Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-12-15


| give notice that after the expiration of SIX
months, the period conditionally stipulated
| in the existing arrangements with Great Brit
| ain. the United States must hold themselves
| at liberty to increase their naval armament
upon the Lakes, if they shall find that pro-
ceeding necessary.
The condition of the border will necesss-
rilv come into consideration in connection
with the question of continuing or modifying
| the rights Of transit from Canada through the
| United States, as well as the regulation of ex-
ports, which were temporarily established by
! the reciprocity treaty of the 9Th of June,
! 1854 l desire, however, to be understood,
while making this statement, that the colo
NAL authorities are not deemed to be iuten-
| tionally unjust or unfriendly towards the
| United States, but, on the contrary, there is
every reason to expect that, with the appro-
val Of the Imperial Government they will
take the necessary measurs to prevent new
| incursions across the border.
! IMMIGRATION
The act passed at the last session for the
| encouragement of immigration has, as far as
possible, been put into operation. It seems
! to need amendment, which will enable the
| officers OF the government to prevent the
| practice OF frauds against the immigrants
| while on their way to and on their arrival in
| our ports so as to secure them here a fair
| choice of av0catiOns and place of settlement
| A liberal disposition towards this great ma
! tional policy is manifested by most of the
! European states, and ought to be reciprocal
! ed on our part by giving the immigrants eff
! fectiTe national protection.
| regard our immigrants as one of the prin-
! cpal repenishing streams which are appoint
| ed by Providence to repair the ravages of
Il 4 -,
and health All that is necessary is to secure
| the flow Of that stream in its present fullness,
and to that end the government must in eve
ry way make it manifest that it neither needs
nor designs to impose involuntary military
service upon those who come from other
lands to cast their lot In our country.
THE FINANCES.
The financial affairs of the government
have been successfully administered during the
last year. The measures of the last session
of Congress have benefcially affected the
revenue, although sufficient time has not yet
elapsed to experience the full effects Of sew
| eral of the provisions of the acts of Congress
imposing increased taxation.
The receipts during the year from all
sources, upon the basis Of warrants signed
| by the Secretary of the Treasury, including
loans and the balance in the Treasury on the
! LIST day of July 1868, were 81 1874 796, OO7. so;
and the aggregate disbursements, upon the
same basis were S1,208, 050, 1OI .S9-leaving
balance in the Treasury, as shown by war
rants, OF $50, 739, 9Q5 49, Deduct from these
the amount of the principal of the public
| debt redeemed and the amount Of issue in
substitution therefor, and the actual cash op-
erations Of the Treasury were: Receipts
! 1884, O76, 646.77; disbursements 1865, 234,-
| aSh hal in no
Treasury of SIS, 842, 55S.71.
OF the receipts there were derived from
customs Sl02, SIC, 1929; from lands, $685.
333.29 from direct taxes, SAT, 564 S96; from
| internal revenue, 500, TAI, 1874. 10; and from
loans applied to actual expenditures, inClud-
ing former balance, $623, AS, 1929. Is. There
were disbursed for the civil service S27, 5O5,-
| 599.46; for pensions and Indians, $751; $780,
81; for the War Department, 500, 79l S42 81;
for the Navy Department, $85, 733, 292. 10 !;
for interest on public debt, $50, 6S5, 42l. So
making an aggregate of 1865, 234, O87.S6 and
leaving a balance in the Treasury of Sl8, 842, :
55S.7l, rs before stated.
For the actual receipts and disbursements
for the first quarter and the estimated re-
ceipts and disbursements for the three re-
naming quarters of the current fiscal year,
and the general operations of the Treasury in
detail, | refer you to the report of the Secre-
| tary of the Treasury. | concur with him in
the opinion that the proportion of the mo-
neys required to meet the expenses conse-
quent upon the war, derived from taxation,
should be still further increased, and | earn
! estlv 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 ofthe Secretary.
THE PUBLIC DEBT.
Th9 public debt on the 1st day of July
last, as appears by The books of the treasu-
~, amounted to 81, 749, 800, 489 49, Proba-
bly,, should the war continue for another
year, that amount may be increased by not
far from $5O0,0O0,O00. Held, as it is for the
most part, by our own people, it has become
a substantial branch of national, though pri-
waite property. For obvious reasons, the
more nearly this property can be distributed
among all the people, the better To favor
such a general distribution, greater induce
ments to become owners might, perhaps,
with good effect and without injury, be pre-
scented to persons of limited means
With this view [ suggest whether it might
not be both eXpedient and competent for COT
gress to provide that a limited amount of some
future issues of public securities might be
held by any bona tide purchaser exempt from
taxation and from seizure for debt under
such restrictions and limitations as might be
necessary to guard against abuse of SO lmpor-
tant privilege. This would enable prudent
persons TO set aside a small annuity against
possible day OF want. Privileges like these
would render the possession Of such securi-
ties, to the amount limited, most desirable tc
> every person of small means who might be
able to save enough for the purpose. The
/ great advantage 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 own themselves.
a The public debt, on the LIST day of july
p last, although somewhat exceeding the esti
mates of the Secretary Of the Treasury
made to Congress at the commencement O
last session, falls short OF the estimate O
that officer made in the preceding December
: as to its probable amount at the beginning
t of this year, by sum of S., 995, 079.33. Thi
: fact exhibits a satisfactory condition and con
e duet of the operations Of the Treasury.
, THE NATIONAL BANK SYSTEM.
: The National Banking system is proving tt
e be acceptable to capitalists and to the PEG
pie. On the 25th ofNovember, five hundred
and eighty-fcuF National Banks had been or
p ganized, a considerable number of which
f were conversions from State Banks Chang
y es from the State system to the Nationa
f system are rapidly taking place, and it i
n hoped that very soon there will be in the
: | United States no bank of issue not author
=. lied by Congress, and no bank note circula
= ton not secured by the Government
That the Government and the people viii