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STATES.

Sq. miles.

Inhabitants.

Malta........

prived of many rights which they enjoy in was hurled from his throne on the 15th January, 1859. nearly every country of Europe; stiil

, the In the following year, Francis II., King of Naples, rigorous laws against the press, and the right and again another deposition was announced. Otho, of holding meetings, were relaxed, and the King of the Hellenes, was driven from his throne by number of Liberal papers therefore largely in- an insurrection in 1962. Three years later, Prince creased. Russia issued new edicts for the ex- Couza lost the quasi-sovereignty of Roumania. In tirpation of the Polish language and nation. 1866, the Emperor of Austria definitively gave up ality, but made considerable progress in point saved his empire. In the same year Prussia' overof education, in the extension of her railroad threw the thrones of Hanover, Nassau, and Electoral system, and other points of home administra- Hesse; and Maximilian fell in Mexico. During all tion. Turkey feels herself compelled to make this lapse of time no constitutional monarchy has every year some concession to the liberal ten- been disturbed-no revolution has taken place in

England or in Sweden, where the young dynasty dencies in the Christian provinces. The most continues; in Belgium the royal house has survived important reform introduced last year was the the storms of 1848; so in Portugal. organization of a Council of State, to consist of fifty members, both Mohammedans and the official censuses or calculations published

At the close of the year 1868, according to Christians.

The overthrow of the throne of Queen Isa- up to that time, the area and population of the bella of Spain adds another to the many vicis- countries of Europe were as follows: situdes which have befallen monarchy in Europe since the beginning of the present century. Absolute monarchy is nearly gone, and an irre- Andorra

149 12,000 sistible current drives the peoples onward, tow- Anhalt

1,026 197,041 Austria..

240,381 35,553,000 ard securing greater liberties, and more and more

Baden..

5,912 1,434,970 threatens the very existence of all monarchies. Bavaria .

29,373 4,824,421 In view of the unceasing conflict which may Belgium

11,373 4,984,451 bring important changes in the course of the Bremen...

74 109,572

Brunswick year 1869, the following brief retrospect (from

1,425 803,401 Denmark....

14,734 1,608,095 the Paris Siècle) of the fate of European mon- Faroe and Iceland.

40,258 75,909 archy will be found useful for reference, when- France.

209,428 38,192,094 ever a new change may take place :

Great Britain

121,115 29,321,288

Heligoland, Gibraltar, and The great conqueror of the century, he who trans

145 163,683 muted the French Republic into a sort of universal Greece....

18,347 1,096,810 monarchy, Napoleon I., was thrown down definitively Ionian Islands

1,006 251,712 in 1815. His brothers, the Kings Jerome and Joseph, Hamburg.

156 305,196 had already succumbed., Murat, King of Naples, dis- Hesse-Darmstadt.

2,970 823,138 appeared soon after. Immediately upon being re- Italy......

109,837 24,368,787 stored, the Bourbon monarchy in Spain began to tot- Lippe-Detmold

438 111,352 ter. It lost all its American colonies, which became Lippe-Schaumburg.

171 31,186 republics, and Ferdinand VII. was kept on the throne Lichtenstein.

62 7,994 only by the French expedition in 1828. In the follow- Lubeck...

107 48,538 ing year took place the fall of Iturbide, Emperor of Mecklenburg-Schwerin

5,190 560,618 Mexico. The Sultan of Turkey was shortly afterward Mecklenburg-Strelitz

1,052 98,770 deprived of Greece, which was proclaimed an inde- Monaco ..

1,877 pendent monarchy on the 3d of February, 1830. In Netherlands

12,680 3,552,665 the same year fell the Dey of Algiers, and also Luxemburg

199,958 Charles X., led on by M. de Polignac, and the Ultra Le- Oldenburg..

2,469 315,622 gitimist and clerical faction. The King of Holland Portugal..

36,494 3,987,861 lost Belgiam, that is to say, one-half of his states, on Azores and Madeira..

1,483 363,658 the 25th of August, and the deposition of the house Prussia...

135,806 24,043, 296 of Orange-Nassau was proclaimed at Brussels. The Reuss-Elder line

145 43,899 Duke Charles of Brunswick was, on the 7th Septem- Reuss-Younger line

88,097 ber, 1830, driven from his dominions by an insurrec- Russia ...

2,050,293 67,260,431 ton. The Czar, at the same epoch, lost Poland for San Marino.

