The New York Herald Newspaper, January 12, 1863, Page 2

2 THE FINANCES OF THE NATION. The Financial Condition of England, France, the United States and the Kebel States. The Laws Enacted by Con- gress ip 1862. NEW YORK HERALD, MONDAY, JANUARY 12, 1863. Though never before was it found wocessary 4 \posd taxes as heavy as those levied by she acts of 1802, yot twice before was it found expedient’ to require of the _people contributions for the support of the goverment in tho form of direct taxos. The ret occasion of thoir im position was after tie close of the Rerotution, when they were found necessary im order to liquidate (tne debt ro- maining Qo us. The second Occasion was during tho war of 1812. Though we wore: a newborn nation in 1789, having juat emerged from the long and dispiriting contest of the Revolution, we wore fortunate enough Lo have at tho bbad of our Treasury Department cue whose viows wore a8 clear and able as though be had had years of exporience The Great Financial Measures of the } in ts management, and whowe adiuinistration of ix high Year and Their Effects. COINAGE OF THE UNTED STATES. The Amount of Gold, Silver and Copper Coined in the United States. Taxation in Our Own and Other Countries, Rey Kees ae and respousible office was such as to inspire coulideuce in our nation, A sinking fund was established woder tho control of Gye commissioners, and to supply it a portion of the import dutics wore specifically set apart aud in” tornal duties levied. By these means the prompt paymoat Of interest on the public debt and tho evoutual tiquidation of the debt itself were provided for, Nothing could have been more gratifying than the result of this schemo The market value of our dobt was raised from point twenty-five per ceat below par to one twouty five por cent above. i In 1818 it was found necessary to impose @ direct an- nual tax of $3,000,000, which was aftorwards incroased to $6,000,000, tho intornal duties impoacd to pay the Revo- lutionary debt having boon repealed cloven yoars before, A8 a nation our Gnancial condition has almost always The'quostions relating to our national finances have as- | been prosperous. At Litnes our revonue has besa greater @umed, during tho past year, an interest which thoy never before possessed. Abstract questions of Qnance | ent to reduce tariffs and abolish bave been, in times gone by, the delight of theoretical Goanciers. Speculations on the probable effect of the in- troduction of certain systems havo ever been indulged in; but the storn necessities of war, tho demands of importu- nate generals, the obligations of the goverument towards ‘the hundreds of thousands of heroic men risking their Lives in its defence, have deprived the subject, of late, of its merely theoretical and speculative interest, and have Drought it home with improssive oarnestaess to (he minds it has been found expodi- interaal- duties, that our treasury might not overrun with, monoy, This prosperous condition was, however, boon reversed during the past year, and if bas been a perplexing question how to obtain tho ro” quisite monoy without damaging tho interests of the peo- ple. Whether tho vost plans have beea adopted or aot is &@ disputed question. During the year 1862 the greatest rosponaibility haa rested on those having the managemont of our national than wo needed, and Of all. &veryono now has an interest in it,not only | finances, The enormous army has been fed, clothed, the banker and professional Guancier, buteven the labor- er aud mechanic, who aro, in gommon with thoir richer fellow citizous, called on to contribute their support to the government. From time to time we have placed before equipped and maintained in tho fleld at an immonso ox- pense; the navy has been largely increased, and its efficiency promoted by the expenditure of much troasuro throughout tho sessions of Congress in 1861 and 1862. our readers valuable information concerning the finances | Therefore no more important measures were introduced or of our own and other nations, pointing out to the legisla tor the rocks and shoals on whieh othor governments have passed than those intended to give aid to the treasury. ‘The United States governniont had gonorally, up to tho truck “and stranded, and toaching tho groat mass | boginning of the rebaliion, been ouablod to obtain its ro- our patrons tho duties and obligations imposed 1 them by the laws of Congress. We have before venue from the duties on imports, by the payment of which an indirect tax is levied on the people, and by sales 4.3 @ Vast Dumber of statistics, some of which are of great | of public lands. But to these sources of revenue is now importance and interest. The opening year is a fitting | added the internal tax season for a review of tho groat (nancial measures which When it bocame necessary to obtain loans, and even to havo been adopted, and we propose, therefore, in the | issue paper money, it also becamo necessary, in the Present article, to present a genoral recapitulation of thom, together with such facts and figures connected with | of ‘tho Qnancial systems of the United States and the prin- highest degroe, to provide for the paymont interest on these loans, and for the final Iquidation of the debt thus created. This could be cipal. nations of the Old World as, in our judgment, may ‘| done in no other way than by direct taxation, and tho Prove of intorest to the goveral reader, ‘THE FINANCES OF ENGLAND. Englantl has always been regarded by us ag a nation to ‘bo pitied on account of its vast national debt. Our owa people—heretofore, free from taxation—have oongratu- tated themselves each year on thoir happy lot, as com- pared with that of tho tax-burdened subjects of Queen Victoria, Woe have thought of tho hardship of being cem- Pelied to pay tribute, in the form of a tax, on almost ‘Tax bill of tho last seseion was therofore introduced. ‘The measures adopted during the yoar have been o¢ three classes, each, however, connected with tho other, namely :— I. Loan bills, authorizing the Secretary of the Treasury to borrow money va the credit of the United Statos. Il, The Tax Dill, passed in order to give