Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1864-12-16

UNIV SNi'tNs tNSNb'J1 NHNA'N NNN
continue for another year, that amount
may be increased by not far from FIVE
hundred millions. Held as it is for the
most part by our own people, it has be +
come substantial branch OF national
though private property. For obvious
reasons the more nearly this property
can be distributed among all the people
the better. To favor such general dis
tri5ution greater inducements to become
owners might perhaps, with good effect,
aud without injury, be presented to per-
sons Of lie1ited means. With this view
l suggest whether it might not be both
competent and expedient foI Congress to
provide tina; limited amount of some fu-
lure issue of public securities might be
held by any bona fide 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 privilege. This
would enable every prudent person to
set aside small annuity against a posi-
bic day Of want. Privileges like these
would render the possession Of such Sc
curtics TO the amount limited most de
sirable 10 every person Of small means
who might be able 10 save enough for the
purpose. The great advantage of cil
gems being creditors as well as debtors,
with relation to the public debt, is obvi-
Gus. Men readily perceive that they
cannot be much oppressed by a debt
which they owe to themselves. The
public debt on the first day of July last,
although somewhat exceeding the esti-|
mate Of the Secretary of the Treasury.
made TO Congress at the commencement
Of last session, falls short Of the estimate
Of that officer made in the preceding De
cember, as to its probable amount at the
beginning of this year, by the sum of So,
995,097 81. This fact exhibits salts
factory condition and conduct Of the op-
erations of the treasury.
THE NATIONAL BANK.
The national banking system is prov
ing to be acceptable to capitalists and to
the people. On the 25lh day of Novem-
ben, 584 national banks had been organ
lied, a considerable number of wbicl
were conversions from state banks
Changes from state systems to the ma t
tional system are rapidly taking place,
and il is hoped that very soon there will
be ia the United States no banks Of is, :
sue not authorized by Congress, ard nc ="
bank note circulation not secured by the "
government. That the government and -.
the people will derive great benefit from =
Ibis change in the banking system of the >.
can hardly be questioned. The
national banking system will create re-
liable and permanent influence in support
IF the national credit, and protect the
people against losses in the use of paper
money. Whether or not any further -,
legislation is advisable for the suppression e,
IF state bank issues it will be for Con. %
,ress to determine. 1t seems quite clear :,
hat the treasury cannot be satisfactorily +,
conducted unless the government can ex- 40
ercise restraining power over the bank o.,
note circulation Of the country. 70
THE ARMY AND NAVY. CO
The report Of the secretary of war and s
the accompanying documents will detail ri
the campaigns Of the armies in the Geld i
since the date Of the last annual message, 0
and also the operations Of the several ad v
ministratiye bureaux Of the war depart. ;,
ment during the last year. 1t will also t.
specify the measures deemed essential for O.
tue national defense and to keep up and a
supply the requisite military force.
The report Of the secretary of the ma ,
vy presents a comprehensive and salts
factory exhibit Of the affairs of that de-
par,ment aud OF tue naval service. 1t is
a subject of congraIulation and laudable
pride 10 our countrymen that a navy Of
such vast proportions has been organized
in so brief period and conducted with
SO much efficiency and success. The
general exhibit Of the navy, including -
vessels under construction on the LIST Of
December, 1864, shows n total of 67l
vessels, carrying 1910 guns and of 3d.,
800 tons, being an actual increase during =
the year, over and above the losses by u
shipwreck or in battles, Of SO vessels .
167 guns and 42,427 tons. The total y
number of men Mt this time in the naval y
service including officers, is about 81 900.
There have been captured by the navy
during the year 324 vessels, aud the "
whole number of naval captures since y