Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1864-12-06

| subject, to the end that there may be such sd.
ditonal legislation as shall be required 10 meet
the Just expectations of the Secretary.
The public debt on the frst day Of July last,
as appears by the books OF the treasury,
amounted to sl,740,69o, ,4so.4o. Probably,
should the war continue for another year, that
amount may be increased by not far from five
hundred millions. Held as II ls, for the most
part, by our own people, It has become sub
stantisl branch OF national, though private,
property. For obvious reasons, the more
nearly thlB property can be distributed among
all the people the better. To favor such gen.
eral distribution, greater inducements TO be.
come owners might, perhaps, with good effect,
and without injury. be presented to persons Of
limited Ineans. With this view, suggest
whether 1t might not be both competent and
expedient for Congress TO provide that limited
amount of some future Issue OF public securi-
ties might be held by any bona Jlds purchaser
exempt from taxation, and from seizure for
debt, under such restrictions and limitations
As might be necessary TO guard against abuse
OF 90 importanta privilege. This would enable
every prudent person 70 set aside n small an
nulty against possible day OF want. .
Privileges like these would render the pos
session OF such securities, to the amount lin
itcd, 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 cannot be much oppressed
by debt which they owe to themselves.
The public debt on the FIRST day OF July last,
although somewhat exceeding the estimate OF
Secretary OF the Treasury made 10 Congress at
the commencement OF the last session, falls
short Of the estimate OF that officer made in
tho preceding December, as 10 its probable
amount at the beginning Of this year, by the
sum OF $3,995, ,09T.3l. This fact exhibits q
satisfactory condition and conduct OF the opera
tlons of the treasury.
The National banking system is proving TO
be acceptable to capitalists and to the people.
On the 25!h day Of November, Eve hundred
and eighty-four National banks had been or
ganized, q considerable number OF which were
conversions from State banks. Changes from
State systems to the National system are rap
idly taking place, and It Is hoped that very
soon there will be in the United States no banks
of Issue not authorized by Congress, and no
bank-note circulation not secured by the Gov
eminent. That the Government and the people
will derive great benefit from this change In
the banking systems Of the country can hardly
be questioned. The National system will Gre
ate a reliable and permanent influence In sup
port Of the national credit, and protect the peo.
pie against losses In the use OF paper money.
Whether or not any further Legislation Is ad-
visable for the suppression OF State bank issues
1t will be for Congress TO determine. II seems
quite clear that the Treasury cannot be salts
factorily conducted unless the Government can
exercise restraining power over the bank mote
circulation Of the country.
The report Of the Secretary OF War asd the
accompanying documents will detail the cam
paigus OF the armies In the field since the date
of the last annual message, and also the oper-
atoms of the several administrative bureaus of
War Department during the last year. 1t will
also specify the measures deemed essential for
the national defence, and to keep up and sup.
ply the requisite military force.
The report of the Secretary OF the Navy pre-
sents comprehensive and satisfactory exhibit
of the affairs Of that department and of the
naval service. 1t Is a subject OF congratula-
tion and laudable pride TO our countrymen
that navy of such vast proportions has been
organized in so brief a period, and conducted
with so much efficiency and success.
The general exhibit of the navy, including
vessels under construction on the lst OF Decem-
ber, 1864, shows total of GIL vessels, carry
ing 1910 guns, and Of SIC, 1896 tons, being an |
actual increase during the year, over and above
all losses by shipwreck or 10 battle, Of 80 yes-
sels, 1877 guns, and AZ, ,427 tons.
The total number Of men in the naval ser. |
vice, including officers, is about 81 900.
There have been captured by the navy during
the year 34 vessels, and the whole number Of
naval captures since hostilities commenced is |
/ $40, of which 2G7 are steamers.
The gross proceeds arising from the sale of
condemned prize property, thus far reported,
such proceeds Is still under adjudication and
yet to be reported.
The total expenditure of tho Navy Depart
ment OF every description, including the cost |
Of the immense squadrons that have been
called into existence from the 4'h of March,
1851, to the lst Of November, 1864, are
s23S, ,647, ,2G2 So.
Your favorable consideration 10 invited to
he various recommendations OF the Secretary
Of the Navy, especially In regard to q navy
yard and suitable establishment for the con-
suuctiOn and repair Of iron yessels, and the
and armature for our ships, 10
which reference was made in my last annual
Your attention is also invited to the views
in the report in relation to the legis-
alton of Congress at Its last session In respect
10 prize on our Inland waters.
cordially concur In the recommendation of
he Secretary as 10 the propriOLy Of creating
he new rank Of vice admiral In our naval ser.
vice.
Your attention ia invited 10 the report of the
General for detailed account of |
he operations and financial condition OF the
Post Office Department.
June 80, 1864, amounted to Sl2, ABS, 1853. rs,
and the expenditures TO Sl2,Gii, 7SU.20; the
,Ncess Of expenditures over receipts being
i20O ,G52.42.
The views presented by the Postmaster Gen.
,ral on the subject of special grants by the Gov
,rnment In aid of the establishment of new
ines of ocean mail steamships and tho policy
10 recommends for the development Of In
creased commercial Inter course with adjacent
and neighboring countries, should receive the
,sreful consideration Of Congress.
II Is of noteworthy interest that the steady
expansion of population, improvement, and
governmental Institutions over the new and un-
occupied portions of our country have scarcely
been checked, much less impeded or destroyed,
Jy our great civil war, which at fret glance
would seem to have absorbed almost the entire
,nergies of the nation.
The organization and admission Of the State
If Nevada has been completed In conformity
with law, and thus our excellent system is
lrmly established In the mountains, which once
seemed barron and uninhabiLable waste be.
.ween the Atlantic States and those which have
grown up on the coast Of the Pacific ocean.
The Territories Of the Union are generally In
J condition of prosperity and rapid growth.
Idaho and Montana, by reason OF their great
distance and the interruption decentralization
with them by Indian hostlllties, have been only
partially organized; but 1t Is understood that
hese difficulties are about to disappear, which
will permit their governments, like those of
The others, TO go into speedy and full opera
lion.
As intimately connected with and promot-