The Montana post. [volume] (Virginia City, Montana Territory [i.e. Mont.]) 1864-1869, 1864-12-31

first quarter, and the estimated receipts
and disbursements for the three remaining
quarters of the current fiscal wear.
and the general operations of the treasury
IN detail, | refer you to the report of
the Secretary Of the Treasury. 4 con-
cur with him in the opinion that the
proportion of the monies required to meet
the expenses consequent upon the war, de-
rived from taxation, should be still further
increased, and earnestly invite your at
tention to this subject, to the end that there
may be such additional legislation as shall
DC required to meet the just expectations
of the secretary. I : sa-..-f .l-.i.5l
The public debt on the FIRST day of July
last. as appears By the books of the Trea-
sury, amounted to 81, ,749 ,6S9,499 40; and
probably should ths war continue another
year, that amount may be increased by not
far from $500,000,000. Held, as it is. for
the most part, by our own people, it has be-
come q substantial branch of national.
though private property. For obvious rea-
sons, the more nesrly this property can be
distributed among all the people, the better
to favor such general distribution, greater
inducements to become G%-ners, might. per
haps, with good, and without injury, 55e
presented to persons of limited means.
With this view, | suggest whether it
might not be both expedient and competent
for Congress to provide that a limited
amount of some future issues of public se-
eurities might be held by any bona tide
purchaser, exempt from taxation and from
| seizure for debt. under such restrictions
and limitations as might be necessary to
guard against the abuse of so important a
privilege this would enable prudent per-
sons to get aside small annuity against a
possible day of want. Privileges like these,
would render the possession Of such seeur-
tiles to the amount limited, most desirable
to every person of small means who nigh.
be able to save enough for the purpose
The great advantage of citizens being cred
Itors as well as debtors. with relation to the
| pubic debt, is obvious. Men will readily
| perceive that they cannot be much oppress-
! ed by debt which they owe themselves.
! Ths public debt on the first day OF Janu-
ary last, although somewhat exceeding
the estimate of the Secretary of the Trea-
! oTE ~ 80 70 CopCress at last session, falls
short of the estimate of that officer made
IN the preceding December rs to it's proba-
bic amount at the beginning of this year.
by the sum of 1895, O79 33. This fact
! exhibits satisfactory condition and con-
duct of the operations of the Treasury.
! The National banking sy; tenl is proving
10 be acceptable to capitalists and to the
people. On tho 25th of November, 5S4
national banks had been organized, a con-
siderable number Of which were conysr-
sions from State banks. Changes from the
State system to the National system ere
| oh Y1lo nd -
| hoped, there will be in the United States no
bank Of issue not authorized by Congress,
and no note in circulation not secured by
the Government, that the people will derive
general benefit from this change in the
banking system Of the country, can hardly
be questioned. The national system will
create reliable and permanent influence
in support of the national credit. and pro-
tect the people against loss in the use of
paper money. Whether or not any further
legislation is advisable, for the suppression
Of the State bank issues, it will be for Con
gress to determine. 1t seems quite clear
that the Treasury cannot be successfully
conducted, unless the Government can ex-
ercise restraining power over the bank
note circulation of the country.
The report of the Secretary of War, and
the accompanying documents, will detail
the campaigns 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 essential
for the national defense, 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 affairs of that Department,
and of the naval service. 1t is subject OF
congratulatiou and laudable pride to our
Icountrymen, that a navy Of such vast pro-
portions has been organized in SO brief q
period, and conducted with so much eli.
cheney and success. The general exhibit
of the Navy, including vessels under con.
struction on the first of December 1854
shows total of Gil vessels, carrying 4,6l(
guns and SIC, ,296 tons, being an actual in.
crease during the year. over and above al
Losses by shipwreck or in battle, of SO YES.
sells, 100 guns and 42,427 tons. The tota
number of men at this time IN the nava
service, including officers, is about 81 COO
There have been captured by the navy dur.
ing the year, 324 vessels; the whole mum
Der of captures since hostilities commenced
is 1900, of which 267 are steamers. The
gross proceeds arising from the same, O
condemned prize property thus far report
ed, amounts to $l4,396,2j0 81. A large
amount of such proceeds is still under adj
judication and yet to be reported. The to-
tai expenditures of the Navy Department
of every description, including the cost O
the immense squadrons that have been call
ed into existence from the 4th of Marcel
1861 to the 1st of November 1864. ar,
/, $23 ,66I ,262 35. Your favorable conside
ration isinyited to the various recommen
) dations Of the Secretary of the Navy, es
J pecially in regard to navy yard and
; suitable establishment for the construction
and repair of iron vessels, and the machine
ry and armature for our ships, to which
reference was made in my last annual mes
, sage. Your attention is also invited t.
the views expressed in relation to the leg
, islotion at the last session of Congress il
, respect to prizes in our inland waters.
; cordially concur in the recommendation o