5,779 & time. In 1833, the too famous Dom Miguel, King Saxony

5,779 2,423, 401 of Portugal, was compelled to cede the crown to Donå Saxe-Altenburg

141,426 Maria, daughter of Dom Pedro, who retained the sov- Saxe-Coburg-Gotha .

760 168,735 ereignty of Brazil. Louis Philippe was sacrificed to Saxe-Meiningen..

180,335 the faults and obstinacy of M. Guizot. On the 1st Saxe-Weimar-Eisenach.

1,404 283,044 December, 1848, the Emperor Ferdinand of Austria Schwarzburg-Rudolstadt

374 75,074 had to abdicate, in order to avoid being expelled. At Schwarzburg-Sondershausen..

67,500 that epoch Pius IX. was brought back to and has Spain.....

195,607 16,302,625 since been supported at Rome only by the French atras, Austria, for a short time, lost possession of States of the Church .

4,552 723,121 Hungary. The King of Prussia, Frederick William Sweden....

170,634 4,070,061 IV., threatened all along from 1848, was forced on the

Norway.

120,295 1,701,478 6th of February, 1850, to take an oath to preserve the Switzerland..

15,722 2,510,494 Prussian charter. In 1855, Nicholas I. died of vex- Turkey...

131,295 13,544,000 ation and wounded self-love, because he was stopped

Roumania..

46,710 3,864,848 on the road to Constantinople. In 1859, the Duke

Servia ..

21,218 1,078,281 of Modena, the Duchess of Parma, and the Grand

Montenegro

1,709 196,238 duke of Tuscany were struck out from the list of Waldeck...

56,805 reigning princes.' Soulouque, the Emperor of Hayti, Wurtemburg

7,532 1,778,479 as follows: “ Navy Department.

6

991

320

22

510

956

332

433

The total area of Europe is about 3,786,000 1866 was 3.1 in France, and 4.2 in England. square miles, and the total population about The death-rate in France in 1866 was 23.26 per 293,500,000. The number of the population 1,000 of population; that of England being connected with the Roman Catholic Church 23.61. The population of the kingdom of Italy is 142,117,000; of the Protestant population, in 1866, exclusive of Venetia, was 22,703,135; 68,028,000; of the population of the Eastern the death and birth rates respectively were 28.96 Churches, 69,782,000.*

and 38.62 per 1,000 of population. Spain, with The progress of statistical science in all an estimated population in 1866 of 16,516,949, countries of Europe supplies us with valuable returned a death-rate oi 28.05 per 1,000, and a comparative statistics, showing the relative birth-rate of 37.03 per 1,000. The results for position of the several countries in point of the Austrian empire, exclusive of the states of progress, prosperity, and morality. Special Italy, show a population in 1866 of 37,929,918; attention is devoted to the statistics illustrat- the respective death and birth rates were 32.32 ing the movement of population. From recent and 40.34 per 1,000 persons living; the mar. publications on this subject, we learn that in riage-rate was low, 14.58 persons married to France the marriages, which had declined from 1,000 of population; but it will be remembered 305,203 in 1861 to 298,838 in 1865, rose in 1866 that 1866 was the year when disaster befell the to 301,390; but the births, which numbered arms of that empire. Thus, the returns of 994,288 in 1866, were 12,465 less than the num- Austria show a birth-rate much higher than ber'in 1865. To 100,000 of the population in the English rate, and conspicuously higher France in 1866, there were 1,584 persons mar- than the French rate. The birth-rates of Italy ried, while the proportional number in Eng- and Spain are both higher than the English land was 1,770; and to 100,000 of population rate, and show a superiority only too striking in either country, the number of births was over that of France. The death-rate of Aus2,612 in France, and 3,554 in England. Tak- tria is considerably higher than the rates of ing the interval between the mean age of the England and France, and the death-rates of mothers at marriage and their mean age at the Spain, as well as of the Italian kingdom, conbirth of their children at six years, then the trast unfavorably with those of England and number of legitimate births to a marriage in France.

F

ESTIMATED.

FINANCES OF THE UNITED STATES. The estimated receipts and expenditures for No change was made in the general system of the remaining three-quarters of the same year finance of the Federal Government during were as follows: 1868. The results were in some respects more favorable to the Treasury; but the greatest Receipts from Customs.......

