The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-12-04

This excesf OF receipts all occurred during the
last few months of the fiscal year, aud is not fair
criterion Of the ability Of the Government to H.
quidste its debt. For instance, the war expense.
for the quarter ending September 80, 1865. were
Sl65 0eH 600, but during the quarter ending June
80, 1866. they we're tl2 ,uoe0oo.
The balance in the Treasury 90 June 80, 1888,
was bat $s5s, 3os Is. The year ending December
3ist 1863, showed a deficiency in the Treasury OF
S6ls.ooe00 but six months from the time, June
10. 1855, there Was excess Of receipts ever ex-
penditures Of nearly $3T, 0ee. cee.
The estimates Of the War Department for ex
penditures for the coming fiscal year would be
nearly $40 0o9 900 less than for 1865 were it not
for the equaiiiing bounty bill, passed the last
session But the revenue from all sources for the
fiscal year. is estimated by the Secretary in the
neighboYheod Of $500, 0e0,eee.
The full expenditure for the next fiscal year il
estimated within $3.50, GOO aoo including interest
on the Inatured debt, and fair sum over for .
sinking fund.
The Treasury has withdrawn from circulation
during the past six months thelimit Of $lo 600
of paper money. The total amount of United
States legal tender notes in circulation 10, there
fore 4 Sc 00o,eeo.
The most important and gratifying part Of the
report will he the reduction Of the public debt
It will b. shown that the public debt has bees ~
duced, during the past twelve months, fully $500
0e0,e0.. The actaAl figures Of the REDUCTION arc
$I93. 1885,, 72I.
Seven millions Of compound interest notes, lssni
tender for their face, have been cancelled and ten
porAry loans reduced nine millions The fual
amount Of currency authorized for National baals
has been issued, which, With the United States
notes, gives circulating medium Of nearly s7GO-
600, not including the fractional currency
On the lei Of last November the total, irciudinr
the fractional currency, amounted to 473lstS-
o3s 90, and $s50e0, 600 Of authorised National
Bank notes rsmAinedanissusd.
The Secretary Of the TFeasury win not present
new plan for returning to specie payments. He
has changed none Of the views he maistaiued in
his last report He believes the Secretary Of the
Treasury should have power to control The cansn-
cy to the extent OF being authorized q his discfe-
tion 10 sell bonds bearing interest noA exceeding
per cent, and redeemahle and payable at such
periods as mar be Conducive to the interests Of
the Government, for the purpose Of retiring all
United Seates hoRds.
He will ask Congress to authorize long Ave
per cent. bond, 10 be exesapt from taxation, with
which to fsnd the obligations that are soon to
nainrs. He viii ~ great sress on the question
Of nrxine Ccngress to aasp1 y - early day, =
will cssse ths Ssstsesssf - ssunszy 70 sravisase
to specie hasis, which 90 - rsaekeA without :
great dinination efths revsAnse q pi1s-sprsaA
financial panic. He 3sss sot prspses . steee aay
definite tern for the Fssanptioa u Spssie pay.
nent but bs1isvss hat With : pvspR Usten, IL
can y attaissd Viii the rspifsesss or svss two
hundred millions Of United etAtss notes
II win be shown tAaf the Goysnnent is on q
1sSs, aaa ths fssssssy M sisrts Il sirpss
asd expsvisnssa policy u iiquilakine The deh< b.
hssptn1 ~ neaisnAl rsvsaus 6bess ~ aaaisssl
sxps.dit1sss. 70 tAis - : dssR u Nm, prs-
lars4 ~ Is. Wela ope1ia nssu1as csnsals-
- ss : - iss..' q s.ss. l =. - 4 80. 81