The New York Herald Newspaper, June 5, 1865, Page 5

OUR NATIONAL ‘DEBT. $3,000,000,000. How It Can Be Paid by the Present Generation. ach Year’s Estimates from 1866 to 1881. The Faith of the Government Preserved. PLAIN FIGURES AND FACTS. WHE DEBT JUNE 1, 1866, bo., do., deo, ‘Now thet the excitement of the war has passed away, tho subject of the national debt, and how it is to be paid, ts beginning and will continue to engross » large Abare of public attention. Already a number of schemes tor removing the mighty incubus have found their way {ato print; but, with one or two exceptions, they have boon impracticable, or beset with so many doubts and ‘Aifficulties as to be next to impossible of execution. The great obstacle in the way of paying off a debt of three ~#housand millions by subscription would be found in the ‘Want of a sufficient number of persons able and willing ‘@ollectively to subscribe the necessary sum. The grad- al reduction of the ra’e of interest on the whole debt ‘fo throe per cent, aad vhe appropriation of a large ‘Smount annually to a sinking fund for reducing the prin- cipal, is a perfectly feasible plan, but one which would be leas aatiafactory to the government bondholders than ‘that embodied in the following series of tables, which ‘we have prepared in order to show that all but throe Aundred and thirty-three millions of the debt—the amount ‘which we have estimated as the basis of the circulation of (he national banks—can be liquidated without reducing the rate of interest or in any way breaking faith with the bondholders. The only exception we make to this Tule is the reduction of the interest on the bonds in ques- tion, deposited by the national banks with the Treasury, fo three per cent; for as those institutions roceive in feturn for the same nincty per cent of their valve in Motes, with some trifling exccptions, they are not in equity entitled to interest, and Congress will do well to amend the National Banking law in this particular. We have calculated this reduction from the fiscal yoar 1869-70. As the five-twenty bonds are redeemable at any time ‘after the expiration of five years from this date, we have Provided for their conversion into a five per cent stock @0 800n aa the option accrues to the government. Con- gress will, however, have meanwhile to authorize such a ‘Measure. We have allowed for the reduction of the cur- rency isaued directly by the Treasury at the rate of fifty anillions & year, commencing in 1869-70, by which pro- Coss six hundred millions might be withdrawn in twelve ‘YYoars, leaving only the national aud State bank notes in ‘circulation. In estimating the revenue we have allowed for two ‘hundred and seventy-five millions a year in ‘1866-67; ‘two hundrod and cigyty-five millions in 1867-68; threo uadred millions in 1868-69, and onward to 1872-73, although the receipts for the year ending with June noxt ‘will probably be less than two hundred millions. But it must be remembered that the effect of the amendments to the Internal Revenue act passed at the last <easion of ‘Congress has not yot been fully felt, and that the Southern country will be likely to contribate a considerable sum @aring the years estimated for. In the yoar 1872 and thenceforward, we have added twenty millions to ‘the probable receipts for internal revonue, making a total of threo hundred and twonty. Wo have ulso added ne million a yeer to the customs receipts, beginning ‘with eighty millions in 1867-08, and ending with ninety- three millions in 1880-81. In cstimating the probable expenditures we have al- Jewed for the reduction ef the army to the peace fooling of sixty thousand men. We have added five hundred ‘thousand dollars cach year, ina progressive scale, to the expenses of the civil service, and to offert it have Teduced the items “pensions and Indians" by a similar amount, it being reasonable to expect a gradual reduction of the pension list by the decrease of pensioners. Tn drawing up estimates for s0 loxg @ period consider- able allowance must necessarily be made for foreign aud domestic contingencies as well as the fluctuations of ‘ade and revenue and expenditure. Both the public imcome and expenses may differ widely from our figures; ut it is not impossible that, as we have a fixed stand-point the variations each year may nearly equalize themeelves in the end, provided we remain throughout 4m a