The sun. [volume] (New York [N.Y.]) 1833-1916, 1864-12-07

coesities Of our condition Yet, though forced 70
resort 70 the issue Of paper for tho tine,
los, sight of A. the payment Of interest
ON long loans In coin was amply -ccurcd
aud though in several Of the acts authorizing the
issue Of bonds st long period, payment q Mo
principal, at maturity, in coin, is not specifically
provided. Tho omission, u Ia bcleveJ, WAS sco.
DENTAL as there could have been no intention 10
make distinction between the different classes 81
securhes In this reg Id It is respectfully rccom-
mended, to remove all doubt upon this point by
proper legislation. Although the wisdom Of hus
securing the payment Of interest on bonds In coin
has been questioned, snd the pletgc Of receipts
from customs TO he collected in CON for that nur-
pose has perhaps facilitated the operations OF those
disposed 10 enhance the price of gold 'or
speculative purposes, the Secretary Is Of Tie
opinion that these measures were not only
wi~ out necessary NJ the time aud greatly
aided IN sustaining public credit.
Hy several acts Of Congress the Secretary ~ the
Treasury was authorized, =, the commencement Of
thc present fiscal year, to borrow the following
sums viL:
lsI Under the set Of March 30, 1904 50 much Of
tI5nIocO advertised previously u june 3nh,
is64 as had not teen awarded to bidders, SS2,-
450, 30.
I'd. Under the act Of March %, 1sG4, So much as
bad not been subscribed for and paid into the
Treasury, VIZ, i27,6o3,52O
81. Under the act Of June 3o,h, iS6l, S4o0-
100000.
4th. Amount Of Treasury notes issued under
former acts, which had been redeemed and can
cellcd, and which the Secretary was authorized 10
replace oy notes issued under the sct Of june ~,
1864, SG2,iql, 400.
Total available resources under laws authorizing
loaus f623, 2Si,625,
To tins may be added The ,ctusi balance In tho
Treasury, july LIST, 1894 SlS,Si25SS Il cts, mak .
ing grand total OF s64l, 12T 2i3 20.
The total amount Of public debt on the LIST OF
July, 1864, amounted 70 Si,1iG69u,4'9 20.
sum Of SIGbii, AS was derived from various
sources includlng sum OF sl6 i9So'b.i9 derived
opinion that no, s2b, OO0 900 be safely call
eulated upon as likely to accrue from similar
sources during the current yoar.
The item OF premium on gold shipped from
san Francisco 70 London" may also req IIe fur
,her explanation In March, 1868, /. became
sary 10 transmit . considerable amount u funds
to London for . special purpose, Tor which an
appropriation had been made by Congress
anu WAS thought advisable 70 deposit
certain smount Of our securities with
eminent London banker, against winch
bills migh, be drawn. Fivo-twenty bonds, to tho
amount of ten millions were accordingly passed In
tic hands OF two distinguished citizens 10 whose
! care tho negotiation WAS committed. The negotis
ton failed, aud the ten millions were returned tC
the Treasury and disposed OF. IL was thought hd
visable that the amount Of four millions should re
main, aud that exchange should 10 drawn agains
H. aud the bonds disposed Of abroad, II favorsul,
market should b. found. To meet these bills o
exchange shipment Of gold WAS made from Cali
forna.
Are expenses fo- .ae currcn, fiscal year were es
tm1tcd by Mr Chase nj ~, ,i5i, sic, 50 50, Ot hi
| sum four hundred millions were deducted Al lkC!!
~ 10 uucaed for at tho close Of the year, leaving
total Of 1851, 8l5, ,OS9 Sc to be provided for.
Aud the receipts from ordinary sources were es
til ited In the aggregate at 600, SEQ 53y
| Leaving to provided by loans. 64i,YIs,5D .
| The available probable resources for the currcu
| year may then DO stated AS follows:
| From Customs .......... ...... ST125l, ,O91 o
| " Lands Observation-Disclosures. G42,135 :
| " Internal lRevenue............ 24g,bG2,s5g u
Miscellaneous sources .... 24,O2l,lTl
" Dire tax................. 1909 $
" Certificates of Indebtedness. Tb,OoU,OOO 0
Total. tal.................. S4ls,5lS'js9 0
Tho increase OF the public debt at the close {
the year is estimated At S4T9,3I4,1sS O2.