The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1864-12-21

HlRHE pe utCSSsalJ W SuSAu HS1aihos @So'N
of SO important privilege, This would
enable every prudent person to set 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 advantage of citizens being credit
ors as we'll as debtors, with relation to
the public debt, is obvious. Men readily
perceive that they cannot be much Cp
pressed by debt which they owe &c
themselves.
The public debt, on the first DAY oI
July last, although somewhat exceeding
the estimate of the Secretary of the
Treasury made to Congress ct the com
mencement Of the last session, falls shor!
Of the estimate Of the officer made in the
proceeding December, as to its probable
amount at the beginuiny Of this year, by
the sum Of $3,995,097 81 This fact
exhibits a satisfactory condition aud con
duct Of the operations of the Treasury.
NATIONAL BANKS.
The National banking system is prov.
ling to be acceptable to the capitalists and
to the people On the 25th Gay o.
November five hundred and eighty foui
Nationa! banks had been authorized, {
considerable number Of which were con.
versions from the State banks, Changes
from the State systems 10 the Nationa
system are rapidly taking place, and it i:
hoped that very Boonthere will DC in thl
United States no banks Of issue not au.
thorizcd by Congress, and no bank note
circulation not secured By the Govern
ment. That the Government and the
people will derive great benefit from thi;
change in the banking system Of the
country can herdIy be questioned. The
National system will create reliable anc
permanent influence in support Of tht
National credit, and protec5 the people
against losses in the issue of paper money
Whether or not any further Legislation
is advisable for the suppression of State
bank issues, it will be for Congress X
determine.
THE ARMY.
The report Of the Secretary Of Wa
and the accompanying documents vii
detail the campaigns Of the armies in thr
Geld since the date Of the last annua
message, aud also the operations of to-
several administrative bureaus of the Wal
| Department during the last year. 1t vii
also specify the measures deemed essen
tial for the national defe0ce and to keeE
up and supply the requisite military
force.
THE NAVY.
The report Of the Secretary Of the
Navy presents a mprehensiva and sats.
factory exhibit Of the affairs of that De.
partu,ent, aud cf the naval service. 7;
is subject Of coogTatulation and leada-
bic pride to our countrymen that navy
Of such vast proportion has been organ
lied in 50 Drief a period, aud conducted
with SO much efficiency and success
The general exhibit of the navy, IN
cludiug vessels under construction, on
the lst Of December, 1868, shows total
of G7l vessels, carrying 4,6l0 gnus and
of SIC, 1896 tons, being an actual increase
during the year, over and above all the
losses, shipwreck and battle, of83 vessels,
167 guns, 42,427 tons. The total num-
Der of men at this time in the naval
service, including officers, is about 81 ,0Q0.
There have been captured BY the navy
during the year 81 vessels, and the
whole number Of naval captures since
hostilities commenced is 1879, Of which
267 arc stcamors. The gross proceeds
arising from the sale Of condemned prize
property thus reported amount to Sl4,-
800, 250,5l \ large amount of such
proceeds Is still under adjudication, and
yet TO be reported. The tota! ezpendi-
lures Of the Navy Department Of every
description. inc,udiog the cost Of tho
squadrons that have been called
into existence from the 4th OF March
1861, to the 1st Of November, 1861, aret
S4S8, GIT ,262,35. Your favorable cor.
siderable is Invited to the various recon-
mendations of the Secretary Of tho Navy
in regard TO navy yard and
suitable establishment for the construction
and rera:r of iron vessels and the MA
chiuery and armature for our ships, to
which reference was made in my last aa-
nual message,
Your attertioh is also directed to the
views expressed in the report, in relation
to the legislation Of Congress, at It's last
session, 10 respect to the prizes in our
inland waters. l cordially concur in the
recommendation of the Secretary as to
the propriety of creating the new rank of