state of peace. We begin by estimating the gross Ancome for 1966-67 at three hundred and eighty-seven millions, and the gross expenditure at three hundred ‘millions, and we ond by estimating the gross income for 1880-61 at four hundred and eightven miilions, and. the Gxpenditdve at one hundred and forly-fve nii!lions six hundred and sixty-eight thousand one hundred and thirty four dollars. It will be seen by a com- parison ‘which we give in another place that we have made considerable allowence for the ‘ncroase of expenditure as well 3 the increase Of revenue, for while the agereyaie civil, military and paval ¢: tures of the country were only mililions three hundred and forty-six thousaud two hin. dred and twenty four dollars in 1659, we fave afowed for an oxponditure of one hundred and thirty inillions for the same purposes in 1881. With this introduction we present the tables and their notes for exch year consecutively. It will ‘be soon that result 5 gd cab eros 4 12 cng + net surplus annually to carried to the sinking frne for the erenenie of the principal of the debt, estimating itin the beginning at three thousand millions He ‘Datanoo is of a Lo oomgeod character, eommer eighty-seven in 1866-67 and a two hundred and ty-two millions th and thirty-one thousand eight hundred and sixty-six dollars tn 1890-81 :— 1866-67. FISOAL YEAR COMMENCING JU RBOKIPTS DURING YEAR KNDIVG JUNE 30, 1867. $275,000,000 | 80,000,000 2.01.9, 000 210,000,000 FISCAL YEAR M cepcteh bel auLy 1, 1867. Beet beanies tee 2, 318,009,000 600,000,000 100,000 som 20, 1808. $40,500,000 14 Bod! 090 64,600,0 Agaregate expenses RECEIPTA DURING THY VLAN EN From internal taxes. . From customs. 80,009.00 From lands. 2,000,000 Miscellaneous, vy. 5,000 600 Total receipts. .... ‘Deduct current expen: Net balance to be applied to pa floating debt and tnterest $07,497,500 jon anneally to *We add hat a milli rerwive to pg le increase in the expenser of the goy- ernment tive hundred thousand? dolore re taken ann ‘from pensions, as the demise of poasioners Will probaoly | and the government will be enabi | surplus lowards (heir parchase. interest bearing treasury notes, which, with say $150,000,000 of certificates of indebtedness, oan be con- verted, in ike manner, into a five per comt stock, yoy> able at the option of the government after Give or tem years, The total debt on the 1st of July, 1808, according {@ the above estimates, would amount to §2,815,602,500, made up as folio 1868-69, FISOAL YEAR COMMENCING suLY I, 1868. Figo por conte, co Five per cents, funded eee Five per cents, funded one year _ per cents of 1871 Six per cents of 1880, Six per cents of 1869. Six per cents of 1868. Total six cents. Seven and Five per cents. Total debt bearing interest . $1,215, 562,500 Total debt boaring to interes fee. "200,000,000 BXPRNSHS DURING YEAR ENDING JUNB 30, 1869. Civil sorvice....... ++ $31,000, Pousioas and Indians. 2 00, oon ‘ar Department, ,000, Navy Department, 26,000,000 Interest on five per cent stock. 50,101,327 263,771,879 DURING YRAR ENDING JUNE 80, 1869. $300,000, 000 Aggregate expenses. . RECEIPTS DURING From internal taxes * 81,000,000 2,000,000 3,000,000 Deduct current expenses and ‘interest ‘263,771,870 Not balance....... sagen + «$122,228, 121 Redemption of aix per cents ‘of 1868 . },908, 341 To be applied to sinking fund............ $113,319, 780 *When the amended internal revenue law of 1865 was passed, it was thought that it would yield four hundred millions, but the coliections under the law of 1864 has satisfactorily proven that the estimate was too large. Taking in view the increased revenue which the more perfect working of the machinery for collection will produce, the tax on the cotton production of the South, and the addition of the rebel States, we think we can safely estimate the interval revenue at three hundred millions aunually. tWe add an average of a million a yoar to our estimate of revenue from customs, 1869-70. FISCAL YEAR COMMENCING JULY 1, 1869. DEBT. Five per cents, converted 6-20’s.... $510,756,900 Five por cents, funded interest notos. 141,477,650 Five per cents, funded one year certificates 150) 000, 000 Five per cents, 10-40’s. 172) 770, ber Five per cents Yor 1871: 1, Five per cents of 1874, Total five per cents 1,002, 026,650 Six per cents of 1881. 