Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1864-12-14

SSo4 ,234, ,OS7 &C. and leaving balance i,
Treasury Of 81 ,SS4 ,448 II, as before stated
: For he actual receipts and disbursement
: for the first quarter; and the estimate eC
receipts and disbursements of the thre,
, remaining quarters Of the current tisca
year and the general operations of th,
Treasury in detail, refer you to the re
port oil the Secretary of the Treasury.
concur with him in the opinion that th,
: proportion of the moneys required Ia
meet the expenses consequent upon th,
war, derive from taxation, should be still
further increased, and earnestly invite
your attention to this subject to the end
that there may be such additional legisla
ton as shall be required to meet the Just
expectations of the Secretary
I The public debt on the first day of July
last, as appears by the books OF the Secre
tary of the Treasury, amounted to one
billion seven hundred and forty thousand
millions, six hundred and ninety thousand
tour hundred and eighty-nine dollars and
forty nine cents. Probably should the
war continue for anolher year, that amour,
may be increased by not far from five hun
dred millions. Held as it is for the most
part by our own people, it has become a
substantial branch of national though
| private property. For obvious reasons,
the more nearly this property can be dis
lrlbuted among all the people the better
10 favor such a distribution, greater iu-
ducements TO become owners might per
hsps, with good effect and without injury,
be presented to persons of limited means.
With this view, | suggest whether it
might not be both competent and expe-
dent for Congress to provide that linn
lted amount oil some future issue of pub
lie securities might be held by any iona
yJf,Ge purchaser exempt from taxation and
from seizure for debt, under such restric-
tons as might be necessary to guard
against abuse of SO important a privilege.
This would enable every prudent person
to set aside q small annuity against pos
slble day OF want. Privileges like these
would render the possession of such seou-
rites, to the amount limited, most desira-
| BILE to every person of small means who
(, might be able TO have enough for the pur-
pose.
The Secretary reterates his recommen-
dations, and TO them the attention OF Con
gress is invited.
Tor paying pensions to invalid ooleliors an d
sailors OF, The Republic. and to tke widows,
orphans and dependent mothers of those
who have fallen in battle, or died of dis
ease, contracted or wounds received in
the service of the country, have been dill
gontly administered.
The great advantage of citizens being
creditors rs we'll as debtors with relation
to the public debt is obvious. Men read-
ly perceive that they cannot be much op-
pressed by debt which they owe to them
selves.
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 esti-
mate Of that officer made in the preceding
December, as to its probable amount at
the beginning of this year by sum of SO,
795,097 81 This fact exhibits sa,isfac.
tory condition and conduct of the opera.
tions of the Treasury.
The National banking system is proving
to be acceptable to capitalists andto the
people. On the 25th day Of November
5St National Banks had been organized,
a considerable number of which were con-
versions from State banks. Changes from
State systems to the National system are
rapidly taking place, and it is hoped that
very soon thers will be in the United
States no banks of issue not authorized
By congress, and no 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 permanent and reliable ir fluenCe
in support of the National credit, and pro-
tect the people against losses in the use OF
paper money.
Whether or not any further legislation
is advisable for the suppression Of State
bank issues, it will be for Congressito de-
termine. 1t seems TO be quite clear that
the Treasury cannot be satisfactorily con-
Quoted unless the Government can exer-
else a restraining power over the bank
circulation of the country. .
The report Of the Secretary of Var and
the accompanying documents, will detail
the campaign of the armies in the field
since the date of the last annual message,
and also the operations of the several ad
ministratiye bureaus of the War Depart
ment 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
presents comprehensive and satisfactory
exhibit of the officers of that Department
and of the naval service.
1t is subject of coDgratulation and lau
dable pride TO our countrymen that ma
Wy of such vast proportions has been or
ganized in so brief a period, and conduct
Ell With so much efficiency and success
The general exhibit of the navy, inolud-
ing vessels under contract on the lst of
December, 1864, shows total exhibit OF
six hundred and seventy one vessels, car
rying four thousand six hundred aid ten
guns, and of SIC, 1896 tons, being an actual
increase during the year over and above
all Losses by shipment or in battle OF o3
vessels, l67 guns and 4,247 tons.
The totel number of men al this time IN
tho naval snrvina incl. adj nu officers il