The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1864-12-16

/ ior pensions ana lndianS, . ,ol ,93U- 81; fer
the War Department, $500, 791, ,842 81; for
the navy department S75, ,833, ,29l II; for in
terest on the public debt, S53, ,685, ,42I GS,
making an aggregate of S885, ,234,O87 Sc, ana
leaving balance in the Treasury of $t6,4S 4S2,-
/ 55S Il, as before stated.
For the actual receipts and disbursements
from the first quarter and the estimated receipts
and disbursements for the three remaining quar-
ters of the current fiscal year. and the general
operations of the Treasury in detail, | refer
you TO the report Of the Secretary Of the Treas
ury. [ concur with him in the opinion that
the proportion of moneys required to meet the
expenses consequent upon the war, derived
from taxation, should be still further increased
and earnestly invite your attention to this
subject to the end that there may be such adj
dtiona. legislation as shall be required 70 meet
! the Just expectations of the Secretary.
/ he public debt on the first day of jolly last.
/ as appears by the books of the Secretary IF
/ the Treasury, amounted to one billion seven
hundred and forty thousand millions, six hun
dred and ninety thousand four hundred and
! eighty-nine dollars and forty-nine cents. Prob
ably, should the war continue for another year,
that amount may 6e increased by not far from
five hundred millions. Held as it is for the
most part by our own people, it has become
substantial branch Of national though private
! property. For obvious reasons the more near
| ly this property can be distributed among all
! the people the better.
To favor such general distribution greater
! inducements to become owners might perhaps,
with good effect, and without injury, be presen-
ted to persons Of limited means. With this
! view, suggest whether it might not be both
competent and expedent for Congress to pro-
vide that limited amount Of some future is.
sue Of public securities might be held by any
bona tide purchaser exempt from taxation and
from seizure fer debt, under such restrictions
and limitations as might be necessary to guard
against abuse OF SO important privilege This
would enable every prudent person to set aside
q small annoity against possible day of want
Privileges Ike these would render the posses
sion OF such securities, to the amount limited.
most desirable 10 every person Of small means
who might be able to have enough for the pur-
pose.
The Secretary reiterates his recommends.
tions, and to them the intention of Congress is
invited
provisions ,slTs ~ cv'Ils1 e55 Ioi
paying pensions to invalid soldiers ana aallQrs
of the Republic, and to the widows, orphans
and dependent mothers of those who have iai-
len in battle or died Of disease, contracted, or
wounds received in the service of the country,
have been diligently administered.
The great advantage of citizens being credi-
tors as well as debtors with relation to the pub
lie debt is obvious. Men readily perceive that
they cannot be much oppressed by Il debt which
they owe 20 themselves.
The public debt on the first day Of July last
although somewhat exceeding the estimate of
the Secretary of the Treasury made to Congress
at the commencement of the last session, falls
short of the estimate of ihat officer made III
the preceding December, 10 its probable a
mount al the beginning of this year by 4 sum
of SIS, 795, ,097 81. This fact exhibits salts
factory condition and conduct Of the operations
of the Treasury.
The National banking system is proving to
be acceptable to capitalists and to the people.
/ On the 10Th day Of November 574 National
! Banks had been organized, a considerable num-
Der of which were conversions from State banks.
| Changes from State systems to the National sys-
tenn are rapidly taking place, and it is hoped
that very soon there will be in the United
States no banks Of issue not auth orized by Con-
gress, and no note circulation not secured by
the Government. That the Government and
the people will derive great benefit from this
Cus'ii-sS III '4iO DNhhliiS SSSteiI vi tuS country
can hardly be questioned. The National sys-
tenn will create u permanent and reliable in
nuence 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-
yisabIe for the suppression Of State bank issues,
it will be for Congress to determine. 1t seems
to be quite clear that the Treasury cannot be
=
can exercise a restraining power over the bank
circulation OF the country.
The report of the Secretary of War and the
accompanying documents, will detail the cam
paign of the armies in the field since the date
Of the last annual message, and also the oper-
ations of the several administrative bureaus of
the War Department during the last year 1t
will also specify the measures deemed necessary
for the national defence, and to keep up and
supply the requisite military force.
The report of the Secretary of the Navy pre-
sents comprehensive and satisfactory exhibit
of the officers Of that Department and Of the
naval service.
1t is subject of congratuation and lauda-
BILE pride to our countrymen that ravy of such
vast proportions has been organized In so brief
period, and conducted with so much efhcien-
cy and success. The general exhibit of the
navy, including vessels under contract on the
lst of December, 1864, shows total exhibit
of six hundred and seventy-one vessels carry
ing four thousand six hundred and ten guns,
and OF 5lO,396 tons being an actual increase
during the year over and above all losses by
shipment or in battle of 83 vessels, l67 guns
and 4,247 tons.
The total number of men at this time in the
naval service, including officers, is about fifty
one thousand. There have been captured by
the navy during the year, three hundred and
twenty-four vessels and the whole number OF