188 



FINANCES OF THE UNITED STATES (1865-'66). 



376 ; do. from manufactures and productions, 

 376 ; do. from slaughtered animals, etc., 376 ; 

 do. from fermented liquors, 376 ; do. from ci- 

 gars, 376 ; do. from iron, 376 ; do. from rock 

 and coal oil, 376; do. from distilled spirits, 

 376 ; do. from paper manufactures, etc., 376 ; 

 national banks their number, capital, circula- 

 tion, bonds, etc., 376 ; specie in the old banks, 

 377; value of gold and bankers' sterling at 

 different periods of the year, 377 ; bullion in 

 the mint and branches, 377 ; coinage of cents, 

 377. 



V. Actual receipts and expenditures for 

 the first quarter of the fiscal year, 335 ; esti- 

 mates for the remaining three-quarters, 335; 

 excess of actual receipts and expenditures over 

 estimates, 335; laws authorizing loans, 335; 

 amount of loans authorized, 336 ; receipts of 

 the Government from extraordinary sources, 

 336 ; total expenditures, 336 ; items of increase 

 and decrease of the public debt, 336 ; amount 

 of United States notes or currency in circula- 

 tion, 337; fractional currency outstanding, 

 337 ; actual receipts and expenditures for the 

 first quarter of the fiscal year, 1866, 337; esti- 

 mates for the remaining three-quarters, 337 ; 

 estimates for 1867, 337 ; legal-tender notes in 

 circulation, 337; notes furnished to national 

 banks, 337; Treasury and compound-interest 

 notes, 337 ; total amount of paper-money Oc- 

 tober 31, 337 ; question as to its legality, 337, 

 339 ; tabular statement of the national debt on 

 June 30, 338 ; bank-note circulation at various 

 periods, 339; inflation of prices, 339; gold 

 balance against the country, 339 ; contraction 

 of the currency, 339, 340 ; the Secretary of the 

 Treasury on the payment of the national debt, 

 340, 341 ; table of the public debt from 1791 to 

 1865, 341 ; table of the value of real estate and 

 personal property in the States and Territories 

 in 1850 and 1860, 341 ; value of farms, live- 

 stock, etc., 342; agricultural products, 342; 

 other products, 342 ; sales of gold-coin, 342 ; 

 value of bullion deposited at the mint and 

 branches, 342 ; coinage, 342 ; commercial inter- 

 course with the Southern States, 342, 343 ; table 

 of the annual product of manufacturing indus- 

 try, 313 ; tables of the price of gold for 1862, 

 344; for 1863, 345; for 1864, 346; for 1865, 

 347 ; prices of Government paper at New York 

 for 1865, 348 ; prices of railroad shares in 1865, 

 348 ; gold and silver deposited at the mint and 

 branches since 1847, 348 ; gold and silver of 



domestic production deposited, 348 ; prices in 

 New York of leading articles of commerce for 

 eight years, 349; business failures in the 

 Northern States for nine years, 349. 



YI. Errors in the estimates of the Secretary 

 of the Treasury, 288 ; estimated and actual re- 

 ceipts and expenditures from October 1, 1865, 

 to June 30, 1866, 289 ; balance in the Treasury, 

 289; specie payments urged, 289; action of 

 Congress limiting the reduction of currency, 

 290 ; items of the increase and decrease of the 

 public debt during the fiscal year, 290 ; rapid 

 progress of liquidation, 290 ; net decrease of 

 the public debt from its highest point, 290 ; 

 reduction of paper circulation, 291 ; statement 

 in detail of the indebtedness of the United 

 States, 292 ; condition of the country as de- 

 scribed by the Secretary, 293 ; the paper circu- 

 lation of the country, 293. 



Operation of the internal revenue system, 

 293 ; when adopted, 293 ; taxation on the fruits 

 of capital and industry, 293 ; one of the great- 

 est defects its diffuseness, 293 ; hence duplica- 

 tion of taxes, 293 ; another defect, the equali- 

 zation or adjustment between it and the tariff, 

 294 ; steps taken for its revision, 294 ; report of 

 commissioners, 294 ; principles assumed, 294 ; 

 necessary to maintain and continue the devel- 

 opment of the country to extinguish the debt, 

 294 ; recommendations of commissioners, 294 ; 

 aggregate receipts of internal revenue in a 

 series of years, 294-296 ; distilled spirits as a 

 source of revenue, 297; variations of the tax, 

 297 ; tax on cotton, 297 ; revenue from tobac- 

 co, 297 ; income-tax, 297 ; receipts from this 

 source, 297; do. from banks, 297; licenses, 

 297 ; stamps, 297 ; receipts from other sources, 

 298 ; estimate of aggregate results for the year 

 ending June 30, 1867, 298; action of Congress 

 relative to the internal revenue, 298. 



Operation of the tariff system, 299 ; imports, 

 exports, and duties, for a series of years, 299 ; 

 reasons for a change in existing rates, 299; 

 consequences of abnormal and unusual occur- 

 rences existing in other departments of social 

 affairs, 299 ; influence of a paper currency, 

 299 ; advance in the prices of leading articles 

 of consumption and rents, 299 ; advance in the 

 cost of manufacturing, 299 ; details of advance 

 in various branches, 299 ; wages, 300 ; effect 

 of the increase of prices to cause a decrease of 

 production and consumption, 300 ; tabular il- 

 lustrations, 300 ; effect on competition in the 



