You can throw all the money in the world at a problem - in this case the manufacture of breech loading/repeating rifles - but if you do not have the required facilities, machine tools, skilled labor, and raw materials, you will fail. Even with a magic wand, significant production was not going to begin until at least late 1862.
Effective with the adoption of the Model 1842 percussion smoothbore musket, all U.S. military firearms produced by the Ordnance Office were designed to be manufactured using interchangeable parts technology. Despite the design for interchangeability, there were technical problem in implementation. Although national government produced interchangeable Hall's rifles and carbines had been manufactured at Harper's Ferry Armory, that armory was incapable of providing interchangeable parts Model 1842 muskets until 1847. Model 1842 muskets manufactured at Springfield Armory were not interchangeable until 1849. Ripley had been commandant at Springfield from 1841 to 1854, and was intimately familiar with the problems of bringing an arm that would meet the Army's standards for interchangeability into production. Consequently, he had reasonable concerns regarding the ability of the Northern contractors to do it, particularly for more complex breech loading and repeating arms.
On 5 July 1861 Samuel Colt signed a contract with the Ordnance Office to manufacture 25,000 Springfield rifle muskets to be delivered beginning in 1862 at a rate of 1,000 per month. Unlike many other contractors, Colt was a legitimate firearms manufacturer with a functioning firearms factory in Hartford, Connecticut. But, the factory was fully occupied in producing Colt's revolvers for the Army and Navy. Consequently, Colt would have to build a new factory for rifle musket production. He told the Ordnance Office that it would take six months for the new factory to come on-line. To speed production, Colt contracted with Pierre-Joseph Lemille of Liege to manufacture 10,000 rifle musket barrels to be mounted on the contract weapons in the United States, as well as for locks and other parts. When the Ordnance Office then objected to the use of the parts because of concerns over interchangeability, Colt had to put them back on the market. One could fault Ripley for this decision, but the Springfield rifle musket contracts required interchangeable parts production, and production in Liege was still artisanal, largely in home workshops.
Compounding the problem for all manufacturers in late 1861 was the fact that almost all the "gun iron" used in the manufacture of gun barrels in the United States was imported from Great Britain, including the iron used by Springfield Armory. During the Trent Affair, Queen Victoria embargoed the export of arms and strategic materials, including gun iron, until the threat of war with the Federals was finally resolved.
By the spring of 1862, given the inability of Springfield Armory and the Federal arms contractors to manufacture enough of the much simpler Springfield rifle muskets to replace combat losses and keep up with the demand for equipment for the mobilizing Federal volunteer army, the government's reserve stock of small arms was essentially running on empty; even with the European procurements.
Regards,
Don Dixon