The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1864-12-15

session ct Congress has beneGcially
affected tho revenue, although sufficient
time has not yet elapsed to experience the
full effects OF several Of the provisions OF
the act of Congress imposing increased
taxation. The receipts during the year
from all sources upon the basis Of warrants
signed hy the Secretary OF the Treasury,
intluding loans and the balance in the
Treasury on the lst day Of July, 1868,
were Sl39, ,479, 600, ,762, and the aggregate
disbursements upon the same basis were
SIS, sos, $40, ,lS9, leaving balance in
the Treasury, as shown by warrants, Of
50 ,613 500 .J73 Deduct from these the
amount OF the principal Of the public debt
redeemed and the amount Of issue in sub
atitpton therefor, and the actual cash
operations Of The Treasury were: receipts
SsS4,016 G46,77; Disbursements. $3.50
- 4,0&7 .S6; which leaves cash balance
IN the Treasury of SlS.9l2.559.71. OF
the receipts there were derived from Gus
toms, SlU2 BIG. lj2 80: from lands. S5SS.
33;3, %; from direct taxes, S47. .564 .S96;
from internal revenue, Sl0974l,l34. II:
from miscellaneous sources, S4,15I, 14I:-
SIS; and from loans applied to actual ex-
penditurcs. including former balance.
S623 tt3 929, Is. There were disburscd
for tie civil service, S27.505 800. ii; for
pensions and Indians, S7,5l7. .930, 81; for
the War Department. 500, ,79l 81 q; for
the Navy Department, S95,1333 292 20;
for interest Of the public debt, s53.6S5,
42l .69-making an aggregate OF $50
234 ,0c7 Sc, and leaving balance in the
treasury Of SIS, ,S42 ,55S,,l, as before sta
ted
For the actual receipts and disburse-
!ncnts for the first quarter. and the eSti-
mated receipts and disbursements for the
three remaining quarters Of the current
fiscal year, and tic general operations OF
the Treas iry in detail, | refer vou to the
report OF the Secretary Of the Treasury -
| concur with him in the opinion that the
roportion Of the money required t. meet
the expenses consequent upon the war de-
rived from taxation should be still further
increased, and | earnestly invite your at
tcntion to this subject. TO the ond that
there may be such additional legislation
Is shall be required to meet the Just ex-
pectations ef the Secretary.
THE PUBLIC DEBT.
The public de'>t on the first day of Jul,
last, as appears by the books Of the Treas
ury, amounted to S1,749. 500, ,4S9. "a
Probably, should the war continue for an
other year, that amount may be increased
by not lar from $500 coo 0Uo. Held, a.
II is, for the most part. ~ our own peo
pie it has become Il substantial branch Of
National though private property. Fol
obFiouS reasons, the more nearly this prop
erty'can be distributed to all the people. Tx
better. To favor such a general distri,
button, greater inducements to become
owners might, perhaps. with good effect
and without injury he presented to persons
of limited means With this view suc
gcst whether It might not be both expe-
dent and competent FOR Congress TO pro
vide that limited amount Of some. futur,
issues Of public securities might be held
+ hy any Jongi le purchaser exempt from
! taxation, from seizure for debt; under sucl
restrictions and limitation as might bt
necessary TO guard against abuse of Sc
important a privilege.
This would enable prudent persons t,
set ASIDE small annuity against 4 possibl,
! day Of want. Privileges like these woulc
render the possession ofsuch Sc esurities, t,
the amount limited, nOst desirable to eve
~ person Oh small means who might b,
able to save enough for the purpose Tn,
great ADVANTAGE of citizens being creditor,
as we'll as debtors. with relation to tn,
public debt, is obvious Men readily per
ceive that they cannot be much oppressed
hy q debt which they own themselves.
The public debt. on the lst day Jull
last, although somewhat exceeding the cs
Inmates Of the Secretary OF the Treasury
made ~ Congress at the commencement o
last session, falls short of the estimate 0
that officer made in the preceding De
cember, As TO its probable amount at thr
beginning OF this year, by the sum of So
$50 .019,33 This fact exhibits a satisfac
tory condition and conduct Of the Treas
ury.
TIE NATIONAL BANK SYSTEM
The National Banking system is provin;
to be acceptable to capitalists and to tn
people. On the 25th OF November. fiv
hundred and eighty-tour National Bank
had been organized, considerable numbc
= OF which were conversions from Stat
Banks. Changes from the State system
= are rapidly taking place, aud it is hope
that very soon there will be in th4 Unite
States no bank of issue not author. zed b
+ Congress, and no bank note circulato
, not secured by the Government; Tha
the Government and the people will dcriv
! general benefit from this change in tn
o banking systems of the country, can hare
, ly be questioned The National systel
r will create reliable and permanent inft
ence in support of the national credit, an
protect the people against losses in the Us
;. of paper money. Whether or not an
! further legislation is advisable for til
suppression Of the State Bank issues,
+ will be Tor Congress to determine 1t seen
i quite clear that the Treasury cannot
IS satisfactorily conducted unless the Cover