The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1862-12-18
Abstract Of the Report Of the Secretary
of the Treasury.

Tor the year SAAhS ouhO oo3 1oof
framed on the supposition of the con
tinuauce of the war:
ESTIMATED EXPENDITURES For the
civil list, including foreign.intercourse
and miscellaneous expenses other than
on account of the public debt, $25, O81,
5lO,o8, For the Interior Department
Indians, and Pensions, so, 346.577,01.
For the War Department 1913, 829,
1860. For the Navy Department,
sos, 257, 255, OF, For interest on public
debt, $34,5I3,89 Q,50. For principal
of public debt, SO, 384.864,16. Total,
1896, 413, l83,46. To which sum should
be added the expenditures for which
appropriations made are estimated as
remaining undrawn on the 1st July,
1868, 5000, 900, 900: making the aggre-
gate of expenditures to the lst July,
1863 for which appropriations are
made or asked, 81, 094, 1913, 183,46
From which should be deducted the.
probable amount of appropriations
which will remain undrawn on the LIST
July, 1864, s25o,o00,Oo0; making the
true amount of propable expenditures
duriug the fiscal year, OF 1864, $845
tl3, 1886.
ESTIMATED RECEIPTs.-The estima>
ties of receipts are as follows: From
customs, $40, 900, 000;from internal du>
ties, $3.50, 900, 900; from lands, $25, 900
from miscellaneous sources So, 100000.
making the aggregate of receipts for
the fiscal year 1864. to be deducted
from the aggregate of expenditures,
1923, OPS, 900; and leaving the amount
of the expenditures of the fiscal vera,
1864, 70 be provided for, $622,388,183
Sc. The whole amount to be provided
by Congress, beyond the resources
available under existing laws, may,
therefore, upon the supposition of the
continuance OF the war, be stated as
follows: For the fiscal year, 1868, 1915,
912,517 ,66; for the fiscal year, 1864,
1922, 385, 183, 56-making an aggre~
gate of 1896, 300, ,22.
The report considers the results that
may be reasonably expected from an
act authorizing the organization of
banking associations such as proposed
in the Secretary's last report. The
central IDEA OF the proposed measure
is the establishment of one sound uni
form circulation Of equal value through
out the country, upon the foundations
of national credit combined with pri
vate capital. Such a currency it is be-
lieved, can be secured through banks
ing associations, organized under ma
tional Legislation, it is proposed that
these associations be entirely volunta>
ry. ANY persons DESTROYS of employs
ing real capital, in sufficient amounts,
can, if the plan be adopted, unite to-
gether, under proper articles. and hav-
ing contributed the requisite capital,
can invest such part of it, not less than
The fixed minimum, in United States
bonds, and having deposited these
bonds with the proper officers of the
United States, can receive United
States notes in such denominations as
may be desired, and employ them as
money in discounts and exchanges.
The stockholders of any existing banks
can, III like manner, organize under the
act and transfer by such degrees as
may be found convenient, the capital
of the old to the use of the new associ-
ates.
The notes thus put into circula ton
will be payable unil the resumption
in United States notes, and after re-
sumption, in specie by the association,
which issues them on demand, and if
not so paid will be redeemable at the
Treasury of the United States from
the proceeds of the bonds pledged in
security. 1t will be easily understood
however, if it be considered that a
government issuing credit circulation
cannot supply in any given period, an
amount of currency greater than the
excess q its disbursements over its
receipts. To that amount it may Gre
ate a debt in small notes, and these
notes may be used as currency. This
is precisely the way in which the ex-
listing currency ofthe United States is
supplied. That portion of the expen-
diture not met by revenue or loans has
been met by the issue of these notes.
Debts in this form have been sub
stituted, for various debts in other
forms.
Whenever therefore, the country
shall be restored to a healthy normal
condition. and the receipts exceeds
the expenditures, the supply Of Uuited
States notes will be arrested and most
progressively diminished. What ever
demand may be made for their redemp-
ton i'll coin must hasten their diminu-
ton and there can be no REISSUE, for
reissue under the Constitution neces>
sarily implies disbursement, and the
revenue upon the supposition supplies
more than is needed for the purpose
There is then no mode in which a
currency in United States notes can
be permanently maintained except by
loans of them when not-required for
disbursement on deposits OF coin or
pledge of securities, Or in some other
way. This would convert the Treasu>
ry into a government bank, with all
It's mischiefs aud hazards. All changes
however important should be introduc
ed wiuh caution, and proceeded IN
with a careful regard to every affec-
ted interest. Rash innovation is not
less dangerous than Supplied in action.
The time has come VIII en- circulas
ton Of United States notes, in some
form, must be employed. The people
demand uniformity in currency, and
claim at least part of the benefit of
debt without interest made into money
hitherto enjoyed exclusively by the
banks. These demands are just and
must be respected, But there need
be no sudden change; there need be
no hurtful interference with existing
interests. As yet the United States
note circulation scarcely fills the vac
uum caused by the temporary with>
drawal OF coin; it does not, perhaps,
| fully meet the demand for increased