FINANCES OF THE UNITED STATES. 



289 



and the expenditures would still continue very tnres of the United States from Octolx 



Tin' r.-llc. \\IIIL; is a staU'Mu-nt "f ii,,. os- 1865. to Juno 80, 1860, the last throe quarters 

 1 inn! tlio actual receipts and expendi- of the fiscal year : 



The actual receipts and expenditures for the fiscal year ending June 30, 1866, were as follows : 



Balance in Treasury, agreeable to warrants, July 1, 1865 $858,309 15 



To which add balance of sundry trust funds not included in the above 



balance 2,217,732 94 



Making balance, July 1, 1865, including trust fund $3,076,042 09 



Receipts from loans 712,851,558 05 



Receipts from customs $179,046,651 68 



Receipts from land 665,031 03 



Receipts from direct tax 1,974,754 12 



Receipts from internal revenue 309,226,813 42 



Receipts from miscellaneous sources 67,119,869 91 



$558,032,620 06 



Redemption of public debt $620,821,725 61 



For the civil service $41,056,961 54 



For pensions and Indians 18,852,416 91 



For the War Department 284,449,701 82 



For the Navy Department 43,324,118 52 



For interest on public debt 133,067,741 69 



520,750,940 43 



$1,273,960,215 20 



$1,141,072,666 09 

 leaving a balance in the Treasury on the first day of July, 1866 $132,887,649 11 



These were the results of the ordinary 

 sources of revenue and expenditure during the 

 fiscal year ending June 30, 1866, leaving in the 

 Treasury a balance of more than 132 millions. 

 The Secretary had anticipated a deficiency ex- 

 cvi-ding 112 millions, and at the same tune he 

 ;jad urged that a system of contraction of the 

 currency should be commenced, which would in 

 a short period greatly reduce its value and aid 

 in a return to specie payments. Congress, how- 

 ever, did not entertain similar views with the 

 VOL. vi. 19 A 



Secretary relative to a deficiency, neither were 

 the majority in favor of such a speedy return 

 to specie payments. An act was therefore 

 '1 and approved April 12, 1866, as an 

 amendment to the act of March 3, 1865, men- 

 tioned in a former volume, which extended the 

 latter act and so construed it as to authorize 

 the Secretary of the Treasury, at his discretion, 

 to receive any Treasury notes, or other obliga- 

 tions issued under any act of Congress, whether 

 bearing interest or not, in exchange for any 



