Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1864-11-11

tion, we shall be enab led TO meet all the ext
gencicas OF the war from our a bundant rrsour-s
ces, aid avoid, at the same tino, sucl, an &C
cumuiatien Of debt as would render at ail
doubtful our capacity to redeem it,
The total receipts into the treasury for ne
two qHarte Is ending on tho 3Oth September.
1864, were AIS, 81, $50, which sum, added
to The balance Of $3OS, 282 ,f22, that remained
in he treasury on the lSt OF Apr II Ia ST. forms
total Of $723, 474,272. Of this tot.l not
far from half, that is to say, 1912, $50 s27,
have been applied to the extinction Of the
public debt, while the totatexpenditures hav
been 1912 1878, sos. leaving a ka,ance in the
treasury on the lot Il October, 1861, of
Sles, A35, 440.
The amount 0 fthe public debt, as ex-
hibitc on the books OF the Register Of the
Treasury on the lst DC tober, 1864, was 81,
l48, 1870 208, OF which $3.50, $40, 900 were
funded debt, bearing interest, 1898 $50, 100
were treasury notes of the new issue, and the
remainder consisted Of the former issue Of
treasury notes which will be converted into
other forme Of ebt, and will cease to exist
as currency on the 3 lst Of next month.
The report, however, explains that, in con-
sequence Of the absence Of certain returns
from distant officers, the I rue amoant Of the
debt is less, by about twenty-one and half
millions Of dollars, than appears on the books
Of the Register, and that the total pubic
debt on tho frs of last month may be fairly
considered to havo been 81, l26, SO ,O95. !.
The increase Of the public debt during the
six months from the | st of April to the lst OF
October, was $97 s SO, 7s0, being rath or more
than SIG ,000, 900 per month. and it will be ap-
parent, n perusal of the report, that this
augmentation would have bean q voidod, and
positive reduction of the amount would have
been effected, but for certain de fects in the
legislation ON tho subject Of the finances,
which are pointed out in the re port, and
which seem to admit Of easy remedy.
In the statements just made he foreign
debts omitted. It consists only Of the an.
paid balance OF the loan known as the CO ton
loan. This balan te is but E2,2OO, 900, and
is adequately provided for by about two hum
dred and Fifty thousand bal es of cotton owned
BY the Government, even if the cotton be ra
ted as worth but SIX pence per pound.
There is one item 0tthe public debt not in
Guided in the tables presented, to whic. your
attention is required. The bounty bonds
promised to our soldier $ ny the third section
Of the act Of 18th February, 1851, were de-
liverable on the LIST O.to Der. The Secretary
has been unable to issue them by reason Of
an omission in tho law, no time being therein
fixed for the payment Of the bonds.
The aggregate appropriations cllled for by
the different departments Of the Government,
according to the estimates submitted with the
report for the six months ending on the Goth
June, 1865, amount to .$43S, l0Z ,6T9, while
the Secretary estimates that there wi remain
unexpended, out Of former appropriations, on
the lst January, 1866, balances Of $467 4l6, !
5e4. It Would, therefore, seem that former
estim ates have been largely in excess Of ac-
tual expenditures, and that no addition al APP
preparations ars required for meeting the
needs OF the public service up to the list July
of next year. Indeed, if the estimates now
presented should prove to be as muchin ex
cess Of actual expenditures as has heretofore
been the case, considerable balance will
still remain unexpcnd Cd at til, close ofthc
first half of the ensuing year.
The chief difficulty to be apprchend@d in
! connection With our finances results from the
depreciation Of the Treasury notes which
seems Justly to be attributed by the Secretary
to two causes redundancy in amount and wa Mt
of confidence in ultimate redempt ion; for
both OF which remedies are sngg> sted that
will commend themselves to yeur CO nsi dera :
ton as being practicable as we'll as cfficic It.
The main features of the plan presented are
substantially these LIST. That the faith OF
the Government be pledged that the notes
shall ever remain exempt from taxation. 2d.
That no issue shall be made beyond that which
is already authorized by law. 3rd. That a
certain fix ed portion of the ann ual receipts
from taxation during the war shall be ct
apart specially for tai gradual extinction ct
the outstanding amount, until it shall have
been reduced to $3.50, 900 900; and s4th. The
pledge and appropr iation of such proper ton
Of the tax in kind, anu for such number OF
years after the return Of peace as sha II be
sufficl cnt for the final REDEEM t,tiOn of the eEe
tire circu iatioa. The details of the plan, the
calculate ons on which it is based, the eff. len
oy Of its operation, and the vast advantages
which would result from its success are fully
detailed in the report, and cannot be fAirl y
presented in form sufficiently CONDENSED for
this me ssage. | doubt not 1t will receive
from you that earnest and ca ndid consider IA :
ton which is merited by the importance OF
the subject.
The recommendations Of the report for the
repeal Of Ger tain provisions ofthe tax laws
which prodrce inequality In the burthen Of
taxation; for exempting all Governme mt loans
from taxation on capital, and from any ad
verse DETERMINATIONS in taxati on on income
derived from them; for placing the taxation
on banks on tho sans footing as tho taxat 10
OF other corporate bodies for securing the
payment into the treas ury of that portion of
the bAuk circ ulation which is liable to con-
fscation because held by alien enemies T; for
the conversion Of this inter est bear ing treas
ury notes now outst anding into co upon bonds,
and for the quarterly collection Of taxation
all present practical questions for legislator n,
which, if wisely devised, will greatly impr or 9
the public credit, and alleviate thu uithens
now imposed by the extreme and unnecessary
depreciation in the value ot the cnrrencj.
The ret urns Of the Produce Loan Blu rea u,
are su omitted with th . repo TT, and the infor-
nation is conveyed that the Treasury Agency
in the trans Mississippi Department has been
fully organized, and is now in operation with
promise Of efficiency and success $.