The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1864-12-14

y. concur with him III the opinion
mat the proportion of the monies requir-
20 TO meet the expenses consequent upon
ne war, derived from taxation, shoald be
TIL iurther Increased, and | earnestly in
Yite your attention TO this subject to the
end that there may be such additional
legislation as shall be required to meet
!ne Just expectations OF the Secretary
The public debt on the first day Of july
last. as appears by the books Of the Teas
ury, amounted to one billion, seven hun
dred and forty million, six hundred aud
nlnety thousand four hundred and eighty
nine dollars and forty cents.
i Probably, should the war continue fol
lanother year, that amount may be in
creased by not far from FIVE hundred mil
lions. Held as it is for the most part by
our own people it has become substan.
tial branch Of national though private
i property. For obvious reasons, the more
easily this property can be distributed
among all the people the better; to favo,
such general distribution. greater induce
mcnts to become owners might perhaps
with good effect, and without injury, be
presented to persons with limited means
With this view, | suggest whethcr it NIGH
not be both expedient and competent fol
Congress to provide that limited amount
OF some future issue of public securities
might be held by any bona fde purchaser
exempt from taxation and from seizure
for debt, under such restrictions and lin
itations as might be necessary to guard
against abuse Of SO important privilege
This would enable prudent persons to sci
aside small annuity against a possible
day of want.
Privileges like these would render the
possession Of such securities to the amount
limited, most desirable to every person OF
small means who might be able to save
enough for the purpose The great ad-
vantage Of citizens being creditors as well
as debtors with relation to the public debt
is obvious. Men readily perceive that
they cannot be much oppressed by debt
which they owe to themselves. The pub
lie debt on the first day of July last, al
though somewhat exceeding the estimate
of the Secretary of this Treasury, made
to Congress az the commencement Of last
session falls short of the estimate of that
officer, made in the preceding Decem Der
as to its probable amount at the begin.
Ming of this year by the sum of So, 3,93J,
IO79, ,33. This fact exhibits a satisfactory
condition and conduct of the operations
of the Treasury. The n ational Banking
system is proving to be acceptable to cap
italists and to the people. On thc 25tl
of November 594 National E4nks had
been organized, corsiJ.raJ.e number oi
which were conversions from State Banks
Changes from the State system to the
National system are rapidly taking place,
and 1t Is hor that very soon there will
be in. tbe United States no bank of issue
not tnorized by Congress, and no bank
,tote circulation not received by the Gov
ernment. That the Government and the
people will derive general benefit from
! this change in the banking systems oi
the country, can hardly be questioned
The national system will create i reliable
and permanent influence in support Of
the national credit and proteet.the people
/ @o-iast losses in the uss oe r2rcr &oncy
Whether or not any further legislation
is admissible For the suppression of State
bank issues, will be for Congress to de-
termine. ge
|
cannot be satisfactorily conducted unless
the govern ment can exercise a restraining
power over the bank note circulation OF
the country. The report of the Secretary
of War and the accompanying documents
will detail the campaigns of the armies
in the field since the date OF the last an
nual message, and also the operations OF
! the several Administrative Bureaus Of the
War Department during the last year
1t will also specify the measures deemed
essential for the national de.tnsc, and to
keep up and supply the requisite military
+ force.
The report of the Secretary of the
Navy presents comprehensive and salts
factory exhibit of the affairs OF that De-
! partment, and of the naval service 1t
is a subject of cengratulation and lauda-
BILE pr. de to our countrynien, that navy
of such vast proportions has been organ
ized in 80 brief period and conducted
with so much efficiency and success, The
general exh it of the navy, including
vessels undei CO .struetiou on the 1st of
December, 1864, shows total of GIL
vessels carrying 4,610 guns and 519, 1896
LUIS, peluS an acludl IHcrSaSe Qurl0S the
year, over and above all losses by ship
wreck or in battle Of; 33 vessels, 167 guns
and 42,427 tons.
The total number of men at this time
in the naval service, including officers, is
about 81 ,000 There have been captured
by the navy, during the year, 32l vessels,
and the whole nunber of naval captures
since hostilities commenced is one thou
sand three hundred, Of which 267 are
steamers. The gross proceeds arising
from the sale Of condemned prize proper
ty thus far reported amount to $780,
25O 81. A large amount of such pro-
eeeds is still under adjudication, and yet
to be reported.
The Total expenditure of the Navy De-
-partment of every description, including
the cost of the Immense squadrons that
have been called inte existence from the
4th of March, 1861, to the lst of No.
vember. 1864, are S23, 1854, ,726, ,235.
Your favorable consideration is invited
to the various recommendations of the
Secretary of Navy, especially in regard
to navy yard and suitable establish