182, Six per cents of 1880 18,416,000 Six per cents of 1869 5,789,000 Total six Rer cents, Seven and threo-ten! Five per cents Total dobt bearing interest. ‘Total debt bearing no interest. Whole debt..... EXPRNSES DURING TEAR KNDING ‘JUNE 30, 1870. Civil sorvicw........... 500,000 Pensions and Indians. 18,600,000 War Department... 60,000,000 Navy Department. ities Interest on five per cents, 60, 101,82 Interest on six per cent siock. 22,161,984 Interest on seven three-tenths notes. 60,974,068 Aggregate expenses, $263,237,379 RLCHIVTR DURING YEAR ENDING JUN 30, 1370, From internal taxes. ), 000,000 From cusiors. .000, 000 From lands, . 2,000,000 Miscellaneous 3,000,000 Total receipts. ... : $387,000,000 Deduct current ‘expenses and interest. 268,298,379 Not balance .... $123, 762,621 Surplus of previous yea 113,319,780 Amovat in sinking fand.......... $287,082,401 Redemption of six per cents of 1869. 85,789,000 Balance in sinking fund. $151,203,401 Retirement of currency .... . 60,000,000 For redemption of seven-thirties. + $201,295,401 ‘The whole of the seven and threetenths three years Treasury notes now being fundabie, the balance in the sinking fund, after appropriating $50,000,000 to the re- twement of the currency, could be appropriated to their redemption. There would then be remaining of the seven- thirties $733,967,808, which could be funded as foows:— $400,967,808 into the six per cente of 1881, which would swell that stock to $666,130,208, and $333,000,000 into a new throe per cent stock, to be issued to the national banks as abasis for their aggregate circulation of three hundred millions. With these changes the public debt at the commencement of the fiecal year 1870 would stand as follows: — 1870-75. FISCAL YEAR COMMENCING JULY 1, 1870, DEPT. Five per cents, converted 5-20"s..... «$510, 756,900 Five per cents, fundod iuterest notes....... 141,477,650 Five per cents, fun ted oue year certitica’ 150,000,000 Five per cents, 10-40°s. 172,770,000 Five per cents of 1871. Five per cents of 1574 Total flve per cente........ee0eeee eaceed Six per cents of 1841 Six per cents of 1850. Total 6.x per cente. Three per cents ‘asued to banks. Five per centa,...... Total debt bearing interest. ‘Potal debt bearing no interest. a debt. 90, 1871 $82,000,000 13,000,000 000,000 Navy Department. 25,000,000 Lutorest on tive per 5, 101,327 Tuleres on six por cents. 41,072,712 Interest on three per cents... 9,990,000 Aggregate expenses. ... $251, 164,089 RRCKIETS PU. MUING suN8 BO, ISTE From internul tax 300, 00,000 From customs. From lands. witsecllapeous. bonne receipts. SUFreRt & Net balance .... Redemption of Eve 5 Leaving... Retirement of currenc: y *. For the purchase of 10-40 bondst........ $99,813,961 *Ax cold and silver to tie amount of two bandred and fifty millions will now be in o (ion, and national Daux notes to the extent of three hundred millions will be gened, Wo propose to retire the grocubucke nt the rate of fifty miltions & year TA portion of ail the five per cent bonds will no deubt be in the market ata prive not varying much trom par, Ww appropiate the + $140,813,961 60,000,000 1871-72. FISCAL YEAR COMMENCING JULY 1, DRBT. 4 6-20". 1sil. Five per cents, conver ve per cents, 161.477.650 139,000,000 Five per « Five per cenus of 1674. Total five per cent stock Six per cents of 1681 x per co@is of 1880, Tota! s1x per ¢ Thre Five per cents wr COntH. $96,190,080 You Votai« 1 debt bearing Interest. bt bearing no interest B24t2 gene 20, 1872. Whole dent? PXPeNE NURENG VhAR F ane Navy Department. ..ccccceeeeee Intercat on five per cente..es Interest on six per on three per nis. ente.. From saye to the government that amount yrarly cost of peace establishment Af it is optional with the government to redeem $510;766,900 of the five-twenty bonds after May 1, 1867, ‘that amount can be converted into a five per cent stock, without broaking faith with the bond holders, by anew Joan bearing that rate of interest, Thero will also be diye in 1907 §241,677,060 of the six por cont compound, | From ¢ From lands Siscellanen: ‘Dotal receipts, ........ Deduct current oxponses and interest Net balance....... Retirement of owrrency, For the purchase of five por cont stock. . $115,177, 169 «Ss. 177,768 Debt bearing no interest. . NEW YORK HERALD, MONDAY, JUNE 5, 1865: ‘The above surplus will be sufficient to out the balange of the taa-fortee and loave. $40.27" tae to ne -sppliod 1 ie purchase of the iuuied sompousd ttaret 1872-73. PISOAL YEAR COMMBNOING JULY 1, 1872. Dewr. Beste cae bets reese tees it ” Five per contd of tae , 20,000,000 ‘Total five per cont stock. Six per cents of 1881 Bix per cents of 1480, ‘Total six por cent stock. $782, 013,830 666,130, 208 18,415,000 Total debt interest... Toul aot eee interest. BXPRNBES DURING YAR ENDING JUNE 30, 1878. Civil service Aggregate oxpenses...............+ 403 REOFIPTS DURING YRAR ENDING JUNE 30, 1873, From internal taxos*. '$820,000,000 ea Cade 85,000,000 ‘rom 4 000,000 Miscellaneous. . 370004000 Total receipts. 10,000,000 Deduct current be 163,403 Not balance. 199,836, 597 Retirement of , 000, For the purchase of five per cent stock... $130,836,607 *Tho increased population, business and wealth of the country will probably, by the year 1873, swell the revo- nue from internal taxes to proportions much larger than our estimate. We therefore place the yearly averuge at three hundred and twenty millions. The surplus at the close of the flacal year 1873 will be sufficient to pay off what remains of the funded oom- pound interest notes bonds and leave $38,579,667 for the purchase of funded one year cortificutes stock. 1873-74. FISCAL YEAR COMMENCING JULY 1, 1873. ‘DEBT. Five per cents, converted 5-20's,. ese. $510,756,900 Five percents, funded one year, “corti: cates, co. sees 711,420,333 Five per cents of i874. ,000, Total five per cent stock, $642,177,233 Six per cents of 1881.. 666,190,208 Six per cents of 1880. 18,415,000 Total six per cent stock, $684,645,208 Thrce per cents. ‘000,000 Five por cents. . 642,177,233 Total debt bearing interest. + $1,659,722,541 Total debt bearing no interest. 400,000,000 $2,059, 722,541 EXPFNSTS DURING THE YEAR ENDING JUNE 30, 1874. Civil service, 500,000 11,690,000 + 0,000, Navy Deportment.. + 25,000, Interest on five per cen : 82}108,861 Interest on six per cents. . 1 4lorza Interest on three per cents. : “g{ago/o00 Aggregate expenses. . $213,171,673 RECEIPTS DURING YEAR ENDING son 30, 1874. rom internal taxes. From customs.... From lands. Miscellanceus. Total recelpts....... $411, 000,000 Deduct curront expenses and interest 218,171,573 Net balance...... $197, 628,427 Retirement of curren },000,000 Rewaining.. $147,828,427 Redemption of five pe 40,000,000 For the parchaso of five per cent stock. $127,525,427 The above surplus will absorb the balance of the funded one year certificate bonds, and leave $16,408,094 for the purchase of converted five-twenty stock. 1874-75. FISCAL YEAR COMMENCING JULY 1, 1874. DEBT. Five per cents, converted 5-20's, balance. Six per cents of 1881 S4x per cents of 1580 Throe per census. Debt bearing interest. Debt bearing no interest. Whole debt... oes + $1,661,804,014 EXPENSES DURING YEAR ENDING JUNK bi, 1876. $404,348 600 ve *at5.000 383,000,000 Civil service....... $54,000,000 Pensions and Indians. «+e. 11,000,000 ‘War Department. 2222 60,000,000 Navy Department. 25,000,000 Interest on five per centa . 24,717,440 Interest on six per cents. . 41,072,712 Interest on three per vents 9,990,000 Aggregate EXPEMFeB.... 6... cece cece e ee ee $205, 780,162 RECEIPTS DURING YEAR ENDING JONR 90, 1875. From internai tax: From customs From lands. Miscellaneou Total receipts. Deduct current expe! Net balance..... . $206,219, 848 Retirement of currency . 50,000,000 For the purchase of five per cent stock... $166,219.48 1875-76. FISCAL YEAR COMMENCING JULY 1, 1875. pkBT, Five per cente, couverted 6-20e—balance., $35 six per cents of 1881 Six per cents of 188 ‘Three per cents. Debt bearing interest Debt bearing no interest, . Whole debt. cess eo f$1,055,674,166 EXVEVSES DURING TRAR ENDING dene 80, 1876. Civil service. $54,500,000 Pepeions and Indvans, 10,500,000 War Department. Gee javy Department Interest on five per cents. 16,900 447 Interert on six per cente. 41,072,712 Interest on three per cente . 19790,000 Aggregate expences +++» $198,023, 109 RPCRIPTR DURING YEAR ENDING JUNK 30, 1876, From internal taxes. ,000,000 8%, 000, 000 2,000,000 3,000,000 Total receipts. ......6.sceeeee + $413,000,000 Deduct current expenses and interest. . 19%, 023,159 Net balance, . <- $214,976,841 Retirement of curreney For the purchase of five por cent stock... $164,976,841 1876-77. FisvaAL YBAR Sa rn juny 1, 1876. Five per centa, converted 20" ‘s, balapee... $173, 152, nt Six per cente of 1881, Six per cents of 1880, Three per cents... Dobt bearing interest. Debt bearing no sutere Whole debt. ne‘one and Indians Department. Departinont... st oon fv" 6,657,605 Interest on Fix per coute 41,072,712 Interest on three per conis, 9,090,000 meat 7 expenses... 