The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1864-11-08

form the office OF Judging whether IN point OF fact
the nation asserting dominion il able TO make good
its pFetensions by force vi arms and not, by IT,
cognition of the resisting party to discounienanae
/ the further continuance Of the contest. And the
reason ~hy this duty is incumbent on neutral pow
| ers is plainly apparent, when reflect that the
pride and passion which blind the Judgment Of the
parties to the conflict the continuance Of
tive warfare and consequent useless slaughter, long
after the inevitable result has become apparent to all
not engaged in the struggle. SO long, therefore, as
neutral nations fail, by recognition OF indepen-
dence, TO announce that, i'll their judgment, the
United States unable to reduce the Coniederacy
TO submission, their conduct will be accepted by
enemies tacit encouragement to continue their
efforts, and implied assurance that belief IL
entertained By neutral nations in the success OF
| their designs. A direct stimulus, whether inten-
tional not, is thus applied TO securing contnu-
ance Of the carnage and devastation which desolate
this continent and which they profess deeply to de-
| plore
The disregard of this just, humane, and Christian
| public duty By the nations OF Europe Is the more
remarkable from the fact that authentic expression
has long since been given by the Governments OF
both France and England to the conviction that the
United States ate unable to conquer the Contederaey
IL a'now more than two years since the Government
| Of France announced officially to the Cabinets of
London and 81. Petersburg its own conclusion that
the United States unable to achieve any deci-
sive military success. In the sent by those
Powers intimation OF a contrary opinion was con-
veyed and il notorious that, in speeches, both Ill
and out OF Parliament, the members of Her Britain
nic MaJeSty's Government have not hestaed 10 eX-
press this conyieffssf in unqualified terms. The de-
NAL of right under these circumstances is OBJ
tiously unjust, and dscrmnates unfairlyin favor
of the United States. that neutrals have sought TO
pallate the wrong, of which they conscious, by
protesting to consider, in opposition to notorious
truth and to the known belief of both belligerents
| that the recognition of independence would be
valueless without their further Intervention in "the
| struggle; Intervention of which disclaim
the desire md mstrust the advantage. We seek no
| favor; wish no intervention; We know ourselves
| fully competent to maintain our own rights and in
/ dependence against the invaders OF our country ;
and We feel justified in asserting that, without the
aid derived from recruiting their armies from for
ei2n countries, the invaders would. this have
been driven from our soil. When the recognition Of
| the Confederacv refused by Great Britain in
| the fall of 1862, the refusal excused the
| ground that any action by Her Majesty's Govern-
| ment would have the effect OF in1aming the pas
sons of the belligerents and of preventing the
tuIn Of peace. 1t is assumed that this opinion
| sincerely entertained; but the experience of two
years of uEeqnalled carnage shows that it
neous. and that tho result was the reverse Of what
the British Ministry humanely desired. contrary
policy, policy just to lis, policy diyeIging from
all unvaryIng course Of concession 10 all the de-
mands of our enemies, is still within the powor OF
| Her Majesty's Government and would 1t is fair to
1 presume be productive Of consequences the oppo-
site OF thoSe which have unfortunately followed its
whole oourse OF conduct from the commencement of
| the to the present tim0. In n word, peace is
impossible without independence, and it Is not to be
expected that the enemy will anticipate neutrals in
| the recognition Of that independence When the
history Of hi1 shall be fully disclosed, the I'm
| Judgment OF the impartial pubi!cst WILL FOR these
reasons, be unable to abSOye the neutral nations OF
Europe from share IN the moral responsibility for
the mylads OF human lives that have been unneoes
| sarily sacrificed during It's progress
| the removed instances in which foreign powers
have given us Just cause Of complaint need not here
be detailed. The extracts from tho correspondence
| OF the State Department, which accompany this
message, will afford such further information az
be given without detrnent 10 the public interest
and we must for the future such action as
may then be deemed advisable to Iedress.
FINANCES.
Your special attention ia earnestly invited to the
report OF the Secretary OF ths Treasury, submitted
in conformity with law. The facts therein disclosed
are far from disCOuTaoing, and demonstrate that
with judicious legislation. shall be enabled 10
meet al the exigencias Of the from or abundant
resources, and avoid at the same time, such
cuInulaton OF debt would render at all doubtful
our capacity to redeem il.
