have in
fact been permanent loan at per cent The interest
notes. although current to certain degree usually
Withdrawn from general circulation soon as suffi-
Gent amount of interest has accrued upon them make
them valuable temporary invsl ment. 1t must be
Observed however, that il this interest should remain 10
for long indefinite time, these notes encour-
ter difficulty which seriously impars their value, |
namely, that OF unprOductive investment Thus be-
ing both unproductve and uncurrent they will not pass
into general use unless the Interest be paid annually It
will be seen that the issue Of these notes already amounts
to upwards OF twenty-five millions Much of it has /
doubtless been taken under the belief that the interest
would ae paid like other interest and have encouraged
this belief by stating that would recommend to Con-
gress that the interest should be paid annually. earn
esty hope that Congress will approve this recommended
ton. The payment could be stamped annually on the
note, without encumberlng it with a coupon and 10
this way it is believed the objects intended by the issue
would be effected.
would also recommend that the notes be issaed ag
less denomination than hundred dollars. phe large
amount OF money in the hands of private capitalists is
the fund which nduca he for +bo -