The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1868-10-01
WHAT BECOMES OF THE MONEY?

WhAI bECOMEo lille MONhA 3D.. &
And now we come to the main ques-
ton. In what manner has this SUN Of
money amounting to three ffths the
present amount of the public debt been
disposed of?
This is question which the people
have right to ask; and which | propose
to answer-to answer In the most simple
and stratforward manner. and in a man
ner which can be verified by any man
who will take the pains to examine the
finance reports Of the last three years
issued by Hon. Hugh McCulloch, Secre-
tary of the Treasury.
Although active hostilites virtually
ended with the surrender Of the great
rebel armies in April, 1865, the expenses
of the war die" not and of necessity could
not cease at once. The military and
naval forces were at that time in a state
of great efficiency. In number they APP
proximated to a 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.
It was obviously impossible for the
government to say to its million of sol
diers and sailors the moment the rebels
! laid down their arms-Go! we have no
| further use for you! To the sick, wound
ed and disabled take care of yourselves
To the owners Of half constructed vessels
and to those who had contracted in good
faith to supply food, clothing and ordi-
nance-we repudiate your contracts and
refuse your supplies! No! all these mat
tiers were to be settled upon principles of
justice and humanity but to accomplish
such result the treasury found itself in
position of embarrassment and danger
which few either knew or appreciated.
! The credit of the government had
| become greatly impaired, the 7 4-l0 loan
was selling at less than par even in cur
rency, and all other means adopted for
raising money during the proceeding
year had proved or were then proving
| April 1865 accounts passed for payment
and overdue-to the extent of over one
hundred and twenty millions of dollars
while all the available cash funds, coin
and currency which the government
could then command was less, all told
than seventeen millions OF dollars.
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 establishments of which had
been only too long delayed, was beginning
to prove effective, and the receipts from
this score and from the renewal of sub
scriptions to the 3-l0 loan tided the
Treasury over most critical period.
rThe inevitable result was, however,
that large payments, the liability for
which actually existed during the time,
and which we're properly part and parcel
of the expenses Of, active war, we're car
ried over into the year succeeding the
war, and were then largely paid from the
enormous receipts 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 settlements of contracts, formed
part of the debt of the United States
on the LIST of April Or on the LIST of Au-
gust. 1865, as much as if it had all been
settled and the bonds issued and entered
upon the books of the Treasury Depart
ment. These disbursements, under the
direction of the War Department, from
the lst of April, 1865, to the 3Oth of
June, 1866, period Of only fifteen
months, were as follows
April l to June 80. 1865 $4l4,l96, 377
July to Sept so, 1865 165, 1863, 237
October to Dec 81, 1865 6S, 122, 54l
Jan. 1866, to june 80, 1866 5O,S57, 922
Total / 5 months $69S, SAG, CTS
During the same period the expendi-
lures made under the direction of the
Navy Department were as follows:
April l, lS65.to Dec. 81, 1865 SO, S47, $3.50
Jan. /, 1866, to June 80, 1866 l., 46l 1884
Total Is months $T6,3l9,773
L, thus appears that the disbursements
tlf;s,ie Under the direction OF she Army
and Navy Departments during the fifteen
months immediately succeeding A 5rii !, |