$115,800,000 00 improvement was made in the circumstances

Lands

700,000 00

Internal revenue.. of the people by the progress of recovery from

155,000,000 00

Miscellaneous sources... 25,000,000 00 the destructive effects of war. A statement of the receipts and expendi

$296,000,000 00 tures of the Government for the first quarter The expenditures for the same period, acof the fiscal year ending June 30, 1868, and cording to his estimates, will be an estimate of the same for the remaining three-quarters of the year were made by the For pensions and Indians

For the civil service

$37,000,000 00

22,000,000 00 Secretary of the Treasury in his annual report for the War Department, including $24,of December, 1867. The actual receipts of the

500,000 for bounties...

100,000,000 00 For the Navy Department.

22,000,000 00 first quarter of the fiscal year above-mentioned For the interest on the public debt........ 114,000,000 00 were as follows:

$295,000,000 00 Receipts from customs $48,081,907 61 " Lands. 287,460 07

Leaving a surplus of estimated receipts over " Direct tax..

647,070 83 • Internal revenue... 53,784,027 49

estimated expenditures of $1,000,000. “ Miscellaneous sources. 18,361, 462 62

The actual receipts and expenses, however,

$121,161,928 62 of the fiscal year ending June 30, 1868, exExpendit's for civil service.. $13,152,348 08 Pensions and Indians. 10,484,476 11

ceeded the estimates by $69,971,427, and were " War Department... 30,537,056 35

5,579, 704 67 “ Int. on public debt.. 38,515,640 47

Receipts from customs... $164,464,599 $98,269,226 18 Receipts from lande...

1,348,715 Loans paid $200,176,868 84 Receipts from direct tax.

1,788,145 Receipts from Loans..... 135,103,282 00

Receipts from internal revenue.. 191,087,589

Receipts from miscellaneous Reduction of Loans

$65,073,086 34 sources (of which amount there

was received, for premium on * Tables of the Roman Catholic, Protestant, and Eastern bonds sold to redeem Treasury Churches in every country of Europe, corrected up to notes, the sum of $7,078,203).. 46,949,033 January, 1869, are given in Schem's American Ecclesiastical and Educational Almanac. (New York, 1869.)

Total receipts, exclusive of loans $405,638,083

Expenditures for the civil service

notes which had accrued prior to November (of which amount there was paid, for premium on purchase

1, 1867. Excepting these unusual expendiof Treasury notes prior to ma

tures, consisting of donations of public money turity, $7,001,151).

$60,011,018 Espenditures for pensions and

in the form of bounties and additional subsiIndians

27,883,069

dies to railroad companies, the receipts would Expenditures by War Department 123, 246,648

have exceeded the expenditures $43,787,412. Expenditures by Navy Department

25,775,502

During the period the amount of debt bearExpenditures for interest on the

ing coin interest has increased $712,393,459. public debt....

140,424,045

The change in the nature of the debt is shown Total expenditures, exclusive of principal

by the following details : of public debt...

$377,340,284 The public debt on the 1st day of November, For the fiscal year commencing on July 1, 1867, amounted to $2,491,504,450, and consist1868, and ending on June 30, 1869, the receipts ed of the following items: and expenditures of the first quarter, ending Debt bearing coin interest.

$1,778,110,991 September 30, 1868, were as follows:

Debt bearing currency interest..

426,768,640

Matured debt not presented for payment... 18,237,538 The receipts from customs. $49,676,594

Debt bearing no interest...

402,385,677 The receipts from lands...

714,895 The receipts from direct tax...... 15,536

Total....

$2,625,502,848 The receipts from internal revenue 38,735,863

Cash in the Treasury

133,998,898 The receipts from miscellaneous sources (of which amount there

Amount of debt, less cash in the Treasury. $2,491,504,450 was received, from premium on bonds sold to redeem Treasury

On the first day of November, 1868, it notes, the sum of $587,725)... 6,249,979

amounted to $2,527,129,552, and consisted of Total receipts, exclusive of loang........ $95,292,868

the following items: Expenditures for the civil service

Debt bearing coin interest....

$2,107,577,950 (of wbich amount there was paid,

Debt bearing currency interest

114,519,000 as premium on purchase of Treas

Matured debt not presented for payment... 9,753,723 pry notes prior to maturity,

Debt bearing no interest..

409,151,898 $300,000)..

$21,227,106 Expenditures for pensions and In

Total....

$2,641,002,572 dians.....

