Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1865-12-14
$1,S07,674,224 90

Deficiency ........ ...........$l $l12, 1874 ,947 20
| The receipts for the year ending June 30, 1867,
are estimated dat................S306, 600 900 90
The expenditures. ....".$2S4; ;3l7 ,1Sl So
Leaving surplus Of estimated
receipts over estimated
| penditurcs, of.... Sill ,6S2,SlS IL
"During the months of September and Oc-
tober the public debt was diminished to the
amount of about thirteen millions of dollars
If the expenditures for the remaining three
quarters Of the present fiscal year shall equal
the estimates, there will Lc n deficiency, to be
provided for by loans, of $ll2,l94,947 90, to
which must be added $32,536, ,90l for the five
pei cent. Treasury notes, (part of the public
debt, which becomes due the present month,
and are now being paid out of moneys in the
Treasury, and all other payments which may
be made on the public debt
The heavy expenditures of the last fiscal
year, and of the months of July and August
of the present fiscal year, are the result of the
gigantic scale on which the war Was rrosecu-
ted, during portion of this period, and the
payment of the officers and men mustered out
of the service. The large estimates of the
War Department for the rest of the year are
for the payment of troops which are to remain
in the service, and OF those which are to he
discharged, and for closing up existing bal
ances
The statement of the probable receipts and
expenditures for the next fiscal year is, in the
highest degree satisfactory According to es-
Inmates which are believed to be reliable, the
receipts Of that year will be sufficient to pay
all current expenses of the Government the
interest on the public debt, and leave the
handsome balance of $lll ,6S2,S1S II to be
applied toward the payment of the debt itself" !"
On the final payment of the national debt
the Secretary remarks:
!"When the whole debt shall be put in such
q form that the interest only can be demand
ed until the Government shall be in con-
dition to pay the principal it can be easily
managed 1t is undeniably large but the re-
sources of the country are even now ample to
carry and gradually reduce it; and with the
labor question at the South settled on terms
just to the employer and to the laborer, and
with entire harmony between the different
sections, it will be rapidly diminished, in
burden and amount, by the growth of the
country, without an increase of taxation.
The following estimate of the time which
would be required to pay the national debt (f
funded at five per cent and at five and one
half per cent? by the payment of two hun
dred millions of dollars annually on the in
terest and principal, and also of the diminu-
ton of the burden of the debt by the increase
Of productions, may not be without interest to
Congress and to tax payers.
The national debt deducting moneys in
the Treasury, was, on the 3lst of October,
1865, $2,740,Sj4,750 Without attempting a
nice calculation of the amount it may reach
when all our liabilities shall be accurately as
certained, it seems safe to estimate it, on the
LIST of July, 1866, at three thousand millions
of dollars The exact amount of existing in
debtedness yet unsettled, and the further
amount that may accrue in the interval, are
moi now capable of exact estimation, and the
revenue of the same period can be only ap-
proximately calculated, but it will be safe to
assume th,t the debt will not exceed the sum
named.
The annual interest upon three thousand
millions, if funded at five and half per cent
per annum, would be one hundred and sixty
five millions, but if funded at five per cent
it would be one hundred and fifty millions
Now, if two hundred millions per annum
should be applied, in halfyearly installments
Of one hundred millions each, in payment of
the accruing interest and in reduction of the
principal funded at the higher rate Of five
and half per cent, the debt would be EN-
tirely paid in thirty-two and one.eighth years.
At FIVE per cent per annum, it would be ex-
tinguished by the like application of one hum
dred.millions every six months in littleoTey
tweuty-eight years.
AT the higher rate, the surn applied in the
first year in the reduction Of the principal of
the debt would be thirty-fve millions Of dol
lars; in the last or thirtysecond year, when
the interest would be diminished to little
over nine millions, about one hundred and