8 DURING YPAR BNDING JUNE. From inter al From costome From iands.. Siecelianeous, 8 000, 000 Total receipts. .... bechoek dbus 14,000,000 Deduct current caper and mterewt « 180,720,317 fet balance. . Retirement of curreney «$224, 279,689 0.000, Remaining. 9,683 Outstanding Valance Ef converted & 179,162,117 Left in treasury. vi $1,127,620 1877-28, S| COMMENCING JULY 1, 1877, DEO, PISUAL YHAR, Six per centeof 1881, SAX per conte of 1580 Three per cents... Debt be arityy interest. . WholeAtobs, . fxr vom THAR Ew JOH 8, 1878, Civil, gervice. Foudions and Indians, ‘War Department. ...ss0s 78.79, FISCAL YEAR, comemncrte aur 1, 1878, Six per cents of 1sa1—batanee. + $499,480, 204 ‘Thrve per conts.. aaa 000, Debt bearing interest... Debt bearing no interoat. . Whole debt.. BXVBNEES DURING YEAR ENDING JUNE 30, 18’ Civil service Pensions an e War Department... Aggregate expenses. . eee seeeeess $169,058,828 RECIIPTS ou YEAR ENDING JUNE 30, 1879, Net balance. Retirement of curre » $246,041,177 {60,000,000 For purchase of six per cents of 1881. .... $190,041, 177 1879-80. FISCAL YEAR, oyagencEne suy 1, 1879. Six per cents of 1s81—Batanos $303, 439,217 Three per cents. . 33,000,000 Debt bearing interest. $636,439,217 Debt bearing no interest 100,000,000 Whole debt........scsceeceeeseeeeeeees $780,480, 217 EXPENSES DURING YEAR RNDING JUNE 90, 1850 Civil service. . $36,500,000 8, ,000 Pensions and Indians. 500, War Department 60,000. 400 Navy Departient 25,000,000 Interest on six per cent 18,208, 353 Interest on three per cen! 9,990,000 Agregute expenses. $158,196, 263 RECEIPTS DURING YRAR BNDING JUNE 30, 1880. $320,000,000 92,000,000 '2}000,000 3,000,000 Total receipts.........-.seeesee $417,000,000 Deduct current expenses and interest 158,196,353 Net balance........ $268,803,647 Retirement of currency. 60,000,000 For purchase of six per cents of 1881..... $208,803,647 | 1880--81. FISCAL YEAR COMMENCING JULY 1, 1880. DEurT. Six per cents of 1881—balance. $94,636,670 Three per cents...... 3,000,000 Debt bearing interest..... $427,635,670 Devt bearing no interest ane 000, EXPENSES DURING YEAR ENDING JUNE 30, 1881. Civil service. $37,000,000 Pensions and Indians, 8,000,000 War Department 60,000,000 Navy Department 25,000,000 Intorest on six per conts....- 5,678, 134 Interest on three per cents, 9,090,000 Aggregate expenser. RECKIPS DU From internal taxes. Total receipts ...... Deduct current expenses at Purchase of balance six per cent stock. In Treasury at close of fiscal year 1881.. $127,006,296 If the six per cent bonds should command & premium, ® portion of the above balance would be absorbed ip its Payment, our estimates being wade upon their purchase at par. We bave thus shown that the entire debt, with the ex- ception of $333,000,000, bearing but three per cent in- terest, can be wiped out ander existing Jawe in sixteen years, If it should be found at the expiration of that time that the above named stock was no longer needed as security for the circulation of the national bauke, that amount, with the balance in the Treasury, could be paid off in one year more, or the internal taxes could be re- duced in 1881, and ihe three per cent stock could be rub: jected to a more gradaal liquidation. To show to what extent our estimates have increased the ordinary outlays of the government, we rabjoin a comparative table of the expenses during the year end- ing June 30, 1869, and our estimates for the year ending June 30, 1881 :— 1881, Civil service. ... 87,000,000 Pensions and In 8,000,000 War Departmen 60,000,600 Navy Department 25, 000'000 DOU scsn essere 130,000,000 Statement of the Public Debt of the United States May 31, 1865. DEBT BEARING INTEREST IN COIN. Kos sez ses eRGPEREE ser F gen Ge the eee ges ee & Be & e oS ge RS ERT PEE oe ae BS 6B: ;: & gees gee FF OFF gF ES BFF EF feo 2 g Bes 5 3 Fy 2 : = iG ii E ae $ ; a & Z i5 s SS Se SS os Se ee G i: PRP T ERE TERE Te (EREEERSUER EE 2] 2 emery fig, SaF g atl Eig S68 322% 8 Bet 885888 € eet zig 288888 8 3! : wee PLP.F. Fara) et bbitictdeidl « a ete Hea Le £: Sf 1 oe PP ee hel 3B Py + Be: ag “a's ? : UE t ef SaCrug 32 hide © ia: SLBVE RE os pete 4) adds PETA Big gi i | ' a3 osm” 00 001's# 00 cor Sea's 00 OFS :F9'S 00 oes'pss‘oc | ‘Mag paw <rvnnee!00 sce'sre's ‘00 cos'tor't ool Ise nee : <dyne paw Sronaee | 0g 00°89 “Ang pae Lreoueg | Arentvag “hye poe Kremer PEPANL 1M s : ' i 3 g METS Erect ~ageg paw Savoury “a.pdog pue DIK ‘a.mesoy paw Set AMOAON pee LEK <éme poe Sawnaee “que pas _DSBT BEARING tvrEREsT DF see a ia a it i ns a re i iv 1} punodaioco ,ereet oo. “yaeo aed x1g|-sajou yu; punodaoo jesved oout|* ‘geoueyay Loum mymv] Mya sep yaoo aed xis] ‘smu + sat 00 000‘000‘TTZ$ | **-ya90 sad 041 may fp OTe 2 aed O18 2) **qu20 dod QT-g +] +090 aod he. sod Org & i” ; g : Bee 3 : Baas Et : 3322 z i ease i geez i Hell g: 288 i aL 3 Bei poo i» 2 =| $88 : § S52 | £ FS #33: ¢ see | & & 333 3 Sf33 soe a | th S Bem fa a4 Heal DEBT ON ata INTEREST HAS CEASED, Authorizing Tuly 17, 1861 ‘April 15, 184: Acta prior to ‘67. c. 28, 1 Dee. 17, 1800. March 4, 1801 -Tempor’y loan, coin. . Aggrevate of debt on which interest has ceased » $786,270 09 DEBT BEARING NO INTEREST. Character of Issue. Amunt Outstanding. 000 00 Byrn PS "897 00 Amount outetand’g. temporary loan. Lees amount withdra' Balance July 17, 1862. March 3; 1863. —_ pendone ‘anaes yon alibons . 40,150,000 00 Amount in Treusury. 2 25/148/702 19 Balance........ Dees lel Ga bocaccivtess <1 KGAA: Aggregate of debt not boaring interest... §472,820,270 67 RECAPITULATIO: ‘Ami, Oulstanding. —_Iwerest. Debt Dearing interest THOMD.Yesehecic tou $1,108,113,841 80 64,480,489 50 Debt bearing interest in lawful money.... 1,063,476,371 04 60,158,384 62 Debt on which interest hag ceased.......... 786,270 09 - Debt bearing no inte TOM. .ceceveseceseees 47%829,270 67 - + $2,635,206,753 50 124,638,674 02 LEGAL TENDER NOTES 18 CIRCULATION. Amount. One and two years five per cent notes United States notes, old isaue.... United States notes, new issue. . Compound int, notes, act of March 8, 1863.. Compound int. notes, act of June 0, 1564. Total. $659, 160.569 The foregoing is a correct statement of the public debt as uppenré from the books, treasurer's returns and equations in the department on the Slst of May, 1865. HUGH McCULLOCH, Secretary of the Treasury. The Seven-Thirty Loa: Pwaprirma, June 4, 1865. Jay Cooke reports the sales of eeven-thirties yrsterday a $2,256,100. The largest Western subscription was $246,300, from the Second National Bank of Chicago. ‘The largest Kastern subseriptions were $100,000 from the National Bank of the Republic, Boston; $100,000 from the Second National Bank of Boston; $600,000 from the Firet National Bank of Norfolk, Va There were also $5,100 from New Orleans, $5,000 from Rich mond, and 1,576 individual subscriptions for amounte of $60 and $100. The tote! amount for the week * was $6,681,600. Half millon of the seven-thirty notes of the $60 and $106 denominations were sent down to North Carolina on Saturday, on the order of & paymarter, to be paid out to the soldiers. The demand for the seven thirties among the disbanding armies ix increasing. A letter received here frem an eminent German banker, dated May 12, saye:— I predict, and you wilt see, that United States paper money will be at a premium before long, as it ought to be, for ite usefumew and coavenience. The sensible merchants will soon learn to appreciate it, and when peace is fully restored on your wide there will spring up ch speculation as the world has never seen. Pessoni 11 Intell ee Brevet Brigadier General Andrew Hickenlooper, Chief of Staf, Seventeenth army corps, arrived in this city yesterday, and te stopping at the Metropolitan, Geuerni Hickenlooperentered the rervice ip 1861 a captain of the Fifth Ohio battery. After parucipating in the army of the Tennessee in al) ite early campaigns, be war de tailed ae clief engineer to the late Major General Jan Be McPherson. At Vicketurg Captain Hickenlooper pon: structed the fermoor mine under Fort Hill which ensbled our foreer Ww secure the key to the enemy a works During the Meridian raid be again distinguished birneMlt in balding #x miles of cordursy in one day, enabling the army t pars before the enemy had time to fortiry to reset the march of the army. Remaining with the Seventeenth corps, Captain Hickenlooper served of the stat of Major General Binit, His promotion + pre wnt rank dates from March, 1866. Tt ie muaermecd tbe General 9 wo command th doagnat’d the “lowe Brigad | | y corps News from B toamehip Lucy, Captain Burt, from Bermuda on ny. Sho The # the