Daily national Republican., 1863-12-11

total expenditures sl7s,ilo, ,osa 20. the sggre.
cato Of ordinary receipts and balance from last
ye.r .mounting tcgehor to 20 s,so s,soe sis s'
s33 II. To this sum, II there DO added the
sum vet 10 be proyidrd by loans, e464, Isl. .567
50, tho result viii be s594, 900 600 from which,
II there be deducted the estimated balance on
the lt Of Juy lsS4 ~ W. ihe .o
resent the total increase. on the bases of these
estimates, OF public debt during the year. The
debt on the ist Of July, 1868, was 81 ,0QS, 193,-
lsl 81; to which, II this estimated increase be
added, the total debt on the Let Of July, 1854,
will ne ,6e6 e66 Gal ~, instead ofel $751;
$50 30, as Estimated In the report OF last De-
cember.
1t 10 not certain, or perhaps probable, thai
the actual expenditures or actual debt wilt
quite reach the amounts now estimated. In
deed, II the expenditures for the frat quarter
Sl76.ll0, ,932.48, and the ordinary receipts,
80, ,os9.s s58.i4 for the same quarter, be taken
rs the standard, the total expenditures OF the
year will be SI04, ,44S, "a, and the total re-
ceipts slG3, 757 S24 58 To these receipts, If the
balance on the lst Of July, 1858 s5, 32e, ,o442l,
sources sis0 ,oss, sos Il; and the subtrsction Of
this sum from the total expenditures will give
the whole amount to be provided for by loans
during the year as s5S5, ,356 s6l07. This sum
will therefore he, on this hypothesis. the In
crease OF debt for the year, and, added to the
debt existing on the lat July, 1858, will make
the total amount on the S0th Of June, 1854,
sl,634, ,l5o 042.44.
II Is not impossible that vigor In the prosecu-
ton Of the war, and economy In every branch
OF expenditure. enforced by wise legislation,
may reduce actual disbursements and conse-
quent Increase Of debt even below these figures,
and certainly few things can be more desirable
than such reductions.
The action necessary to these results Is not,
however, except 6s TO the comparatively mall
expenditures Of tho Treasury Department,
within tho sphere assigned to the Secretary.
He, therefore, prefers to accept the estimates
OF the several departments, and the actual ap,
propriatlors by Congress based rpon them,
deductlrg only that proportion which expe.
rience has indicated a. likely to remain as
balances unexpecded at the close OF the year.
He thinks, too, that sound prudence requires
adherence 20 the rule he prescribed TO himself
from the list OF overstatlng rather than under.
stating the burdens create d y the war and the
demands thence arising upon the resources Of
The country. LIE has sought TO avoid e1sgge-
ralion IN both sides, Tut he has thought 1t
more prudent 10 excite little too much appre.
htn.iup than TO encourage too sanguine hopes.
he real difficulties have been, and arc, too
serious. and the real burdens too great, not to
warrant earnest dem on all the resolution.
all the energy, all the wisdom, and oil the
eco omy, which the strongest represen tstions.
saUcllODeG ~ TGhsOu, cOulu Or eau DrlD8 INTO
action.
IN addition 10 the estimates for the current
year Just stated, the Secretary Is required TO
submit estimates Of the receipts and expendi.
lures Of the next fiscal year. These estimates,
always uncertain, must, in the present condi.
lion of the country. be even iC.s reliable than
usual.
But the Secretary Is encouraged to attempt
them by the circumstance that the estinlat,s s
ior the fiscal year, 5U., submitted In his report
of December, 1852, are less materially modified
than might have been expected hy the actual
receipts OF one quarter, and by the probabilities
sfiectlDg those Of the Other three, and the gen.
ersl resI.t Is more favorable than was antici.
?atcd.
The aggregate receipts for 1864 were esti.
mated In that report at 1928 ,O25 900, while the
actual receipts. other than from loans for the
frst quarter, and the aggregate OF expected
Ike receipts for the remaining quarters, ar,
now slated al only SOL EOS, 800 So, in conse
quence OF the large deficiency In the receipt,
of internal revenue. On the other hand, tn
aggregate expenditures were estimated las
year at est5, ,4lS, SO. ID, and are now estimated
on the basis OF actual returns for part and O
estimates for the remainder of the year, a
S755, ,56S 800 35. The subtraction of receipt
from expenditures shows the amount now esti
mated as required from loans for the year 1856
10 be 1854 0O0, 600, instead of s622, ,3sS, 1873 81
as heretofore estimated. These figures shov
S69, ,si4 Us32l less than the estimate OF las
year; so that, although the ordinary receipt
as now estimated will be sol ,456. 400 Is les
than was anticipated year ago, still the In
crease Of debt will be S2s 1886, 1886 less b
the present than by the former estimate, which
1t should be remembered, assumed the debt, o.
July :, 1868, at 81, le2 ,2P7 ,4O3.o4, whereas |
fact, II only reached, at that date. the sum {
81 .09S, 49,, ,lsl.3i.
With these Illustrations of the uncertainty
estimates tor Il year, which Is TO commenC
more than six months after the making OF then
and without protesting any sspguinG expect
lions that the estimates now to be submit.
will, when tested by experience, prove, like Il
last, less favorable to the country than the az
tual results of administration, the secre,si
submits the required abatement for the tlsc
year 1865. founded on the estimates of the
probable requirements furnished by the sever
Department., and on what seem to him prob.
billties concerning receipts from ordinal
sources Of revenue.
He estimates the probable receipts as follow
Estimated balance. July l, ls6i....... s5,s 6as
From customs. ACKNOWLEDGEMENTS. 5U,OvOOOO
From Internal revenue .............., 1000
From lands ......................,... oOc,iuO
From miscellaneous sources. ....... 5000, 600
Making es,ims,ed aggregate re-
ce!pts..,......... -. .... seOs, sac, $50
And he estimates the expen ilturCs as follow
Estimated balance Of former sp.
pioprinu.ns. unexpended July
lGl..................... sS5O, 900 900
For rhe L WI service. ,7.s73 l9I
For P.n.iUHs and Indians. 9,63l 30i
For the Wa" Department. 56,.Uila7
For the Nay DcpAriment........ li!,Gis,7s5
For tnterUSt Oh public debt. s5 3S7 61I
dskirg thc Aggregate OF est!mst-
eu 'Npt ptsN!iNTes. ............... Sl,l6l ,elo OsS
But h. rh'.lIRtfs ~ likely 10 re-
man undrl vu on thr 3Uth June,
1865, az III Teiofe 10 BE- No.
Gue,eu , om this Aggregate. l0o,OoO,O 600
-
Mtking " real estimate of ex-
.penci'uns !nr the ,esr..,...,,. S76l 6l,si6oss
From ~hWh deduct estim,lt4 re-.
ceiptt from or lin Sry sources, as
before et ted,".....,.......... 2O6 ess.6ss
Leaving t. b" prov idst 10y loans s6i4 a;S 5!s
The tuI.. TO he provided by loans repres en-
the increase OF debt during the year. Assuu
ing, therefore, the correctness or the estima
which put il- debt on the lst Of july 1854.
1850, ,yJh,U4l.S4 IT will result from these 9
umates, That the whole debt will have re ,ch
on The soth Of June, 1865, the sum OF S2,23l
ss5,l9o,a7
At the .0sl session Congress repealed ssr
embarrassing restrictions of former acls, al
authorized The issue Of bonds payable after Il
years, aud OF treat aTY notes puyaDIe at pleasu