The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1864-12-16

ed one billion seven hundred and
forty million, six hundred and
ninety thousand, four hundred and
eighty-nino dollars and forty-nine
cents. Probably, should the war con
continue for another year, that amount
may be increased by not far from five
hundred millions Held as it is for
/ the most part by our own people, ii
has become q substantial branch of
national, though private property.
For obvious reasons the more nearly
this property can be distributed among
all the people the better To favor
such general distribution, greater in
ducements to become owners might,
perhaps. with good effect, and without
injury, be presented to persons of linn
tied means. With this view, | sug
gest whether it might not be both ex-
pedient and competent for Congress
to provide that limited amount Of
some future issue Of public securities
might be held by any bona .6de pur-
chaser exempt from taxation, and
from seizure for debt, under such re-
strictions and limitations as might be
necessary to guard against abuse of so
important privilege This would
enable prudent persons to set aside a
small annuity against possible day
OF want. Privileges like these would
render the possession Of such secure
ties to the amount limited most desir-
able to every person Of small means
who might be able TO save enough for
the purpose. The great advantage Of
citizens being creditors, as well as
debtors, with relation to the public
debt, is obvious, Men readily per
ceive that they cannot be much OPP
pressed by debt which they owe to
themselves The public debt ON the
LIST day OF July last although some
what exceeding the estimate of the
/ Secretary 70 the Treasury made TO
+ Congress at the commencement of last
session, falls short Of the estimate OF
that officer made in the preceding
December as to it's probable amount
at the beginning Of this wear, by the
sum Of S3995.O7933 This fact ey-
4, hibits satisfactory condition and
conduct of the operations Of the Treas
ury
NATIONAL BANKS.
The national banking system i.
proving TO be acceptable to capitalist.
and to the people.
On the 18th day Of November 5Sl
national banks had been organized, g
considerablenumbe Of which were con
/ versions from State banks Change,
; from the state system to the IA
( iional system are rapidly taking place
and it is hoped that very soon ther,
/ VIII be in the United States no bank,
of issue not authorized by Congress
, and no note circulation not secure,
, by the Government That the gov
eminent aud the people VIII deriv,
; general benefit from this change III tn,
2 banking system Of the country cal
= hardly be questioned. The natioua
T. system will create a reliable and per
! manent influence ia support o. the ma
= Uonal credit, and protect the people
n against losses in the use Of pape
/ money. Whether or not any iurthe
y legislation is advisable for the suppre
S sion Of state bank issues, it viii be "a
: Congress to determine 1t seems qua
G clear that the treasury cannot be sat
II isfactorily conducted unless the gov
eminent can exercise restrainn,
power over the bank-note circulation
j, Of the country.
THE ARMY AID Navy.
= The report Of the Secretary Of Wan
and the accompanying documents, vii
! detail the campaigns of the armies il
the field since the date of the last an
II nual message, and also the operation
Il Of the several administrative bureau
Of the War Department during th
II last year
Is 1t will also specify the measure
Y, deemed essential for the national dc
Ii fence, and to keep up and supply til
V, requisite military force. The repol
le Of the Secretary of the Navy present
le comprehensive and satisfactory e,
Q, h.bit Of the affairs of that department
rs and of the naval service. 1t is sui
3. ject of congratulation and laudab
It pride to our countrymen that nav
BIT Of su h vast proportions has been o.
rs ganized in so brief n period and Col
ne Quoted with SO much efficiency an
nv success.
s. CONDITION OF THE NAVY.
IN The general exhibit Of the navy, il
ry Guiding vessels under construction c
IS, the LIST of December, 1864, shows T.
!, tai of 67l vessels carrying 4,6l0 gun
>; and 5l0,397 tons, being an actual il
n crease during the year, over and abo'
N all losses by shipwreck or in battle,
D; of SO vessels, l67 guns, and 42,4.
x tons The total number of men
'e, this time in the naval service, inclu
ing officers, is about 81 900. The
vii have been captured by the navy du
MS ing the year 324 vessels, and the who
he number of naval captures since ho
or tilities commenced is 1879, of viii,
or 267 are steamers. The gross pr
s. ceeds arising from the sale Of co
50, demned prize property, thus far I
in ported, amounts to Sl4, 1896, 250,5l.
,e- large amount of such proceeds is st
under adjudication, ana Yet to be !
ported. The total expenditure of t
Df avat,t-