The total receipts into tho treasury for the two
quarters ending Oh tho 5oLh OF September, 1864,
were Sil3 l9l $50, which sum. sided the balance
OF s5OS ,G22 that remained IN the treasury the
lst OF Apl last, forms total OF S723 43i 2i2. OK
this total, not far from half that is 10 saw s3i2
56os27 have bean applied to the extinction of the
public debt, while the total expenditures have been
S2'2, ,31S sos, leaving balance IN the treasury
the lst OI October, 1864, OF Slo9, ,43j 44U.
The total amount OF the public debt. exhibited
the books or The Register OF the Treasury the
st October, 1864, wasSl 4T e7U POS II which $780,
$40, 900 funded debt, bearing interest," $685.
$50, $50 treasury notes OF the issue, and
the remainder consisted OF the former trea-
sury notes which will be converted into other forms
OF debt and VIII cease 10 exist currency the
3lst OF next month.
The report. however, explains that in sequence
or the absence or certain retun5 from distant off,
GERS, the true amount OF the debt less, by about
twenty-one and half millions OF dollars, than sp-
pears the books OF the Register, and that the
tai pubic dabt on the lSt or last month may be
fairly considered to have been ST., l26, ,35l 09j.
The increase OF the public debt during the six
months from the lst Az pt1i to the lat October
S9' 500, $780, being rather than Sl6OOG 900 per
month, ana 1t viii ba apparent, peyusa OF the
report, that this augmentation worti have been
avoided, and a. positive reduction of the amount
would have been effected, but certain defects in
the legislation the subject OF the finances which
pointed out IN the report and which seem to adj
init Of easy remedy.
In the statements just made, the foreign debt is
ornitted. 1t CONSISTS only of the unpaid balance
of the loan known the cotton loan. This ba-
lance is but f2 200, 600, anl is adequately provided
tor by about two hundred and ffty thousand bales
or cotton, owned by the Government. even il the
cotton be rated as worth but six pence per pound
There Is one item OF the public debt not included
III the tables presented, TO which your attention
| TequiIed The bounty bonds promised to our SOL
oilers 6y the ,erd section OF the act OF 18th Febu-
ary, 1861, wela deliverable the lst of October
Lie Secretary has been unable to issue them by
| reason OF an omission IN the law, time being
| therein fixed !or the payment OF the bonds
The aggregate appropriations called for by the
dinereHt departments of the Government, according
to the estimates submitted with the report for the
SIX ohins as enSing on the 50th june 1865, amount
to S4SS while the Secretary estimates thot
there Will lenin unexpended out of former apnro-
| prlalohs, on the LIST January, 1865 a balance of
Si6i ,4l6,3H II would, therefore seem that FORMER
estimates nave been largely III excess OF actual ex-
pondltures, and that additional appropriations
are required Tor meeting the needs Of the public seq
sice up to the Ist July OF year Indeed If the
estimates now presented should provo to bs AZ much
IN excess OF actual expenditures has heretofore
been the case, considerable balance will stiu re-
| main uneSfended AZ the close of tho first half Of
| the ensuing year
The chief ditfculty TO be apprehenied in couneo-
hon with our finances results from the depreciation
OF the treasury notes. which seems Justly be at
trbuted by the Secretary 10 two redundancy
| IN amount and want of confidence in ultimate re-
dernption tor both OF which, remedies are suggested
that will commend themselves to your consideration
| as being practicable well efficient.
| The main features OF the plan presented SUBJ
santially these: lst. That tAa tith OF the Govern
ment be pledged that the notes shall ever remain ex-
| eulpt from taxation %. That lie issue shall be
| made beyond that which is already authorized by
law. Sd That certain fixed portion of the annual
receipts ffoLn taxation during the shall be set
apart specially for the gradual extinction OF the out
standing amount until it shall have Keen reduced TO
SI5o,o00, 600; and 4th. The pledge ead appropris-
ton OF such proportion Of thetax in kind and forsuch
number OF years after the of peace, shall be
sufficient for the final redemption OF the entire crcua-
ton The details of the plan, the calculations which
is based the efficiency of its operation, and the
advantages which would result from its success
fully detailed il the report and cannot be fairly
presented in form sufficiently condensed for this
message. l doubt not it will fslslye from you that
| earnest and candid consideration which is merited
| by the Importance Of the subject. .
Tha recommendations OF The report for the repeal
of certain provisions of the laws which produce
inequality the burthen of taxation; for exempt
ing all Government loans from taxation capital
and from any adverse discrimination in taxation on
income derived from them; for placing the taxation
| Oh banks the same footing rs the. taxation OF
l nth fnr rha raVr .Yf