Mist uit., arrived at this port yeste: brings Bermuda pepers of the 30th steamer Imogene bad arrived at St thousand bales of cotton from Galrostou. that there were nine steamers loading with cotton at Gaiveston, aad that the ingress and eyrese were easy, Om the blockade f* not very stringent The Hamilton Ga rete states that the whaling echooner Sarai E. Lewis of Boston, Masa,, Captain Farewell, from a whaling voyage, last, Island of Bt. Thomaa, which pince she left on the ® with om Sh Geor reports 16th Wit., arrived on the 28tb, She bas one hundred barrels of whale oil for reshipment. The whaling whooner Admiral Biake, Captain Hathaway, of and gat four weeks from Now Bodford, called off the south, side yeaterday for the purpose of putting on shore ® sick sea. man. She will leave sanin to-day on & gruiso, Newrort, June & 1865. Progress of the Buamination at the Naval Sehool—Vies Admiral Farragud one of the Braminers—The Acudemg lobe Removed to Annapolis Nest Yosr—Desoription He Newport Institution and Its Workings, ée., de. ‘The examinations at the Naval Academy still continue to draw an unusual umber of people from thetr homes ia different parts of the country. On the 20th of inst month the Board of Examiners organized and immedé- ately commenced work. The follewing naval herogs, assigned to the duty by the Seoretary of the Navy, re- Ported:—Viee Admiral Farragut, Rear Admiral Porter, and Captain Worden, of Monitor celebrity. The examination has so far been confined, to subjects strictly professional and to the outdoor drills and exercises required from the midshipmen. The remata- ing days previous to the summer craise will be entirely devoted to the examination of the middies im purely sclentific and literary studies. The third class has bees examined, and all who have not been disqualified by demerits have been granted the usual leave of absence until October. The arrangement respecting leave of absence confines this privilege exclusively to the third Class—the students who have been two years im the geteny. The academy still continues under the of ite well known and able mproneden, Commodore Blake. The Commodore had served his term at the Ca Oe ee OS the ordinary course of duty would have been to active service; but the ability with which he ha@ conducted the affairs entrusted to his ol caused the e a Naval Department to continue him over in crisis the institation passed through in the first year the rebellion, when the academy was removed ty fed napolis to this place, In this connection it may be wett to mention that the academy will be removed again tote peed rsp during the next jew months, and that the neat ic year will be heid at Annapolis. ‘THE HISTORY OF TH ACADEMY. Previous to 1845 there was no such thing in existence as 8 naval academy, although the establishment of one had beom urged from the early *days of the republic by by such men as Alexander Hamilton. To Bancroft, the his- tor.an, however, belongs the credit of having first carried out the idea practically. When Secretary of the the Mery he sueceeded in Inducing Congress to act in the and obtained from the War Department Fort pre Aa- napoli, to which everything fas fora naval schoo’ was transferred from aera hia, Up to 1850 the mid- shipmen spent the mos: cir time at sea, and only remained ut the academy ae afew months. In that year, however, a chi was elfected, by which the stu- dents wers required to spend all their time at the acade my, the sume as at any other institution, with the excep- tion of the three months’ cruise every year. THK PRESENT ACADEMY is located in the old Atlantic Hotel. It was the beat site that could be obtained for the purpose by government a@ the time of the removal, but has proved entirely toe cramped for the purpose. They are compelled to use the navy vessels Constituuon and Santee as barracks foe tho midshipmen. Those occupying the ships are from the third and fourth c! aod do not recite at the academy. The vessels are moored at Goat the students carry on their studies in some buildings erected there. They have their own professors aad tutors, but of course study the same books and ge thi ie same course as their comrades in the sonteeay bul proper. ring the last two weeks the midshipmen have been examined on the water in manguvring a sloop-of-wee ‘and also in naval gunnery on shipboard. The rush of friends to attond the examination, although