security to those who advanced money to the govornmoat, and ia order to ide for the payment of interest on the debt, and eventually the gent iteeit. HL, The Tariff laws, with the same iateot aa tho everything consumed or used; we have sympathized with | Tax law. ‘the poor peasant of Ireland, who has been bound w a go- ‘vernment he despised, and has been compelled to pay his taxes to itg support; it has been our boast that we have had the best government in the world, The aote of the first.class were aa follows, namely :— First—Tho Treasury Note bill of February 25, 1862,which was one of the most important moagures introduced. Ita principal provision was that authorizing the issue of fand one for the support of which our people have bed | $150,000,000 of demand notes, of deacminations not less Yess to contribute than aay other. The gigantic rebellion than $5. Only $150,000,000 of notes wore authorized by thas, however, humbled our §pride, and brought us to the | this law te circulate at any one timo, $50,000,000 of tho Jevot of Rngiand, insomuch as that we are required to | §150,000,000 being in place of those whose issue had al- g@ubmit to the payment of tazcs for governmental sup- port, though we can congratulate Ourselves that our dobt ready been authorized by the act of July 21, 1861, and which ‘the law required to be taken up and aot roweuod. is otill emall as compared with that of Groat Britaia. The | Tho law of February 26, 1068, contained the legal tendor financial report of tho British House of Commons states | clause, making the notes receivable for all dues oxcopt that the debt, funded and unfunded, of the United Kingdom on tho 3ist of March, 1861, was £805,664,387, duties on imports; Five hundred millions of the “Fivo- Twenty’’ bonds were also provided for, which the Secre- Or, expressed ip our curreacy, $8,809,415,683 00. Tho | tary was authorized to dispose of at market rates, [¢ following table shows how this debt increased up to | appears that this last mentioned provision has aot ope. March 31, 1850:— ‘DwST OF GREAT BRITAIN AND IRELAND. Sterling. (nietey tle ger ae 128 5-10 tracted during American Debt in 1784. . 240 8-10 Paid from 1764 10 5-10 Dobt at boginning ef French war.... 239 3.10 Cortragted during the freach war.. . 601 5-10 ——. bt, funded and upfuaded, Feb. 1, 1817 840 8-10 1817, to March 31, Hed from Feb. 1, al debt United Kingdom, March 31, 69—£806,078, rated favorably, as tho Seoretary, in his last report, ro- commonded its repeal, for the following reasons:—‘‘The elect of these previsious was to make nogotiations 121 3.10 | Of considerable amounts impossibic; for coasideratle amounts are seldom taken, oxcept with a view to resales at a proat, and resales at soy progt are impoesible under the law. Nogotiations below market value are net allow- ed, and if not allowed the taker of the bonds can oxpect po advance, unless a market value coasiferably bolow Parshall become established. The act makos advance above par impossible, by authorising conversion of 35 7-10 | United States notes into bonds at that rato." Tho act of which wo are spoaking roquiried dutios to + 84, mint price of pound sterling ...$3,806,580,201 86 | be paid in gold or demand notes of tho first issue, and ‘funded debt, March 31 ,50.£786,801 164 Exelicquor bills outstanding. 13,277,400 Exchequer bonds.........+.+ 6,000,000 Total... cececeeeeeee e+ e+ +S805,078,656 Intorest on funded debt in 1359.£23,611,055 at 3 per cent. Annuities 023,729 Mauagement of eee 90,019 Chargod on debt and annuitics in 1859... £27,124,904—$134,108,051 Interest on 144. ver diem......... 734,153 Interest on exchequer bonds at 3; aud 3% per cent per an. 156,260 Total charged on debt in 1850. ..£28,615 207-8138 483 081 British debs per capita... $134 84 Annual charge of dobt per capita, 4qT ‘Tho British debt por capita in 1821 was ++ 193 00 Average nnnyal inereaso of debs from 1793 0 The table above shows that the British dobt has been wet apart tho coin received as a special fund for tho pay- ‘meat of interest and for the purchase of one per centum Of the entire debt of the United States 4s all the domand notes first authorized have not been redeomed, the payment of duties in gold has not yet been resumed. On the Ist of January, 1363, tho quantity of those outstanding will probably bo—according to the beat estimates—about $11,459,000. As it was necessary to obtain gold with which to pay the {uterest on tho national debt becoming due last November, in the absonce of any receipts at the Treasury Dopartment in coio, the Sub. Treasurer at New York adopted tho plan of offering to take on deposit gold coin, paying therefor interest at the rai of four per cont, and agroging to return the same to tho dopositors withig a specified timo, notice having frst been given of the intention to withdraw such deposit. The $121,273,376 | Pian was eminootly successful. A vast amount of gold was in the possession of business firms and banks, thoy by n0 moans stationary. A Cow yoars of peace oceurring, | having invested largely in it a the safest way of kooping tho nation was enabled te reduce the dobt slightly; but then @ groat war rapidly increased the indebtedness until ithad reached, in 1861, the enormous sum of nearly $4,000,000,000. The dodt received was during tho French war, which of itesle Cost the British the nice sum of $2,911,260,000, while our ‘heir monoy, and as it was, at one time, ons of tho best of articles in which to speculate. This gold, previous to this time, had been lying idle, being productive of no in- atest augmentation which the | terest, only affording the owner profit Dy its constantly increasing value, as compared with that ef legal tender notes. Whea the offer was mado, however, to take it on Revolution added over $585,000,000. These facts aud | Jeposit and pay four per cent for it, it was manifestly for figures speak for thomselvos. It is not our purpose to | the interest of ownors to avail themselves of the interog dwell longer on them at present; comparisons will be ‘more proper in another place. THE FINANCES OF FRANCE. Although Fraace has beon engaged ia many wars— rather than allow the geki