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The Daily Dispatch: October 18, 1864., [Electronic resource], From Wilmington. (search)
; and the Secretary undertakes to show that this distrust is without reasonable foundation. He says: "The entire public debt, funded and unfunded, was, on the 1st of July last, about $1,250,000,000.--The expenses from the 1st of July to the 31st of December are estimated at about $325,000,000, making an aggregate of $1,575,000,000. "In this amount is included $250,000,000 of four per cent. bonds to be issued in place of a like amount of old currency funded under the act of February 17, 1864; but a considerable portion of this sum will be returned into the Treasury under the Tax Act; or, in other words, the whole sum produced by the taxation of the present year will be applicable to the reduction of this aggregate of $1,575,000,000. Let a liberal allowance, however, be made for opposite contingencies, and let the debt on the 1st of January, 1865, be set down in round numbers at $1,500,000,000; let the war be supposed to continue, and in its progress add $500,000,000 more to