New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-04

2,429,!95,oo2 Is
Cash in The Treasury ................ 56isl921 81
.......... S29ce. 95s,O77 90
The resources of the Treasury consisted the money
IN the public repositories ia different parts of The coun
try amounting above stated 10 s5Gsl924 So the rev
ennes from internal taxes aud customs duties ana me
authority issue bonds notes and certificates, underline
following acts 70 the following amounts;
Act Of February o. 1862 bonds ....... A,023G00 40
Act 81 March 8, 1864 bonds H22Y9OO 90
A interest Sl Sa %o 9e 1867 Oono $50 OF 0oOu 7o 90
Certificates for temporary loans act June 80.
u s notes Tor payment OF temporary loans.
fractional currency act june 3d. 1854 - 25745qO5 20
Act OF March 3. 1866. bonds or nterest-bcar-
ing 5fj.'S'NN 10
MAKING n total of ,.. s7ei 7s35os "a
Certificates of Indebtedness. payable one year from
date earlier 81 the option OF The Government hearing
interest at the rate 81 SIX per cent por annun might DE
issued indefinite amount, but only 10 public cred
and settled demands against the United states
Early in April, the fan OF Richmond and the surrender
Of the forces which had long defended ~ rendered n
certain that the was soon 10 he terminated ana that
provision he made for the payment Of the army at
the earliest practicable moment.
The exigency great and the prospect OF raising the
money required % meet the present ana prospective de
mands upon the Treasury, under the laws then existing,
sufficiently dscOuraging 10 create soleitude ana
anxiety I'm the mind Of secretary little experienced IN
pubic affairs upon whom the responsibility Of maintain
ing the credit OF the nation had been unexpectedly de
vOved There was time % try experiments or 10 cor
rect errors II any had been committed, IN the Kind OF
securities which had been put upon the market Creditors
were Unfortunate the unpaid acquisitions IN the Depart
ment we're largely ~ the cash IN the Treasury,
the vouchers sed 10 contractors for the necessary
plies OF the army and navy were being sold ~ FROM 10 To
~ per cent indicating by their depreciation how
uncertain the prospect OF early he near
y million OF men were soon To ne discharged rom ser
vice. who could not be mustered until The means {" pay
the large balances due them were provided Iheie we
no alternative but money by popular subscrp
ton o Government Securities OF character The most
acceptable 10 the people who had subscribed 80 literally
Asa considerable amount OF the seventhrty notes had
recently disposed Of satisfactorily hy the Depart
ment. and bad proved 20 he the most popular tecu,ly
ever offered the people. the Secretary determined 10
they we're In many respects obectonable and IN order
insure speedy SUBSCRIPTIONS, TO place theln Tl'nh e
every city and town and village OF the loyal ana ~
some points In the disloyal states suDscrptlos VIZ
solicited The Press with jas immense power and with
out distinction Of party seconded the efforts ot me c
yoc and skful agent who had charge OF the loan. The
Rational Banks gave efficient aid by liberal subscriptions
limited means heated moi 70 commit their substance 10
the honor and good faith OF the Government Before Use
end Of July the entire loan exceeding N5'OV""" was
subscribed and paid for and the secretary was chdhcd
with the proceeds together with the receipts from Gus
toms and internal revenues, ana the use 10 huleu eh
tent OF some Of the other means at his disposal,
10 paw every requson upon the Treasury, ana every
Inatured national obligation. A. evidence Vi , ,he
negotiation Of this loan, and the straits 10 wIhch
the Treasury was reduced u VIII be RENE ~
those who examined carefully inc Inphiy , ~
the Department, that although during inc nionH o,
April upward OF hundred millions OF dollars had
been received from the sales OF $50 hotes, the uau
requiStiOns at It's close had Increased 70 tl2O4lOO'
while cash and cuIrency)n all the pubic depOSl
tories amounted only 10 Slts5o'sW u rev ii.n tt
with The management or the finances Of great nation
that OF the Secretary OF the United states lsury III te
April and May, 1868, none certainly were ever
fo This period Of his administration of the Department
with pleasure the success OF TINS loan was 20
him not only surprise and relief but because 10 ind
Gated The resources OF the country aud gave him the
needed courage for the performance Of the great work
setween the frs days April and September 1861 the
Secretary used his authority to issue securities as follows
Bonds under the act of February ., 1862 100000 90
Bonds under the act OF June 90 ls64-...-. bODW w
Compound interest notes, act June 80 1907 9'sJO %
{ EFT
Fractional currency act June 80 1854. 2O9OG48 -
seyentlirty notes, March D. lo65.-...-- 52'9'2" w
td2oo7G223 81
On the 3st OF August 1856 the public debt reached the
highest point and made up Of the following items
Funded debt. 81 100. 56s19l 80
Matured debt. lJUJU2O w
Temporary loans 10T,14s7lS 16
Certificates OF Indebtedness b,Og3O0O 90
Five per cent legaltendcr notes JJ,55425O 10
Compound interest legaltender notes. 2li02i10O W
Seventhry notes.. ..--. .-....-. ShO00OO 90
United states notes 0egal teDders).... 433lC05Gs 90
suspended TequisitIons uncaled for. 2IiOOo 90
Total ........................... sssl5,eJ5,e2C So
Deduct cash in Treasury ............. 6s'2l8@5 10
Balance 81. 757,Gs3ju %
OF these Obligations will be noticed. $CIlGs959 were
a legal tender 10 wits ..
rive per cent notcs..................... J5gj4,EO
Compound interest notes. 2l7O24l6O
Total ................. sGsi 1882
very large portion OF which circulation
currency.
The temporary payable in 80 days from the
time of deposit, after a notice OF 10 days.
The FIVE per cent notes we're payable III lawful money
| In one and two years from Dec !. 1863.
The compound interest notes payable Ia three
wears from their respective dates, all becoming duo
between the 10th day OF June 1861 and the 10th day OF
october, 1868.
I'm August 1861 and June and july 1s6s in lawful money
or convertible at maturity at the pleasure OF the holder
The certificates Of indebtedness would vari-
ous times between the day OF August 1861 and the
D1rng the month Of September. 1865 the army having
been reduced nearly 10 peace footing II became appa-
rent that the internal revenues ana the receipts Tor Gus
toms would DC sufficient 10 pay all the expenses OF the
Government and the interest on the public debt 80 that
thenceforward the efforts OF the Secretary were 10 be
turued from borrowing % funding. Beside the United
states notes In circulation there were nearly S5OOJ
81 debts in the form OF interest bearing notes. temporary
loans and certificates Of indebtedness portion OF which
we're maturing daily. and all OF which, win the excep
tion of the Temporary loans (Which being In the nature
OF loans on call might might not be continued accord
BOMBS or maid In money before the 10th OF October 1868
The country had passed through war unexampled IN
its expensycness and sacrifice OF lives 10 was aicted
with redundant aud deprecated currency; prices OF
property and the cost OF living had advanced corresponds
ingy with the increase OF tho circulating mediums mem
become reckless and eXtfayagant In thelf e1Iend'
ituTes and habits; business, in the absence OF a
| stable basis, unsteady ana speculative, anu
1 great financial troubles, the usual result OF
under such circumstances the work Of funding the
rapidly maturing obligations OF the GONernneht ana re
st0Ting the specie standard 10 be commenced Nbe
'"' latter OBJECT could not De bfOlk' spnS' INV" 'h'