Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1864-12-15

balance in the Ire: nu'y, as shown by war
rants, of S96,739 ,90573. Deduct fron
these amounts the amount of the principal o
the public ncbt redeemed and the amount o
issues in substitution therefor. and the aGtua
cash operations of the Treasury wers Re
ccipts, S'StO76, ,646.77; disbursements
SSG5, ,234 ,OS7 Sc, which leaves cash bal
ance in the Treasury of $1S, ,S42, ,55S.T.
l.. Of the receipts there were derived from
customs, s1O2,31G,152 90. From lands,
S5sS, 1888 30 from direct taxes. $l75,G4S.'
= 90; from internal revenue, S1O9. .74l ,134. 10
from miscellaneous sources, $471 ,51l ,44s. 10
and from 10; ms applied to actual expenditures
including former balance, s623 ,ls3, ,929. .13
There were disbursed for the civil service
SGT sos. 500 .46; for pensions and Indians
81, ,517 ,93O97; for the War Department
$780, ,s42 81; f r the Navy Departmen
1915, 733, ,292 II; for the interest " the Public
debt $53 ,6S5, ,421 6S, making an aggregate
of SSG5, 234 ,OS7 sc, and leaving balance il
the Treasury of SIS, ,s42, ,55S.71, as before
stated.
FDT the actual receipts ond disbursements
for the first quarter, and the estimated receipt.
and disbursements for the three retaining
quarters of the current fiscal year, and tho
gentr i operate nss the Treasury in detail
| refer you to the report Of the Secretary o
the Treasury.
Ic,heur with him in the opinion that the
prol ortion of moneys required to meet the ex'
lses consequent upon the war derived from
taxation, should be still further inc, eased
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 expectations ef the Secretary.
The public debt on the st day ofJuly last
as appears by the books of the Treasury
amounted to seventeen hundred and forty
millions, six hundred and ninety thous-
and, four hundred and cg. t nine dollars and
forty-aiue cents (S174O, 500, ,4S9 49.) Prob
ably, should the war continue for another year,
that mo mt may be increased by not far from
FIVE hundred millions. Held as it is for the
most part by our own people. it has become a
branch of national though private property.
For obvious reasons, the more nearly this
preberty can be distributed among al the pco-
pie the better. To favor such general distri-
button greater inducements to become owners
might, perhaps, with good effect, and without
injury, be presented to persons of limited
means. With this view susSpsl whether it
might not be, both competent and cxpedicnt
for Congress to provide that limited amount
of some future issde of public securities might
be held by any bo'n, f'le purchaser exempt
from taxation and from seizure for debt, under
such restrictions ana limitations as might be
NECESSARY to guard against abuse of so impor-
tant privilege This would enable every
prudent person to set asidea small annuity
against possible day Of want. Privileges
like these would render thy possession ofsuch
securities to the amount limited most desirable
to every person of small means who might be
able to save enough for the purpose. Tie
great advantage Of citizens bs'na creditors as
well as debtors, with relation to the public
debt. is obvious. Men readily perceive that
they cannot 10 much oppressed BY debt
which they owe to themselves.
The public debt on the first duy of July
last, although somewhat exceeding the csti-
mate of the TreasdFy made to Congress at the
comm ,nccnent of the last session, falls short
of the estimate of that dilifer made in the
preceding December as to its probable amount
at the beginning of this year by the sum of
S3,095, ,09l31. This fact exhibits satisfac
tory condition and ecnduct of tho operations
of the Treasury.
Tile National barking system is Pfoting to
be acceptable to capitnlts and to the people
OK the 95th day If N,veriber, 5S4 National
Banks i:a.i besn ofgdnikcd; considerable
number of which were conversions from State
Bnnks. Changes from the State systems to
the National systems are rapidly taking place,
and it is hoped that very soon there will be
in the United States no banks of issue not
authorized by Congress, and no bank note
circulation not secured by the Government
That the Government and the people will
derive great benefit from this change in the
banking system of the country can hardly be
questioned The National system will create
a reliable and permanent influence In support
of the National credit, and protect the people
against losses in the use of paper money
Whether or not any further Legislation is ad-
visable for the supprcssing of State bank is
sues, il will be for Congress to determine.
! It seems to be quite clear that the Treasury
cannot be satisE c.orily conducted unless the
Government can exercise a restraining power
over the the bank note circulation Of the
country. a.e. -r.
The Report Of the Secretary Of War and the
accompanying documents will detail the CAM
paigns of the armies in the fields since the date
of the ls.t annual message, and also the oper-
atoms of the several administrative bureaus Of
the War Department during tho last year.
1t will also specify the measures deemed nee
cssary for the National defence, and to keep
up and supply thc requisite military force.