The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-12-16

vice. S27 .505, ,599.46: for pensions and
Indians. S7.5l1 .93097 for the war de-
partment, 500. .S42.91: for the navy
department. $50. 1913. 292.77 for interest
Of the public debt. S53, .421 90: max
ING an aggregate OF $500. 23l. .0S7. .S6. and
leaving Il balance in the treasury of SlS.-
Sl2 .55S.ll aS before stated. For the
actual receipt, and disbursements for the
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 de-
tail. refer you to the report of the secre-
tary Of the treasury. concur with him
i'll the opinion ,hat the proportion OF mon
les required to meet the expenses consc-
qucnt upon the var derived from taxa
ton should be still further increased. and
earnestly invite your attention TO this
subject, to the end that there NAV be such
additional legislation as shall be required
to meet the Just expectation of the ~ecre-
taIy.
The public debt on the first of july last
IL appears by the books of the treasury.
amounted to one billion seven hundred and
forty thousand millions six hundred and
ninety thousand four hundred and eighty
nine dollars and tortv-nine cents. Prob
ably, should the war continue for another
wear, that amount NAV be increased bv
not tar from five hundred millions. Held
aS II l. iOr the most part bv our own peo-
pie. it has become Il substantial branch OF
national though private property. For
Obvious reasons the more nearl V this prop
rriy can h. distributed among all the peo-
pie the better. TO favor such gcncr-
III distribution greater inducements To
become owners mi ght perhaps. with
Good effect ami without injury. he present
cd IA persons OF limited mcan, With
this view >u"@r-t whether ii might not
b. both competent ;ni cXpcdient for Com
@rc>- 10 prnylvr that Il limited amount oI
some future is>re OF public securitic-
might b. held bv any bona iide purchaser.
exempt from taxation and from >IeZur,
tor debt. under such restriction, aud limi
iationS IL might he Necessary 10 guar
against the lbII>, OF - important Il prl,l-
leg. i'h- would enable every prudenl
person To sci aside Il small annuity a.;,IIi~
Il possible day OF want! Privileges liz,
these would render the possession Oi >ucl
securities to the amount limited most de
>Ir;blr fo c:rry person al small means "tl,
lnight bc anlc ia save enough ior the pur
pos. The treat advantage of citizen
being creditors a, we'll IL debtors. witt
relation 10 the public. debt. l. Obvious
Men readily perceive that they cannot h'
much oppressed 10y a debt which the, nw
10 themselves The public debt on TN
first day "l July last. although >omcwh;,
cNcochin" the estimate OF the secretary q
the treasury. mad" 10 Congress ut tn
commencement ot last session. falls >hor
of thr estimate oi' that officer made i'll tin
prcccc,lin. December. H. To it, prolrabl
amount at the beginning" of this vcGr. b
the sun OF $500, ,091.3l. This tact cN
hbit> Il satisfactory condition and corluc
OF the treasury.
The national banking system i provin
10 be acceptable 10 capitalists and To tn
pnopir. On the 18th day OF Novembc
Jo / national banks had been orgpnized.
considerable number OF which were con
versions from state banks. Changes tror
state systems to the rational system III
rapidly takin" place. and it Is hoped th;I
very soon there viii he in the | mite
States 40 banks OF ISSUE not authorized b
Congress. and nu bank note circulatio
. not secured by the government. That I'll
. government and the people will derry
greater benefit from Iii, change i'll I'll
banking ,y>lcin ui the country. can hardl
, he questioned. The national banking ":
. tenn will create reliable and permanent IL
tiurnyr in support of the national credi
and protect The people a@ainS. loss III I'll
Use Of paper money, Whether or hot an
further legislation l. advisable ior the SUI
. preston oi state banh i>$ucS Ii will he t,
, Con@rrss to determine. 1t seems quil
= clear that the treasury cannot he satl>ia
toriiy conducted unless the goycrnmcl
cam exercise Il restraining power over {.
/, bank note circulation ni the country.
The report OF the secretary Jt war II
!. accompanying documents will detail Il
! campaigns of the armies in the field sin
% the date of the last annual message. n
! also the operations OF the several admin
:, traiion burraUX OF the war dcpartme
: during the last year. Ii will also spccl
: the measures deemed essential for the II
g tional defense and to keep up and supp
Il, the requisite military force.
The report of the secretary of the ma
: presents Il comprehensive and Saii>facto
: exhibit of the affairs Of that dcpartmc
/ and of the naval service 1t is su5jc
: of congratulation and laudibIe pride
Ii uur country that 4 navy Of such vast pr
:, portions has been organized in so briet
T. period and conducted with 50 much ei
d ciemy and success. the general exili
II OF t!lt navy. including vessels under &C
= >iruciion on the lSt oi December, lSG
: SHOWS Il total .; G1l vessels, carrying 4G
in runs and OF 5ln.396 tons. being IN act
I. al increase during the year. over and aba
e III! losses hy >hipwreck or in battles. OF
:. vessels, 1G7 guns and 42.427 tons 1
l. whole number ofmen at this time in t
T. naval service. including officers. * abe
IN 5I.0 900 There have been captured
al the navy during the year j24 vessels, a
- e., ,,.b,Io ,,url!,pr oi naval cont,rn- Sir