It is necessary to observe, however, that in the present state of the law the estimates of the department always largely exceed the expenditures. The law forbids the transfer of any part of an appropriation from one object or class of objects to another. Consequently, when any appropriation happens to be exhausted, expenditures for the objects of it, however important, must be arrested until a further appropriation can be had. Such an occurrence, during the recess of Congress, might occasion great public inconvenience and injury.

Hence it has become usual to make every estimate large enough to cover all possible requirements under it till a session of Congress shall afford an opportunity of providing for any deficiencies which may thereafter occur. Hence there is always a large balance of unexpended appropriations at the end of every fiscal year, which, after two years from the making of them, are carried to the credit of what is called the surplus fund.

It may be safely estimated, therefore, that of the ap

propriations made and asked for, there will remain unexpended on the 30th June, 1863, and should, of course, be deducted from the apparent aggregate of expenditures, not less than...

Leaving as a true aggregate of expenditures for the

year.

But of this sum there has been

received and may be expected

from customs, internal reve

nue, etc...

$200,000,000 00

788,558,777 62

$180,495,345 60

And from loans..

331,150,914 36

Making an aggregate of realized and anticipated re

sources of.

$511,646,259 96

And leaving to be provided for the current year by the action of Congress...

$276,912,517 66

The estimate for the fiscal year 1864, ending on the 30th June in that year, must be conjectured. The estimates of expenditures have been framed on the supposed continuance of the war, and the estimates of receipts are based upon the operations of recently enacted laws, the working of which cannot be accurately foreseen.

The estimates of expenditures are as follows:

For the civil list......

For the Interior Department, pensions, Indians, etc.

For the War Department...

For the Navy Department..

For interest on public debt.

$25,081,510 08

10,346,577 01 738,829,146 80

68,257,255 01

33,513,890 50

For principal of public debt..

19,384,804 16

$895,413,183 56

To which must be added the expenditures for which appropriations made are estimated as remaining undrawn July 1, 1863....

$200,000,000 00

Making an aggregate of expenditures to July 1, 1864,

for which appropriations are made or asked for, of $1,095,413,183 56 From which should be deducted the probable amount

of appropriations which will remain undrawn on the 1st of July, 1864....

Making the true amount of probable expenditures during the fiscal year, 1864....

250,000,000 00

$845,413,183 56

Making the aggregate of receipts for the fiscal year

1864 to be deducted from the aggregate of expenditures....

And leaving the amount of expenditures of the fiscal year 1864, to be provided for...

223,025,000 00

$622,388,183 56

The whole amount to be provided by Congress, beyond resources available under existing laws, may therefore, upon the supposition of the continuance of the war, be stated as follows:

The following is the statement for the fiscal year ending November 15,

The following is a statement showing the total tax and taxable property in Cincinnati and Hamilton County, which includes that city:

In Cincinnati the valuation of property is over $93,000,000, and the tax $1,709,500.

FINANCES OF ILLINOIS.

In 1840 or 1841, the Governor of Illinois in his message stated that there was not enough money in the Treasury to buy candles to allow the Legislature to hold evening sessions, and also that there were official letters then in the post office which they had not the money to take out. Now this same State can boast of being one of the most wealthy. Its progress has been truly wonderful. The following interesting tables are made up from the Auditor's report. They show the present and past assessed value of the property in the State. The assessor's valuation does not however give the true value-that is much greater. For instance, the census report places the true value of real estate and personal property in Illinois in 1860 at $871,860,232, while the figures below make it at the same time only $367,227,742. We cannot understand how there can be so great a difference between the real and assessed valuation, and think there must be an error somewhere. Yet the statements below will account for a part, and perhaps a large part of this difference. The Auditor gives the following:

The following exhibits the value of property in the State for a series

of years, the rate of taxation, and the gross amount of State tax:

1,084,579

1,035,673

From 1825 to 1860, inclusive, the rate of taxation remained at 6.7 mills on the dollar. In 1851 the revenue tax was 5 cents on the $100; the school and interest tax 20 cents each on the $100, being a total of 45 cents on the $100.

The valuation of property has been greatly reduced, year after year, by the assessors, until at the present time, as will be seen by the appended table, it is most ridicuously low: