New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-11-11

since been given by the Governments of both France
and England TO the conviction that the United States
unaDle conquer tie Confederaoy II IL now more
than two years since the Government OF France an
nounoed officially 20 tie Cabinets Of London and 81.
Petersburg its own conclusion that the United States
were unable 10 achieve any decisive military success
IL tho answers sent BY those powers no lntmaton Of
contrary opinion Was conveyed; and II Is notorious
that in speeches both in and out Of Permanent the
members Of Her Britannia Maestys Government have
not hcsaied 70 express this conviction In unquahned
terms he denial Of Our night under these circulstan.
50 obviously UNJUST and discimnates 20 uu'
fairly In favor II tbc United States, that neutrs have
sought paate the wrong Of which they are conscious
10y protesting TO consider in opposition 10 notorious
ruth and - the known belief Of Doth Dellgefent5 tnht
the recognition Of our Independence would be YelCess
without their further Intervention in & struggle; On
intervention Of which we dselaim the desire and mis-
uust tie advantage.
We seek no favor We wish no Intervention, we know
ourselves ully competent to maintain our own rights
aud independence against the invaders of our country
and W. feel Justified in asserting that without the aid
derived from recruiting their armies ron foreign eoun'
ries the invaders would ere this, have been driven
from ou soil When the recognition OF tie Confede-
racy was refused by Great Bitain 10 the :n OF i-b
the ,-a vas excused the ground that any action
VI Her Majestys Government would have the eh,ct oil
nlmiBy the passions Of the beligeronts ana OF pre-
venting the return Of peace. IL IS assumed tniI ls
opinion VAS sincerely entertained but The experience OK
NO wears uf UNEQUAL carnage, shows u IL a. was tflO'
neos and that tho result was the Of what
British ministry hamanely desired. contrary policy
policy lsi 70 az, policy diyerging from an un'eIy
\ -
mics N,iI thin the power OF Her Mlestys Govern.
mem rd would II is fair 10 presume. De productive Of
Consequences the opposite 10 those which have uniort
nafeN 0oy, cd iis whole OF conduct ron TIE
commencement Of tie war to the present time. In
word peGco Is impossible without independence ana II
IL not 20 be- expected that the enemy VIII anticipate
negtras 10 me recognition OF net maepenIeoedi
d g calm Judgment Of the impartial pubciu VIII Ior
these reasons b. unable to absoye the neutral nations
Il Europe from share In the moral responsibility Tor
49,. 10 lufr I'M
sary sacrificed during It's progress
The renewed instances in which foreign Power. nave
given u Just of compa no need not here he de-
failed Tie extracts from the correspondence Oi the
state Department which accompany this message, will
afford such further Information as can be given without
d.Timent 10 the pu0lc interest and we must reserve
the future such acton ~ mey then DC acemeu auNs
sable % secure redress.
FINANCES.
Yonr special attention is earnestly invited 10 the re-
mort ~ tic Secretary the Treasury submitted In
fo,uty with law The facts therein disclosed are far
from dlscouraging and demonstrate that IN uale"ns
sat.on We shall he eaalled to meet oil the ege1
ces OF the wal from Our abundant resources ana aFo
10 the time, such on accumulation oi aeD. as Qua
render at all doubtful Our capacity to redeem II.
The total receipts into the Treasury ior the Two quar-
iers ending on the Joth OF september, ~, ~eis
s4i5 1911 So which sum. added 10 the balance Of
.9Os 2s2 70 that remained in tie Treasury ON tie is
pr last forms total OF Sl.e, i422 OF tbs totaI
applied TO the extinction Of the pubic debt while the
total expenditures have been S<i237c,vOJ leaving
balance in the Treasury the st October lcot, q
HE total amount OF the public debt az exhibited on
the tooks Of The Register of the Treasury on the list
October. l-ti 81 li,9lo2Ne OF WhlcA SS5'riJOyD
we're funded debt bearing interest >2o5 ESQ 20 were
treasury notes OF the new issue and the remainder con
sisted oil the former issue of treasury notes which will
be converted into other forms OF debt and VIII cease to
exist as currency or the 3lst " mex. month.
