The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1864-12-08

Treasury OF SISSY, ,55S, Il, as before
stated for the actual receipts ind. dis
for the first quarter, and
the estimated receipts and disburse-
ments for the three remaining quar-
ters1of the fiscal year and the general
business Of the Prcasury<in detaik |
refer You to the report Of the Secreta
ry of the Treasury to concur with
him 10 the opinion that the proportion
Of the monies required to meet the
expenses concurrent upon the war,
derived from taxation, should be still
further increased, and l earnestly in
vite your attention to this subject, to
the end that there may be such ad-
ditional legislation as shall be required
to meet the just expectations of the
Secretary. The public debt on the
first day of July last, as appears by
the books of the Treasury, amounted
to one billion, seven hundred and for
ty thousand millions six hundred and
ninety thousand four hundred and
eighty mine dollars and otorty1nine
cents, Probably shoald the con-
tinue for another year, that amount
may be increased by not far from
five hundred millions. Held as II is,
for the most part, by our own people,
it has been u substantial branch of
national, though private property
For obvious reasons, the more equal
ly this property can be distributed
among allrthe people, the bettor; to
favor such general distribution, great
er inducements TO become owners
might. perhaps, with good effect and
without injury, be presented to
persons of limited means. With
this view I suggest. whether it
might not be both expedient and COM
petent for Congress to provide that a
limited amount of somo future issue
of public securities might be held by
any bona. fic purchaser exempt from
taxation and from seizure for debt, un-
der such restrictions and limitation
as might be necessary to guard
against abuse OF so important priv
ilege. This would enable prudent
persons to act aside q small annuity
against 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 cit
liens being creditors as well as debt
ors. with relation to the public debt
is obvious men readily preceivc that
they cannot be much opprossad by q
debt which they owe to themselves,
The public'debt, on the first day oi
July last although somewhat exceed
ing tho cstim"te of the Secretary of
the Treasury made to Congress al
the commencement Of the last session
falls short of the estimate of that of
ficer made in the preceding Decem
ber, as to its probabIo amount at the
beginning of this year. by the sum o
50, ,995 ,079,33 The first exhibits /,
satisfactory condition and conduct Eo
the operations of .he treasury. Th,
national banking system is proving tC
bo acceptable to capitalists and u
the people. On the 25th of Novem
bcr 58,i national banks had been or
lganizcd, a considerable number o
which wcro conversions from STATE
banks H Changes from the Stat
system to the national system ar'
lrapidly taking place, and it i
lhopcd that very soon there will b
in the United States no bank ofisSu,
not authorized by Congress, and II,
bank note circulation not secured b,
the Government. That the Govern
mont and tho people will derive gen
cral benefit from this change in th,
banking systems Of the country cal
hardiy be questioned. The nationd
system will create n reliable and per
mancnt innuenco in support OF tn
national credit, and protect the pCo
pie heairS st losses in the use of pape
money Whether or not my furthe
Legislation is advisable for the sup
preston Of State bank issues, it will b
for Congress to determine. 1t seems
lquitc clear that the Treasury canno
be satisfactorily conducted, unless tn
Government can exercise restrainin!
power over the bank note circulation
Of the country.
The report Of the Secretary Of War
Iand the accompanying documents
will detail the campaigns of the arm
les in the field since the date Of tn
last annual message, and also tho op
crations of the several administrativ
bureaus of the War Department du
ring The last year, 1t will also spcci
| ty tho measures deemed essential 70
the national defense and to keep IL
and supply the required militar,
force, ..' .. ''" "
The report of the Secretary of th
Navy presents q comprehensive an
satisfactory exhibit of tho affairs {
that bcpartmcntand OF the naval scrv
ice, 1t is subject Of congratola
land laudable pride to our country
mon that II navy Of such vast propol
tons has been organized in so brief
period and conducted with so muc
efficiency and success. Tho gonerg
exhibit Of tho navy, including vessel
: under construction, on the first of De
cembcr, 1864, shows u total of CT
vessels, carrying 1910 guns and 5lC
396 tons, being an actual increas
during tho year, over and above Il