§ I
';. THE
NATIONAL
DEBT, TAXATION, CURRENCY,
AND
BANKING SYSTEM
OF THE
U 1ST L TED S T A.T E 8.
WITH SOME REMARKS
ilqjort of tljc Secretari) of tljr Srrasuru
dversity of
Southern Rt
Library Fa
BY JAMES GALL A TIN.
NEW "YORK:
HU*FORD <t KETCH AM, STATIONERS AND PRINTERS,
Nos. 57 and 59 William Street.
THE
NATIONAL
*
DEBT, TAXATION, CURRENCY,
AND
BANKING SYSTEM
OF THE
UNITED STA.TBS.
*WITH SOME REMARKS
ON THE
fff tjjt ^tmtarj af tlje fetsarj
BY JAMES GALLATIN.
NEW YORK:
HOSFORD & KETCHAM, STATIONERS AND PRINTERS,
Noi. 57 and 59 William Strtet.
REMARKS
ON THB
of ijft Starefatjj of % tasarg,
FOR THE YEAR 186.3,
By James Gallatin.
I. Magnitude of the National Disbursements.
THE annual report of the Secretary of the Treasury, dated
December 10th, 1863, embraces statements of debt and disbursement far surpassing in magnitude the financial transactions of any nation, for the same period, in modern times.
Only in the traditions of the ante-historic era do we find a parallel to the stupendous volume of national expenditure now witnessed at Washington. The nearest approach to it during the present era is recorded by Mr. Allison, in his
" History of Europe," who states that the expenditures of the British nation, during 1815, the last year of their great struggle with the first Napoleon, reached the sum of
£ll1,000,000 sterling, about £38,000,000 of whic…