to lio idle. Sccond—The second loan act of the year was approved by the President March 17,1862. [t authorized the issue Of cortificates of indebtedness, the purchase of coin on ome of them among the mest gigantic ever waged—ber terms considered advantageous by the Secretary of tho dobt is, notwithstanding, greatly inferior to that of Great Britaia, She has aa immenso army, a strong navy, anq bas been constantly engaged in the improvement of thera Treasury, aod made tho demand notes of the first issues Jegal tonder. Therd—The third loan bill of the year was equally im. both, in the accemplishmeat of which great expenditures | Portant with the first. It was approved’ July 11, 1862- have been necessary; but yet we Ond that the dedt on tho Ist of January, 1868, was probably only $2,206,000,000, which, groat as it is, is small compared with the $4,000,000,000 of indebtednessiof Groat Britain. Belew is presented a table similar to Uaat given in rola- tion,to Hritish fimances, show: the increase of the na- ‘ional debt of France from time to time, It will be seen that tho debt in 1857 was seven times as great as in 1914. Tho dobt per capita in Franco and Fugland is, in the for- mor, $61 28; in the lattor, $131 84, or more than twice ag much in Kugland ag tn France: — DENT OF FRANCE. Francs, Consolidated debt Jan. 1, '57. Floating debt, bearing int't. .. Floating debt net bearing int’t | | Dobt Jan, 1, 1857 84 t Jan. 1, es eeeees 929 566 $1,705 00647: Int. and charges on dobt, 1856.$100,303,176 ptheds 6 a | Debt in 1916 “ $240 521,000 70.415,200 Debt in IsS1.. 1,200,000,0 Dobt tn 1857, : "F080 ono Average jue. per annum from 1814 to 1851." 26/000'000 Average ino per annum from 1961 to 1857. —_84,000/000 Increase from Jan. 1, 1856, to Jam. 1857 Eatimatod increase since Jan. 1, 1857. Public debt on Jan 1, 1562 (estimated \t Six per cent intorest per annum. Debt por oaptta. ‘anual interest per capita. . . ‘The French, like the English, are hoavily taxed. Thoy | ¥ aunually (0 the. government $350,000,000, of which | ) the neighborhood of $520,000,000 are patd in the form interval taxes, the customs revenue being quite smal | ‘paratively, The principal sources of internal revenue | we ae fellownim Liconse, excise aud similar Taxes on land, &e. clamps, taxes, . 93,000,000 cave 090,008 | ehiebessecsyss F 68,000,000 PINANCTAL BISTORY OF THE UNITED STATES. At tho beginning of the present rebellion our indebted Does was very email indeed. so small that it cout’ d easily | bavo been paid in six months or a year, without impos. ng any very bard burden on our population. 1t was hon, aftor a national existence of over seventy years Yeas than $40,000,000, oF $16,000,000 less than whon wo | Commenced onr existence as a titutional governmen, th 1750, and Jess than one-half the annual intorost alone ‘on the Britwh debt * It has been believed by many not familiar with our Ancial history that the intreduction of taxation ware Pow thing in vor bistory, Suéh, however, is no: the fact, It authorized tho isgue of $160,000,000 more of logat tou- der notes. Fowrth—The Postage Currency bill, approved July 17 1862, may also properly be meationed under the bead of Joan Dills, iaasmuch as tt authorized the iesue of a new small note currency, to take the place of sposie, which bad gone out of circulation, and by the issue of whioh, it 48 bolieved , $40,000,000 will bo loaned to the government without intorest. Buch wore the loan bills passed aad approved in 1862. THE TAX BILL. ‘Tho Tax bill, signed by the President July 1, 1362, has besn placed ia operation, and already yiclds a consido- 16 revenue. THB TARIFF ACT. During the months of June and July the Tariff act of 1962 was under consideration, and dually passed July 11. The new act groatly raised the dutiag oa foreign goods im. Ported, and it was believed (bet its passags would enable the govaroment to realize $100,000,000 of revenue ia Addition to that afforded by the Tax bill, The receipts for duty throughout tho yaar at our Custom House have been very great indeed as compared with those of other | years. The now tariff, for some tine after its passage, seemod to have little effect on the importations, as they continued vory hoary, and yielded a large revenue. To ward the end of the year, however, a considerable de crease was manifest.which will not probably continue The following table exhibits the receipta for duty at the Now York Custom House in each month of the last three years. A comparison is Intorasting, showing, ax it does, the offect of the different tariff laws enacted during those yeare— TABLE OF CUSTOM HOVER REKIPTA AT NEW ToRK ty 1800, 1861 ayo 1962 1962 January. 3,351,687 3,565 4,281,775 4,147 201 4,706,024 4,008,927 TQ sit 4,762,631 5,280,045 % ’ 4,300,419 November 3,008,270 December . *2,582,805 Total.....5 ‘21,728,233 61,774,085 tabout THE BYFEOT OF PAPER I88UEA. ‘The iggue of auch large quantities of paper mioney by the guvernmout was an act of great moment, By # (ho volume of currency throughout the country waa greatly increased, and Wis increase hag, of course, brought is atteadant evils. At all timos a certain amouut of money, Othor than specie, Can bo absorbed, aad is ta fact noedod | by the people. But this amount ia timited; it cannot be iadefuitcly increased without tho most disastrous oilvcta At tho beginning of thé rgbellion’tne oid wmsdium of the couutry, aside (rm the specie coined by thie govera- ment, was in (he (orm of bank notes, some of thom amply secured and as good as the gold which would have boa given ior (hom om demand; others worthless, or ooarly 50. A year ago the bank note circulation of the country was about $130,000,000, and was not groatly ia excess of the amount whic could readily and properly bo absorbed by the people. Durtog the yoar, however, this circulation aloue had increased $37,000,000, making. the bank note Circulation on the Lét of Noyombor $67,000,000, Added to this wore the issues of demaud notes, which had come inté gonoral.use, Together thoy had increased tho circula- tion of papor enormously, until it had greatly exceodod tho absorbing powers Of the people, But tho government is- aues bad beca