War of the Rebellion: Serial 128 Page 0060 CORRESPONDENCE, ETC.

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This sum must be added to the expenditures paid as above in order to exhibit the whole expenditures of the Government from its commencement to the 1st of August, and the aggregate is $347,272,958. 85; and for still greater accuracy it should be stated that as about $5,000,000 of the amount charge as expenditure has been paid for the redemption of deposit certificates, the aggregate above stated is subject to that abatement when considered in the light of actual expenses.

The Treasury notes issued to the same date are as follows:

General currency notes of $5 and over. . . . . . . . . $180,956,935

General currency notes under $5. . . . . . . . . . . . . . . 846,000

Interest-bearing at rate 3. 65. . . . . . . . . . . . . . . . . 1,441,200

Interest-bearing a rate 7. 30. . . . . . . . . . . . . . . . . . 22,799,900

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,044,035

To pay the balance against the Treasury as above

set forth there must be a further issue of. . . . 26,193,634

And to pay the outstanding requisitions, as

above stated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,524,128

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,761,797

The issue already made of these notes amounts,

as above shown, to. . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,244,135

Leaving authority to issue only. . . . . . . . . . . . . . . 16,755,865

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000

The differences between the balances now due by the Treasury, $44,717,762, and the above $16,755,865 is $27,961,897

Unless this balance can be paid by bonds or 7. 30 notes, the authority to issue general-currency notes must at once be extended to pay the same, and that authority must be extended still further to meet the appropriations already made by Congress not yet paid, and also the further appropriations yet to be made.

The appropriations already made by Congress and not drawn on August 1 amount to $164,687,389. 93.

The estimates submitted by the various Departments of the additional supplies required to make good deficiencies and to support the Government to January 1 next are as follows:

For the War Department. . . . . . . . . . . . . . . . . . . . . . . . $44,373,590. 36

For the civil list. . . . . . . . . . . . . . . . . . . . . . . . . . . . 386,607,39

For miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,863. 38

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,863,097. 13

So that the whole amount of supplies required to January 1 presents a total of $209,550,487. 06.

Congress must now determine the best mode of raising this sum.

If the bonds or stock of the Government to any considerable extent could be sold, they would unquestionably offer the best mode of raising the money. An examination of our funded-debt account will show that only a small portion can be raised in this way.

The whole amount of bonds and stock issued is as follows:

8 per cent. stock and bonds. . . . . . . . . . . . . . . . . . . $41,577,250

6 per cent. call certificates. . . . . . . . . . . . . . . . . 32,784,400

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,361,650

This statement, while in the large amount of call deposits it exhibits its confidence in the credit of the Government, yet in the small comparative amount of bonds and stock it shows an indisposition to make investments in that form. We are, therefore, constrained to resort to Treasury notes as the only mode by which the requisite