336 



FINANCES OF THE UNITED STATES. 



L Under the act of March 8, 1868, so much of 

 $75,000,000 advertised previously to June 

 80, 1864, as had not been awarded to bidders, $82,459, lOO 00 



2. Under act of .March 8, ISM, as had not been 

 subscribed for and paid into the Treasury, 

 v j z . 127,608,520 00 



8. Under' the'act of June 80, 1864 400,000,000 00 



4 Amount of Treasury notes issued under 

 former acts which had been redeemed and 

 cancelled, and which the Secretary was au- 

 thorized to replace by notes issued under 

 the act of June 80, 1864 62,191,400 00 



Total available resources July 1, 1864, under 

 laws authorizing loans $622,284,625 00 



These were the extraordinary resources of 

 the Treasury existing or specially provided 

 during the fiscal year ending June 30, 1865, 

 and designed to defray the expenditures not 

 only of that fiscal year but of so much of the 

 ensuing one as elapsed previous to the meeting 

 of Congress in December, 1865. 



Under the act authorizing the issue of $600,- 

 000,000, the Secretary issued during the month 

 of March $70,000,000 of notes payable three 

 years after date, and bearing an interest pay- 

 able semi-annually in currency at the rate of 

 7 T V P er cent, per annum, and convertible at 

 maturity, at the pleasure of the holders, into 

 6.20 gold-bearing bonds. 



Upon the capture of Eichmond and the sur- 

 render of the Confederate armies, it became 

 apparent that there would be an early disband- 

 ing of the forces of the United States, and con- 

 sequently heavy requisitions from the War De- 

 partment for transportation and payment of 

 the army, including bounties. As it was im- 

 portant that these requisitions should be 

 promptly met, the Secretary perceived the ne- 

 cessity of realizing as speedily as possible the 

 amount, $530,000,000, still authorized to be 

 borrowed under this act. The T& notes had 

 proved to be a popular loan ; and although a 

 security on longer time and lower interest 

 would have been more advantageous to the 

 Government, he considered it advisable to con- 

 tinue to offer these notes to the public. By 

 the skill and energy of the agent, Jay Cooke, 

 and the hearty cooperation of the national 

 banks, these notes Avere distributed in every 

 part of the Northern, and some parts of the 

 Southern States, and placed within the reach 

 of every person desiring to invest in them. No 

 loan ever offered in the United States, notwith- 

 standing the large amount of Government se- 

 curities previously taken by the people, was so 

 promptly subscribed for as this. Before the first 

 of August the entire amount of $530,000,000 

 had been taken, and the Secretary had the un- 

 expected satisfaction of being able, with the 

 receipts from customs and internal revenue, 

 and a small increase of the temporary loan, to 

 meet all the requisitions upon the Treasury. 



On $230,000,000 of these notes the Govern- 

 ment has the option of paying the interest at 

 the rate of six per cent, in coin, instead of TyV 

 in currency. The Secretary says " he thought 

 it advisable to reserve this option, because he 

 indulged the hope that before their maturity 

 specie payments would be restored," and be- 



cause six per cent, in com is as high a rate of 

 interest as the Government should pay on any 

 of its obligations. 



During the fiscal year the entire receipts 

 from extraordinary sources were as follows : 



From loans applicable to expenditures $864,868,499 17 



From loan applied to payment of public debt, 607,861,241 63 



$1,472,224,740 85 



From ordinary sources above stated and bal- 

 ance on hand 426.307,792 89 



Total receipts of all kinds to July 1, 1865, $1,898,532,538 24 



Besides the ordinary expenditures above 

 stated was added a sum of $607,361,241.68 for 

 the redemption of that amount of public debt; 

 thus making the total expenditures $1,897,674,- 

 224.09, and leaving a balance in the Treasury 

 on July 1, 1865, of $858,309.15. 



The items of the increase and decrease of the 

 public debt for the fiscal year 1865 were as 

 follows : 



Amount of public debt June 80, 1865 $2,682,593,026 53 



Do. do. June 80, 1864 1,740,690,486 49 



Total increase $941,902,537 04 



"Which increase was caused as follows, by 

 Bonds, 6 per cent, act July 



17, 1861 $29,799,500 00 



Bonds, 6 per cent., act Feb. 25, 



1862 4,000,000 00 



Bonds, 6 per cent, act March 



8,1863 82,327,726 66 



Bonds, 6 per cent, act June 30, 



1864. 91,789,000 00 



$157,916,226 66 



Bonds, 5 cent, act March 8, 1S64 99,482,850 00 



Bonds, 6 per cent, acts July 1, 1862, and 



July 2, 1864, issued to Central Pacific Kail- 

 road Co., interest payable in lawful money, 1,258,000 00 

 Treasury notes, 7-30, acts June 80, 1864, and 



MarcB 3, 1865, interest payable in lawful 



money 671,610,400 00 



Compound interest notes, 6 



percent, act June 30, 1864, $178,756,080 00 

 Temporary loan, 6 per cent., 



act July 11, 1862 17,386,869 96 



196,142,949 96 



United States notes, acts Feb. 25, 1862, July 



11, 1862, and Jan. 17, 1S03 1,509,295 16 



Fractional currency, act March 8, 1863 7,868,098 85 



Gross increase $1,185,282,820 68 



From which deduct for payments 

 Bonds, 6 per cent, act July 



21,1842 $1,400 00 



Treasury notes, 6 per cent, 



acts Dec. 28, 185T, and March 



2, 1861 158,800 00 



Bonds, 5 per cent, act 8ept 9, 



1850, (Texas indemnity) . . . 1,807,000 00 

 Treasury notes, 7-30, act July 



17, 1861 80,212,800 00 



Certificates of indebtedness, 6 



per cent, act March 1, 1862, 44,957,000 00 

 Treasury notes, 6 per cent, 1 



and 2 year, act March 8, '63, 111,182,740 00 

 United States notes, act July 



17, 1861, and Feb. 12, 1862,. 808,896 25 

 Postal currency act, July 17, 



1862 5.252,147 84 



$193,329,788 59 



Net increase $941,902,587 04 



The amount of the public debt on October 

 81, 1865, without deducting funds in the 



Treasury, was $2,SOS,549.437 W 



Do. January 1, 1866 2,807,810,867 99 



Decrease $1,289,089 56 



A part of this debt consisted of currency or 

 United States notes used as a circulating me- 

 dium and fractional currency, as follows : 