made receivable for all debts—they are a logal tondgr for all kinds of indebtedness, By making them ‘thus receivable, it waa thought by aomo that tho troublos naturatly ingidont to their issua could be averted. But in this our legislators have been woefully” disap- pointed. You cannot alter the lawa of Quance any more than you can those of nature, and this ik one of tho fuoda- mental rulos—that paper money cannot be issucd in great quantities without depreciating its valuo, tho do- preciation keépiag paco with thedssue. But it was not forcseou by all how thia depreciation could ooour, whoo the notes authorized by Congress wore mado a logal toudér. How'oan thoir value botess, when all aro.com- pelted by law to take thom for debi? if I buy a barret of dowr—ao it was roasoued bofore thé motes wero issued— and offer iu paymoat a legal tondor aote, I obtain what [ wish ag readily aa if [ offered a bank note or specie. How, then, cam the aotes be dopreciated? The poopie have found the anawor to the question sooner than thoy would have wished. To bo guro (he notes are no- minally worth tho amount expressed on their faco; but tho’ markot value of eyory species of merchandise and produce las increased ao that the effect has boon ox- actly tho same as if the notes themselves were rocolved for but seventy conta on a dollaP, Fivodollars in paper money would buy, during the tattor months of tho year, only aa much as $3 50 ta gold. Tho great differance in the valuos of specie and of paper money did not manifoat iteolf until after the terrible battles before Richmond last June and July. Up to that time the value of gold, as compared with legal tondor notes, was, moat of tho time, only as about $1 02 a $1 04 is to$t. But shortly after that timo tho difference in value began to increase rapidly, until in the autumn tho promium on gold had reached nearly forty per cent. It with bortaterqsting ,at gome future timo, to revort to this sdadon of doubt, and to oxamiao the fluctuating value of gold (or, more properly, Of legal tender notes) at that. time. Wo thorofore prosont bolow a table of the mar- Ket value of gold as compared with that of logat tonder notes during the most exciting mouth of the aeasoa:-— ‘TABLE BXYIRITING TUR DAILY FLUCTUATIONS IN THR VALUE OF GOLD AS COMPARED WITH THAT OF LEGAL, TENDER NOTRE, FOR ‘THE MONTH FROM OOTORER 10 TO NovaMnER 8, 1662. Octobor 10....12734 4129 October 27....430%K a 1315 October 11....128% a129 — Uctober 28. — 0138 October 13... .190)¢ a 130 13156 8 181% October 14,... — a 188. _ 130 31 13g ‘With the depreciation of demand notes (or advance in the price of gold, as many erroncously atate it), the pricos: of every kind of stock, seourity and merchandise ad- vaaced, Two classes of government notes were favorably affeoted by the Anancial condition of which we have spokea, namely, the 7.30 notes and the demand or Cus- tom House netes. Tho government profited by the ad. vance im the valne of the former, ag thoy had not ali ‘been issued, ant as Secrotary Chase was desirous of disposing of these remaining oa his hands, The price attained by the 7.80 notes was ‘at one time 106; but the government was considered quite fortunate in disposing, at a later date, of about $13,500,000 ia these notes at a premium of from 3.05 to 4.125¢ por coat. The awardof these aotes wag madoon Novomber 17. ‘The domand notes, used in payment of duties, and rence called Custom House notes, were all issued, and hence the groat advauce im their price wag of no avail to the government or to the poople at iarge, Ia fact it was oaly @ tax on tho latter, because whea demhad motes wore worth tweaty-fve or thirty per cent more than legal tender notes the importer, of course, increased the price of bis merchandise to the buyer by that amount. Many importers, oogaged in a heavy business, however, had (oregeen the advance in value of these notes, ani had Purchased vory large quantities of them, 80 that thoy pro- fited grostiy by their advance, imasmuch as the market value of their commodities inereased in the same propor- tion ag though they had been compelled to purchase de- mand notes cach time they had duties topay. Some of the moro fortunate of these will have on hand a large number of these notes when the smaller dealers will be compelled to buy gold with which to pay their duties. Inthis way thoir profits will, of course, be much greater than those of thaie lese favored rivals, One of the eveats of tho exciting period of speculation laat fall was the action of the New York Stock Board in striking from the stock list gold and demand notes. It wasbolieved that the speculation in gold would act in- juriously to the government, and hence this action was taken October 22. Though the effect was to decrease tho apeculation in gold, and the consequent depreciation of United States notes fora time, it was found that no great permanent differeaco was made. The Board therefore, restored gold to the stock list oa November 15, less than @ month after it had been stricken therefrom. ‘The debt of the United States, funded and unfunded, on the Ist of December, 18462, was $633,209,879, made up as follows:— PODLIC DEBT Onder what Ag. OF TAB CNTTED sTaTMs, vec. 1, 1862. Bate of Intercst. manent 6 re : “B ber coat oats. 18,415, us 4000 878,050 Troagury bonds, 1961, 7.30 per ooat 150,000,000 ‘Troasury certificates, '1862,6 por cont. fap Treasury deposits, 1862,4405 5 10,708,000 Old Troasury aotes. .6 per ceat 8,362,162 Total intorest bearing... “ 108 United States notes ot antoul arine * The United States notes of cireulation include the balances oa Baod in the Treasury at Now York andat othor pointa, aot disbursed at the close of Ni . They also onbrace about $14,000,000 of United States notes of tho issue of July 17, 1861, aod F b! Ces 7A B ‘ebruary 12, 1862, which Our readers are alroady familiar with the estimates of tho Secretary of the Treasury for the next two years: Sufice it to say that, if his calculations be correct, ous dobt,on Juno 30, 1964, will be $399,300,701 29 more thaa on December 1, 1962, of $1,537,510,589. THE FINANCIAL CONDITION OF THE REBEL GOVERN: MENT. The rebel government, in