US Presidency
1864

This would enable every prudent person to set aside a small annuity against a possible day of want. Privileges like these would render the possession of such securities to the amount limited most desirable to every person of small means who might be able to save enough for the purpose. The great advantage of citizens being creditors as well as debtors with relation to the public debt is obvious. Men readily perceive that they can not be much oppressed by a debt which they owe to themselves. The public debt on the 1st day of July last, although somewhat exceeding the estimate of the Secretary of the Treasury made to Congress at the commencement of the last session, falls short of the estimate of that officer made in the preceding December as to its probable amount at the beginning of this year by the sum of $ 3,995,097.31. This fact exhibits a satisfactory condition and conduct of the operations of the Treasury. The national banking system is proving to be acceptable to capitalists and to the people.