26, May 3, 66 10, June 7, 66 14, 21, 66 28, July 5, BANK OF ENGLAND. The returns of the Bank of England the past month show a further decrease in bullion each week, the same causes continuing to operate, though to a less extent: For the week ending November 12 £364,287 66 66 66 66 19. 26. 224,952 145,578 9,179 181,751 The following comparative table will be found of interest, affording as it does, a view of the bank returns, and the bank rate of discount during a period of three years, corresponding with the date of our last returns received December 10th: Subjoined is our usual table with the returns brought down to December 10th: Date. Jan. 1.. 8.... 66 15. 22 44 29 66 £20,818,190 £7,345,833 £15,036,062 £30,419,730 £15,961,439 3 pr. ct. 21,086,675 4,542,974 18,206,488 $1,022,505 16,046,017 2 21,460,925 4,583,353 16,480,452 29,509,854 16,291,626 2 21,697,928 5,467,340 15,366,081 29,464,720 16,350,939 24 21,183,376 5,753,063 14,751,486 28,696,456 16,280,369 2 21,427,554 5,788,441 14,179,917 28,834,352 15,956,903 24 21,236,312 4,884,989 15,526,334 29,010,241 16,042,949 24 20,772,726 5,397,144 15,085,843 28,771,812 15,894,405 2 20,736,715 5.762,849 14,939,742 29,024,962 15,749,065 2 Mar. 5.... 21,217,246 6,755,287 13,737,507 29,692,441 15,673,898 24 Feb. 5. 12. ❝ 19. "26... 20,013,685 7,527,911 18,763,718 29,489,795 16,027,111 24 20,483,509 8,011,694 13,340,928 28,953,089 16,548,586 24 20,814,655 8,413,275 13,154,258 29,140,207 16,812.798 24 21,501,595 8,456,468 13,622,532 30,398,790 16,849,198 2 21,822,105 5,625,314 16,336,169 29,981,793 16,881,940 2 22,048,463 5,225,132 15,710,260 29,325,888 16,743,434 2 21,655,553 5,584,973 15,915.247 29,022,128 17,172,204 24 21,946,997 6,867,375 14,357,007 29,164,075 17,089,446 2 May 7.... 21,752,884 7,503,991 13,866,643 28,961,214 17,265,745 24 21,618,780 6,304,683 14,948,308 29,076,079 16,919,147 24 21,539,430 6,557,811 14,567,671 29,433,044 16,344,940 3 21,265,561 6,937,808 14,685,087 29,824.704 16,178,815 3 21,515,263 7,518,007 13,188,136 29,841,864 15,489,723 3 21,329,641 8,825,516 13,156,662 51,396,492 15,036,100 3 21,076,059 9,322,949 13,085,271 31,342,547 15,268,453 3 25.... 21,172,057 9,629,594 13,399,245 31,424,661 15,909,638 3 July 2.... 22,242,361 9,672,345 13,851,869 32,709,039 16,220,771 8 9.... 22,504,490 5,429,939 17,199.715 31,287,912 17,055,537 24 " 16.... 23,085,409 5,223,380 17,063,630 30,942,358 17,671,890 24 ❝ 23. 22,942,503 5,291,213 17,202,923 30,631,501 18,060,617 2 22,933,036 5,895,840 16,903,068 30,542,050 18,448.443 2 23,378,393 6,157,358 15,232,959 30,162,297 17,956,938 2 22,920,727 6,838,546 14,594,854 29,929,352 17,778,846 2 22,900,555 7,150,252 14,568,007 30,309,703 17,674,604 2 22,079,890 7,508,882 14,865,006 30,106,295 17,678,698 22,348,918 7,671,934 14,973,470 30,808,748 17,825,220 21,895,385 8,768,329 13,809,643 30,504,527 17,611,538 2 21,610,987 9,074,279 13,733,905 30,700,116 17,3 5,753 2 21,300,731 9,268,106 13,825,230 30,874,552 17,166,742 2 16,949,137 2 Oct. 1.... 22,365,351 8,486,834 13,595,337 31,140,897 29.... 21,733,522 6,091,697 16,455,543 31,839,976 15,516,854 3 Nov. 5.... 21,878,952 6,271,105 14,797,889 30,788,184 15,425,810 3 21,234,960 6,928,047 14,738,147 30,605,289 15,389,523 21,080,182 7,354,390 14,004,015 30,372,843 15,164,57! 20,675,944 7,390,865 14,376,780 30,531,585 15,018,993 3 3 20,554,545 8,195,360 13,649,958 30,464,758 15,009,814 10.... 20,116,003 8,490,519 13,579,189 30,451,472 14,828,063 8 WE give the following from the report of Mr. CHASE, Secretary of the Treasury, submitted to Congress now in session : In consequence of the extensive character of the means employed for the prosecution of the war, and the exigencies which have arisen during the progress of the war calling for unanticipated expenditures, the estimates submitted in July, 1861, for the year ending June 30, 1862, were exceeded by the actual expenditures. It will not be a matter of surprise if the estimates now submitted for the year ending June 30, 1863, are also exceeded. The estimates submitted at the July session of 1861, were based on estimates for an army of 300,000 men, and for a naval force quite inconsiderable in comparison wit that found afterward indispensable. Congress increased the army to 500,000, in addition to special corps numbering over 50,000. In consequence of this the estimates for July required correction in December. For the reason that the President has called an additional force of 600,000 men the estimates for the current fiscal year must prove inadequate. The increase of the army, however, did not greatly effect disbursements between the date of the December report and the close of the fiscal year. The increase of debt did not, therefore, exceed the December estimate. On