Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1864-11-16

devastation which desoate this continent and which they
profess deeply to depore.
The disregard of this Just humane, and Christian pub
JIG duty by the nations Of Europe is the more remarkable
from the fact that authentic expression has long since
been given by the governments OF both France and Eng
land to the conviction that the United States unable
to conquer the Confederacy. 1t is more than two
years the OF France announced officially
the cabinets of London aud St Petersburg its own con-
decisive military In the sent by those
powers intmation Of contrary opinion conveyed
ard it is notorious that in speeches, beth in and out OF
Parliament, the members of Her Brianic Gaestys gov
have not hesated to express this in
unqualified terms The denial of right under these
is so obviously unjust, and
unfairly IN favor of the United States that neutras have
sought paate the wrong of which they are conscious
by protesting to consider opposition to notorious truth
and the known belief Of both begerent tn at tae re-
cognion Of Independence would be vaueless without
thE further Intervention in the struggles interview
tim of which Giscai the desire and misrust the al
vantage We seek no favor; we wish no Intervention;
know ourselves fully competent to maintain our own
ghs and independence against the invaders of
trv ami feel justified in asserting that without the
aid derived from recruiting their armies from foreign
countries the invaders would ere this have bee1 driven
from soil. When the recognition of the Confcderacy
refused by Great Britain in the fall OF 1857 the reu
sal was excused the ground that any action by Her
Maj would have the effect OF hnamtag
the passions of the begerents and ct preventing the
turn Of peace 1t is assumed that this opinion was SIN
Ger, " entertained but the experience OF two years OF
uneTua.ieG carnage shows that it was r0neous ana tnae
the resu was the reverse what the British Ministry
hunnelv sired. contrary policy, policy just to U.s.
policy dv"rging from an unvaryius course OF conces
sion all the demands of enemies is still within the
power of Her Maestys government and would, it is fair
presume be productive OF cons quences the opposite OF
those which have unfortunately followed its whole
&C nduct from the of the wal to the
present time In word peace is impossible without in
Dependence and is not to De expected that tn enemy
will anticipate neuras in the recognition OF that lnde
pendnce. When the history of this war shall be fully
disclosed the calm Judgment IF the impartial pubcist
will these reasons be urahe to absolve the neutral
NATIONS q. Europe from share in the moral responsibility
ior re vrad of human lives that bare been unnecessa
rly sacrifice. during its progress.
Ire ron wed instances in which forei powers have
gwen just of complaint need not here be detailed
Thr from the correspond OF the State De
pa-twept. which accompany this message, will afford
such further Information can BE- given sthout de'ri-
the pnbc interest anal must reserve tor the
u:ue such action may then be deemed advisable to
secure redress.
Y"nr special attention is earnestly invited to the
past q" the Secretary Of tie Treasury, submitted in
tcvuity with law. The facts therein disclosed far
from lscoura ug, and demonstrate that with udciols
legislation, shall be enabled to meet all the ezigenci-s
OF tie from abundant resources and avoid, at
thu time, such accumulation of deOt would
reader at all doubtful our capacity to redeem it.
The total receipts into the treasury for the two quar-
"rs ending the 3Oth OF September. 1854 Sll5,
a $50. which sum- added to the balance of $685. 2s2
22 that remained in the treasury the list of April lat
FIRMS total of s723 Ofthis total, not far from
hs that is 20 saw $50 $50 32 have been applied to
the .xtinction of the public de- while the totaexpen
ditures have been S272 1913 sos leaving balance the
treasury the st of October 1864 of sos 43S 40
The total amount of the public debt, exhibited
the books of the Register of the Teas the LIST Oc
uber, 1864, ST al ets, # which $685. coo
furd:d debt bearing ipt"rsT. S2S3, $50 50
treasury notes of the issue, and lhe remainder
sisted of tie former issue of treasury which will be
converted into other forms of debt and will
currency or the 3lst of next MONTH
The report. however. explains that in consequence of
tn" abs of certain from distant officers the
amount of he debt is less by about anil
a half millions of dollars Than appears the books of
the ser and that tie public debt on lst w last
mon; may be fairly considered been 81 l26 $751;
Oa5
The increase Of the public debt during the six months
from the LIST April to the lst October VS. $97 $50 $780,
being rather than SlGO on coo per month"; and it
vii tarent, the erusa Of the report, that this
augmentation would have been avoided and positive
eGuction of the amount waud have been effected but
for dtec in the legislation on the subject of the
finances which pointed in the report, and which
seem to admit of easy remedy.
