Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1863-12-17
illiberal to international trade and com
THE TREASURY.

THE TREASURY.
The operations Of the Treasury during
last year have been successfully conduct
ed. The enactment by Oongi ess of a
National Banking Law has proved a val.
liable support of the public credit, and
the general legislation in relation to loans
has fully answered the expectations Of
its favorers. Some amendments may be
required to perfect existing laws. but no
change in their principles or general
scope is believed to be needed. Since
these measures have been in operation
all demands on the Treasury, including
pay to the army and navy, have been
promptly met and fully satisfied No
considerable body of troops, it is beiev-
ed, were ever more amply provided and
more literally and punctually paid, and
it may be added that by no people were
the burdens incident CO a great war ever
more cheerfully borne. The receipts du
ring the year from all sources, including
loans and balance in the Treasury at its
commencement, were 1901, 1875 1854 Sc !;
the aggregate disbursements SS05.7 .796.
$50 65; leaving a balance on the 7th of
July. 1868. of S5, 1929, ,044 81; of the re-
ceipts there were derived from customs
500 ,059, ,642 40; from internal revenue
S37 ,64O,7S 05; from direct taxes ST..
4S5. l08 81; from lands $l67,6 GIT IL;
frsm miscellaneous sources. So, ,946, ,615
35; aud from loans S776,6S2,371 81,
making the aggregate $991, 125,674 &C..
OF the disbursements there were $232.
439 % for pensions, etc.; $4,2l6, 500
SO for interes. on public debt, $24,729, :
$40 81 for War Department; $599, ,29S,
600 S3 for the Navy Department $685..
2I1, los 81; for payment of funded and
temporal debt Sl8. l66. .635. OF making
an aggregate of 1895, 766, ,630,65, and
leaving a balance OF IS, ,320. .044,2I out
the payment of the funded and temporal
debt having been made from monies bor-
4 rowed during the year. must be regarded
as merely nominal payments, and the
monies borrowed to make them as mere.
ly nominal receipts, ane their amount
Sl6l. .0S5, ,624, ,07 should therefore be de-
Quoted both from the receipts and the
disbursements. This being done, there
remains actual receipts S714, ,709, ,995, ,58.
leaving the balance as already stated
The actual receipts for the first quarter
and the estimated receipts and disburse-
ments for the remaining three quarters Of
the current fiscal year of 1868 will be
shown in detail by the report of the Sec
retary of the Treasury, to which / invite
your attention. It. is sufficient to say
here that it is not believed that the nat.
ural results will exhibit q state of the
finances, less favorable to the country
than estimates of that officer heretofore
submitted while it is confidently expected
that at the close of the year both dis.
bursements and debts will be found very
considerably less than has been anticipa-
ted.
, SECRETARY OF WAR.
The report of the Secretary of War is
document of great interest. 1t consists
Of
1st The military operations of the
year. detailed in the report of the Gener-
al.in- chief.
ID. The organization of oolored per-
sons into the war services.
Sd. The exchange of prisoners of
war, fully set forth in the letter of Gen.
Hitchcock.
4th. Operations under the act for en-
rolling and calling out the national for
+ ces, detailed in the report of the Provost
!. Marshal General.
5th. The organization of the Invalid
Corps, and
9th. The operation of the several
, Departments = of the Quartermaster
General, Commissary General, Paymas-
ter General. Chief of Engineers, Chiel
of Ordnance, and Surgeon General.
L has appeared impossible to make a
= valuable summary Of this report. except
such as would be too extended for this
place, and hence l content myself in re-
ferring your attention to the report it.
self.
THE NAVY.
The duties devolving on the naval SER
vice during the year, and throughout the
S whole of this unhappy contest, have
! been discharged with fidelity and emf.
Q nent success. The extensive blockade
q has been constantly increasing in efficien
t cy, as the navy has expanded. Yet, OF
so long line, it has SO far been impos
sible to entirely suppress illicit trade
From the returus received at the Navy
Department. it appears that more than
. one thousand vessels have been captured
since the blockade was instituted, and
, that the value Of prizes already sent in
for adjudication amounts to over thirteen
millions of dollars. The naval force OF
s the United States consists, at this time
of five hundred and fifty eight vessels
| completed and in the course of compile
ton, and of these seventy-five are iron
clad armored steamers. The events o
n the war gives an increased interest ant
Importance to the navy, which will prob
Y ably extend beyond the war itself Th'
: armored vessels in our navy, completed
: and in service. or which are under con
j tract and approaching completion, ar
believed to exceed in number those o
any other Power; but while these ma!
v be relied upon for harbor defense anC
e sea coast survey. others of greate
J. strength and capacity will be necessar.
IS for cruising purposes. and to maintain
;: our rightful position on the ocean.
IS facilities for reaching our distant posses
', sions. This policy has received its mos
m signal and beneficient illustration in tn