The daily register. [volume] (Wheeling, W. Va.) 1863-1864, 1864-12-08

ssme basis, wet3$t ,298, 056, lOl o., leaving
balances In he Treasury as shown by
wsrrauts, iof 4o6. 7s9, COS 70. Deduct from
thsss smounts the amount Of the principal
of the public debt fedeemed and the amount
Of issues in substitution therefor, and the
actual cash operations of the Treasury were:
receipts, 1854, 066, GAG II; disbursements,
SSSS,i34,O 67 So; which leaves cash bal.
sncs in the treasury of 81slf44,5s ~. "
the receipts there were derived from Gus
toms, Sl02 SIG, 1s2 90; from lands $685.
$50, %; from direct taxes, S475, 648 IS; from
internal revenue, 500 ,74l, l34 10; from
miscellaneous sources, SAT ,5ll ,443 81; and
from loans applied 20 sctust expenditures,
including former balance, S623, 443 ,929 49,
There were disbursed for the civil SER
vice, $27 500, 500 As; for pensions and Ia
dams. 47,5l7,93O OF. for The War Depart.
ment, $50, 89l ,842 81; for the Navy Depart
ment, $S5, 1892 70; for interest of ppbllc
debt, SIS, 6s5, AL 79, making an aggregate
Of $685., 234. 087 86, and. leaving balance
in the Treasury Of $18,s42,558 II, as be-
fore stated. For the actual receipts and
disbursements for the FIRST quarter, and the
estimated receipts and disbursements for
the three remaining quarters of the cur
rent fiscal year and the general operations
of the Treasury in detail, refer you to
the report of the Secretary of the Treasury.
I concur with him in the opinion that the
proportion of the monies required to meet
the expenses consequent upon the war, de-
rived from taxation, should be still further
increased, and earnestly invite your at
tsntiou to this subject to the enc. that there
may be such additional legislation as shall
be required to meet the Just expectations OF
the Secretary. The public debt on the
Hrst day of July last, as appears by the
books Of the Treasury, amounted to one
billion, seven hundred and forty million,
six hundred and ninety thousand four
hundred and eighty>nine dollars and
forty>nine cents. aG
Probably, should the war continue for
another year, that amount may be inereas>
ed by not far from five hundred millions
Held % 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 easily this props
erty can DO distributed among the PEG.
pie the better; to favor such general distri-
button, greater inducements to become ewn>
ers might perhaps with good effect, and
without injury, be presented to persons
with limited means, With this view, /
suggest whether it might not be both ex-
pedisnt and competent for Congress to pro;
vide that limited amount Of some future
issue of public securities might be held by
any bona tids purchaser, exempt from taxa
ton and from seizure for debt, under such
restrictions and limitations as might be
necessary to guard against abuse of so i'm
portant . privileges. ibis would enable
prudent persona to set aside q small arnui-
'ty against possible day Of want, \;
Privileges like these would rsnder the
possession of such securities to the amount
limited, most desirable to every person of
smsll means who might be able to save
enough for the purpose. The great advan>
tage Of citizens being creditors as well as
debtors with relation to the public debt
IL obvious. Men readily perceive that they
cannot be much oppressed by q debt " hich
they owe to themselves. The public debt
on the arst day of July last, although
somewhat exceeding the estimate of the
Secretary Of the Treasury, made to Con.
gress at the commencement of last session
falls short of the estimate of that officer,
made in the preceding December, as to its
probable amount 1t the beginning of this
year by the sum of $3,995, 079,S3. This
fact exhibits . satisfactory condition and
conduct of the operations of the Treasury.
The National Banking system IL proving
to be acceptable to capitalists and to the
people. On the 25th of November 6s4
National Banks had been organized, con
siderable number Of which were CONVEX
si ons 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 Cons
gress, and no bank note circulation not
received by the Government. That the
Government and the people will derive
general benefit from this change in the
banking systems of the country, can hardly
be questioned. The national system will
create reliable and permanent influence
in support of the national credit aud pro
tect the people against losses in the use of
paper money. Whether OF not any further
legislation 10 admissible for the suppression
Of State bank issues, will be for Congress
to determine.
It seems quite clear that the treasury
cannot be 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 mes
sage, and also the operations Of the several
Administrative Bureaus of the War De
partment 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 . comprehensive and satisfactory
exhibit of the affairs of that Department,
and Of the naval service. 1t is q subject of
congrstplstion and laudable pride to our
countrymsn, that navy Of such vast pro-
portions has been organised in 80 brief
v,ar;o1 md co11prfad on -, ,ob On ~