288 



FINANCES OF THE UNITED STATES. 



Total receipts $386,000,000 00 



EXPENDITURES. 



Civil service and miscella- 

 neous $40,000,000 00 



Pensions and Indians 21,000,000 00 



War Department 40,500,000 00 



Navy Department 14,000,000 00 



Interest on the public debt 93,750,000 00 



Total 209,250,000 00 



Estimated receipts in excess of ex- 

 penditures $76,750,000 00 



The entire receipts for the fiscal year ending 

 June 30, 1870 V were as follows: 



Customs $194,538,374 44 



Internal revenue 185,128,859 87 



Lands 3,350,481 76 



Miscellaneous sources 28,237,762 06 



Total $411,255,477 63 



The expenditures during the same 

 fiscal year were as follows : 



Civil and miscella- 

 neous purposes $69,234,017 16 



War Department. . . . , 57,655,675 40 



Navy Department 21,780,229 87 



Indians and pensions 31,748,140 32 



Interest on the public debt 129,235,498 00 



The amount of the public debt on July 1, 

 1869, was $2,588,452,213.94; the amount of 

 the sameon July 1, 1870, was $2,480, 672,427.81 : 

 thus showing a reduction of the debt during 

 the fiscal year of $107,779,786.13. 



The outstanding principal of the debt of the 

 United States, on July 1st of each year, from 

 1860 to 1870 inclusive, has been as follows : 



I860 $64,842,28788 



1861 90,580,87372 



1862 524,176,41213 



1863 1,119,772,138 63 



1864 1,815,784,370 57 



1865 2,680,647,869 74 



1866 $2.773,236,173 69 



1867 2,678,126,10387 



1868 2,611,687,851 19 



1869 2,588,452,213 94 



1870 2,480,672,427 81 



Total 309,653,560 75 



In the following table (see page 322) is given 

 a statement in detail of the public debt on June 

 30, 1870, including the cancellation of certain 

 bonds ordered on July 14th, and which are not 

 deducted in the preceding statement. 



The views of the Secretary of the Treasury 

 relative to funding a portion of the public 

 debt, presented to Congress in December, 1869 

 (see ANNUAL CYCLOPAEDIA, 1869, FINANCES, etc.), 

 were subsequently approved by that body. 

 An act was therefore passed in July, 1870, au- 

 thorizing the Secretary to issue, in a sum or 

 sums not exceeding in the aggregate $200,000,- 

 Surplus of receipts $101,601,916 88 000> coupons or registered bonds of the United 



This surplus was applied to the payment of States, in such form as he might prescribe, and 



the public debt, during the same period, and of denominations of fifty dollars, or some mnl- 



shows the .amount of reduction in the same tiple thereof, redeemable in coin of the present 



during the year. The receipts for the first standard value after ten years from the date of 



quarter of the fiscal year, ending September issue, bearing interest at five per cent, per 



30, 1870, were as follows: annum; also a further sum of $300,000,000 



Customs $57,729,47357 payable after fifteen years from the date of is- 



internal revenue 49 ' 1 !1'}H % sue, and bearing interest at the rate of four 



Lands 42,43767 -, ' -, /. ., 



Miscellaneous sources 7382181 59 an d a halt per cent, per annum; also a further 



sum of $1,000,000,000, payable after thirty 



rotal $114,301,230 75 yearg from the d&te of [gm ^ and bearing inter . 



The expenditures for the same period, ex- est at the rate of four per cent per annum, 



eluding payment on account of the , sinking These bonds were to be made exempt from the 



fund, were as follows : payment of all taxes or duties of the United 



Civil and miscellaneous purposes $18,207,242 49 States, as well as from taxation in any form by or 



War Department 10 /;B538 36 un der any State, municipal, or local authority. 



Navy Department 4,815,23758 mi j i. f a j. i -u j 



Indians and pensions 13,825,451 89 The said bonds were ordered to be sold at not 



Interest on the public debt 39,496,450 51 less than their par value for coin, and the pro- 



Total $86 562 920 83 cee( ^ 8 thereof were to be applied to no other 



purpose than the redemption of any outstand- 



For the remaining three-quarters of the fiscal ing five-twenty bonds of the United States at 



year, ending June 30, 1871, the estimated re- their par value ; or, said bonds might be ex- 



ceipts were as follows : changed for five-twenty bonds par for par. 



a^freven^::::::::::::: :: $1 1SZ % The act in ful1 s as follows; 



Lands 2,000,000 00 An Act to authorize the refunding of the National Debt. 



Miscellaneous sources 16,000,000 00 e it enacted, etc., That the Secretary of the Treas- 



ury is hereby authorized to issue, in a sum or sums 



Total $244,000,000 00 not exceeding in the aggregate $200,OOOjOOO, coupon 



The estimated expenditures for the same or registered bonds of the United States, m such form 



period are as ^ e mav prescribe, and of denominations of fifty 



dollars, or some multiple of that sum, redeemable in 



Civil and miscellaneous purposes ^,000,000 00 coin of ' the present standard value, at the pleasure of 



Navy Srtoent SoffioOO 00 the United^tates, after ten year's from the date of 



Indians and pensions '.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.I 24|500'oOO 00 * neir issue : and bearing interest payable semi-annually 



Interest on the public debt 80,000,000 00 in such coin, at the rate of five per cent, per annum ; 



also a sum or sums not exceeding in the aggregate 



Total $203,500,000 00 $300,000,000 of like bonds, the same in all respects, 



This statement presents a surplus of $69,- but payable at the pleasure of the United States, after 



038 309^92 applicable to the payment of the %ZT3^J^^^g* 



public debt, or to any other purpose which annum . a lso a sum or sums not exceeding in the ag- 



Congress might direct. gregate'$l,000,000,000 of like bonds, the same in all 