12,858,647
Cash in the Treasury

113,873,019 Expenditures for War Department 27,219,117 Expenditures for Navy Depart

Amount of debt, less cash in the Treasury. $2,527,129,552 ment..

5,604,785 Expenditures for interest on pub

Other causes existed to produce a disprolíc debt.....

88,742,814

portionate relation between the receipts and Total expenditures, exclusive of principal

expenditures as compared with former years. of public debt....

$105,152 470 A large reduction of the internal taxes was Estimates were made by the Secretary of made at the session of Congress beginning the Treasury of the receipts and expenditures December, 1867, especially on manufactures. of the remaining three-quarters of the same On the other hand, large expenditures were year-ending June 30, 1869—which were as necessary to sustain the military operations on

the frontier and the forces stationed in the From customs. $125,000,000 00 Southern States.

These considerations give From lands.

1,000,000 00 a very favorable aspect to the public debt. From internal revenue.

100,000,000 00 From miscellaneous sources..

The following table (see next page) gives a 20,000,000 00

statement of the indebtedness of the United Receipts......

$246,000,000 00 States on June 30, 1868. And that the expenditures for the same pe- Since the close of the war in 1865—a period riod, if there be no reduction of the army, will ofthree years and seven months—the receipts of be

the Government from all sources have reached For the civil service..

$40,000,000 00 the sum of $1,662,496,062. Of this large sum For pensions and Indians

18,000,000 00 there were $630,431,125 paid on debts which For War Department, including $6,000,000 bounties..

66,000,000 00 were actually due at the close of the war, and For Navy Department.

16,000,000 00 for bounties, which, like the pay of the army, For interest on public debt.

91,000,000 00

were a part of the expenses of the war. If Expenditures

$231,000,000 00 this amount is added to the debt as exhibited Thus making an estimated surplus, under the by the books of the Treasury on April 1, 1865, present laws, of $15,000,000.

it appears that the debt of the Government The increase of the public debt during the was at that time $2,997,386,203, and that the Fear ending October 31, 1869, was $35,625,202. actual reduction has been $470,256,650. The expenditures which caused this increase A further comparison of the facts presented were of an extraordinary nature, and con- at different periods will serve to demonstrate sisted in part of $24,182,000 advanced to the tendency of the financial affairs of the the Pacific Railroad, and $7,200,000 paid for Government, and to illustrate the important the purchase of Alaska. Some other extraor- results which have been achieved. At the dinary advances were made, which increased close of the war in April, 1865, the cash in the expenditures: thus, $44,060,516 were paid the Treasury was $56,481,924, while there for bounties, and not less than $4,000,000 for in- were requisitions waiting for payment to the terest on compound and seven and three-tenths amount of $114,256,548. In addition, there

follows:

STATEMENT OF THE INDEBTEDNESS OF THE UNITED STATES, JUNE 30, 1868.

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Loan of 1842........ 20 years.... After December 31, 6 per ct. per Par.. $17,000,000 $8,000,000 $6,000 00

1862.

annum. Loan of 1847...

20 years....

After December 31, 6 per ct. per Par.. 23,000,000 28,207,000 742,250 00

1867. Loan of 1848....

20 years....

After July 1, 1868... 6 per ct. per Par.. 16,000,000 16,000,000 6,151,191 80 Texas indemnity... 15 years.... After December 31, 5 per ct. per Par.. 10,000,000 5,000,000 256,000 00

1864.

annum, old fanded debt.... Demand.... On demand 5 and 6 p.ct. Par..

113,915 43 Treasury notes.. On demand 1 mill to 6 Par..

104,511 64

per cent. Treasury notes..... 1 year... 1 year after date.... 5 to 54 p. ct. Par.. 20,000,000

2,600 00 Loan of 1858. 15 years.... December 31, 1873.. 5 per ct. per Par.. 20,000,000 20,000,000 20,000,000 00 Loan of 1860........ 10 years.... After December 31, 5 per ct. per Par.. 21,000,000 7,022,000 7,022,000 00

1870. Treasury notes..... 1 year...... 1 year after date ... 6 and 12 p.c. Par.. 10,000,000 10,000,000

500 00 per an. Loan of Feb. 8, 1861. 10 or 20 yrs. After June 1, 1871.. 6 per ct. per Par.. 25,000,000 18,415,000 18,415,000 00

annum. Treasury notes...

