FINANCES OF THE UNITED STATES (1863-'64). 



187 



462 ; its operations, 462, 463 ; advance of stocks, 

 464 ; temporary loan of the banks, 464 ; bids, 

 465; receipts and expenditures for the year 

 ending June 30th, 465 ; debt, January 1, 1863, 

 466 ; remarks of the Secretary on the loans, 466 ; 

 costs of the loans, 467 ; investments of surplus 

 capital, 467 ; number of lenders, 468 ; effects 

 of currency measures upon stocks and metals, 

 468 ; prices of produce, 469 ; cost of imports, 

 469; radical changes in trade, 469; foreign 

 measures of the value of stocks, 470; con- 

 sumption of gold and silver in manufactures, 

 470 ; specie in the Northern States, 471 ; specie 

 movements in New York, 471 ; operations of 

 the assay-office at New York, 471, 472; in- 

 fluence of paper-money on merchandise, 472 ; 

 number of failures in the Northern States in 

 1862, 473 ; advance in railway freights, 473 ; 

 prices of stocks in New York during the year, 

 474. 



III. Principles upon which a Government 

 should conduct its finances in periods of trial, 

 394; low state of the Government credit at 

 the beginning of 1861 details of its operations 

 at that time, 395 ; position of the Secretary at 

 the commencement of the extra session of 

 Congress, 395 ; demands of the War and Navy 

 Departments, 395 ; recommendations of the 

 Secretary of the Treasury to Congress, 395; 

 tax and impost on free articles and retrench- 

 ments, 396; loans to be made, 396; the Secre- 

 tary's system of finance, 396 ; loans guaranteed 

 by Congress, 396 ; provisions adopted for taxes, 

 396; failure of Congress to act on the subject 

 of taxes, 396 ; its effect, 396 ; first efforts of 

 the Secretary, 397; success in making loans, 

 397; decline of revenue from imports, 397; 

 serious aspect of affairs, 397; magnitude of 

 the war, 397; meeting of Congress, December, 



1861, 398 ; necessities of the Treasury to reach 

 the end of the fiscal year, June 30, 1862, 398 ; 

 the Secretary recommends increased taxation, 

 398; amount required by loans for the next 

 fiscal year, 398; issue of demand-notes, and 

 gradual withdrawal of bank circulation recom- 

 mended, 398; suspension of the banks, 398; 

 do. of the Treasury, 398 ; measures adopted by 

 Congress, 398, 399; results presented on the 

 meeting of Congress next year, December, 



1862, 399 ; estimates for the remainder of the 

 fiscal year and the ensuing fiscal year, 399; 

 how was this vast sum to be raised? 399 ; prop- 

 ositions of the Secretary, 399; taxation de- 



mand-notes tax on bank circulation United 

 States note circulation, 399 ; system of banks 

 recommended, 400 ; measures adopted by Con- 

 gress, 400 ; recapitulation, 401 ; agency for the 

 sale of bonds organized, 401 ; its success, 401 ; 

 receipts from the ordinary and extraordinary 

 sources of revenue, 401 ; receipts and expen- 

 ditures for the fiscal year ending June, 1863, 

 402 ; system of conducting the finances, 402 ; 

 sale of bonds in 1863, 402 ; receipts and dis- 

 bursements for the five months ending Novem- 

 ber, 1863, 402 ; number and amount of bonds 

 issued on the three-year 7-30 and 5-20 six per 

 cent, loans, 403 ; ratio of number of bonds is- 

 sued and of value per cent., 403 ; number of 

 persons having a direct interest in the British 

 funds on each description of public stock, etc., 

 etc., 404; rate of English loans, 404; loans 

 and taxation in Great Britain, proportion of, 

 404 ; rate of interest of do., 404 ; debt of tho 

 United States, 405 ; result of the operations of 

 the Treasury during three years, 406 ; amount 

 of internal revenue paid by each State, 406 ; 

 monthly prices of stocks during 1863, 406; 

 prices af fifty-five articles in the New York 

 market, 407 ; quotations for gold and bankers' 

 sterling for each business day of the year, 408 ; 

 amount of gold received at the mint, 408 ; re- 

 ceipts and exports of gold in New York, 408 ; 

 fluctuation in gold, 409 ; law of New York, 

 409 ; sale of stocks in New York, 410 ; returns 

 of the New York City banks, 410 ; bank cir- 

 culation of the several States, 411 ; instructions 

 for the guidance of those desiring to form 

 national banking associations, 411 ; advance in 

 prices, 412 ; rents, 412 ; wages, 412 ; do. in 

 New York, 413. 



IV. Ac.tual receipts of the Government, 371 ; 

 do. from miscellaneous sources, 371 ; securi- 

 ties in London, 371 ; increased receipts from 

 customs, 371 ; receipts from loans, 372 ; acts 

 of Congress, 372 ; expenditures, estimated and 

 actual, 372 ; amount of receipts from various 

 sources of ordinary revenue, 372 ; debt of the 

 United States, 373 ; expenditures for the "War 

 Department, 374; do. for the Navy Depart- 

 ment, 374; public debt in July, 1864, 374; au- 

 thority to borrow yet remaining, 374 ; actual 

 receipts and expenditures for the quarter end- 

 ing September 30, 1864, 375 ; effect of in- 

 creased duties on imports, 375 ; amount of in- 

 ternal revenue received from all sources, 375 ; 

 do. from incomes, 375 ; do. from licenses, 