waging ite war against the old flag, has been plunged deeply in debt, It has resorted to nearly overy plan to obtain money to defray its ox- ponses, and bas managed its flnances go badly that the Confederate Treasury notes, which are not worth more (haa the paper on which they are prioted outside of the rebel States, are valued there at only thirty or forty cents on the dollar, the value of gold as compared with Con- faderate notes being as 300 to 400 is to 100 throughout the South. In the rebel States the principal expenditure has, of course, been on the war and navy accounts, the olvil oxponses up to tho Ist of last August haying boon but $16,766,608. The Conroderates have resorted to loans, to issuing Treasury notes) and to direct taxation, their prin- cipal reliance, however, having been on issuing Treasury | notes, The Confederates have oot been very successful | jn converting their notes into bonds. The future of their government has been altogether too uncertain to warrant the purchase of the latter to any great oxtent. The total expenditure of Jo Davis’ government had been, on Augfist 1, 1862, 8347,272,958 85. The following extract fromthe Richmond Braminer of September 12, 1862, gives the details of the expenditures and receipts of the rebel government, and will be found very interesting io connection with the view of the fnasees of our own | republished below, from the Richmond Zaaminer, was gained from official papers before therebet Congress:— THLE PUBLAO DeHT OF TUR COMPEDERACT. It i ascortained from official dats, furnished by tho Treasury Department, thas the whole tho goveramont from its commencement the Ist of Au- guat last amount to $347,272,058 85, It should be stated, however, that five millions of the amount a8 expenditure has boon paid fer the redomption of deposit: certificates, and the above stated is aubject to that abatomont when ceusiderod in the light of actual Po ophalied up to Utd Lat of August! aro fis fol- War Department. .. or + $296,376 549 Navy Deparement Civil aud miscellaneous. TOL ese cceveeteenen ccs nsrssag eee e244 1$328 748,690 To which must be added outstanding requisitions upen the Treasur: which warrants are not yet issued, to y, upon tho amount Of $18,624,128 16, making the aggregate, a8 GLated above, $347 272,968 86. u + OLASSES OF THK PUDLIC DEBE. ‘An oxamination of our funded dobt account will show — of our public debt exists st that.@ lamentably small (nae form. "Tho whole amount of bonds and Fight per cent atock and bonds. Stx por cont call certificates ‘Total pil fo mac ig” chy fore, aad furlabes KO jut any an, berg pica ae bande Yeprer ard of value ‘and enhancement of Wyre the country which have been tho consejuerce 10 Jargo and dispro- portionato lasue of Treasury notes. ‘Tho iaguc alroady mado of Treasury notes amounte to $183,244,185, leaving aulbority to is8u0 $16,755,865, RRCRIITS AT THE TREASURY. Tho recipts at tho treasury up to the Ist of August from all the various BOurces of income are as follews:— Customs ,43' ‘Miscellaneous sources. 1,974,769 Hpea’ oto Auta ft - me 1 deposite under aotof December 24, 1861. 87,686,200 Treasury notes, act of March 0, 1361. . ‘Treasury notes, act of May 16, 1861.. ‘Treasury notes, act of August 19, 1861. 1 Iaterent Treasury notes, act of April 17, 1861. One dollar and two dollar notes... . ‘Tomporery loan from banks—balance ‘This‘statement of receipts is short of tho of tho expenditures of tho government by $44,717,762, on account of which the government has authority to issuo rata S attra cei provided for by Congress tn fr OX- Seedion ot tle eral curroncy, unless thid balance can be paid by bonds or otherwise. FUNDS TO BX RAISHD BY THR let OF JANUARY. It is supposed that tho leper: | to issue gonoral cur. rency notes must algo be extonded by (em eed ‘to moot the appropriations alroady mado by it and not yet paid, and algo thefurthor appropriationg to-be made, ‘The appropriatious alroady made by Congress and not drawn on the Ist of angel arpount to $164 ,687,389 93. Tho estimates submitted by the various departments of the additional supplies required to make good dof. whe ctencies and to support the government to the lat of Janu- ary next are as follows:— For the War Dopartmont. $44,373,500 Civil list... 386, iscellancous this sum; andas thore seoms but little prospect of the money by a sale of bonds or stock, a resort to Treasury notes seems to bo ail that will be leCt to ite discretion. [NTRERST BEARING NOTES. ‘The experiment of diminishing the quantity of circula- lation by interest bearing notes and deposits on call is aid to havo been vory successful, and is likoly to be oa- couraged as a relief {rom excess in the quantity of tho national ourrqncy, which, as it oxoeeds the usual business wants of the community, must be luctive of high prices without rolation. (0 the actual value of the cur- renoy. Tt is understood that the interest notes, all Feat toa certain degree, have been ly withdrawn from circulation, on account of their valuo as tem; investments. Most of them have beon taken undor the belief that the interest would be paid like other interest, encouraged cur. and tho Secretary of the Treasury this peso Sy) to Congrous that the interest should be paid anaually. TAXATION. ‘Tho main reliance of the government for the payment Of ite dues has been on direct taxation, of which wo have already spoken. Such has almost always been the case in great national struggles, when extraordinary expendi. ture bas boon rendored necessary. The revenue from direct taxes and internal duties levied during the war of 1612 was as follows: 1. 1816 “ 1816..¢.. 1818 (arrears)... 1810 (arrears)... 