The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1864-12-16

Congress imposing increased taxation. The
receipts during tho year from all soutcos.
uion tho basis OF warrants signed 10y tho
Secretary Of tho Treasury. including tho
Loans and tho balance in tho Treasury on
the frst day OF July eighteen hundred aud
eiIty-three. sere 81 1893 1856 OO7 90. and
tho aggregate Disbursements upon the same
basic. wore \! 29S 056 lOl. 80, leaving bal
aocn in the Treasury. Rs shown by warrants,
oil S96 739 g05 73. Deduct from these
amounts iho amount OF the principal OF the
Public Debt rodoemec aud the amount OF
issues IN subs,itutes therefor, and tho act.
oal cash operations of tho Treasury we're:
Receipts 1894 076 646 II; Disbursements.
1866 234 0S7 Sc. which leaves q cash bal.
anco 10 the Tfoasury ofSlSY42 55S IL.
Oi tho. receipts there were derived from
Customs. &l02 BIG l6209 From Lands.
T5SS. 233 20 From Direct Tayes. .&472,.
64S.S6. From tho IUternai Revenue, SiO9,.
14l,l 81 10 From p'isce ianeous sources,
S47 8 IL I43 10. and from loans applied to
sctua. ,xreudr urcs. Including FORMER bal
ance. 1923 443 929 Is. There we're dis.
bursrd tor the civ, service. 1927 705 500 80.
For PensIohs and Indians. 81 5l7 93O 81.
For the War Department. 1907 9IS 429,-
10 For tho Navy Department. S84 733.
292 10 Fur latorest of tho pubic debt.
S53 6s5 426 90, making an aggregate Of
SS65 235 U87 Sc, and leaving balance in
tho Treasury of Sls Sac ,66S n as before
stated For tho actual receipts aud dis
bursomenIs for tho first quarter. aud The es
tima,ed disbursements Tor the three quar-.
.te,s remaining of tho current fiscal year.
and The geDeral operations Of tho Treasury
10 detail. refer you to the report of the
Secretary of the Treasury. ............
concur with him ia tho opinion that the
proportlnn OF the monies required to meet
the expenses consequent upon the war de
rived from taxation. should be still further
increased. and l earnestly invite your at.
lten,ion to this suhjoc,. to the eId that there
may be such additional legislation as shall
DO required TO meet the jast expectations OF
the Secretary. .
I The public debt. on the first day of July
last, as appears by the books of the Treas
ury amounted to one biIlio,. seven hundred
and tor'y millions. six hundred and ninety
thou and four hundred and eighty nine dol.
lars and forty.DiDe cents. Probably, should
tho war continue for another year, that
amonn. may be increased by not far from
five hundr' d millions Hold, az it is for tho
most part by our own people, il has become
a substantial branch of national, though pri.
vate, property. For obvious reasons, the
more nearly this property can DO distributed
among all the people tho botter to favor
such general distribution. greater induce.
ments might, perhaps. with good effect and
without injury, be presented TO porsons OF
limited means. With this view, l suggest
who tber il might not be both expedieut and
competent for Copeross to provide that a
limited amount Of some future issue of pub
lie securities might DO held by any bona fde
purchaser. exempt from taxation and from
seizure for debt, under such restrictions and
limitations as might be necessary TO guard
against the abuse of so important a privi
lego. This would enable prudent persons
to set aside small annuity against possi
Bile day of want.
Privileges like those would render the
possession Of such securities, to the amount
limited. most desirable TO persons Of small
means. who might be able to save enough
for the purpose, The grea. advantage of
citizens being creditors as we'll as debtors,
with relation to tho public debt is obvious.
Men readily perceive that they cannot be
much oppressed 10y debt which they owe
TO Themselves, The public debt on the lat
day of July last, although somewhat exceed
ing the estimate of tho Sec'y of the Treas
ury. made TO Congress ut the commence
ment of the last session. foil short OF the es.
timato of that officer. made in the pre- ced.
ing December. as to it's probable amount at
the beginning Of this year, by the SUN OF
80 995 0793 This fact exhibits q satisfac.
tory condition and conduct OF tho opera
tions OF tho Treasury.
= The National Banking system is proving
to bo acceptable TO ca spi'aiisls and to tho
people. On the 18Th If Nov. five hundred
and eighty four National banks had been
organized. a considerable number OF which
we're conversions from State banks. Chang
es from the State to the National system,
are rapidly taking place, and it is hoped,
that very soon there will be Ia the United
States no bank note Of issue not uuauthor-
lied by Congress and no bank note circu-
latIon not secured by tho GOvernment-
That the Government and the people will
derive general benefit from this change in
the banking s"stem can scarcely be ques
rioned The National system will create
reliable and permanent influence IN support
Of tha National credit. and protect tho peo
Pile against losses IN the use OF paper money.
Whether or not. any farther LEGISLATION 10
advisable for the suppression ot stato bank
issues. it will be for Congress to determine