The report however. explains that, IN Consequence
~ the shsoncc Of certain returns from distant oicels
The truo amount Of the debt is ess by about Wenyone
grf. -. .ff1 10
of the Register and that the total public debt on tue ls
Of last month. may DC fairly considered to have been
II 1881 ,0'5.
rom the D., April TO the lst October was 5000 go
being rather more than 100000 per month aud ~
vii. be apparent perusai OF tie report That tni'
augmentation would have been avoided, and positive
reduction of the smOuut would have been enected Dct
Tor certain defects in the legislation on the subject q
The finances which are pointed ont IN the report anu
which seem 10 admit OF easy remedy
In the statements just made the foreign debt Il omit'
tod II consists only Of the unpaid balance oi the oal
known as the cotton loan This balance is but e. 300
OO and is adeq lately provided ioT by about &D'VV
bales Of cotton owned by the Government even II tue
cotton be- rated as worth but sixpence per pound.
There il one item Of the pubic debt not Included IN
the tables presented 10 which your stteniion Is e
qurcd Tie bounty bonds promised 10 our soldiers by
the ird section Of the set OF 18th February 1861
were deliverable on the LIST October. The Secretary
has been unable TO issue them by reason OF an omission
In the law time being therein fixed ior the payment
ol the bonds.
The aggregate ayproPriations called ioi Dy tae I ~,
estimates submitted with the report for the sr months
endn * on the 3Oth june l-65 amount 10 si5e lO20H
while tie Secretary estimates that there VI" remain un
Ell ended OK former appropriations, on the list Jan
nary lsG5 balance Of si67 J0i. Ii would there
fore seem that estimates have been largely m
excess Of actual expenditures and that no addtona
appropriations are required for meeting the needs OF
the public service up the Isl July of next year In
deed IL the estimates presented should prove 10 he
much in excess OF actual expenditures as nas hereto
fore been the considerable balance VIII SIN re-
main uncIpcnded az the close OF the first hail. OF the
ensuing year.
The chief difficulty TO be .pprehended in connection
with our finances results Om the depreciation OF tho
treasury notes which seems Justly TO be attributed by
the Secretary 10 two causes-redundancy III amount
and want Of confidence III ultimate redemption for
both Of which, remedies are suggested that VIII com
mend themselves TO your consideration as being pract
cable as well as efficient.
The malu features OF the plan presented are SubsIan
italy these: lst That the faith OF the Goyefunent d.
pledged that the notes shall remain exempt nom
iaxaton ID That 10 issue shall be made beyond that
which In already authorized by law. 3D. That CERTAIN
fixed portion Of the annual receipts fron taxation our
ing the war shall be set apart specially Tor the gaduh
extinction the outstanding amount unt II suall nave
been reduced $50 600 0OOi aud IN The pledge ana
appropriation Of such proportiopg ~ klhd ana
fF slt number Of YEARS after the return OF peace a.
shall be sufficient for the final redemption OF the entire
circulation The details Of the plan the calculations OF
which il is based the efficiency Of It's operation and the
vast advantages which would result from its success
arc fully detailed in the report and cannot be presented
"A a form sufficiently condensed FOR this message.
doubt not il will receive from you that earnest and can
did consideration which is merted by the Importance
Of the subject.
The reeommen dations Of the report for the repeal OF
certain provisions of the tax laws which produce me
quality IN the burden Of taxation; for exemptng all
Government loans from taxation on capital, ana rom
any adverse discrimination In taxation on income de-
ry ed nom them for placing the taxation on Dahks on
the footing the taxation OF other corporate
bodies for securing the payment into the treasury OF
that portion of the bank circulation which Is liable to
oonsoatOn heoanse held by alien enemes Tor tne con