1680 ahd 1891 (arrears) Total on ene econ eee ses 898,006,076 Tho revenue to be derived from the Tax bill of this year is as yet entirely speculative, although it is esti- mated that during the first year of its operations it will be $85,000,000, and during the second $150,000,000. The income from taxes, &o., in Great Britaia for the Year ending December 31, 1861, was as follows:— Customs. Excise Prova ta: Pout Otoe Crown lands... Misceliancous. Or $332,042,688 84. TREASURY NOTES A LEGAL TRNDER FOR TAXES. The legal tender Treasury notes form a convenient me- dium forthe payment of taxes throughout tho country» and arein this respect, therefore, much moro valuable than bank notes. The notes are receivable for all taxcs due to the United States, by the provisions of the law authorising their issue. The question has arisen, how- ever, whether they area legal tender for State, county and town taxes. Ao interesting caso, deciding this point, was tried in Illinois Inst summer. A taxpayer offered $160 in gold in payment of State taxes, and $210 iu Trea- sury notes in payment of county and tewn taxes, which latter amount was Tefused. Tho Court decided that the Treasury notes were receivable for the county and ANTERESTING FROM son Taken ay Metur: ARKANSAS, eral Blunt—Fort Gib- Colonel Phillips—In- img to Their Allegiance. Heapquarrers, ARMY. OF THE FRONTIER, ___ Vax 'Bonxw, Doo. 30, 1882, bg 4 T. J. enemy retreated auring tho night of the 28th in the dircotion of Arkadelphia. : About six hundred sick and wounded Confederates were abandoned at Fort Smith, with instructions to take care of themselves. I geut a small force to Fort Smith to destroy two steamers there, but the rebols bad saved us the trouble by burning them before they retreated. Tho four steamors captured at Van paren, sie the ferry boat, were burned by my order last night. 8 muoh ‘of tho eugar and other sup- plivs ag I had transportation to remove was landed. ‘The remainder, including about one hundred and thirty thousand bushels of coreg from Litue Rock tor the b forage and sup- plies until they can be brought up the river, or the ani- mals subsist on grass, I abail therefore commence moving my troope back to-day north of the mountains. Deas just received from Colonel’ Phillips (whom I had seut with two hundred men to the Indian Territory), dated Fort Gibson, 27th, informs mo that he has driven and pursued the forces of Cooper and Stand Waitio across the Arkansas river, aud Seotcored the rebel fortifications, barracks and commissary building at Fort Davis. Colo- ‘nel McIntosh and the rebel Creeks are desirous of laying down their arms and uniting their deatinios again with governinoat, Tho same feeling is mani- the federal fested by the Choctaws. Bo a JAMES G. BI , Brig Gen. Commanding. The Negro as a Soldier in Massachu- setts. — Much hag been eald and writion of lato concerning the military employment of negroes, and tho historical aspects: of the subject have beon vegtilated on more than one occa sion, Last July Mr. George H. Moore, of this city, favored the public with some histerical notes concerning tho em ployment of negroes in the American army of the Revolu” tion, which demonstrated that the patriots of the Revo- jution were guided mainly by the accessities of their situation from time to time~with regard to the use of negroes in the army; that they regarded the question as ‘one of expediency; that great objections existed to their employment, oxcept in menial capacities, at the outset; and, although they were afterwards used as soldiers to acertain extent, the numbers enlisted at any ono period were small. Mr. Moore gives in his pamphlet the only forma! return of negroes in tho army which has ever been published within our knowledge, from which the inforence is irresistible that the wholo number in tho entire army was very small. So faras we aro able to jadgo, while our ancestors com to have been actuated by muoh higher motives than many of their descendants: thoy acgepted, if not reluctantly, at loast with hesitation, the services in arms of an inconsiderable number of ne- groes against an onemy whedid his bost, not very suc. cessfully, to entice thom into the gervice of the King. Amore recent publication, under the auspices of the Massathusetts Historical Society, by Mr. George Livor- more, is now be-ore us. It is an octavo volume of nearly two hundred and fifty pages, beautifully printed and is entiied ‘An Historical Reasearch. Opinions of the Founders ef the Republic on Negroes as Slaves, as Citizens and as Soldiors.’’ It embraces a large amouat of materials for a history of the subject, with occasional remarks by the writer to connect together the copious extracts and authorities of which it ohiedy consists. It is to one and but one of these remarks by the writer that we propose to dircot our presont criticism. Mr, Livermore says (and he is endorsed by tho Massachusetts Historical Society), that At the commencement of the war, it appears to have been customary for the free n to bo curolled with the white citizens in the mil . 124. This is @ gross error. Wodo not bolicve it to have boen true of asingle one~ef the thirteen colonies; and with respect to the coleny, province and the State o- Massachusetts, we propose to show from the record thas it 1s utterly without foundation. ‘We will go beok to tho beginning and come down to the Present day ina brief sketch of the logislation on the subject, which oan neither be explained away nor denied: ‘Tho necessities of the situation for a few years after the firet settlements made everybody a soldier; indecd, put arms ia tho hands of women and children. The General Court made aa order, 27th May, 1652, ‘that all Sootemen, Nogeres and Indians iababitiag with er cervante tothe English, from tho age of sixteen to sixty years, shal be listed, aud are horeby enjoyned to attend traynings as woll as the English.” At the session in May, 1056, howoror, this order wag repealed, 00 far it relsted to negroes and fadiaBi, aa — For the better ordering and settling of several! cases ia eee companyes within this jurisdiction, which, } ate found either wanting or incoave- t, it Ls ordered and declared by thia Court and the authoritie thereof, or Indians, dians alt mitted t » and yt. 80 other person shal be ox- emptedfrom g i & i ledge, assistants, aftor notice of the partycs desires, to the officors of each =, to which they belonge, upon just cause, shal miss. This exclusion from military employment and the pri- vilego of bearing arms scems to have continued without change until the brief administration of Sir Edmund Andros. ‘The act for sottling the militia, enacted by this very unpopular Governor and his Council for his Majesty's ter~ ritory and dominion of New England, March 24, 1687, provided ‘‘that no person whateoover above sixteen years of age remain unlisted by themsolves, masters, mistresses or employees."’ Nogroes and Indians are not exempted by any provision of this act; but it is extremely doubtful whether it ever went into practical operation. One of tho most obnoxious of his measures was his attempt te con- trol tho militia in New England. This is, howevor, not vory important; for aftor the English Revolution and tho establishment of the now province charter, among the earliest of their laws was the act for regulating the militia—1608—by which Indians and negroes wore ex- empted from all trainings. Asubsequent act for tho regulating of free negroes, &c.—1707—Illustrates their exact position more clearly, The recital in the preamble ts that Whereas, ia the several towns and precinets within town taxes, but were not for tho State taxes, the Stato law requiring these to be paid in gold. COINAGE OF THE UNITED STATES. Bofore closing the presont article we will present our readers with a few statistics of the coinage in the United States. They will no doubt be instructed and sur- Prisod by the figures. Up t tho end of tho fiscal yoar 1861 the gold and silver coinage at the mints and assay of- fices located at Philadelphia, San Francisco, New Or. Jeans, Charlotte, Dahlonega and New York had been as follows: -$669,116,406 62 128,160,481 9T 2,647,618 56 800,002,476. Of the sum named above $690,000,000 was from bullion derived from the mines of the United States. City Intelligence. Frou or Lazare Sramwr.—Shortly before one o'clock on Sunday morning @ fire wag discovered i the fourth story Of she five story building No. 18 Liberty stroot, ‘The firemen, ia of ar. FH 5 a 3 ui ii Be PEBy ay = 3 Be Ea = 3s 2 3f FI 3 : uceu by 3. McBean and C. A. Levoredge, office furniture pet aged slightly by water. A part of the second floor is oc- cupied po rigs tee Sonu eee Basement is ocoupiod by Boose, din! = water; insured. The building is niped by Me aaibek , damaged about $500; insured. “Tho origin Of the fire is at present unknown. ‘Tus Youxa Mgn's Dawocranio CLts—Exrrcten Apprss ay Tas Hon. S, 8. Oox.—The Hen. Samuel 8. Cox has boon invited by the Yeung Men’s Democratic Union Club, to deliver an address before them noxt Tuesday evening, on the state of the country. The honorable gentieman consented to do so, and has chosen ag the discourse ‘Puritanism im Polities.’’ Tan Lapis’ Hown ror Sick SoLprers.—Quite a number of changes bave been made lately in tho arrange. ments of this hospital, tending to the eomfort and con nience of the invalid soldiers whose wounds or other causes of sickness compel therm to remain for atime under the care of the benevolent ladies in charge of this institu. ne irene os ond a lod recently, by jor number of inmates provided for than heretofore, bile Awommen Foot Rac® at Bioomincpars.—Another foot vace, similar to the one which took place a fow wooks age, ‘will come off at two o’clock to-morrow afternoon, at the corner of Ninoty-firat steoet and Bloomingdale road, ‘The | Prize to be-contended for will be a purse containing $460 Euawcrraniow i MaRriann.—A Washington despatch ‘tpat the Lenenw yh | emancipation, on Thersday, land be 4 ether -stlons, already presented, The taformation agreed to recommend ‘en: | dorsed for ten millions of dollars, to the la qSaltaes, t tee Laguiaters wil eselak eaves,” | this provinco, there are soveral free negroes, and mulat- Wes able of body, and fit for labour; who are not charged with trainings, watohos and other services roquired of — oe ‘a subjects; whercof they have sharc ia the el it, Ao. ‘The act, therefore, provided that they should do sor. vice equivalent to trainings, &c.,each able-bodied free Degro.or mulatto 60 many days’ work yoarly in repairing of the highways, cleansing the streets, or other service for the commen benefit of the place. In common with all able to bear arms, they wore required to make their appearance at parade in eases of sudden alarms, whore they wore to attend such service as the first commissioned officer of the military company of their prociact should direct, daring the time the company con, Unued in arms. This obviously points to menial service, or, at any rate, a service different from that of the en- Folled militia. ‘This state of things continued down te the period re- forred to by Mr. Livermore, ‘the commencement of the war" of the Rovolution,jand the very first contemporary ‘act shows that negroes wore not legally earolied at the outset. The general militia act of 1775, in providing for the onrolment, excepts ‘Negroes, Indians and mulattoes."” We continue our authorities. Thoy require no comment, The act of May, 1776, providing for a reinforcement to the American army, provides that ‘Indians, negroos and tmaulattocs, shall not bo held to take up arms or procure ‘any porson to do it in their room.’* The actof November 14, 1776, to provide reinforce- ments to the American army, excopte Nogroes, Indians ‘and mulattoes,” and the explanatory resoive passed on the 20th of the same month also oxcopts ‘Indians, ne. gros, mulattees, 4c." ‘The resolve in tho same year for taking tho oumber of Qli male inhabitants abovo sixteen yeara of ago excepts “Indiana, negroes and mulattoes.’” ‘This census was doubtiess taken with a view to the ap- proaching necessity for a draft, and oven here they are excluded, although they were apparently included in the poll lists at the same time—being rateable polis, if not (ree citizens. I was only when the prossure of the terrible reverses of the winter of 1776-77 came that they were included in the numbor of persods liable to draft. The resolve—January 6,1777—was ‘for raising every seventh man to complete our quota,” and ‘without any exceptions, save the people called Quakers’'—one-seventh of all male persons of sixtesn years old and upwards, Aresolve ia August of the same year was similar ia ite object and character. But this proceeding was not allowed to pass witheut remonstrance, not by the negroes, bat the white mon. tm