Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-12-08

J rent fiscal year and the general operations
of the Treasury in detail, refer you to the
, report of the Secretary of the Treasury.
. concur with him In the opinion that the
| proportion of the monies required to meet
the ex xpenses consequent upon the war, de.
rived from taxation, should be still further
Increased, and / earnestly invite your at
attention to this subject to the end. sthat
there may be such additional legislation as
shall be required to meet the just expecta-
tions of the Secretary. 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 thous-
aud million, six hundred and ninety thous-
and four hundred and eighty. nine dollars
and forty-nine csuts. Probably, should
the war continue for ahotner year, that
amount may be increased by not far from
Eve hundred millions. Held as it is for the
most part by our own people, it has become
4. a substantial branch of national though
private property. For obvious reasons, the
more easily this property can be distfibu-
ted among all the people the better; to favor
such general distribution, greater Induce
ments to become owners might perhapswiIh
good effect. and without injury, be present.
| ed to persons of limited means. With
be this view, suggest whether it might not
both expedient and competent for Congress
to provide that limited amount of some
future issue Of public securities might be
held by auy bona ifde purchaser exempt
| from taxation and from seizure for debt,
under such restrictions aud limitations as
might be necessary to guard against abuse
of so important privilege. This would
enable prudeut persons to set aside a small
annuity against possible day OF want.
Privileges like these would render the
possession of such securities, to the amount
limited, most desirable to every person of
small means who might be able to save
enough for the purpose. The great ad-
vantage 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 some
what exceeding the estimate Of the Secre-
tary Of the Treasury, made to Congress at
the commencement of the last session,
falls short of the estimate of that officer,
made in the preceding December, as to
its probable amount at the begin
ming of this year by the sum of So. $685.
o79 90. This fact exhibits q satisfactory
condition and conduct of the operations Of
tho Treasury. The National Banking
system is proving to be acceptable to cap
italists and to the people. On the 25th of
November 5s4 banks had been organized,
a considerable number of which were con-
versions from State Banks. Changes from
the State system to the National system
are rapidly taking place, and it is hoped
that very soon there will be in the United
States no bank Of issue not authorized by
Congress, and no bauk note circulation
not received by the Government. That the
GOSssau1ant ana the people will derive
general benefit from this cha1ge II the
banking systems of the country, eau hard
" be questioned. Tho national system
will create q reliable and permanent in
fluence in support of the national credit
aud protect the people against losses in
the use of paper money. Whether or not
any further legislation Is admissible for
the suppression of State bank issues, will
be for Congress to determine.
II seems quite clear that the treasury
cannot be so satisfactorily conducted unless
the government can exercise q restraining
power over the bank note circulation of
the country. The report of the Secretary
of War and the accompanying documents
will detail the campaigns OF the armies in
the field since the date OF the last annual
message, aud also tue operations 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:
The report OF the Secretary of the Navy
presents a a comprehensive and satisfactory
exhibit of the sffaitsof that department,
and of the naval service. 1t is q subject Of
oouEratulation and laudAble pride to our
counuymeu, that navy of such vast pro.
portions has been organized in 80 brief
period and conducted with so much eff
cheney and success. The genaral exhibit
of the navy, including vessels under con-
struction on the 1st OF December, 1865,
shows total OF GIL vessels carrying A.
6lO guns and 5l0, ,396 tons, being an actu-
al increase duriOg the year. over and
above all losses by shipwreck or in battle
Of 80 vessels, 161 guns and +2,427 tens.
The total number of men at this time in
the naval service, including officers, is
about 81, 900 There have been captured
by the navy, during the year. 324 vessels,
and the whole number of naval captures
since hostilities commenced is one thou
sand three hundred, of which 267 are
steamers. The gross proceeds arising from
the sale of condemned priLs property thus
far reported amount to $l4, ,396. .250 bl. A
large amount of such proceeds is still IN.
der adjudication and yet to be reported.
The total expenditure of the Navy De-
partmeut 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 NoVem-
ber. 1864, are $23, 1854 1926.
i Your favorable consideration Is invited
to the various recommendations Of the
Secretary of the Navy, especially in regard
to navy yard and suitable establish
meut for the construction aud repair of
iron vessels and the machinery and arma-
ture of our ships to which reference was
made in my last annual message. Your
atte ntion is also invited to the views ex-
u pressed 10 the report in regard to the leg
| isation of Congress, at its last session, in
respect to prizes on our inland waters. L