The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-11-15

SlOS ,435, 40
The total amount of the public debt, as exhibit
ted on the books of the Register of the Treasury
ON the 1st of October, 1864, was Sl,l41,9Io,2uo
of which $3.50 $40 900 were funded debt, bearing
interest. $3.50 .9SO,150 we're treasury notes Of the
ow ;ssne and the remainder consisted of the
former issue of treasury notes which will be con-
verted into other forms of debt and will cease to
exist as currency on the 3lst of next month
! The report, however, explains that In conse-
o,ence of the absence Of certain returns from dis
tant officers the true amount Of the debt is less,
by about tventy-one and half millions OF dollars,
than appears on the books of the Register and that
the total public debt the first OF last month may
he fairly considered to have been 81 ,3Sl ,O95.
The Increase of the public debt during the six
months from the LIST of April to the lss October,
was S97 $50, $50, being rather more than Sl6OOO,-
900 per month, and it will be apparent, on peru
sal of the report that this augmentation would have
| been avoided, and positive reduction OF the
amount would have been effected, but for certain
defects in the legislation the subject of the
finances, which pointed out III the report, and
which seem to admit os.easy remedy.
| In the statement just made the foreign debt Is
omitted 1t consists only of the unpaid balance
| of the loan known as the cotton loan. This bal
ance is but e. 200 000 and is adequately provided
for by about ESQ 900 bales Of cotton owned by the
Government, even if the cotton be rated as worth
but six pence per pound
There is one item of the public debt not iuclu-
ded in the tables presented to which your attention
is required The bounty bonds promised to our
soldiers by the third section of the act OF 18th
February, 1864, were deliverable the lst Octo-
ber The Secretary has been unable to issue them
by reason of an omission in the law no time being
therein fixed for the payment Of the bonds.
The aggregate appropriations called for by the
different departments of the Government according
to the estimates submitted with the report, for the
six months ending on the Both June, 1864, amount
to s43s, l02, 679, while the Secretary estimates
that there will remain unexpended, out of the
former appropriations, the LIST of January, 1860,
balance of S467 ,4l6, 504. 1t would, therefore,
seem that former estimates have been largely in
excess of actual expenditures, and tLat addi-
tional appropriations are required for meeting the
needs of the public service up to the LIST July next
year. Indeed, if the estimates presented
should prove to be as much in excess Of actual ex-
penditures as has heretofore been the case, con-
siderable balance will still remain unexpended at
the close of the first half of the ensuing year.
The chief difficulty to be apprehended in con-
nectioa with our finances results from the depre-
citation of the treasury notes which seems Justly to
be attributed by the Secretary to two causes, re-
dundancy in amount and want of confidence in
ultimate redemption for both Of which remedies
are suggested that will commend themselves to
your consideration as being practicable we'll as
efficient.
The main features of the plan presented are sub
stantally these: LIST. That the faith of the Gov
ernment be pledged that the notes shall ever re-
main exempt from taxation. I'd That no issue
shall be made beyond that which is already author
lied by law. Sd. That certain fixed portion Of
the annual receipts from taxation, during the war,
shall be set apart specially for the gradual extnc-
ton of the outstanding amount until it shall have
been reduced TO Si50, 600, 600 and, 4th. The
pledge aud appropriation Of such proportion of the
tax in kind and for such number Of years after the
return Of peace as shall be sufficient for the final
redemption of the entire circulation. The details
Of the plan, the calculations which it is based,
the efficiency of its operation, and the vast advan-
tages which would result from its success are fully
detailed in the report, and cannot be fairly pre-
scented in form sufficiently condensed for this
message. doubt not it will receive from you that
earnest and candid consideration which is merited
by the Importance of the subject
The recommendations of the report for the re-
peal Of certain provisions of the tax laws which
produce inequality in the burthen of taxation; for
exempting all Government loans from taxation on
capital, and from any adverse discrimination in
tax alton income derived from them; for placing
the taxation banks the same footing as the
taxation OF other corporate bodies for securing the
payment into the Treasury of that portion Of the
bank circulation which is liable to confiscation be-
cause held by alien enemies; for the conversion Of
the interest bearing Treasury notes now outstand
ing into coupon bonds, and for the quarterly COL
lection Of taxation; all present practical questions
for legislation, which, if wisely devised, will grert-
y improve the public credit aud alleviate the bur-
theps now imposed by the extreme and uonccessa-
ny depreciation in the value of the currency
The returns of the Produce Loan Bureau are
submitted with the report, and the information is
conveyed that the Treasury Agency in the trans
Mississippi Department has been fully organized,
and is in operation with promise of efficiency
and success.
The provisions heretofore made to some extent
for increasing the compensation of public officers
civil and military, is found to be in some places in
adequate to their support; perhaps not more so
anywhere than 10 Richmond, and enquiry with
view to appropriate remedy, is suggested to your
consideration Your uotice is also called to the
condition of certain officers of the Treasury, who
were omitted IN the laws heretofore passed for the
relief Of other public officers, as mentioned in the
report of the Secretary of the Treasury.
DEPARTMENT OF WAR.
The condition of the various branches of the
military service is stated in the accom- pan ying re-
port of the Secretary of War. Among the sug,
gestons made for Legislative action with view to
add to the numbers and efficiency of the army all
of which will receive your consideration, there are
some prominent topics which merit special notice.
Tae exemption from military duty now accord L,
ed by Law to all persons esgaged in certain specif
ed pursuits professions is shown by experience