Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1868-09-25


Second - Sales of military and naval
stores, and Of captured and abandoned
property. Ts3 q
Third-Direct taxes. q
Fourth-Public lands.
The receipts from the last having been
comparatively inconsiderable. Il
April 1, 1865. to June 80, 1865 $40, ,995, ,95;
July l. 1865. to June 80, 1866 ...... 90, 759, ,154
July l. 1866, to June 80, 1861 4S, 1SS, ,66C
July l. 1867, to June 30, 1868 ...... 40, 300, ,0LC
Total. ITS, TAB, ,769
RECAPITULATIoN.
Customs. .!........ S54S, ,g1S, ,53t
Internal ReVenue. ue......,....-........ Sl2,336 &c
Miscellaneous; 11S,743, ,169
Total. 81 ,540, ,O5S, $50
The above total, therefore, represents
the exact amount which the Treasury of
the United States has received from
sources other than loans since the close of
the war. >9}E.{ io @3ot u -
WHAT, BECOMES, OF THE MONEY?
And now we come to the main ques-
ton. In what manner has this sum of
money, amounting to three-ffths the pres
ent amount of the public debt, been dis
posed of?
This is question which the people have
a rightto ask, and which propose to an
swer-to answer in the most simple and
straightforward manner, and in a manner
which can be verified by any man who
will take the pains to examine the financial
reports of the last three years, issued by
Hon. Hugh McCulloch, Secretary of the
Treasury. ! al, .as,t feas1si
Although active hostilities virtually end
ed 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 military and naval
forces were at that time in a state of the
greatest efficiency. In number they ap-
proximated to million of men in active
service, and preparations had been made
for prosecuting the war at all points with
the greatest energy during the ensuing
season.
WAR EXPENSES AFTER THE WAR.
1t was obviously impossible for the Gov
ernment to say to it's 100000 of soldiers
and sailors, the moment the rebels laid
down their arms, ." Go! we have no fur
ther use for you'll" To the sick, wounded
and disabled, "Take care of yourselves p
To the owners of half Reconstructed vessels,
and to those who had contracted in good
faith to supply food, clothing and ord
nance, I'VE repudiate our contracts and
refuse your supplies p No; all these
matters were to be settled upon principles
of justice, honor and humanity but, to
accomplish such a result, the Treasury
found itself in position of embarrassment
and danger which few either knew or ap-
preciated.
The credit of the Government had be-
come greatly impaired, the ive-twenty
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 proving, COM
parative failures There were in April,
1865, accounts passed for payment, and
overdue, to the extent ofover $3.50, 0,000,0 900,
while all the available cash funds, coin,
and currency, which the Government
could then command, was less, all told,
than $17,000,000.
OUR CREDIT Low.
Treasury vouchers, issued for supplies
to the army and navy, were being sold
with difficulty by their holders at from ten
to twenty per cent. discount; the pay of
the army itself was and had for months
been largely in arrears Horatio Sey-
mour and other rich Democrats were then
refusing, as they had always refused, to
subscribe for or to hold the bonds of the
United States. In short, the Treasury was
so near to absolute bankruptcy that the
old officials to whom, almost alone, these
facts were known, dreaded the collapse
which they feared might come at any day
But fortunately the system of internal
revenue, the establishment of which had
been only too long delayed, was beginning
to prove effective, and the receipts from
this source and from the renewal of sub
scriptions to the 7-30 loan, tided the Treas
ury over most critical period.
The inevitable result was, however, that
large payments, the liability for which
actually existed during the time, and which
were properly part and parcel of the ex-
penses of active war, were carried over
into the year succeeding the war, and were
then largely paid from the enormous re-
ceiptS OF revenue of that year.
BACK PAY OF TROOPS
This liability for back pay-for the pay
of the troops to the date of their possible
discharge, for their transportation, and for
the settlement of contracts, formed part
of the debt of the United States on the
1stof April, or on the 1st of August, 1865,
as much as if it mad all been settled and the
bonds issued and entered upon the books
of the Treasury Department. These dis
bursements, under the direction of the
War Department, from the 1st of April,
1865, to the Both of June, 1866, period of
only fifteen months, were as follows:
April to June 80, 1865 ....... S414, ,196. .377
July to September 80, 1865. ......... 165 369237
October TO December 81, 1865. ....... 6S,12a,5ii
January to june 30, 1866. sc, ,S57, ,S29
Total, fifteen months. hs............. S69S, ,546, ,O7s
During the same period the expendi.
lures made under the direction of the
Navy Department were as follows: 'ss'
April /, 1865, to Dec. 81, 1865. .. SIS, ,s57, ,ssG
January /, 1866, to June 80, 1866. II, ,461 1884
Total, fifteen months hs............$7 $76, $40, rs
1t thus appears that the disbursements
made under the direction of the Army
and Navy Departments during the fifteen
months Immediately succeeding April /
1865, the month in which the rebel armies
surrendered, amounted to $774, ,S65,S51.
WE OWED THIS IN APRIL, 1865.
1t is estimated that very large proper
ton eff this sum, not less than 100000,
600, was on account of expenses incurred
and accounts rendered from three tt
twelve months prior to the termination @
active hostilities, and which had been al
lowed by the Treasury to remain unliqui
dated, simply by reason Of great financia
embarrassments.
The remainder is made up mainly of tn,
! following items.