Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1862-12-11

suggestions of great importance to this
branch Of the public service
ta.
Report of the Secretary of the Treas.
~ ury.
The Secretary explains why change of
circumstances may cause estimates to ex-
ceed expenditnres--such rs the great in
crease Of the army. Disbursements, how.
ever, up to the Both june, 1862, we're al.
most precisely according to the Secretary S
last December estimate: the disbursements
being, IN round numbers, SID million dol
lars, and the estimates SIT Millions The
estimate Of debt to be incurred up to the
commencement Of July, 1868, is over eleven
hundred Millions and if the war be con-
tinued in full force till lst of July, 1864,
the debt likely to have been then incurred
is set down at seventeen hundred and fifty-
four millions.
The Secretary is happy in the statement
which he can pake in regard to the reduc-
ton Of the cost Of the debt, or the interest.
The first loans being of such unusual mag
nitude, were handsomely paid for but
large amounts are now obtained ut from
four to five per cent, while tho circulation
Of the Uaited States continues practically
a loan from, the people to the Government,
without interest. The average rate of loans
is thus reduced to Al per cent Both re
ceipts and expenditures will be increased
for the current and following year. Aggre-
gate receipts of the fiscal year 1862, S5S3,
sS5, PAT 06: expenditures, $3.50, S4l, 100 25:
balance in Treasury July, 1862, $I3, ,043, SAG
81. The actual receipts Of the first quarter
OF the fisca. year of 1868, commencing
August |, 1862, are noted ON the Treasury
books; the other three quarters must be
estimated The one is actually $37, ,20S, ,529
OF; the othel estimated $l43, $50 ,8l6 So
Loans during hrst quarter, 5 IA, 453 32l ";
and during Oct. and Nov, $35, $40, Sy5 90.
Loans obtained up to lst Dec, 5000, l29, III
Oh, and to be realized probably, under ex.
isting laws in addition, $l3l ,02l, ,l07 35--
making the total of receipts under actual
and anticipated laws, SSH ,646, ,659 96 =
For the first quarter Of the fiscal year 1868,
tho actual expenditures were Sill 0S4, ,447
40. For the second. third, and fourth
quarters estimated expenditures, under ex-
isting appropriations including interest on
public debt, are 1872, 843,S4l 73. Estima.
tes of deficiencies to be met, $l09, 4l3, ,032
30. Making the whole amount actually
expended or estimated, 1898, 346, 32l A..
Estimates, for payment of public debt dur
ing the year, of sos, PIP, 456 Ia: making an
aggregate for all purposes OF 1888, 562, TT
o. 1t is usual to make an estimate large
enough to cover all possible requirements
under it until Session of Congress shall
afford an opportunity of providing for any
deficiencies that may thereafter OCCUR
Hence estimates always largely exceed ex.
penditures. The appropriations unexpended
therefore, will lessen the above sum by
5000, 600, 900, making it $7S8, $685. TIT 62.
But of this sum, as already stated, there has
been received and may be expected OF Gus
toms, etc.. $3.50, 495, 345 60; and loans
1881, 1901 36. Aggregate, to be deduct
ed from actual and anticipated expenditure,
$5ll ,646, $50 96; and leaving to be provided
for the current year, $276, 9l2,5l7 66. The
Secretary next offers the conjectural esti-
mates of the fiscal year 1864, commencing
lst Of July next. Expenditures: $s45 900.
600. Receipts customs, taxes, &C., $223,
00O,000. Leaving amount TO be provided
for, $622, 900, 900. Amount needed beyond
resources under existing laws, If war con-
tinues for the fiscal year 1868, $276, ,000,-
600; for the fiscal 1864, $622, 900, ,O0O. Ag-
gregate: 5000, 900, 900. A tabular state
ment is submitted with the report as part
of it, giving receipts and expenditure Of f.
nancial years Of 1862, 1868, and 1854
Details of debt are also submitted. The
Secretary reviews his recommendation to
C0ngress-to increase duties; by direct
tax; by internal duties; emit notes; nego.
tiate loans, etc. Unexpected military de-
lays required further financial operations. =
The suspension of specie payment by banks
is treated financially. The Secretary des
cribes the loans made and the course he