Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1864-12-09

i does not design to i,nPese iavolus,sry null,
I tary service upon those who come from oihe,
lands to cast their lot in our country.
OUR FixANers
The financial affair> nf the sGovern,nent have
been successfully administered during the last
year. The rPquisition oil the lasisession of Con-
gress has beneficiaIly affected ihc revenue, al
though sufficient time has not yet elapsed to ex-
perience the full effect of several Of the provis-
ionspf the acts of Congress imposing increased
taxation. The receipts during the ytaf from all
sources upon the basis of warrants signed by
the Secretary of the Treasury, including loans
and the balance in the Treasury ON the lst day
of July, 1863, we're $l,394, ,796,O07 81, aud the
aggregate disbursements upon the same basis,
were 81 1874 ,056 l0l SO, leaving balance in the
Treasury as shown by warrants of 1885, 739,-
9O5 70. sEi {bikks VII
Deduct from these amounts the amount of
the principal of the Public Debt redeemed and
the amount Of issues in substitution therefor,
and theactual cash operations of the Treasury
weresss y s--s,gss-zsfsl-s-
Receipts 1854 O76646 IT, Disbursements.
1856 234, ,087 86; which leaves cash balance in
the Treasury of $l8842,558 IL; of the receipts
there were derived faom customs, $102, ,3I6
152 80; from lands, $568, 333 80; from direct
taxes &475 648 96; from internal revenue, $lf)9,-
74l, ,I34 10; from miscellaneous sources, $47, :
5ll, ,443 10, and from loans applied 20 actual ex-
penditures, including former balance, $623 443,
929 Is. There were disbursed for the civil SER
vice $27, sos, ,5)9 46. For pensions and Indians
$7,517,930 81; for the War Department $780,
79l $40 81; for the Navy Department $85, ,733,-
292 70; for interest on the public debt $53, ,6S5
421 60, making an aggregate of 1856, ,234, ,0S7 &C.
and leaving balance in the treasury of SlS
842 $50 H. as before stated
For the actual receipts and disbursements OF
the first qnarteI, and the estimated receipts and
disbursements for the three remaining quarters
of the current fiscal year and the general ope-
rations of the Treasury in detail, refer you to
the Report Of the Secretary of the Treasury.
concur with him in the opinion that the proper
ton ofthe monies required to meet the expen-
ses consequent upon the war, derived from tax
alton, should be still further increased, and
earnestly invite your attention to this subject
to the end that there may be such additional
Legislation as shall be required to meet the Just
expectations 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 one billion, seven hundred and
forty thousand millions, six hundred and nine-
ty thousand, four hundred and eighty-nihe dol
lars and forty-nine cents. Probably should the
war continue for another year that amount may
be increased by not far from five hundred mill
ions. Held as it is, for the most part by our
own people, it has become substantial branch
of national, though private, property.
For obvious reasons the more nearly this
property can be distributed among all the peo-
pie the better. To favor such general distrIbu-
tion, great inducements to become owners might
perhaps with good effect and without injury be
E
this view suggest whether it might not be
both expedient and competent for Congress- 10
provide that limited amount of some future
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 abuse Of so importanta privilege. This
would enable prudent persons to set aside a
small annuity against possible day of want.
Privileges like these would render the pos
session OF such securities TO the amount limited
most desirable TO every person of small means
who might be able TO save enough for the pur-
pose. 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 of July last, although somewhat
exceeding the estimate of the Secretary of the
Treasury made to Congress at the commence
ment of last session. falls short of the estimate Of
that officer made in the preceding December,
as to its probable amount at the beginning OF
this year, by the sum of 3,995,079 49,
This fact exhibits satisfactory condition and
conduct of the operations of the Treasury.
NATIONAL BANKS
The National Banking system is proving to
be acceptable TO capitalists and to the people
On the 25th of November 5S4 National Banks
had been organized, considerable number of
which were conversions from State Banks
Changes from the State system to the National
system are rapidly taking place, and it is hoped
that very soon there viii be in the United States
no Bank of issue not authorized sby Congress,
and no Bank note circulation not secured by
the Government.
That the Government and the people will de-
rive general benefit from this change in the
banking system of the country, can hardly be
questioned. The national system will create a
reliable and permanent influence in support OF
the national credit, and protect the people
against losses in the use of paper money!
Whether or not any further legislation is advis-
able for the suppression of State Bank issues,
it will be for Congress to determine. It seems
quite clear that the Treasury cannot be satisfac-
torily conducted unless the Government can
exercise restraining power over the Bank note
circulation of the country. 49,
WAR DEPARTMENT.
The report of the Secretary of War and the
accompanying documents will detail the CAM
paigns of the armies in the field since the date
of the last Annual Message, and also the oper-
ations of the several Administrative Bureaus of
the War Department during the last year. 1t
will also specify the measures deemed essential
for the national Defense and to keep up and
supply the requisite military force.
NAVY DEPARTMENT.
The Report of the Secretary of the Navy
presents a comprehensive and satisfactory ex-
hibit of the affairs of that Department and of
the naval service. 1t is a subject of congratu-
lation and laudable pride to our countrymen that
a navy of such vast proportions has been or
ganized in so brief period and conducted with
so much efficiency and success. The general
exhibit of the navy, including. vessels under
construction, on the lst Of December, 1864
shows total of671 vessels, carrying 4, 610 guns
and $40 1886 tons, being an actual increase DUR
ing the year over and above all losses by ship
wreck or in battle, of SO vessels, I67 guns and
42, 427 tons - x sL-'@ - -
The total number of men at this time in the
naval service, including officers is about 81 000
There have been captured by the navy during
the year, o<4 NeSSSlS, ana the WnOle NUMBER OF
naval captures since hostilities commenced, is
1900, of which 267 are steamers. The gross
proceeds arising from the sale of condemned
prize property thus far reported, amounts to
$l4, 1861 81. A large amount of such pro-
ceeds is still under adjudication, and yet to be
reported. The total expenditures of the Navy
Department Of, every description, including the
cost of the immense squadrons that have been
called into existence from the 4th of March,
1861, to the 1st of Nov, 1864, are $23S 647, ,262
Your favorable consideration is invited to the
various Recommendations of the Secretary of
the Navy, especially inregard to a Navy Yard,
and suitable establishment for the construc-
ton and repair of iron vessels and the machine
ry and armament for our ships, to which refer
ence was made in my last annual message
Your attention is also invited to the views
expressed in the report in relation to the legis-
lation of Congress at its last session. in respect
to prizes in our inland waters. cordially con-
cur in the recommendation of the Secretary as
to the, propriety of creating the new rank of
Vice Admiral in our naval service -
POsT OFFICE DEPARTMENT..
Your attention is directed to the Report of
the Postmaster General for a detailed account
of the operations and financial condition of the
Post Office Department. The postal revenue