The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-21
OUR NATIONAL FINANCES.


.
From the Cincinnati Gazette sept, 10 d. !
nyer Of the currency followed in its turn by
another equally trustworthy T. NOT srus,wo1sny @
sDoq' ,bat secretary Mcculloch not meddling with
h cur,ncw No change whatever Is taking place save
tne @ case OF compound interest notes During
t n rvS months after the Of these notes they
alyyavs circulate currency Alter thal they IeuIe
a,eh nsooes holders to hoard them. Estill hap
nens that not few, which three or four months
,oest has accumulated lnd their way into the hands
"a ,hs varous sca agents of the Treasury. the Seer
,ar has simply ordered that in all such cases the ofss
shall be forwarded TO the ~ ue rep coa by
in the volume Of the currency but go ,,ss sronshs,
interest sunk on every note thus @ esnged and by
extent the gamer This fact has sqn ,nneatadv stated
but we still almost weeki created 10 inc ehr"n;,
story Of an eSans0n ., ' curncy by tho Of
Nor is y probable Tat ere Is any contraction OF tho
currency impendiags seerotAry Mcculouoh entertans,
corncy at tho END IF he war 4 Nev 70 :, ve se
largely absorbed in supplying the late rebel States Their
OF the settled territory Of the nation was thus left
luseiy wthouta circulating medium Tho constantly
together with the reduction OF everything to cash basis
now requires circution nearly third greater than
would swallow up in the course of wear another
MS readiT as parcbed land swallows shower The cir
9s Ssn tnen mug be twothhds greater than that Of
10 80 far az TIE above deals in figures ii s merely my
own ussraSn but the general idea is that Of Secretary
OF one war; and on which tive policy Of the department is
But the Secretary have financial resources
III month TWO after the meeting Of Congress- next
December WIN he not meantime be compelled to ex-
Precisely hereis the greatest financial
security, watch stock gamblers and spectators
Is uneasy as the the Treasury apprehen-
sve of new loans arrangements Of se money Market
the tate exhm Of the puitAc debt and panty sub
sequent caleu lations at the Treasury Department.
Between hSs and the 1st of january the Treasury De-
partment has expenses Nom the following sources to
meet:-G) TAe army l2) the navy, t2) civil service,
make up tho entire amount which Secretary McCuoch
has 70 provide Let ss how the agnras each will
1. With expectation that the war would continue
throughout the year, ami the basis of army OF
million of n.en, the secretary of War estimated that he
would need FORTY millions snonth TheMzmy Counting
the TeductisxS ordered and paid fer From the Trea
sury) broxg down TO about hundred fifty or
sixty thouss1d men-say inround numbers sixth
OF Its size at tho time the estimate made; while the
heavy expenses for transportation and OF
large armies field than proponionately re-
duced But counting all the expenses OF fle War De-
partme nj from this time forward at OF the es
mates we find it requiring but little over six and
half millions per month Cali millions; and in
War Department should only ask in all for twenty eight
millions. Throw ia couple CT millions TO mako the
reckoning secure, and call II thirty
2 The Navy Departments estimate for the year, q
war basis was one hundred and twelve millions The
transports being Sold the chartered vessels given
vessels sent abroad few scattered about the
coast and the rest port the docks II the
War Departments reduced five sxths those
OF the navy ought 10 be brought down ninetenths. But
count them at only the same ratio of reduction Accord
ing to the estimate the navy would have called for
and third millcns per month One sixth Of this gives
considerably less than and twothrds million per
month. Call IL two Millions and up To the LIST Of anu
airy the navy should only ask Secretary McCuloe
eight millions in all. Call it ten millions.
g. The estimates for the entire civil list, pensions In
cluded for the year. only amounted TO sixty millions,
or five millions per month. The heavy fall payments
haye already been provided for but count the fun
pr month pnd find only twenty millions needed till
Jst Of January. -.
~. The present annna' interest the outstanding
debt is in all hundred ana thirty eight millions and
LractiQq q legs than tenth oe IL one hundred ana
forty-'our millions and we ind the monthly average
twelve Millions or to the 1st Of January iorty-cgnt
millions ssy, in round numbers fifty millions linen
we have, 10 sum up - !
War Department expens' s. s3O 0OO mn I
Nasy Department expenses. 10000 600
49, Sos v' PuoIlo uooS.. % OOO COO
In all Lar ITO 600 O0O