372 



FINANCES OF THE UNITED STATES. 



The receipts from internal revenue were also 

 much larger than the estimate of the Secretary. 

 This was ascribed to a more perfect execution 

 of the law. A new law was passed on June 3 Oth, 

 which went into operation on the next day. It 

 largely increased the duties : and in connection 

 with a special income tax of five per cent., im- 

 posed hy a joint resolution of July 2d, was ex- 

 pected to produce the sum of $250,000,000 in 

 the fiscal year of 1865. 



The receipts from loans were estimated at 

 $594,000,000, hut the actual receipts from this 

 source were $618,114,884. The details of these 

 loans were as follows : 



From fractional currency, exceeding amount 



redeemed $2,702,421 25 



Five-twenty bonds, act of Feb. 25th, 1862. . . . 821,557,283 41 

 Six per cent, bonds, act of July 17th, 1861. . . 80,565,875 45 



Ten-forty bonds, act of March 3d, 1864 73,387,600 60 



Twenty years 6 per cents, act of March 3d, 



1868 42,141,771 05 



United States notes, act of Feb. 25th, 1862. . . 43,859,821 46 

 One year 5 per cent, notes, act of March 3d, 



1863 44,520,00000 



Two years' 5 per cent, notes, act of March 3d, 



1863 152,864,800 00 



Three years' 6 per cent, compound interest 



notes 15,000,000 00 



Certificates of indebtedness exceeding amount 



redeemed 4,098,758 35 



Whole amount. $730,642,410 97 



Of which amount there was applied to re- 

 payment of public debt 112,527,526 05 



Which deducted, it leaves applicable to ex- 

 penditures $618,114,884 92 



The act of Congress of March 3d, 1864, gave 

 to the Secretary authority to issue six per cent, 

 bonds to the amount of two hundred millions, 

 in lieu of so much of the loan authorized by 

 the act of March 3d, 1863, redeemable after 

 any period not less than five years, and pay- 

 able not more than forty years from date in 

 coin. At a subsequent period of the session, 

 June 30th, 1864, the authority conferred by 

 the first section of the act of March 3d, 1863, 

 was repealed, except so far as it affected an 

 amount of seventy-five millions then advertised, 

 and power was given to borrow four hundred 



millions of dollars on bonds redeemable after 

 five years, and payable not more than forty 

 years from date. By the second section of the 

 same act authority was conferred to issue, in 

 lieu of the same amount of bonds, two hundred 

 millions in Treasury notes, which might be 

 made a legal tender at their face value, bear- 

 ing interest at a rate not exceeding seven and 

 three-tenths per centum, payable in lawful 

 money, and convertible, at the pleasure of the 

 Secretary, into bonds issued under the author- 

 ity of the said act. The Secretary was further 

 empowered to substitute for Treasury notes 

 issued under former acts an equal amount of 

 notes, such as were therein authorized. 



The expenditures, as estimated and actual, 

 during the fiscal year ending June 30th, 1864, 

 were as follows : 



Expenditures. 



The following statement presents in detail 

 the amount of the receipts from the various 

 sources of ordinary revenue during the respect- 

 ive quarters of the fiscal year ending June 30th, 

 1864. It is through these sources that the re- 

 ceipts are finally to be obtained with which to 

 pay the public debt : 



