The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-15
81 6e2,E6 O62 20

Total of receipts 81 &C., 40 062 20
To which should be added the increase of the
first day of November, 1868. $l60, AIS IS
81, $40. 650,537 So. e.u.0L3 -aa
This exhibit elbows that the large sum Of 81 s22,-
$50 537 6S was expended in the payment OF the
interest and of other demands upon the treasury
in three years and seven months. being an aver
age expenditure Of sos, GAG 66l 6S. IL the state
ment Of the public debt on the first day Of April.
1866, had included all debts due at that time, and
ST. 822, 650,537 6s had really been expended In
payment Of the interest Of the public debt and the
current expenses of the government between that
day and the first day of November last, there
would have been profgacy and reckiessness
in the expenditures of the public moneys discred-
liable to the government and disheartenng to tax
payers. Fortunately this is not the fact;
That statement las It is true of all
other monthly statements OF the treasury
exhibited only the adjusted debt according 70 the
books Of the treasury, and did moi and could not
include the large sums due to the soldiers OF the
great Union army, numbering at that time little
less that 100000 men, for pay" and ior
boupties," or claims OF various kinds, wnich
must Of necessity have been unsettled. For the
purpose of putting this matter right. the secretary
has epdeavored TO ascertain from the war and
navy departments how much OF their respective
disbursements, since the close OF the war, has
been in payment of debts properly chargeape 70
the expense Of the war. The following is the re-
sult of his INQUIRIES: By the war department,
s5954sl,l25 30, by the navy Department SIS. ooo,.
| eco. II has been impossible to obtain an exact
| statement of the amount OF such debts PAID Dy
| the navy department, but sufficient information
| has been received to justify the secretary IN
estimating it in round numbers at s35 600 900,
which is probably an under rather than
/ an over estimate The expenditures OF
| the war department have been furnished
in detail and are believed to be substantially cor
rect. These figures show that the money ex'
| pended by the war and navy departments be-
tween the first day of April. 1865, and the hrst
day of November. 1865, on claims justly charg-
able to the expenses Of the war, amounted to
$3.50 .43l Us 3d. to which should be added amount
| advanced TO the Pacific roads, $40, l94 900 :;
amount paid for Alaska, 81. 200 900. Total <67s.-
.l25 90. Deductine this snm from the amount
of the revenues, 81, 662 276 062 20 and $l00l74.-
AIS 4s the increase Of the public debt, the remain
DER 42 SIS All 7S, or an average OF s3lS SIS
OIL SO per annum is the amount actually ex-
pended 10 the payment Of current expenses and
| interest ~
Mr.. Nee ulloch wishes to continue the reduction
OF the debt, and insists that there will never be
30 good time for II as the present. He recon-
mends sn explicit declaration that the entire prin-
cipal Of the public debt, including the fyetwen-
ties, shall be paid in coin.
He asks for authority 10 Issue, at his discre-
ton, $500 coo 900 of lew bonds to fund outstaud-
ing dues and proposes that bonds poysble prin-
cipa and interest, In London or Frankfort be sub.
sttuted for those bonds already exported.
The secretary then refers TO the reports OF the
commissioner Of internal revenue and to that OF
the controller Of the currency. and, after eulo-
giving the national banks In general. attacks the
New York national banks for their speculative
loans.
In order to supply the Southern States with
banks Of issue. he proposes TO limit the notes fur
nlshed the banks to seventy per cent. Of the CAPT.
| tai Of each. -'
The report concludes with an elaborate exposi-
ton of the services rendered by Mr.. McCulloch as
secretary during the last four years, and the de-
Tense OF the treasury against the charge Of I'M
necessary tampering with the money market.