American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1864-12-14

securities to the amount limited, most de-
sirable to every person of small means
who might be able to save enough for the
purpose. The great advantage Of citi-
ens being creditors as well as debtors
with relation to the public debt, is obvi-
GUS Men readily perceive that they can
not be much oppressed by debt which
they owe to themselves.
The public debt on the first day of Ju-
ly last, although somewhat exceeding the
estimate of the Secretary Of the Treasu-
ry, made to Congress at the commence
ment of last session, falls short of the es-
innate Of that officer made in the proceed
ing December, as to its probable amount
at the beginning of this year, by the sum
of S3 ,Sg5, 079,33 This fact exhibits a
satisfactory condition and conduct Of the
operationsof of the Treasury
The National Banking system is prov
ing to be acceptable to capitalists and to
people. On the 25th of November, five
hundred and eighty-four national banks
had been organized, a consid erable num-
Der of which were conversions from State
banks Changes from the State system
to the national system are rapidly taking
place, and it is hoped that very soon
thqre will be in the United States no bank
of issue not authorized by Congress, and
no bank note circulation not secured by
the Government. That the Government
and the people viii derive general benefit
from the change in the banking systems
OF the country, can hardly bequestioued
The national system will create reliable
and permanent influence in support of
the national credit, and protect the peo-
pie against losses in the use Of paper
money
Whether or not any further Legislation
Is advisable for the suppres5iau of State
bank issues it viii be for Congress to de-
termine. 1t seems quite clear that the
Treasury cannot be satisfactorily conduc-
ted unless the government can exercise a
restraining power over the bank note cir
culatiop Of the country
The report of the Secretary Of War,
and the accompanying documents, will de-
tail the campaigns Of the armies in the
field, since the date of the last annual
message, and also the operations Of the
several administration bureaus of the
War apartment during the last year 1t
Hlh also specify the measures deemed es-
ssntial for the national defense, and to
keep up and supply the requisite military
force
The report Of the Secretary of the
Navy presents a comprehensive and salts
tory exhibit Of the affairs Of that Depart
meut aud of the naval service. 1t is q
subject of congratulation and laudable
pride to our countrymen, that navy OF
such vast proportions has been organized
in so brief . period and conducted with
so much efficiency and success The
general exhibit of the navy, including
vessels under construction, on the lst Of
December, 1864 shows total of six
hundred and seventy one vessels, carrying
4,6l9 guns, and 510,396 IONS being an
actual increase during the year, over
eighty-three vessels, one hundred and
sixty seven guns, and IL ,427 tons.
The total number Of men at this time
in the naval service, including officers, is
about 81 900. There have been captured
by the Navy, during the year, 324 YES
sells and the whole number Of naval cap
lures since hostilities commenced is 1900
Of which number 267 are steamers. The
gross proceeds arising from the sale of
condemned prize property, thus reported
amount to $780, ,25O,51. A large
amount of such proceeds is still under
adjudication and yet to be reported.
The total expenditure of the Navy De-
partment Of every description, including
the cost of the immense squadrons that
have been called into existence from the
4th Of March 1861, to the 1st of Noyem-
ber 1864, are s238, 8,647 1862 35. Your
favorable consideration is invited to the
various recommendations Of the Secre-
tary of the Navy, especially in regard to
navy yard and suitable establishment
for the construction and repair of iron
vessels, and the machinery and armature
for our ships, to which reference was made
in my last annual message.
Your attention is also invited to the
views expressed in the report in relation
to the legislation of Congress at its last
Session, in respect to prizes on our inland
waters.
| cordially concur in the recommenda-
ton Of the Secretary as to the propriety
| Of oraatiur, the rovv r.nL ~ Nico A duni