Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1864-12-14

o9nsinus for anoThsr yese that amount
may be increased bY not far from i've
hundred millions Held a. il Is, for the
most part by our own people. it has be
come substantial branch Of national.
though private propsrty. cd -- -
For obyiou; the more nearly
this property can be distributed among
all the people the better. To favor such
/ general redistribution. greater inducements
to become owners might, perhaps, with
goo effect AMI without injury, be pre-
ssnted to parsons of limited means With
this view suggest whether il might not
be both expedient aud competent for Con
| gfess TO provide that limited amount Of
some future issue OF public securities
might be held BY any bona 6de purchaser,
exempI from -tsxati0a and from seizure
for debt, under such restrictions and linn
itstiobs as might be necessary TO guard
against sba . OF -o important q privilege.
tTa ! ssould enable prudent. persons 70 set
pa e .-.insll snnuity againsta possible
tas, -. want. .sroyat s.- a-i1 Ls.--l5
perFriviisges like these would render the
tposssxsion of such securities to the amount
limited most desirabls to every person of
small means who might be able to save
snough for the purpose The great sd'
Iantsge of citizens being creditors as
veil IS debtors with relation to the pub
Iio debt. Is obvious. Men readily per
ceiEe that they cannot be much oppress
ed by debt which they owe to them
selves. The. public debt on the first of
July last, although somewhat. exceeding
i fhA - ~ he nf the
Treasury made TO Congress at the COM
the estimate of, that officer made in the
preceding December. as to its probable
amount at the beginning Of this year, by
the sum of 1895, ,07e, SO.
! This fact exhibits satisfactory condi-
ton and conduct Of the operations ofthe
Treasury. -.
Pos --.--- National BANKS. ~
T. The National Banking system i:
/ proving TO be acceptable 10 capital
lists and te the people. On the 25th
| Of N Dyember 5S4 national banks had
been organized. considerable mum
Der oi which were conversions iron
4 State Banks Changes from the
State system TO the National system
are rapidly taking place, and it j:
hoped that very soon there will be IL
the Unitei States no bank Of issue
not authorized by Congress. and IC
I Bank note circulation not secured BY
the government as-si Li-.s --. .-.--.
/ That the Government and the pee
pie win derive general benefit from
j this change in the banking system O.
the country, eau hardly be Questioned
4 The national system will create a re
liable and permanent influence in sup
port of the national credit, and pro
tect the people against losses in the
use Of paper money. Whether or not
Y aay. furth.I legislation is advisable
ferIbe suppression of State Bank is
sues il viii be for Congress tos deter
mine. 1tseems quite clear that the
7 Treasury cannotbe satisfactorily con
dpcted unless the Government car
4 exercise q restraining power over th'
Bank note circulation of the country
Il WAR pEPaRTMESp. g o :
T F rhs report of the Secretary OF Wa
aud the accompanying documents vii
4 .ietail the campaign Of the armies II
4 the field since the date ofthe last An
Enusl Message, and also the operations
OF the several Administrative BureaI
4 of the War Department during tb'
last year Il will also specify the
! measures deemed essential for the ma
!, tional defense. and TO keep mp sn'
supply the requisite military iorce-
! NAVY DEPARTMENT. 1r
4 The Report of the Secretary Of th'
Il Navy, presents comprehensive an'
satisfactory exhibit of the affairs o
that Department and of the nava
service. 1t Is subject of congratu
!, lation and laudable pride to our coun
J, l.trymen that 8 navy of such vast pro
, portions has been organized in 81
brief : period and conducted with 81
much efficiency and success. Th,
general exhibit of the navy, including
vessels under construction, on th'
, first Of December, 1864, shows tota
of 67l vessels. carrying ,6lO guns an'
: SIC, ,398 tons, being an actual increas,
! during the year. over and above al
losses by shipwrece or 10 battle, o
SO vessels, l67 guns and 42,427 tons
The total number of men at thi
. time in the naval service, including
! officers. Is about 81 900 There hav
: been captured by the navy during tn
year, 32i vessels, and the whole mum
ber or naval captures since hostilitie
commenceds is 300, Of which 267 ar
steamers. The gross proceeds arising
: from the sale ofcondemued prize prop
srty thus tar reported. amoants 4
sI4. 1896, ,25O,5l. A large amount o
such proceeds is still under adjudiea
tioa, and yet 10 be reported. Th
, total expend itures of the Navy De
partment Of every description, inclu
ding the cost. Of the immense squad
rons that have been called into exis
tenee from The 4th OF March, 1861, t
the FIRST of Noyemb T. 1864, are s23S,
CAT. .263 ,35. 4. ~ ~ ....--.g
J Your favorable consideration is IN
viied to the various RECOMMENDATION
of the Secretary OF the Navy, especi
aliy.in regasdao Navy Yard, an'
suitable. leeDsIruetiop and repair o
iron. vessels and the tnachiHery ant
armament for our ships, to which ref
srenea was uaade=iu-myl last annua
I message Your attention, is also invi
ted: olOs tie views expressed in re
lstion to the legislation OF Eongres
Il at its last session, in respect to7prize
4 on our inland waters. D l cordially
concur. 10 The recommendation of tn
Secretary as to the propriety of crea
ting the new rank of Vice .Admira
in oar nsgaEserviee. a3iisuA e..
-.,.l = - posr oFFlcE DEPARTMENT
l. EYour attention is directed to tn
hreport of the Postmaster General 70
l. = 80. 4. =