the contrary, while the estimate anticipated a public debt on the 30th June, 1862, of $517,372,802 93, its actual amount on that day was $514,211,371 92. This amount does not include unascertained claims, but only that debt, the evidences of which exist in the treasury, upon its books or in the form of requisitions in favor of creditors or disbursing officers. It is not probable, however, that at the date named, these claims much if at all exceeded the balance in the treasury, namely, $13,043,546 81. But while the public debt on July 1, 1862, did not reach the amount anticipated by these estimates, there is no room for the hope that the result of the current fiscal year or the next will exhibit a similar proportion. On the contrary, the estimate of the public debt on the 1st of July, 1863, heretofore submitted, must now be advanced, in view of the unexpected increase of expenditures, authorized and incurred or likely to be incurred, to $1,122,297,403 24; and on the supposition that the war may be continued with undiminished disbursements until the 1st of July, 1864, the debt likely to have been then incurred must be estimated at $1,744,685,586 80. The Secretary has endeavored to reduce the cost of the debt in the form of interest to the lowest possible amount, and he has thus far kept it within very moderate limits. The first loans, being of a magnitude hitherto undreamed of in our market, were necessarily made at an interest which he regarded as high; but large amounts are now obtained at five and four per cent, while the circulation of United States notes constitute practically a loan from the people to their government without interest. The average rate on the whole loan is thus reduced to 4 3.5 per cent. Whether a similar result may attend future loans must be determined partly by the legislation of Congress, partly by the conduct of the war, and partly by the condition of the markets. The statements for the annual receipts and expenditures for the last and current fiscal year, in comparison with those of December, must undergo modifications similar to those of the public debt. Both receipts and expenditures for the current fiscal year will be increased, the former by the operations of the tariff and internal revenue, and the latter by the exigencies of the war. The annual receipts for the fiscal year of 1862 from all sources, includ ing the balance of $2,257,065 80 in the Treasury from the preceding year, were $583,885,247 06; and the aggregate expenditures $570,841,700 25; leaving a balance in the Treasury, July 1st, 1862, of $13,043,546 81. From the receipts and expenditures should be deducted the amounts received and disbursed during the year on account of permanent and temporary debt, amounting to $96,096,922 09; leaving the total of receipts not applied in payment of debt $487,788,324 97, and the total of current disbursements $474,744,778 16. Both the amount of debt and the amount of expenditure for the last year fall short of the estimates. The actual receipts for the first quarter of the fiscal year 1863, commencing July 1, 1862, appear from the books of the Treasury; the receipts of the remaining quarters can only be estimated on the basis of appropriations made and asked for by the several departments. They have been and are estimated as follows: For the 1st quarter, the actual receipts from all sources, excluding loans and including the balance from last year were. $37,208,529 02 For the 2d, 3d, and 4th, quarters, the estimated receipts are. 143,286,816 58 180,495,345 60 Making the total of actual and estimated receipts dur- $114,458,821 02 85,670,895 99 Making an amount already obtained from loans to 1st of December of....... And there must be added, also the amount which will probably be hereafter realized from loans in all forms, under existing laws, namely... $200,129,717 01 131,021,197 35 Making the total of receipts, actual and anticipated, under existing laws.... $511,646,259 96 On the other hand For the 1st quarter of the fiscal year 1863 the actual expenditures were..... $111,084,447 40 For the 2d, 3d, and 4th quarters the actual and esti- Making the whole amount actually expended or es- 672,834,841 78 109,418,032 30 $893,346,321 48 To which must be added the estimate for payment of principal of public debt during the year of...... Making an aggregate, for the purposes, of........ 95,212,456 14 $988,558,777 62 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 $180,495,845 60 And from loans.. 331,150,914 36 Making an aggregate of realized and anticipated resources of. $511,646,259 96 $276,912,517 66 And leaving to be provided for the current year by the action of Congress. 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 |