204 



CONFEDERATE STATES. 



rice the surplus products to be invested in E a ^ llcdebt v ,;.;.; '.I! - 



lands and negroes. This thirst for land and Notes cancelled and redeemed 69,044,449 



negro investments absorbed the millions of Total expenditures $519,868,559 



income, and kept the people generally in debt Total of receipts 601,522.! 



as much as a year's income. There existed Balance in treasury $sa,i54,ss4 



no millionaire bankers merchants, manufac- From.hic^is^o ***** fi*^ 



turers, and Other moneyed capitalists, that lived brought in for cancellation, but have not yet 



hi splendor on incomes derived from money at been regularly audited, estimated 65,000,000 



interest. Such people as those in the Confed- Total $17,154,88* 



erate States were not in a situation to invest hi 



bonds: nor was it reasonable to expect them to . The PJjWw debt (exclusive of the foreign 



volunteer to invest in bonds at the expense of in- loan ) at the same period, was as follows : 



curring new debts, or with the necessity of sell- . FUNDED. 



ing property. Many, very many planters who f^^Sv.-.V.V.-.V.V.V.:;;;;;:;-.-.-.-.-.-.-.-.-. |2 }B 



subscribed to the cotton loan sold the bonds Six per cents 4i.ooe.270 



immediately, and invested the proceeds in the 8ix P cr cent cotton interest b Dds _ 



payment of debts, or in land and negroes, and . Total $292,015,620 



were unwilling afterward to sell, even to aid UNFUNDED. 



the Government, any Of their agricultural pro- Treasury notes : general currency $603,632,798 



ducts for less than the highest market value Two-year notes . 8,477,975 



for currency. Many were not willing to seii ESSSSSSSS::::::::::::":::::::::::: i*S8 



for currency at any price. The consequence Under $5 4,887,095 



of this was an act of impressment on the part Flve ner cent cal1 certificates 26.240,000 



of the Government, and starvation to towns Total $750,447,519 



and villages, and all that Class Of persons Who Deduct amount of Treasury notes funded and 



m, /. f , ,. canceled 65,000.000 



live on fixed incomes. The financial career of L_! 



the Government in providing for the expenses Total $701,447,519 



of a great war, is shown in the following state- j n or( i er to estimate the amount of Treasury 



ments of the Secretary of the Treasury : notes i n circulation at the date of this report, 



OUTSTANDING TREASURY NOTES, AUGUST 8TH, 1863. tnere must^be added the further sum of one 



Total of all kinds of General Currency Notes.. $523,114,406 hundred millions for the two months which 



Estimated on hand for cancellation 70,134,600 have elapsed since the date of the above sched- 



Total $452 979,806 u ^ es - ^ ne balance of appropriations made by 



And probable beyond the" Mississippi '"""' iso.'ooo^ooo Congress, and not drawn on September 30th, 



Balance KWwi "^ M f 11OWS ' 



War Department $895.502,698 



STATEMENT OF BONDS INTO WHICH CURRENCY HAS BEEN Navy Department 24,413,645 



FUNDED, INCLUDING AVAILS OF THE PRODUCE LOAN. Civil, miscellaneous, etc 56,240,996 



Total of 100 million loan $100,000,000 Customs 



Funded since Feb. 20th, 1863 124,818,370 ,,,., .TC^M-QQ 



Funded of notes, May 16th, 1861 8,086,800 ltal *476,451,<9 



Totg] $232 404 670 ^ e est i mates submitted by the various de- 



Onhaud, to i>e funded 'i>y 'estYmate'.'. '.'..' .*".".!'.'. 70,'oooiooo partments for the support of the Government, 



. were made to 1st July, 1864, the end of the 



Five percent. wlL, ^V ftofed""!:""'.!". IS^OOO fiscal J ear > and Wer 6 a S follows : 



Legislative Department $309,005 



Total $817^46,670 Executive " 52,350 



mt. * . i * LI a Treasury " 22,583,859 



I he following is a statement of the finances war " 438,078,870 



at the close of the third quarter of 1 863 : Navy 18,624.945 



PostOffice " 8,908 



BECEIPTS FHOM JANUARY 1ST, TO SEPTEMBER 30TH, 1868. State 



For eight per cent, stock $107,292,900 Ju8tico _ 



For seven per cent stock 88,787,650 T^t^ 



For six per cent stock 6!810,050 Total $4.5,498,498 



For five per cent call certificates ^Moo If these estimates be extended to embrace 



For four per cent call certificates 482,200 ... . . . ,, ,, ,, 



Cotton certificates, act April 21st, 1862 2,000.000 Me remaining six months 01 the same year, 



Interest on loans 140,210 they must be doubled, and that sum added to 



Treasury notes.. ".'.". .'.'.'. Y.'.Y.Y.Y. .'.'"! !'.!!!!" 89t623'580 *^ e UQ drawn appropriations would make an 



Sequestration. .'.'.'.'. V.V.V.V.V.'.'.V.V.V.'.V.V.'.'.'.! li862,'556 aggregate of $1,427,448,778. 



Customs 934,798 The Confpdpratp r-iirr^n^v wjis sold dnrinff 



Export duty on cotton 8,101 ,, e vomeuerate currency T\ as 



Patent fu ml 10,794 the year at six cents, and less, on the dollar. 



Miscellaneous, including repayments by disbur*- This depreciation was followed by most serious 



ere 84 - 498 ' 217 consequences. The staple property of the 



Total $601,522,898 country became worth two or three, and in 



EXPENDITURES DURING SAME PERIOD. some cases four, times its old value. But most 



"War Department $877,9ss.244 of the articles of consumption, such as food 



C,^mr 8 SrouV,VtV.V:.\V:.V.V.V:.V::.:::: SSns ^ clothing, were from five to one hundred 



Customs 6,<B6 times their former value. This state of affairs 



