The following is a comparison between Mr. MiCulloch's last year's
estimate of the Revenue and Expenditure of the United States for the financial year ended 30th June last, and the actual amounts realized. We assume five dollars—the nominal rate—to the pound sterling :—
REVENUE.
ESTIMATES.
June 30, 1866—June, 1867. £ Rasrrirs. June 30, 1866-1867.
£ Customs 32,168,000 35,283,000 Lands 145,000 232,000 Direct Tax 68,000 840,000 Internal Revenue 57,033,000 53,205,000 Miscellaneous 5,596,000 8,565,000 £95,010,000 498,125,000 EXPENDITURE.
ESTIMATES. RESULTS.
£
£
Civil Service
9,859,000 10,222,000 Pensions and Indians 4,809,000 5,116,000 War 14,526,000 19,045,000 Navy 6,203,000 6,206,000 Interest on Debt 27,883,000 28,756,000
£63,280,000 £69,345,000 Hence we see that both the revenue and the expenditure exceeded Mr. M'Culloch's estimates, the former by nearly three millions sterling, the latter by about six millions sterling. Mr. MiCulloch has at his disposal to reduce the Debt, therefore, not almost 32,000,0001. sterling, as he hoped, during the year, but rather more than 28,000,0001., and be has actually reduced it in the year by 21,184,0001., retaining, we suppose, the balance in the Treasury.
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