The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-06

portion OF moneys required 10 meet the expenses
consequent upon tho war, derived from taxation,
should be still further increased and earnestly
invite your attention 10 tbi9 enhieCt to the end
that there may be such additional LEGISLATION as
shall be required 10 meet the just expectations Of
the Secretary.
The public debt on tho ist Of July last. os an.
pears 10y the books Of the Treasury, amounted
70 one billion seven hundred and forty
millions six hundred and ninety thousand four
hVndNd and eghty-uinc dollars and forty-nine
cents. Probably, should the war continue for
auothcrycar, that amount will be increased by
not far from five hundred millions.
ilelu as 10 U.s., FOR the most part by our own
people, li has become O. substantial branch of
national, though private, property For obvious
reasons the moro nearly this properly can be
distributed among al the people the better To
favor such general distribution, greater induce
mcntS 20 become owners might. perhaps vi5h
good effect and without injury, be presented to
persons of limited means.
With this view / suggest whether II might not
be both competent and eXpedieut for Congress 10
provide that limited amount of some future
issue Of public securities might be held by any
bona tde purchaser, exempt from taxation and
from seizure for debt. Under such restrictions
and limitations as might be necessary 70 guarl
against abuse Of 80 important n privilege. This
would enable every prudent person 20 set aside
small annuity against possible day of want
Privileges like these would render the posses
sion OF such securities, to the amount limited
most desirable to every person Of small means
who might be able to save enough for the pur-
pose. The great advantage of citizens being cred-
tors MS well as debtors, with relation to the pub
lie debt, is obvious. They readily perceive that
they cannot be much oppressed by debt which
they owe to themselves.
The public debt on the lst day of July last,
although somewhat exceeding the estimate Of the
Secretary of the Treasury made to Congress at
the commencement of the last session, falls short
of the estimate Of that officer made in the pre-
ceding December as to its probable amount at
the beginning Of this year by the sum Of
SO 99j 0073l.
This fact exhibits satisfactory condition and
conduct OF the operations of Treasury. The
National Banking system Is proving 10 be accept
able TO capitalists and to the people.
On the 18th day of November five ehundred and
eighty-fOur National Banks had been organized
considerable number of which were concessions
from State Banks. Changes from the State sys-
TENS to the National systems are rapidly taking
place, and it is hoped that very soon there
will be in the United States no banks
of issue not authorized by Congrvss, and no
bank note circulation not secured by the Govern
ment That the Government and the people
will derive great benefit from this change in the
banking systems of the country can hardly he
questioned. The national system will create
reliable and permanent influence in support of
the national credit, and protect the people against
losses in the issue Of paper money. Whether or
not any further legislation is advisable for the
suppression of State bank issues, it will be for
Congress to determine.
1t seems quite clear that the Treasury cannot
be satisfactorily conducted unless the Govern
mCnJ can exercise q restraining power over the
bank note circulation of the cauntry,
The report of the Secretary of War, and the
accompanying documents, will detail the cam
paigns of the armies in the field since the date
of the last annual message, and also the opera
tiOns of the seveYeral administrative bureaus
of the War Department during the past year. IL
will also specify the measures essensial for the
national defense, and to keep up and supply the
requisite military force.
The financial affairs of the Government have
been successfully administered during the last
! year.
The legislation OF the last session of Congress
| has beneiicially affected the revenues, although
sufficient time has not yet elapsed to experience
the full effect Of several of the provisions of the
acts of Congress imposing increased taxation.
The receipts during the year from all sources,
upon the basis of warrants signed by the Secre-
tary of the Treasury, including loans and the
balance in the Treasury on the LIST day
of July, 1863, were $l,394, ,196, ,00762, and
the aggregate disbursements upon the
same basis were 81 ,29S, ,056, l0l 80, leaving a
balance in the treasury, as shownIby warrants, of
| 500 ,90573. Deduct from these amounts the
amount of the principal of the public debt
! deemed, and the amount of issues in substitution
! therefor, and the actual cash operations of the
treasury were-Receipts, 1884 676, ,G4G'j7. Dis
! bursements S865, ,23f ,0S7 So, which eaves a cash
| balance in the treasury of SlS,Si2 55S7l.
OF the receipts there were derived from Gus
toms, SlO2, ,3l6, 1929; from lands $jSS 1888 %;
from direct taxes, Si7j,G4s'96i from internal
revenue, l09,7Al, 1910; from miscellaneous
10 actual expenditures, including former balance,
| $623,443, ,929l3.
There were disbursed for the civil service
! S27 ,5OS 69046; for pensions and Indians,
| S7,5l7 793O97; for the war department, $780,
! 79l,8i297; for the navy department, $685.
292'77 for interest on the public debt, sS536S5-
! 42l'69; making an aggregate of $3.50, ,23l OS7S6,
and leaving balance in the treasury of SlS,Si2,-
| 55S'7l, as before stated.
AS intimately connected with and promotive
! Of this material growth of the nation, ask the
| attention OF Congress to the valuable information
and important recommendation relating to the
public lands, Indian affairs, the Pacific RailrOld,
| and mineral discoveries contained in the report
| OF the Secretary Of tue Interior, which is here
with transmitted aud which report also em-
braces the subjects of patents, pensions, and other
| topics OF public interest pertaining to this De-
! pRTtmCnt.
The quantity Of public land disposed Of during
! the five quarters ending on the 3Oth of September
last was ,22l 3i2 acres of which 1888 6li acres
| were entered under the homestead law. The re-
mainder was located with military land warrants
agricultural scrip certified 70 States for railroads,
| and sold for cash. The cash received from sales
| and location fees was 81 1913, 446.
| The income from sales during the fiscal year
ending June 30, 1864, was S67S OO7'2l, against
Sl36,077'65 received during the preceding year.
The aggregate number Of acres surveyed during
the year has been equal to the quantity disposed
OF, and there is open b settlement about l33000,-
GOO acres OF surveyed aud.
The great enterprise of connecting the Atlantic
with the Pacific States by railways and telegraph
lines has been entered upon with vigOr that
gives assurance Of success, Notwithstanding the
embarTassments arising from the high prices of
materials and labor, The route of the m ain
line OF t6e road has been definitely located
; for one hundred miles westward from The
| initial point at Omaha City, Nebraska and Il pre-
llminaIy ocation Of the Pacific Railroad Of Cali
iorna, has been made from Sacramento eastward
% the Great Bend N The Sruckee river in Nevada
! Numerous discoveries Of gold silver and ciupa
. bar mines have been added 10 the many hereto.
fore known IN the country occupied by the Sierra
i Nevada aud Rocky Mountains, and the subordi-
J nate ranges now TEEN with enteprsing labor,
7 which is richly rcmunerative. '