the Massachusetts Legislature, March 5, 1778, a pe. tition of Benjamin Goddard in bebalf of tho selootmen, committee of safety and militia officers of the town of Grafton, prayisg that they may be excused from raising a seventh part of tho blacks in said town, they boing ox- empt from military duty and free occupants on their own estate, was read and the petitioner bad {eave to withdraw his petition. ' Wuring the remainder of the war tho law appears to have regarded as liable to military duty “any person living or repiding in any town or plantation within this Btate the Tm of threo months together |” but at tke same timo, al Pine from Mr, Livermoro’s own book, although they BRO benoit of tho example of Rhode Taland in the organization of their famous regiment of negro slaves, an attempt iil Massachugotts to authorize the formation of a similar corps, to use bis own language, “does not appear to havo been doomed advisable at tho time.’” ‘The war came to an end, and soon after, tho vory first genoral militia act, passed March 10, 1785, revived the oid feature, and continued the exemption of “negroes, Indians and mulattoes” from both train band and alarm gn the time of the insurrection in 1786, negroes offered their services to Governor Bowdoin, to go againat tho ingurgents, to the number of sevea hundred; but tho Council did not advise sending them. ‘Tho gubstance of the next law is tho samo, although they changed the ‘way of putting it.”” ‘The militia law of June 22, 1703; authorizes the enrot- ment of “each and every free, able-bodied white mato citizen of this, or any other of the United States, residing within this Commenwealth,’ between tho agos of eighteen and forty-five years, except as excepted. Negros do not appear, as before, among the exempta, but are excluded in the en 1. at band the means of roferriag to the ia- rolment. We have not termediate laws on the subject; but the eamo qualification appears in the Revised Statutes of 1686, az well as the mi- litia laws of 1837 and 1840. Finally, the Genoral Statutes of 1860 preserve tho game features, and unless changed within two years tho etatute law of Massachusetts to day excludes negroes from the ranks of the militia. elect Rieke ae oe pas torical mind on eubjeote of t ia kind, it ought to supply with a better sppacshiie. Te entortain a due respect fer that it Girl te Allegod Lotter from a Serv Her Mistress, [From the Memphis Appeal, Dec. 2.) Serene: pay in Now Orieaus; to her rofugee mistress in this place, has beea _ handed us tor publication: — New Onveans, Nov. 13, 1862. My Dear Miarness—At the time you and master left your comfortable homos I expected to have seen you again before you left for good. Master wont away aud never bid me.good by, and this has caused me to think of it often T feel very beg, night about you and mastor ever since you » | not been able to cat or sleep 8 partof the time, ing of you and master, ig ou uave ever thought ot your poor Jano yo ou have ever iy fret and suffer from the Yankees. My dear mistress, you and mastor went off and left your poor ws =~ + wi Dever, never, wever would have left you. id you not take me with ? 1 see plenty, yes thou- ee of negroes wactbriog ‘about the street, who have loft and mistresses, that ( sf itiji 3 a § > i t t i E i uti fhe2 2 3 ay ci aft 3 i iy al i ag Ht i 5 | i [ ii g {! E ag3t 33 5 s i LE f f: | a iF 3 E Pi 3 tr gE 27 fr b fi i z 3 iH Suse? iF} ees j i g a Eéés. i S3858 At 8 “ 5 Affairs at Yorktown, Va. OUK YORKTOWN CORRESPONDENCE. ‘Yorktown, Jan. 6, 1963. Unived States Cavalry at Gloucester—Operations of General Keyes! Corpi—Naval Allies, de., de. Gloucester county, Virginia, had another visit from our cavalry on the 2d and 3d inst. Major Goneral Keyes, com, manding at Yorktown aad Gloucester Point, despatched two squadrons of the Sixth New York and Fifth Pennsy!- vania cavalry, under Major Hail, of tho former regiment, to capture a baud of guerillas who were roperted to be hovering around our liues. The expedition was guided by information furpishod by Captain Parker, of the United States gunboat , sod after thoroughly scouting nearly the whole county they returned, bri oy yom from the Firth Virginia cavalry and eight fine horses. begged pe , which General Keyes is so fond of sending, doubly bevelicial. They keep the enomy on the vive and stimulate activity among our own men. Another graud cxpedition is soon to leave here, which, from ite completeness, will doubtless prove @ suc- ecss. Our troops iu this irtmeat being mostly vote. rans—baving fought under Genoral Keyes during the peninsular campaign—are all anxious to take the fleld, and [ bave an Opinion that the General will sooo their wish. Foxhali Parker, commendi Mabaska, ia @ brilliant auxilliary to our forces Place, and a very abio officer. Brooklyn City News. ORGANIZATION OF THE NEW BOARD OF ALDERMEN. ‘The new Board of Aldermen was organized on Monday by the election of a Prosident for the ensuing year and the appeintment of officers generally under the control of the Board. ‘here was alarge atteadance of spectators, and, a8 00 all occasions of a similar character, a good deal of interest was manifested, resulting at times in hearty rounds of applause. The Board boing largely demecratie, the opposition te the candidates, ag agreed upon in cas. cus, was merely oomiaal. The names of the Aldermen of the present Board are as follows: — tee tt Wards. Wards. . 1—Whit ‘. 11—Kimball. 3—Wallace . 4—Newmaa. 14—E. Murphy. 16 —Ennis. 16—Taylor, 6—M. Murphy. 16—Saal. 1—Belknap. 17—Porry 8—Talmags. 18—Kalbfleiach. 9—Ternan. 19—Fisher. 10—Nodine ‘The Mayor occupied the chair, and the Orst business in order waa the election of a president, which resulted in the choice of Alderman Dennis O'Keefe, of the Twelfth ward, by & majority of nine out of nineteen votes. oye lowing i# a list of the riet, Joho Times. Clerk of the oe Harroo. Weetorn District, Michael choo Michael Flanagan; Eastern District, io Bal dergon. Seen Maguire. ridge Jo Anglom ‘ames Seaman. Poundmasere—Eloventh ward, Poter Trimble; Eighth ward, Jobn Fox; Eastern District, James Boertand. we a Parke—Owon Foley. successful candidates:— *