Page:Statesman's Year-Book 1871.djvu/601

 REVENUE AND EXPENDITURE.

Expenditure.

565

Branches of Expenditure

Fiscal Years ending

Civil Service.

Pensions and Indians

Arm}'

Navy

Public debt

June 30, 1869. Actual

June 30, 1870.

Actual and estimated

June 30, 1871. Estimates

Dollars 56,474,061 35,519,544 78,501,990 20,000,757 130.994.245

Dollars 55,102,202 34,547,943 54,095,468 19,782,630 131.2(12.271

Dollars 60,000,000 36,000,000 50,000,000 18,000,000 127,000,000

Total

321.490.597 1 294,730,514 291,000,000

Surplus. . .1 49,453,150 j 10 ,101,108 1 102,000,000

Comparing the two fiscal years 1869 and 1870, it will be seen that the revenue increased nearly 24 million dollars, owing mainly to augmented taxation, while through the greater economy of the Government, chiefly in the army, the expenditure decreased over 26 million dollars.

Expressed in pounds sterling, the national revenue for the financial year ending June 30, 1871, was calculated at 78,600,000/., and the expenditure at 58,200,000/., leaving a surplus of 20,400,000/. The surplus of every year has to be devoted, in conformity with several enactments of Congress, to the redemption of the national debt.

The following table shows the total amount of the national debt, on the 1st of March of each of the years 1862, 1864, 1866, 1869, and 1870 : —

-+

Years

Capital of Debt

Dollars

&

1862

514,211,372

107,127,369

1864

1,740,690,490

362,643,852

1866

2,783.425,879

579,880,391

1869

2,380,094,127

499,214,041

1870

2,438,328.471

487,665,694

According to the official statement of the Secretary of the Trea- sury, the various liabilities incurred successively by the government under the sanction of Congress, which form the national debt of the United States, were as follows — dollars converted as before, at the rate of 5 to 1, into pounds sterling— on the 1st of March 1869:—