The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1864-12-13

; romfands, ,$5SS, 1898 20; from direct Ia,
4 es, SAT ,564, ,s96; from internal reyenu
: Sl09,74l, ,134.lO; from miscellaneor
!. sources, $4,75l, ,l41,3 $40; and from loar
! applied to actual expenditures, incll
ding former balance, S623, ,443, ,929. /;
, There were disbursed for the civil SCI
vice, 1927 sos, $780, 40; for pensions an
, Indians, 1857, 7,93O.97; for the Wa
, Department, $60,79l, ,s42,97; for tn
Navy Dependencies, 733, ,292 70 for il
terest of the public debt, S53,6s5, ,42l .6s
making an aggregate of $s6S, ,234, ,Os,
SO, and leaving balance in the Treas
ury of Sls,s42,55S n, as before stated
For the actual receipts and disburse
ments for the first quarter, and the est
mated receipts and disbursements 70
the three remaining quarters fthe cur
rent fiscal year, and the general opera
tions of the Treasury in detail, / refe
you to the report ofthe Secretary of tn,
Treasury. / concur with him in tn,
opinion that the proportion OF the mo
neys required to meet the expense.
consequent upon the war derived from
taxation should be still further increased
and | earnestly invite your attention tc
this subject, TO the end that there NAV
be such additional Legislation az shall
be required to meet the just expecta-
ton OF the Secretary.
THE PUBLIC DEBT.
The public debt on the first day OF
July last, as appears by the books OF
the Treasury, amounted to 81, ,749, 500,
4s9 40. Probably, should the war con-
tinue for another year, that amount may
be increased by not far from $500, 600,
600. Held, as it is, for the most part,
by our own people, it has become a sub
stantial branch of National though pri-
vate property. For obvious reasons,
the more nearly this property can be
distributed to all the people, the better.
To favor such a general distribution,
greater inducements to be come 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 competent for Congress
to provide that a limited amount of
some future issues of public securities
might be held by any bona fds purch-
aser exempt from taxation. from seizure
for debt, under such restrictions and
limitations rs might be necessary to
guard against abuse of so important a
privileges. This would enable prudent
persons to set aside a small annuity A.
gainst possible day of want. Priv
ileges like these would render the pos
session ofsuch ST 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 cred
itors as well rs debtors, with relation to
the public debt, is obvious. Men read
lily perceive that they canhot be much
by debt which they own them
selvs.
The public debt, on the lst day of
July last although somewhat exceeding
the estimates Of the Secretary of the
Treasury, made to Congress at the COM
nencement of last session, falls short of
he estimate of that officer made in the
preceding December, as to It's probable
AMOUNT at the beginning of this year,
'y the sum of $3,995,O79 33. This fact
exhibits satisfactory condition and
conduct of the operations Of the Treas.
Try.
THE NATIONAL BANK SYSTEM,
The National Banking system is PROV
ng to be acceptable to capitalists and
o the people. On the 25th of Novem-
,er, five hundred and eighty-four Ma
ional Banks had been organized, a con-
iderable number of which were con-
ersions from State Banks. Changes
rom the State system to the National
ystem are rapidly taking place, and it
hoped that very soon there will be in
he United States no bank of issuc not
uthorized by Congress, and no bank
ote circulation not secured by the ;
That the Government |
nd the people will derive general bene- ;
t from this change in the banking sys-
ems of the county, can hardly be ques-
oned. The National system will Gre
te reliable and permanent influence i,
support of the national credit, and )
rotect the people against losses in tho !,
Sc OF paper money. Whether or not :
ny further Legislation is advisable for :
lie suppression of the State Bank issues.
will be for Congress to determine. 1t /
'ems quite clear that the Treasury can :.
ot be satisfactorily conducted unless :,
e Government can exercise restrain =
8 power over the bank note circula :,
on of the country. =
THE WAR DEPARTMENT. :,
The report of tho Secretary of War \
I'd the accompanying documents, will
,tall the campaigns of the armies in
e field since the date Of the last an !,
lal message, and also the operations =,
the several administrative bureaus :. -
the War Department during the last 4 4
ar 1t will also specify the measures - -
'emed essential for the national de- y
nse, and to keep up and to supply the y
quisite military force. ~ ~
THE NAVY. :,
The report of the Secretary ofthe n,
avy presents comprehensive and
tisfactory exhibit of the affairs of that
apartment, and of the naval service.
is q subject of congratulation and NJ
liable pride to our countrymen, that re
Navy OF such vast proportions has 81,
en- organized in so brief period, and d
nducted with SO much efficiency and In
ccess. The grand exhibit of the d'
IVY, including vessels under construc- az
n on the first of December 1864, 'e
DwS n total ofe51 uae,oI. yt