290 FINANCES OF THE UNITED STATES. 



description of bonds authorized by the act of millions of dollars in any one mouth. This act, 



1863 ; and also to dispose of any description of while it enabled the Secretary to use with more 



bonds authorized by said act either in the freedom the extraordinary resources of the 



United States, or elsewhere, to such an amount, Government on hand and unexhausted, also 



in such manner, and at such rates, as he might by limiting the contraction of the currency, se- 



think advisable, for lawful money of the United cured the liberal payment of taxes both under 



States, or for any Treasury notes, certificates of the tariff and internal revenue laws. At the 



indebtedness, or certificates of deposit, or other same time these two acts were revised in order 



representatives of value used under any act of to diminish the burden they caused to the 



Congress and to use the proceeds only for re- people and facilitate the increase of revenue, 



tiring Treasury notes, or other obligations of The consequence was that, at the close of the 



the Government. Nothing herein contained fiscal year in June 30, 1866, the Secretary was 



was to be construed as authorizing any increase able to show a net decrease of the public debt 



of the public debt. To this act there was at- amounting to $31,196,387.23, with an increase 



tached a proviso which limited the contraction of the cash in the Treasury over the close of 



of the currency, by specifying that not more the previous year amounting to $132,029,239.96. 



than ten millions of United States notes might The following statement exhibits the items 



be retired and cancelled within the ensuing of increase and decrease of the public debt for 



six months, and thereafter not more than four the fiscal year ending June 30, 1866 : 



Amount of public debt, June 30, 1865 $2,682,593,026 53 



Amount of cash in Treasury 858,309 15 



Amount of public debt, June 30, 1865, less cash in Treasury $2,681,734,717 38 



Amount of public debt, June 30, 1866 $2,783,425,879 21 



Amount of cash in Treasury 132,887,549 11. 



Amount of public debt, June 30, 1866, less cash in Treasury $2,650,538,330 10 



Net decrease $31,196,387 23 



This decrease was caused as follows, by payments and increase of cash in Treasury : 



Bonds, 6 per cent., acts of July 21, 1841, and April 15, 1842 $116,139 77 



Treasury notes, 6 per cent., acts December 23, 1857, and March 2, 1861 2,200 00 



Bonds, 5 per cent., act September 9, 1850 (Texas indemnity) 283,000 00 



Treasury notes, 7.30, act July 17, 1861 380,750 00 



Certificates of indebtedness, 6 per cent., act March 1, 1862 89,381,000 00 



Treasury notes, 5 per cent., 1 and 2 year, act March 3, 1863 38,884,480 00 



Compound-interest notes, 6 per cent., act June 30, 1864 34,743,940 00 



Bonds, 5 per cent., act March 3, 1864 1,551,000 00 



United States notes, acts July 17, 1861, and February 12, 1862 200,441 00 



United States notes, acts February 25, July 11, 1862, and March 3, 1863 32,068,760 00 



Postal currency, act July 17, 1862 2,884,707 88 



Cash in Treasury, increased 132,029,239 96 



Gross decrease $332,525, 658 61 



From which deduct for increase, by 



Bonds, 6 per cent., acts July 1, 1862, and July 2, 1864, issued to Central Pacific E. E. Co., 



&c., interest payable in lawful money $4,784,000 00 



Treasury notes, 7.30, acts June 30, 1864, and March 3, 1865, interest payable in lawful 



money ' 134,641,150 00 



Temporary loan, 4, 5, and 6 per cent., acts July 11, 1862, and June- 30, 1864 30,459,135 25 



Gold certificates, act March 3, 1863 4,949,756 08 



Fractional currency, act March 3, 1863 10,713,180 00 



Bonds, 6 per cent., act July 17, 1861 $146,050 



Bonds, 6 per cent., act March 3, 1864 3,882,500 



Bonds, 6 per cent., act June 30, 1864 8,211,000 



Bonds, 6 per cent., act March 3, 1865 103,542,500 



$115,782,050 00 



Gross increase $301,329,271 33 



Net decrease. 31,196,387 28 



The rapid progress of liquidation shown by The following statement exhibits the items 



the preceding figures went on with increased of increase and decrease of the public debt from 



momentum during the next quarter, and it be- June 30, 1866, to October 31, 1866. 



same manifest that if the people of the country It shows a decrease of the public debt in four 



were able to endure such powerful depletion months by $99,114,208.90, and a decrease of 



without serious inconvenience to their industrial the cash in the Treasury amounting to $2,560,- 



pursuits, the arrangements of Congress were 588.49. The net decrease in the public debt 



complete for an early extinguishment of the as- from its highest point in August 31, 1865, to 



certained and acknowledged public debt. October 31, 1866, was $206,379,565.71. 



