FINANCES OF THE UNITED STATES. 



253 



For the civil service $40,000,000 00 



For pensions and Indians 18,000,000 00 



For War Department, including $6,000,000 



bounties 66,000,000 00 



For Navy Department 16,000,000 00 



For interest on public debt 91,000,000 00 



Expenditures $231,000,000 00 



Thus making an estimated surplus of 

 $15,000,000. 



The actual receipts and expenditures, how- 

 ever, of the fiscal year ending June 30, 1869, 

 were as follows : 



Receipts from customs $180,048,426 63 



" " internal revenue 158,356,46086 



" " lands... 4,020,34434 



" direct tax 765,68561 



" miscellaneous 27,752,829 77 



Total, exclusive of loans $370,943,747 21 



Expenditures for civil service and miscel- 

 laneous $56,474,061 53 



Expenditures for pensions and Indians 35,519,544 84 



" " War Department 78,501,990 61 



" " Navy Department 20,000,757 97 



" interest on public debt. 130,694,242 80 



" premium on 7-30 notes. 300,000 00 



Total, exclusive of loans $321,490,597 75 



Receipts in excess of ex- 

 penditures $49,453,149 46 



The receipts and expenditures for the quar- 

 ter ending September 30, 1869, which is the 

 first quarter of the fiscal year ending in 1870, 

 were as follows : 



EECEIPTS. 



Customs $52,598,921 86 



Internal revenue 47,926,352 51 



Lands 893,86403 



Miscellaneous sources 7,412,483 57 



Total, exclusive of loans $108.831.622 02 



EXPENDITTTBES, 



After deducting the amount of repayments 



by disbursing officers and others : 

 Civil service and miscella- 

 neous $15,102,202 05 



Indians and pensions 13,547,942 79 



War Department 13,595,468 05 



Navy Department 5,782,630 96 



Interest on the public debt. . 37,452,270 74 



Total, exclusive of loans 85,480,514 59 



Receipts in excess of expenditures $23,351,107 43 



The estimated receipts and expenditures for 

 the three remaining quarters of the fiscal year 

 ending June 30, 1870, were as follows : 



KECEIPTS. 



Customs $135,000,030 00 



Internal revenue 127,000,000 00 



Lands 4,000.000 00 



Miscellaneous sources 20,000,000 00 



Total $286,000,000 00 



EXPENDITURES. 



Civil service and miscella- 

 neous $40,000,000 00 



Pensions and Indians 21,000,000 00 



War Department 40,500,000 00 



Navy Department 14,000,000 00 



Interest on the public debt. 93,750,000 00 



Total $209,250,00000 



Estimated receipts in excess of ex- 

 penditures $76,750,000 00 



The amount of the public debt at different 

 periods of the year, as stated by the Secretary, 

 has been as follows : 



June 30, 1863 $2.636,320.954 



November 1, 1868 (less cash) 2.527,129,552 



March 1,1869 " 2,525,463,260 



June 30, 1869 " 



December 1, 1869, " . . '. '. '. '. ' 2J453,559,735 



This statement shows a decrease from March 

 to December of $71,903,524. The bonds is- 

 sued by the United States in aid of railroads, 

 amounting to $62,625,320, being in the nature 

 of a loan, have not been included by the Sec- 

 retary in the statement of the total amount of 

 the debt. 



During the fiscal year ending June 30, 1869, 

 there was an excess of receipts over expendi- 

 tures, including interest on the public debt, 

 of $49,453,149.46. Of this excess, about $12,- 

 992,370.03 arose previous to March 1st, and 

 the remainder, $36,460,779.43, between that 

 time and July 1st. This excess of receipts 

 was used from time to time to purchase five- 

 twenty bonds. These purchases have amount- 

 ed in the aggregate to $75,476,800, up to De- 

 cember 1st. This excess of receipts came 

 from both the direct taxes and the duties on 

 imports, which latter were paid in gold. The 

 amount of coin on hand becoming thus very 

 large, sales of gold have been made from time 

 to time, and the proceeds applied to the pur- 

 chase of bonds as aforesaid. The average 

 premium on the gold thus sold, subsequent to 

 March 1st, was 32 T 8 o- per cent., and the aver- 

 age premium paid for bonds during the same 

 time was 16-j^j- per cent. Upon this basis of 

 the sales of gold and the purchase of bonds, 

 the average price paid for bonds in coin was 



88-dmr P er cent; - 



As early as February, 1862, among the first 

 measures adopted by Congress to provide for 

 the expenses of the war, an act was passed 

 which required that the coin received for 

 duties on imported goods should be annually set 

 apart as a sinking fund to the extent of one per 

 centum of the entire debt of the United States. 

 No action had been taken by the Treasury De- 

 partment in obedience to this statute, pre- 

 vious to March, 1869. The Secretary reported 

 to Congress, in December, that of the $75,476,- 

 800 of bonds which he had purchased, he re- 

 garded the amount of $20,044,800 as belonging 

 to the sinking fund, and purchased in con- 

 formity with the act of Congress. The re- 

 mainder, amounting to $55,432,000, he held as 

 a special fund, subject to the action of Con- 

 gress, and he recommended that it be added 

 to the sinking fund, and that any future pur- 

 chases that he might make should be likewise 

 so added, until the gross amount shall consti- 

 tute a fund equal to that which would have 

 been created if there had been no delay in the 

 execution of the law. 



"While the receipts of the Government con- 

 tinued very favorable, and the debt was some- 

 what diminished during the year, the currency 

 or Government notes still continued depre- 

 ciated. This was ascribed by the Secretary to 

 an excessive issue, and to a want of faith in 

 the Government. The extent of this overissue 