2 years..... 2 years after date 26 per cent $ 22,469,100 22,468,100
60 days..
60 days after dates

per an,
12,896,850 12,896,350 $

3,550 00 Oregon war..

After July 1, 1881... 6 per ct. per Par.. 2,800,000 1,090,850 945,050 00 20-year sixes... 30 years.... After June 30, 1881. 6 perct. per

50,000,000 50,000,000 00 7-30 notes (two is-} 3 years... { After Ang. 18, 1864. 37-30 p. ct.

per an.

189,999,750 189,317,150 00 Demand notes Payable on Demand..... None...

60,000,000 141,723 00 demand. 20-year sixes....... 20 years.... After June 30, 1881. 6 per ct. per Par.. Exchangeable.

43,950 00 for 7.30

treas'y notes. Five-twenties...... 5 or 20 yrs.. After April 30, 1867.6 per cent.. Par.. 515,000,000 514,780,500 514,780,500 00 United States notes,

None....... Par.. 450,000,000

356,000,000 00 new issue. Temporary loan.... Not less After 10 days' no-4, 5, and 6 Par.. 150,000,000

13,797,029 00 than 30 days tice.

per cent. Loan of 1863.. After June 30, 1881. 6 per cent.. Pre’m 75,000,000 75,000,000 75,000,060 00

4.13 Treasury notes... 2 years. 2 years after date .. 5 per cent.. Par..

1 year..
1 year after date ... 5 per cent.. Par. 400,000,000

211,000,000 555,492 00
Gold certificates
On demand ...
Par.. Not specified.

17,678,640 00 Ten-forties.... 10 or 40 yrs. After February 28, 5 per cent.. Par.. 200,000,000 172,770,100 194,566,400 00

1874. Five-twenties ...... 5 or 20 yrs.. After October 31, 6 per cent.. Par..

3,882,500 00 1869. Certificates of in- 1 year. 1 year after date.... 6 per cent.. Par.. Not specified.

18,000 00 debtedness. Postal currency..

Par.. Not specified.

4.881,091 27 Fractional currency

500,000,000

27,745,860 48 Five-twenties... 5 or 20 yrs.. After October 31, 6 per cent..

125,561,300 00 1869. Treasury notes..... 3 years.. 3 years after date .. 6 p.ct. com. Par..

17,250,000)

interest. Treasury notes..... 3 years..... 3 years after date.. 6 p.ct.com. Sub'tute redd 177,045,770 28,161,810 00

interest.

õp. c. notes. Treasury notes..... 3 years..... 3 years after date .. 6 p.ct.com.

22,728,390) interest.

400,000 000 7-30 treasury notes. 3 years..... 3 years after August 7.30 per ct.. Par..

234,400,000 15, 1864. 7-30 treas'y notes, After Aug. 14, 1867.

37,717,650 00 three issues....)

3 years... After June 14, 1868. 73-10 p.c. Par.. 600,000,000

After July 14, 1868..
Five-twenties...... 5 or 20 yrs.. After October 31, 6 per cent.. Par..

197,794,250 00 1870. Five-twenties.... 5 or 20 yrs.. After June 30, 1870. 6 per cent.. Par..

332,928,950 00 Five-twenties. 5 or 20 yrs.. After June 30, 1872. 6 per cent.. Par

365,248,150 00 Five-twenties.. 5 or 20 yrs.. After June 30, 1873. 6 per cent.. Par

17,648,950 00 Union Pacific R. R. 30 years.... After January 15, 6 per cent.. Par..

29,089,000 00 Co. bonds.

1895. Three per cent. cer

On demand 3 per cent. . Par.. 75,000,000 50,000,000 50,000,000 00 tificates.

$2,636,320,964 67

were $52,452,328 of temporary loan certificates edness issued to contractors, and maturing liable to be presented in from ten to thirty daily. At this time the expenses of the army days, and $171,790,000 certificates of indebt- were $2,000,000 daily, and the vouchers issued by the Government to contractors for the been collected and some thirteen hundred millions of necessary supplies of the army and navy were

dollars of temporary obligations have been paid sold at a discount of from ten to twenty per cent. shape, not only without a financial crisis, but with

or funded, and a great debt brought into manageable Under these circumstances the Treasury was out any disturbance to the ordinary business of the relieved by a loan of nearly $700,000,000 in country. To accomplish these things successfully, seven and three-tenths notes. This relief, the Secretary deemed it necessary, as has been before however, left the Government with $1,296,- in a strong condition, with power to prevent the 834,123 of the public debt, consisting of vari

credit of the Government and the great interests ous forms of temporary securities, $433,160,- of the people from being placed at the mercy of 569 of United States notes, and $26,344,742 of adverse influences. Notwithstanding the magnitude fractional currency. Of this temporary debt, and character of the debt, this power the Treasury portions were maturing daily, and all of it, in- been the well-known existence, rather than the cluding $18,415,000 of the funded debt, was exercise of it, which has in repeated instances saved to be provided for within a period of three the country from panic and disaster.