In the statements just made. the foreign debt is omit
ted Il consists only of the unpaid balance of the loan
kn"wn the cotton loan. This balance but 81 OOO
ami is adequat y provided for BY about hundred and
y thousand bales of cotton owned BY the Government,
ever i the cotton be rated worth but six pence per
pound.
There is one item of the public debt not included in
the rabies presented to which attention required
The bounty nds promised soldiers by the third
section of the of 18th February, 1864 deivera
bic the LIST of October The Secretary has been
bic to issue them by of omission in the law,
time being therein fixed for the payment of the bonds.
The aggregate appropriations called for by the differ
ent deartm ents of the Government according to the
estimates submitted with tn" reOrt for the six months
ending the Both june 1865, S43S lO2 679
while the Secretary estimates that there will remain
January, 1865, balance OF Sl67, 4l6 5O4 1t would
therefore that former estimates have been largely
in excess If actual expenditures AID that additional
appropriations required for meeting the needs the
public service to the lst of July of next year. In
deed if the estimates presented should prove to be
much in excess OF actual expenditures has hereto
fore been the conside able balance will still
main unexpended at the close Of the first half of the
suing year.
Tie chief difficulty to be apprehendcd in connection
with finances results from the depreciation of the
treasury notes. which justly to be attributed BY
the Secretary to two redundancy in amount
want of confidence in ultimate redemption for both
which, remedies suggested that will commend them
selves to your Consideration being practicable wei
! as efficient.
The main features of the plan presented subsanti
ally these: 1st That the faith of the Government b.
pledged that the notes shall remain exempt from
taxation. I'd That no issue shall be made beyond tina
VIII oh is already authorized by law. Sd. That certain
fixed portion of the annual receipts from taxation durn,
the shall be set apart specially for the gradua
extinction of the outstanding amount until i
| shall have been reduced to $50 900, 900; an
4th. The pledge and approximation of such proper
ton Of the tax in kind and for such number of year
after the return of peace, shall be sufficient for the
redemption of the entire circulation. The detail
Of tile plan, the calculations Hhich it is based, III
efficiency of its operation, and toe vast advant whic
would result from its success, are fully detailed in tn
|
entity condensed for this message doubt not it will
ceive from you that earnest and candid consideration
which is merted by the Importance Of the subject.
The recommendations of the report for the repeal
certain provisions of the tax laws which produce nt
quality in the hurthen of taxation; for exemptng
Government leans from taxation capital and fror
any adverse discrimination in taxation income d.
rived from them; for plarng the taxation banks o
the footing the taxation Of other corporate boz
for securing the payment into the treasury Of tbs
portion of the bank circulation which is liable to conf
ton because held by alien enemies; for the
sion of the Understanding easury notes oustant
ing into coupon bonds and for the quarterly colectio
of taxation all present practical questions for legs
ton, which, if wisely devised, will improve the publ
credit and alleviate the burthens imposed by Il
extreme and unnecessary depreciation in the value
the currency.
The returns of the Produce Loan Bureau are submit
with the report and the information conveyed
the Treasury Agency in the Trans Mississippi Depar
men has been fully organized, and is in operate
with promise of efficiency and success.
The provisions heretofore made to extent for
creating the compensation of public officers civil al
military found to be in places inadequate to the
support perhaps not more SO anywhere than in Ric
mond and inquiry, with a view to appropriate rem
dy is suggested To yOur consideration Your notice is