Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1864-12-17

give notice that after the expiration of six
months, the period conditiohally stipulated
in the existing arrangements with Great Brit
ain, the United States must hold themselves
at liberty TO increase their naval armament
upon the Lakes, if they shall find that pro-
eeeding necessary. sff E4Eg' 4tt
The condition of the border will necesss-
rily come into consideration in connection
with the question Of continuing or modifying
the rights of transit from Canada through the
United States, as well as the regulation of ex-
ports, which we're temporarily established by
the reciprocity treaty of the 9Th of June,
1854. | desire, however, to be understood,
while making this statement, that the colo
NAL authorities are not deemed to be iuten-
tiona1ly unjust or unfriendly towards the
United States, but, on the contrary, there is
every reason to expect that, with the appro-
val of the Imperial Government, they will
take the necessary measurs to prevent new
incursions across the border. q f.4
IMMIGRATION.
The act passed at the last session for the
encouragement of immigration has, as far as
possible, been put into operation. 1t seems
to need amendmett, which will enableAthe
officers of the government to prevent the
practice of frauds against the immigrants
while on their way to ana on their arrival in
our ports, so as to secure them here a fair
choice of avOcadons and place of settlement
A liberal disposition towards this great ma
tional policy is manifested by most of the
European states, and ought to be reciprocal
ed on our part by giving the immigrants eft
feetiye national protection. s.-- 60.
regard our immigrants as one of the prin-
cipal replenishing streams which are appoint
ed by Providence TO repair the rayages of
internal war and its waste of national strength
and health. All that is necessary is to secure
the flow of that stream in its present flilness,
and TO that end the government must in eve-
~ way make it manifest that it neither needs
nor designs to impose involuntary military
service upon those who come from other
lands TO cast their lot IN our country.
THE FINANCES. 80 --'h
The financial affairs of the government
have been Observation-Disclosures during the
last year. The measures of the last session
of Congress have beneficially affected the
revenue, although sufficient time has not yet
elapsed to experiences the full effects of sey-
eral of the provisions of the acts of Congress
imposing increased taxation.
The receipts during the year. from all
sources, upon the basis Of warrants signed
by the Secretary of the Treasury, including
LIST day of July, 1868, were 81, 1894, 796, 007 62;
and the aggregate disbursements, upon the
same basis, were Sl,2ss,05s, lOl. s9-leaving
a balance in the Treasury, as shown by war
rants, of 500, 7S9, 905 7S. Deduct from these
the amount of the principal of the public
debt redeemed and the amount of issue in
substitution therefor, and the actual cash OPP
eratiOns of the Treasury weTe Receipts
1854, 056, 646.77; disbursements 1856, 1884,
0S7. S6-which leaves a cash balance in the
Treasury of SlS,S42, 55S.7l.
OF the receipts there were derived from
customs $IO2, 3l6, 1920; from lands, $685.
333 20; from direct taxes, s47, 564 ,S96 /; from
internal revenue, SlO9, 74l 1910; and from
loans applied to actual expenditures, inelud-
ing former balance, 1928, 443, 929.lS. There
we're discussed for the civil service S27, 505,-
599. 46; for pensions and Indians, S7,5l7,9S0.-
81; for the War Department, 500, 79l ,S42.97;
for the Navy Department, $50, 7S3, 292. ~;
for interest on public debt,S53, 6S5, 42l. g.
making an aggregate of $500, 234 ,OS7S6, and
leaving a balance in the Treasury of SlS, S42,-
5JS.7l as before stated. g.
For the actual receipts and disbursements
for the first quarter, and the estimated re-
ceipts and disbursements for the three re-
naming quarters of the current fiscal year,
and the general operations of the Treasury in
detail / refer you TO the report of the Secre-
tary of the Treasury. l concur with him in
the opinion that the proportion of the mo-
neys required to meet the expenses conse-
quent upon the war, derived from taxation,
should be still further increased, and | earn
estly invite your attention to this subject, to
the end that there may be such additional
legislation as shall be required TO meet the
just expectations ofthe Secretary.
THE PUBLIC DEBT.
The public debt on the lst day of July
last, as appears by The books of the treasu-
~, amounted to SI,749, $50, 4S9 40. Proba-
bly, should the war continue for another
year. that amount may be increased by not
far from S5OO,OO0,OO0. Held, as it is for the
most part, by our own people, it has become
a substantial branch of national, though pri-
yate property. For obvious reasons, the
more nearly this property can be distributed
among all the people, the better. To favor
such a general distribution, greater induce
ments to become owners might, perhaps,
with good effect and without injury, be pre-
scented to persons of limited means.
With this view l suggest whether it might
not be both expedient and competent for coo
gFess to provide that limited amount of some
future issues of public securities 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 abuse of so lmpor-
tant privilege. This would enable prudent
persons 10 set aside a small annuity against
possible day of want. Privileges like these
would render the possession of such securi-
ties, to the amount limited, most desirable to
every person of small means who might be
able to save enough for the purpose. The
great advantage of citizens being creditors as
well as debtors, with relation to the public 1
debt, is obvious. Men readily perceive that
they cannot be much oppressed by debt
which they own themselves. ~ f.-.
The public debt, on the 1st day of July
last, although somewhat exceeding the esti-
mates of the Secretary of the Treasury,
made to Congress at the commencement of
last session, falls short of the estimate of
that officer made in the preceding December,
as TO its probable amount at the beginning
of this year, by a sum of 1895, 079.33. This
fact exhibits q satisfactory condition and con-
duct of the operations of the Treasury.
THE NATIONAL BANK SYSTEM.
The National Banking system is proving to
be acceptable to capitalists and to the peo-
pie On the 25th of November, Ave hundred
and eighty-four National Banks had been or
ganized, considerable number of which
were conversions from State Banks. Chang
es from the State system to the National
system are rapidly taking place, and 1T is
hoped'that very soon there will be In the
United States no bank of issue not author
lied by Congress, and no bank note circula.
ton not secured by the Government.
rIaf sba ~ and h. 1aopIa xuiI