The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1864-12-14

For the actual receipts and disburse-
ments for the first quarter, and the
estimated receipts and disbursements for
the three remaining quarters Of the current
fiscal year, and the general operations Of
the Treasury in detail, | refer you to the
report of the Secretary Of the Treasury.
concur with him in the opinion, that the
proportion Of the monies required to meet
the expenses consequent upon the war
derived from taxation should be still fur.
ther increased, and earnestly invite your
attention to this subject to the end that
there may be such additional legislation as
shall be required to meet the just expecta.
tions Of the Secretary. The public debt
on the 1st day Of July last, as appears BY
the books OF the Treasury, amounted to
$l,74O, 600, ,449, 40. Probably, should the
war 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, it has be.
come substantially branch of national,
though private property. For obvious rea-
sons, the more nearly this property can be
distributed among all the people the better
To favor such general distribution, greater
inducements to become owners, might
perhaps, with good effect and without
injury, be presented to persons Of limited
means. With this view | suggest whether
it might not be both expedient and compe-
tent for Congress to provide that limited
amount OF some future issue Of public
securities might be held by any bona fidc
purchaser, exempt from taxation aud sci
zurc for debt, under such restrictions and
limitation as might be necessary to guard
against abuse Of so important a privilege.
This would enable prudent persons to set
aside small annuity against possible
day Of possible want. Privileges like these
would render the possession Of securities
to the amount limited most desirable to
every person Of small means who might be
able to save enough for this purpose.
The great advantage of citizens being
creditors as well as debtors, with relation
to the public debt, is obvious Men readily
perceive that they cannot be much oppress.
ed by a 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
that officer made in the preceding Decem
Der as to its probable amount at the
! beginning Of this year by the sum Of 1899,
| 5O7,932. This fact exhibits satisfactory
condition and conduct of the Treasury.
The National Banking system is proving
to be acceptable to capitalists and the peo-
pie On the 25th of lovember 5S4
National Banks had been organized, a
considerable number of which were con-
versions from State Banks. Changes from
the State system to the National system
are rapidly taking place. II is hoped that
very soon there will be in the United States
no bank Of issue not authorized by
Congress, aud no bank Eotc circulation not
secured by Government. That the Gov
ernmcnt and people will derive'a general
benefit from this change in the banking
system of the country can hardly be
questioned. The National system will
crea'e reliable and permanent Influence
in supper: of the National credit, and
protect the people against losses BY the use
of paper money. Whether or not any
further legislation is advisable for the
suppression Of State Bank issues, it viii
i be for Congress to determine. 1t seems
ante clear that the Treasury cannot bt
satisfactorily conducted unless Government
can exercise a restraining power over the
bank note circulation OF the country.
The condition Of the border will neces
sarly come into consideration in connection
with the question Of continuing or modi
flying the rights of transit from Canada
through the United States, as well as tn.
regulation of imports which We're temper
arlly established by the Reciprocity Treaty
of the 9th of June, 1864. desire
however, to b. understood while making
this statement, that the colonial authorize:
arc not deemed to be intentionally upjus
or uniriendly towards the United States
but on the contrary there is every reason
to expect that with the approval of tn,
imperial government, they will take tn
necessary measures to prevent new incur
; sions across the border. t-
II The act passed at the last session for tn
encouragement Of emigration has, as far a
was possible, been put into operation. |
. seems to need an amendment, which Wi
enable the officers Of the government t
prevent the practice OF frauds against tn
. Immigrants, while on their way and o.
their arrival in the ports, so rs to secur
them here free choice Of avocatons an
places of settlement. A liberal d,spositio
towards this great national policy is man
TESTED by most Of the European States
and ought to te reciprocated on our par
by giving the immigrants effective nations
projection. regard our emmigrants as on
' Of the principal replenlshng streams whic
i are appointed by Providence to repair til
! rayages of internal war, and its waists {
r national strength and health. All that
i necessary is 10 receive the flow of thi
stream in its present fullness, and TO tn;
h end the government must in every wa
4 make it manifest that it neither needs {
/ designs to impress involuntary m'ltar
4 service upon those who come from oth'
lands to cast their lot in our country.
t The repert of the Secretary Of War, an
Q the accompanying documents will deta
= the campaign Of the armies in the hel
d since the date of the last annual messag
$ and also the operations at the several az
i min,strative bureaus Of the War Depar
# ment during the last year. 1t will all
specify the measures deemed essential f
!, the national defense, and to keep and SUI
e ply the requisite military force. "
s The report Of the Secretary of the Nav
II presents comprehensive anu eat'siacto'
}: exhibit OF the affairs OF that department
3 and Of the naval service. 1t is u subje
a of congratula,ion and laudab'e pride to o,
r countrymen that a navy OF such vast pr
n portions has been organized in so brief
,f period, and conducted with SO mut
,e efficiency and success. The general G
r, hibit of the navy, including vessels und
$. construction on the LIST Of December, 1876
shows total Of GIL vessels, carrying
: $40 guns and Of 5l0,396 tons burthe
6, being an actual increase during the yea
= over and above all losses by shipwreck
in battle, of s3 vessels, l67 guns, and
,, 42.427 tons burthen. The total numb