The Portland daily press., 1868-09-11


toms, internal revenue and miscellaneous
sources have been as follows:
Customs. $54S,9.o,535
Internal revenue. o1a,oon'zao
Total ,54O,05S,583
The above total therefore represents the ex-
act amount which the Treasury of the United
States has received from sources other than
loans since the close of the war.
And now we come to the main question. In
what manner has this sum of money, amount
ing to three fifths the present amount of the
public debt, been disposed of?
Although active hostiities virtually ended
with the surrender of the great rebel armies in
April, 1865, the expenses of the war did not
and of necessity could not cease at once. The
milita.y and naval forces were at that time in
a state of the greatest efficiency. number
they Appropriated to million of men in ac-
tive service, and preparations had been made
for prosecuting the war at all points with the
greatest energy during the ensuing season.
1t was obviously impos sible for the Govern
ment to say to its million of soldiers and sal
lors, the moment the rebelsIaid down their
arms-Go! we have no further use for you!
To the sick, wounded and disabled-Take care
of yourselves! To owners of half constructed
vessels, and to those who had contracted in
good faith to supply food, clothing and ord
nance-We repudiate our contracts and refuse
your supplies! No; all these matters were to
humanity; but to accomplish such result the
Treasury found itself in position of embar
rassment and danger which few either knew
or appreciated. go g5s aaasE
greatly impaired, the 10 loan was selling at
less than par, even in currency, and all other
means adopted for raising money during the
preceding year had proved or were then prov
ing comparative failures. There were in April,
1865, accounts passed for payment-and over
dina 10 la cyfa mt Of han hmm Arad
and twenty millions of dollars, while all the
available cash funds, coin and currency, which
the GJvesnment could then command, was
less, all told, than seventeen millions of dol
lars.
Treasury vouchers, issued for supplies to the
army aud navy, were being sold with difficult
ty by their holders at from 10 to 20 per cent.
discOunt-the pay of the army itself was and
had for months been largely in arrears, Hora-
ito Seymour and other rich Democrats were
then refusing, as they had always refused, to
subscribe for to hold the bonds of the mi
ted States. In short, the Treasury was SO near
to absolute bankruptcy that the old officials, to
whom almost alone these facts were knewn,
dreat ed the collapse which they feared might
come at any day. 80 te
But fortunately the system of internal reve-
nue. the establishment of which had been only
too long delayed, was beginning to prove effec-
tive, and the receipts from this source and
from the renewal of subscriptions to the Z $40
cal period. Hi
The inevitable result was, however, that
large payments, the liability for which actual
ly existed during the time, and which were
properly part and parcel of the expenses of
active war, were carried over into the year sue
ceedng the war, and were then largely paid
from the enormous receipts of revenue of that
year.
This liability for back pay, for the pay of the
troops to the date of their possible discharge
CO.., Ia,r fror ,nrta finn md for no
of contracts, formed part of the debt of the
United States on the LIST of April, OF on the list
of August, 1865, as much as if it had all been
settled and the bonds issued and entered upon
the books of the Treasury Department. These
disbursements, under the direction off War
Department, from The first of April 1865. to
the Both of June, 1866, period of only fifteen
months, were as follows ..
April to June 30, 1865. ........... $414, 1876 377
july to Sept. 3d. .' ............... 166, $685. 237
Oct. 1 to Dec 81, .................. 6S, ,543
Jan p 1866 to june 3d. 1866 ........... 5O,s57 1923
Total 10 months. $bJo ,o46Ufo
During the same period the expenditures
made under the direction of the Navy Depart
meut were as follows:
April 1, 1865, to Dec. 81, 1895. s5s $3.50
JAM 1, 1856, to June 30, 1866. 1884
Total Ii months. ....................$I 6,3l9T73
1t thus appears that the disbursements made
partments during the fifteen months immedi-
ately succeeding April 1, 1866, the month in
which the rebel armies surrendered, amount
ing to $774, S65851. .t...-
1t is estimated that a very large proportion
of this sum, not less than $500 600 900, was on
account of expenses incurred and accounts
rendered from three to twelve months prior to
the termination of active hOstlities and which
had been allowed by the Treasury to remain
unlquldated, simply by reason of great finan-
The remainder is made up mainly of the fol
lowing items
Pay of the army Is months. ........ $2O6, OO0 900
Commissa and Quartermaster's Depart
ment for subsistence and transporta-
Medical and Hosp tai Department 800. 1881 600
Arrears Of pay Of discharged or deceased
sodiers $3.50 600
Prize money paid by Navy Department. 3,s75,O72
1t is therefore not only legitimate, but strict
ly in accordance with the fat t., TO assume that
this large expenditure Of nearly eight hundred
million dollars from April l. 1865, to June 80,
l855,was in every sense war expenditure, and
that it was liability on the LIST OF August 1856,
the date on which our debt appeared to be at
its maximum by the Treasury books, as much
as if $40 notes or 500 bonds had been issued
and entered upon the ledger; and this expen-
dIture is to be measured and estimated by the
same standards as those by which the expen-
dItures of the active war are adjudged to have
been necessary and unavoidable on the one
hand, or unnecessary and inexpedent ON the
other.
But the liability which existed at that date
was even more. There were the debts which
humanity aid honor alike have imposed upon
the country, and which Congress has recog-
nized and paid. We were then liable for pen
sions-for the equalization of bounties-for
further arrears of pay of deceased soldiers-for
the claims of States-fOr the property of loyal
men destroyed-fnr additional prize money
for the reconstruction of the rebeiouS States
for the care of the freedmen, and for the burial
of the dead.
The amount of these liabilities which have
been recognized and paid, and which are not
included in the previous statement, is as fol-
lows:
Pensions 1852 828, 955
Bountes 49, 1882 859
Reimb RS ny States for war expenditures 1880 1873
Claims of loyal men. ACKNOWLEDGEMENTS. Hill 800
Freedmen's Bureau. .......... .......... $4,000
Miscellaneous, including all expenses of
reconstruction a ID national cemeteries,
estiinated ........................ 3OOO,OOO
s145,9l2, 4ol
Add to this the expenses of the army and
navy for 10 months as previously
stated. TIA, 1865 s51
And we have total of 1920, 77s,252
added to he debt as it stood upon the
books Of the Treasury, April 1865 q 3G6 955 OFT
Making the aggregate of So 287 1888 $40
which was the actual maximum of the war
debt being the expenses of the war not paid
as they were incurred.
Bear in mind that these figures are all Of
neal carefully prepared for me by Hon. Da-
wa "A. Wells, in order that might defend the
creult OF the United States against all corners.
WHAT Is OUR DEBT NOW?
AT tne END OF the fiscal wear ending
June 30, 1868, it was 40 Il ooo.0Oo
But in this amount there were included
S26 900, 600 of bonds loaned 10 the Pa 1854 Il
cinc hailfoad' and to be paid by them 10000, 900
NET aeDt' $2,4s5, 0OO,O 600