FIXAXCES OF THE UNITED STATES. 



371 



Phelps, at Wheelock, Vt. Subsequently, in 

 1818, having formed a partnership with Messrs. 

 John and Luther Clark, then the leading mer- 

 chants at St. Johnsbury Plain, he removed to 

 East St. Johnsbury, and from thence the fol- 

 lowing year to Barnet, where he remained in 

 business until 1825. His success in the mer- 

 cantile business had been very moderate. "\Vith 

 his small capital, but with a very high character 

 for probity and business ability, he returned to 

 St. Johnsbury, and formed a partnership w ith 

 his younger brother in the manufacture of 

 platform scales. To this partnership were sub- 

 sequently added a younger brother, and event- 

 ually his own three sons. The enterprise 

 proved extraordinarily successful, and the scales 

 of E. & T. Fairbanks & Co. attained and still 

 hold a world-wide reputation. In 1836 he was 

 elected to represent St. Johnsbury in the Legis- 

 lature of the State, and reflected to the same 

 office for the two succeeding years. In 1844 

 he was chosen by the people of the State an 

 elector of President and Vice-President of the 

 United States, and rechosen to the same office 

 at the next Presidential election in 18-48. In 

 1849, on the organization of the Passumpsic 

 and Connecticut Rivers Railroad Corporation 

 he was chosen its President, and continued in 

 that office until his private business constrained 

 him to decline a reelection. In 1852 he was 

 nominated to the office of Governor of the 

 State by the Whig party, but owing to the 

 party divisions at the time, failed of an election 

 by the people. On the assembling of the 

 Legislature, upon whom was devolved the 

 choice of Governor from the three unsuccessful 

 candidates before the people, he was elected 

 upon the first ballot. The next year he was 

 again a candidate for the same office, but owing 

 to party complications failed of a reelection to 

 the chair of state. In 1860, through the par- 

 tiality of his numerous friends, he was once more 

 a candidate for the same office, and was tri- 

 umphantly elected by the freemen of the State. 

 Governor Fairbanks had been from his early 

 youth a man of high religious principle, and for 

 many years had been identified with the pro- 

 motion of Missionary and other benevolent en- 

 terprises, both at home and abroad. He was 

 also a zealous but judicious friend of popular 

 education, and sought to the utmost of his 

 ability to elevate the character of the public 

 schools of his adopted State. His death was 

 the result of a complicated affection of the heart. 

 FINANCES. The Secretary of the Treasury 

 (Mr. Chase) in his report to Congress, Decem- 

 ber 10th, 1863, presented a statement of the 

 actual and estimated receipts and expenditures 

 of the Government for the fiscal year ending 

 June 30th, 1864. The actual receipts for the 

 first quarter of that year, ending September 

 30th, 1863, were from the ordinary sources of 

 the revenue, with the balance $5,329,044 on 

 hand at the beginning of the quarter, 84T,,- 

 268,500. He then estimated the receipts from 

 ordinary sources of revenue for the remain- 



ing three quarters ending June 30th, 1864, at 

 $115,300,000. Total actual and estimated 

 receipts, 161,568,500. In addition, he esti- 

 mated the amount of receipts from extraordi- 

 nary sources of revenue, as loans for the year 

 ending June 30th, 1864, at $594,000,000 ; thus 

 making the receipts from both sources of reve- 

 nue to June 30th, 1864, $755,568,500. 



The actual receipts, however, during this 

 fiscal year, from the ordinary sources of reve- 

 nue, with the balance on hand, amounted to 

 s2 05, 961,761 ; thus exceeding the estimate by 

 more than a hundred millions of dollars. The 

 details were as follows : 



Receipts. 



The item of receipts from miscellaneous 

 sources was disproportionately large, and was 

 derived from the following sources : 



From captured and abandoned property $2,146,715 09 



Premium on gold shipped from San Francisco 



to London 2,799.920 64 



Sales of prizes and due to captors 4,088,111 42 



Internal and coastwise intercourse fees 5.809,287 20 



Premium on sales of geld coin 16,498,975 49 



Commutation money 12,451,896 15 



All other sources. . .". 3,716,542 11 



TotaL $47,511,448 10 



The premium on gold shipped from San 

 Francisco to London resulted from the fact 

 that in March, 1863, it became necessary to 

 transmit a considerable amount of funds to 

 London for a special purpose, for which an ap- 

 propriation had been made by Congress, and 

 an amount of securities, viz., ten million five- 

 twenty bonds was deposited in London, against 

 which bills might be drawn. The negotiation 

 of these securities failed, and six of the ten 

 millions were returned to the Treasury and 

 disposed of. Bills of exchange were drawn, 

 and it became necessary to provide funds to 

 meet the bills at maturity, which was accom- 

 plished by shipments of gold from San Fran- 

 cisco. 



The increase in the receipts from customs 

 above the estimates, was in consequence of 

 the legislation of Congress. On June 30th, an 

 act was passed which greatly increased the 

 rate of duties, and in anticipation of this meas- 

 ure large amounts were withdrawn from 

 bond, and the duties paid. The operation of 

 the act has greatly diminished the importation 

 of dutiable goods, and in the fiscal year of 1865 

 there will probably be a considerable decline 

 in the receipts from customs. 



