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Comte de Paris, History of the Civil War in America. Vol. 2. (ed. Henry Coppee , LL.D.), Book VII:—politics. (search)
t on the other, entered the market as competitors, which caused the premium on gold in October, 1862, to rise thirty-nine per cent. The Bankers' Almanac gives the maximum premium in this month as 37 per cent.; Secretary Chase says 37 5/8 per cent.—Ed. Consequently, when Congress again met, in the month of December, the financial situation, as described in the message of the President, presented a very gloomy aspect. The amount of expenditures for the fiscal year closing on the 30th of June, 1862, had reached the sum of $474,744,778.16, and the unavoidable redemption of certain provisional bonds and scrip carried it up to $570,841,500.25; the following fiscal year was nearly half through, and it was easy to foresee that the next budget would exceed six hundred millions. The Secretary of War had expended $394,368,407.36, and the Secretary of the Navy $42,674,569.69. The borrowing system, under all its forms, including the issue of treasury notes bearing no interest, had during