Such provision for the coming campaign offered little evidence of increasing energy to make head against the vastly increased military and naval power of England; but the financial outlook was much worse than the military, and Congress dared not face it. The acting Secretary of the Treasury, William Jones, sent his annual report to the House January 8, and so far as his balance-sheet went, no difficulties were apparent. He had disbursed thirty million dollars during the past fiscal year, and needed nearly forty millions for the current year. These sums were not excessive when compared with the wealth of the country or its exertions at other periods of national danger. Half a century afterward the people of the Southern States, not much more numerous than the people of the Union in 1812, and with a far larger proportion of slaves, supported during four years the burden of an army numbering nearly five hundred thousand men. For the same period the Northern people, not much exceeding twenty millions in number, lent their government more than five hundred million dollars a year. The efforts of 1864, proportioned to the population, were nearly ten times as great as those of 1814, when Secretary Jones looked with well-founded alarm at the prospect of borrowing thirty millions for the year, and of maintaining an army which could scarcely be expected to number forty thousand rank-and-file. The United States, with a proper currency and untouched resources, should have found no serious difficulty in borrowing thirty or even fifty millions a year in 1814; but they were in reality on the verge of bankruptcy, although the national resources were probably ample. The amount of private capital available for loans was uncertain, and the amount of circulating medium was equally doubtful. Timothy Pitkin of Connecticut, perhaps the best authority in Congress, thought that the paid bank capital of the United States did not much exceed sixty millions,[476] and that the notes of these banks in circulation did not reach thirty millions. His estimate of paid bank capital was probably liberal, but his estimate of the circulation was eight or ten millions too small. Had the Treasury been able to count on the use of these resources, they might have answered all necessary purposes; but between the mistakes of the government and the divisions of the people, the Treasury was left with no sound resources whatever.