The gold years. The seven-thirty notes were, by law, reserve, the maintenance of which has subjected

the and the terms of the loan, convertible at matu- Secretary to constant and bitter criticism, has given

a confidence to the holders of our securities, at home rity, at the will of the holder, into five-twenty and abroad, by the constant evidence which it exbonds, or payable, like the rest of these tem- hibited of the ability of the Government, without porary obligations, in lawful money. Certifi- depending upon purchases in the market, to pay cates of indebtedness were also maturing at the interest upon the public debt, and a steadiness the rate of from $15,000,000 to $20,000,000 convertible value of the currency, which have been a per month; and in addition to the five per cent.

more than amplo compensation to the country for notes which matured in January following, any loss of interest that may have been sustained and the compound interest notes which were thereby. If the gold in the Treasury had been sold payablo at various times within a period of down to what was absolutely needed for the payment

of the interest on the public debt, not only would three years, there were $830,000,000 of seven

the public credit have been endangered, but the thirty notes, which would become due as fol- currency; and, consequently, the entire business lows:

of the country would have been constantly subject

to August 15, 1867.

$300,000,000

dangerous power of speculative combinations. June 15, 1868.

800,000,000 One or two questions of importance in conJuly 15, 1868

230,000,000 nection with the national debt were presented

during the year, and attracted much attention. The course pursued by the Department in The first related to the currency in which the this position of the debt is thus stated by the five-twenty bonds should be paid, whether in Secretary :

gold or in Government's notes (greenbacks). The policy of the Secretary was simply, first, to Those who advocated the payment of them pat and keep the Treasury in such condition as not only to be prepared to pay all claims upon

in Government notes, urged that the fivepresentation, but also to be strong enough to pre- twenty bonds were issued intentionally withvent the success of any combinations that might out any provision in the acts requiring pay, be formed to control its management; and second, ment in gold, except as to the interest, and to take up quietly, in advance of their maturity, with a reserved purpose that the Government by payment or conversion, such portions of the should be free to avail itself of the privilege of ternporary debt as would obviate the necessity of accumulating large currency balances in the Treasury redeeming them pending the suspension of and at the same time relieve it from the danger of specie payments; and that with this view, the being forced

to a further issue of legal-tender notes, bonds were made payable, at the option of the or to a sale of bonds, at whatever price they might Government, on the expiration of five years command. In carrying out this policy it seemed also to be the duty of the Secretary to have due from the date of issue, in whatever might regard to the interests of the people, and to prevent, then be the legal-tender money of the counas far as possible, the work of funding from disturb- try. This option, it was argued, was provided ing legitimate business. As financial trouble has against by the probable contingency that, after almost invariably followed closely upon the termination of protracted wars, it was generally feared, the conclusion of peace, the Government might us has already been remarked, that such trouble havd an opportunity of taking up its obligaFould be unavoidable at the close of the great and tions in the same depreciated paper for which expensive war in which the United States had been it issued them, and of renegotiating its loans important to avoid, as its occurrence might not only under the circumstances of the improved credrender funding difficult, but might prostrate those it resulting from the restoration of the national great interests upon which the Government depended authority. for its revenues. It was and constantly has been, To counteract these views, the subject of therefore, the aim of the Secretary so to administer specie payments was brought forward and the Treasury, while borrowing money and funding extensively discussed both in Congress and mercial crisis, and to keep the business of the by the public press. No decisive action was country as steady as was possible on the basis of taken on either proposition during the year. an irredeemable and constantly fluctuating currency; The following are the acts of Congress authorizo not he does not undertake to say, but the fact ing the issue of five-twenty bonds and also all is unquestioned that a great war has been closed, the acts of Congress authorizing the issue of large loans have been effected, heavy revenues have bonds or notes :

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