The Union. [volume] (Georgetown, Del.) 1863-1866, 1863-12-18

commerce.
The operations of the Treasury during the
last year have been successfully conducted.
The enactment by Congress of National
Banking law has proved a valuable support
of the public credit and the general legisla-
ton in relation to loans has fully answered
the expectations of its favorers. Some amend
ments may be required to perfect existing
laws, but no change in their principles or
general scope is boleTed to be needed.
Since these measures have been in opera
ton, all demands on the treasury, including
the pay of the army and navy, have been
promptly met and fnlly satisfied. No consid-
cradle. body of troops, it is believed, were ever
more amply provided and more literally and
punctualty paid and, it may be added, that
BY no people were .he burdens incident to
great war ever more cheerfully borne. The
receipts during the year from all sources, in
Guiding loans and the balance in the treasury
at its commencement, were S9Ol, l25, 30
the aggregate disbursements, $685. 1876, 630,65
leaving balance ON the LIST of July 1868, of
1892, 904, 421. OF the receipts there were de-
rived from customs, $50, 059,64 40 from in
ternal revenue, $37 $40, 1877 95 from direct
taxes, 81, 4S5, los 81 from lands, $l67 GIL II;
from miscellaneous sources, S3O4, $50,
and from loans, ste, 6S2, 36l 81, making the
aggregate $90l, 1876, GA SO. Of the disburse
ments there were for the service, $23, 25l ,922;
for pensions and Indians, $4,2lG, $50 SO; for
interest on public debt $24, 729, S46 81 for
the War Department, $500, 29S, 600 80 for
the Navy Department, $63,2ll, lO521 for
payment offunded and temporary debt, $751;
0S6 6S5 OF, making the aggregate SS95, 1867
$50 65, and leaving the balance of S5,329,-
O4421.
But the payment of the funded and tenn
porary debt having been made from moneys
borrowed during the year, must be regarded
as merely nominal paym onts, and the moneys
borrowed to make them as merely nominal
receipts, and their amount, SIS, los, 500, 5Ol,
should therefore re deducted both from the
receipts and disbursements.
This being done, there remains as actual
receipts 1920, 039, 039 70, and the actual dis
bursemepts $714.709,995 So, leaving the bal
ance as already stated.
The actual receipts and disbursements for
the first quarter, and the estimated receipts
ana disbursements for the remaining three
quarters of the current fiscal year of 1864
will be shown in detail by the report of the
Secretary of the Treasury, to which invite
your attention. 1t is sufficient to say here
that it is not believed that the actual results
will exhibit state of the finances less favor
able to the country than the estimates OF that
officer heretofore submitted, while it is conf
IDENTIFY expected that 1t the close of the year
very considerably less than has been antici
pated
The report of the Secretary of War is q
document of general interest. 1t consists Of
First. The military operations of the year,
detailed in the report of the General-in-C Chief
Second. The organization of colored per-
sons into the war service.
Third. The exchange of prisoners, fully
set forth in the letter Of GGneral Hitchcock.
.1a, J. ,, al. g,
enrolling and calling out the national forces
detailed in ths report of the Provost Marshal
General;
Fifth. The organization of the Invalid
Corps; and
Sixth. The operations of the several depart
ments of the Quartermaster General, Com
missary General, Paymaster General, Chic
of Engineers, Chief of Ordnance, and Surgeon
General.
1t has appeared impossible to make valu
able summary of this report, except such al
ayould be too extended for this place, ant
hence content myself by asking your atten
ton to the report itself
The duties devolving on the naval brancl
of the service, during the year and through
out the whole of this unhappy contest, hav
been discharged with fidelity and eminen
success. The extensive blockade has beef
constantly increasingly efficiency as the nav.
has expanded, yet on so long line 1t has s
far been impossible to entirely suppress illici
trade. From the returns received at the Nav.
Department, it appears that more than on
thousand vessels have been captured since TIL
blockade was instituted, and that the valu
of prizes already sent in for adjudication
amounts to over $l3, 000 600.
The naval forces of the United States con
sists at this time of 58S vessels, complete
and in the course of completion, and OF thes
rs are iron-clad armored steamers. Th
events of the war give an increased interes
and Importance to the navy, which will pre-
badly extend beyond the war itself. The al
mored vessels in our navy, completed and i
service, or which are under contract and al
preaching completion, are believed to excee
an number those of any other Power; bu
while these may be relied upon for harbor d.
fence and coast service, others of create
strength and capacity will be necessary fo
cruising purposes, and to maintain our RICH
full position on the ocean. The change tina
has taken place in naval vessels and navi
warfare, since the introduction Of steam as
motive power for ships-of-war, demands ethc
a corresponding change in some of our ext
ting navy Yards, or the establishment of ne
ones, for the construction and necessary r.
pair of modern naval vessels. No inconsi(
cradle embarrassment, delay, and public il
jury have been experienced from the want {
such Government establishments.
The necessity of such navy yard, So flu
nished, at some suitable place upon the A
lantic seaboard, has, on repeated occasion
been brought to the attention of Congress b
the Navy Department, and is again presentG
in the report of the Secretary which accom-
paniCs this communication. l think it m
duty to invite your special attention to tn
subject, and also to that of establishing yai
depot for naval purposes upon one of IL
Western rivers. A naval force has been ere
ted on these interior waters, and under man
disadvantages, within little more than tv
years, exceeding in numbers the whole nav
force of the country at the commencement
the present Administration. Satisfactoi
and important as have been the performance
of the heroic men of the navy at this interes
ing period, they are scarcely more wonderf'
than the success of our mechanics and artisan
in the production of war vessels, which ha'
created a new form of naval power. I.
Our country has advantages superior to al
other nation in our resources of iron and tin
Der, with inexhaustible quantities of fuel
the Immediate vicinity of both, and all ava