are six or seven fold what they ever were before, in a time of peace.  During the four years 1813 to 1816, when war raged with England, the whole expenses of the Government were $108,537,000.  During the Mexican war, when the disbursements of the treasury were much heavier, the average annual expenses 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.