sufficient to stir up the winter stagnation of Newport, a not by any means as noticeable ax that to ang of ous colleges, or to Weat Point on similar occasions. MAILS FOR EUROPE. ‘The Cunard mail steamsbip China, Captain Andorsoa, will leave Boston on Wednesday for Liverpool, The mails for Europo will close in this city at a quan ter past one and at half-past five o'clock to-morrow after noon. ‘The New York Heratp—Rdition for Europe—will be published at ten o’clock to-morrow morning. Single copies, in wrappers, ready for mailing, six conte, Bulwer Lytton says that a Refined yatleman may always be known by the perfumes he ace, fi n-American society It ia, recognized a4 a Tear nate (2, ,Pauronise | FRALON'S. “NIGHT BLOOMIN outs ¢ 1" Tts purity, freshness ani to all persons of j taste and tealing” Stl over whore, All the Popular and Dashi; Hata for ladies, misses, children and iataaie met at foreign or domestic tiste has Introduced ae appropriate spring and summer se round in the extensive aasortment at GENIN'S, 513 Brosdwe Ask for Mrs. S. A. Allen's World’s Haiz Restorer and Dressing.—The people appreciate them in this country and Europe, "Bold by all druguiets Fancy minal § tion gnaran' Braces, Elastic Stockings, ‘ic. carefully cpylled aad satiate A.—Legal Lettery Prizes —- om. elal drawings, cireulase and Information se 3. R. CLAYTON, 10 Wall Street, New York. Address to & okers.—Pollak & Som, Meerschaum Manufacture: Broadway, near Fou Aret PPRS and CIGAN HOLDENS at telail, cut to of der, boiled, mounted and repatred. A Complete System of Exercise,—Wood’s Parlor Cpmeaiom sold at No, € East Twenty-eighth street Barry's Tricopheron bi Patron mericn, ‘Thin exe ard preparation for ell pu rpoxes connected with Prevents its falling off, eradieates. seurf, dandruff Keeps it in the most beautiful condition, Ite D habitual use Tenders the use of od, pomatura, oF any Other fon, quite superttuons, atarp bean. « rect, Jersey, 4Co. B M dang: Henry, High street Grantham, “Lincolnabir Havana; Lyman Bros., C: juernsey cron a8 High arest, Congala, Madrid,’ Spain; ‘nada; Morton & Ge. ‘Nova wa Seale Francisco: Principal office, iow Wists throughout (he Uniied Stites, Batchelor'’s Hair Dye—The Best in,the world, Harmless, reliable, Instantaneous, The ouly dye. Factory 81 Rarelny atreet Card te Drugg —Dr. Gouraud Hag increased the #ize of bottles for bis ORIENTAL CREAM. 1 6, for large Botton} ices will iy Berealter the retail small size, 75 cents. Chevaliers Life for the Halr Restores fo to 7 original color, stops tte falli apo p E ; the a ‘sold rE RATS. CHEVALIER, M. B. Cristadoro’s Hair Dye, Preservative 1, whoirsale and retail, No. 6 Astor Housm rilste, Drag Dye Muf.—Maug ping Tags, all grades at VICTOR B. MAUGER'S, etree Dr. J. H. Schenck, of Philadelphia, etfully informa the public that hie rooms have beew st No, 32 Bond street, New ¥ rover three years, whei he bas cuccersfully treated coneumption and ali dissases the lun er, Ae. und they will eon Dr bce CK hae no other’ office in at hie rooma, ‘- 2 ions pea : ¥ Yor 4 Tuesday oniy, from t wntil § oF free, Wat bis medicines may %e obtained bere at ail timem Beware of impostor, — For Upwards fet ena Bee wa Mrs. Wine LOW'S SUOTHING SYRU Phas been used fo: wer faillug aalery and wucsewe, Tt cogrecte acidity | reliever wind cotie, reg falsten the. bow rising from teeth! emecy. Perfectly World's Mair Res ot pon ihe reots, prodactag Sold Uy all deuggiate, The, fw ee heads or any pa pot, ate Browiwas. mt n Price.—Diamond world, athe Lod) Manufa® Reduction Parlor Matches, the beet in the turing Company, 66 Cortand! Highest Premiam Locks ‘Butch Sew Machinea and Rowen Hole Mar WathCEn a Wile, ws Broadway, N.Y. " scope Tr a, heap ha nS ‘Nusat etree, below Beet inam O40) Rooks, 8 E4GAT BRUT Mrs, M. G. Brown's Meta pot of all iaeane Pree $6) 81 Sood treet Old & en Made Lew. + Pasaphler directing haw to My restore and . without eid. OF doetor or meine ont reoetpt af ton conta, Address BB. FOC rovdway, New York. Up Fy Roy Oometat drawing of May 23, ou another pax TAYLOR & 00, Stricture, Bice, Miata’ Se., Cured by HENRY A. I4ANTELS, ng and Operating Surgeon, Boyd Ui ov caveport Agency, 71 Broads rts procured at hort notice Unive st way, raom 8), I alr Re« AL Alle Use Mrs. 8. A. Divgive tife, growth and beasty alorer and Dressing. the bair. Wigs, Braid oT kinds Boman bait work, Canal street. Willcox & Gib