nses of the Government were about 35 to 48 millions. It will be well
to recur to these tabular details for future history. They are presented
as follows, for the whole period of the General Government.

EXPENDITURES _of the United States, exclusive of Payments on account of
the Public Debt._

Years 1789-1792, Washington, $3,797,000
" 1793-1796, " 12,083,000
" 1797-1800, John Adams, 21,338,000
" 1800-1804, Jefferson, 17,174,000
" 1805-1808, " 23,927,000
" 1809-1812, Madison, 36,147,000
" 1813-1816, " 108,537,000
" 1817-1821, Monroe, 58,698,000
" 1821-1824, " 45,665,000
" 1825-1828, John Quincy Adams, 49,313,000
" 1829-1832, Jackson, 56,249,000
" 1833-1836, " 87,130,000
" 1837-1840, Van Buren, 112,188,000
" 1841-1844, Harrison and Tyler, 81,216,000
" 1846-1848, Polk, 146,924,000
" 1849-1852, Taylor and Fillmore, 194,647,000
" 1853-1856, Pierce, 211,099,000
" 1857-1860, Buchanan, 262,974,000

During the past fiscal year, 1862-3 and the year 1863-4, the Government
expenditures are estimated at ten hundred millions of dollars. These
heavy disbursements cannot be carried on merely by the ordinary bank
paper and the gold and silver of the country. Instead of sixty-five
millions of dollars, the average annual expenditures of the Government
during the last administration, these now involve the sum of five
hundred millions annually. Hence the obvious obligation on the part of
the Government of putting in circulation the most reliable currency, and
of avoiding those of local banks, which do not possess the confidence of
the people at a distance. This can be done only by maintaining a
currency of Government paper which every holder will have full
confidence in, and in which no loss can be sustained.

There is here no conflict or competition between the Government and the
State banks. The latter have the benefit of their legitimate circulation
in their own respective localities; while the national treasury
furnishes to the troops and to the creditors of the nation a circulation
of treasury notes which must possess confidence as long as the
Government lasts.

The policy of the English Government in this respect was a wis