War of the Rebellion: Serial 128 Page 0311 CONFEDERATE AUTHORITIES.

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In order to ascertain the amount to be raised by Congress we must add-

1. The estimates. . . . . . . . . . . . . . $920,493,713

2. Undrawn appropriations. . . . . 81,879,913

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$372,373,626

And deduct the balance in the

Treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,444,397

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Leaving amount to be raised. . . . . . . . . . . . . . . . . 357,929,229

The debt of the Government at the same date was as follows:

BONDS AND STOCK.

Under act of February 28, 1861. . . . . . . . . . . . . . . $14,987,000

Under act of may 16, 1861. . . . . . . . . . . . . . . . . . . . 6,414,300

Under act of August 19, 1861. . . . . . . . . . . . . . . . . 67,585,100

Deposit certificates under act December 24, 1861:

Issued. . . . . . . . . . . . . . . . . . . . . . $69,005,370

Redeemed. . . . . . . . . . . . . . . . . . . . 12,516,400

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56,488,970

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145,475,370

TREASURY NOTES.

3. 65 notes. . . . . . . . . . . . . . . . . 992,000

Two-years' notes. . . . . . . . . . . 10,919,025

English currency. . . . . . . . . . . 272,022,467

7. 30 notes. . . . . . . . . . . . . . . . . 120,480,000

$1 and $2 notes. . . . . . . . . . . . 6,216,200

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410,629,692

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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556,105,062

In the above statement is contained a large amount of bonds and interest-bearing notes, which are on hand in the various depositories not yet issued. It is importance to bear this in mind in estimating the effect of the act of the last session upon funding Treasury notes. The loans in which such notes are funded are those mentioned in the schedule as loans of May 16, and August 19. The amount of those loans, as reported at the last meeting of Congress, was on the 1st of August $41,577,250.

By the statement now reported the total amount

of these bonds is. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $73,999,400

From which should be deducted amount on hand

not yet disposed of, say. . . . . . . . . . . . . . . . . . . . . . . . 8,000,000

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65,999,400

And in order to ascertain the amount of Treasury

notes funded there must be deducted for the bonds

issued for produce, say. . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000

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58,999,400

Deduct amount reported August 1. . . . . . . . . . . . . . . . . . 41,577,250

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Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,422,150

This balance shows the amount of Treasury notes funded in five months, the average being about three and a half millions per month.

During the same period the interest-bearing Treasury notes have increased from $22,799,900 to $120,480,000; increase, $97,680,100; from which deduct notes on hand, $11,004,600; read increase, $85,775,500.

This large increase of interest-bearing notes affords satisfactory evidence that the issue of them was a judicious measure, and for any ordinary war the bonds and interest notes, amounting together to a monthly sale of $20,500,000, would have sustained the Government without any resort to paper currency. But the estimates call for