North Branch democrat. [volume] (Tunkhannock, Pa.) 1854-1867, 1864-12-14

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cprocated on our part by giving the immi-
grants effective national protection. regard
our emigrants as one Of the principal replen-
Ishng streams which are appointed by Prov
idence to repair the ravages of internal war
and its wastes of national strength and health
All that is necessary is to secure the flow of
that stream in its present fullness, and to
that end the government must in every way
make it manifest that ii neither needs nor de-
signs to impose Involuntary military service
upon those who come from other lands to
cast their lot in our country. 2- -=4
REVENUE AND TAXATION.
The financial affairs Of the government have
been successfully administered. During the
last year the legislation of the last session of
Congress has benefcially affected the revenue
although sufficient time has not yet elapsed
to experience the fuIl effect of several of the
provisions of the acts of Congress importing
increased taxation. The receipts during the
year from all sources upon the basis of war
rants signed by the Secretary of the Treasury
| including loans, and the balance in the treas.
ury on the first day of July, 1863, were 81,
394 796 OO7 90 and the aggre ate disburse
ments upon the same basis were S1,298,056,
| l0l SO, leaving a balance in the treasury, as
shown BY warrants, OF S9G, ,739 905,73. De-
duct from these amounts the amount OF the
principal of the public debt redeemed, ana
the amount Of issues in substitution therefor,
1 a.
and the ac' ual cash operation Of TIE treasury
were: Receipts, S4,076,746,77; disburse
ments, S865. .234O87, sc, which leaves cash
balance in the treasury of SIS, ,842 ,558,7I.-
Of the receipts, there we're derived from Gus
toms, Sl0S, BIG, ,152. 90; from lands, $685.
33333,29; from direc: taxes, S475G &c; flom
in,ernal reverne, 500, ,74I,l34 10; from mis-
celIaneous sources, S47,5I1 ,44S10; and from
| loans applied to actual expenditures, includ
ing former balance, SG23, ,4l3 ,629,l3. There
were disbursed for the civi service, So, ,505,-
500, 46; for pensions and Indians, sS7,317,.
930,e7; for the War Department, $6O,791,
84297 for the Navy Department, S85.
6S0o2l go; making an aggregate of 1896, ,284,
089 IS, aud leaving balance in the treasury
OF s49, ,S42,558,7l, as above stated.
'.', THE TREASURY.
For the actual receipts and disbursements
for the first quarter, and the estimated re-
ecipts and disbursements for the three re
| naming qrarters 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 mon
| eys required TO meet the expenses cons couent
upon the war, derived from taxation should
be still further increased, and ! earnestly in
vite your attention 10 this subject to the end
that there may be such additional legislation
as shall be required to meet the just expecta-
| ton Of the secretary
The public debt on the first day of July
last, as appears by the books Of the treasury,
| amounted to one billion seven hundred and
forty thousand millions. six hundred aud
ninety thousaRd, four hundred and eighty
nine dollars and forty nine cents. Probably,
| should the war conunue. for another yoar.
that amount may be increased by not far
| from ffGa hundred millions. Held as il is
for the most part by our own people, it has
| become substantial branch of national,
though private property. For obvious rea-
sons the more nearly this property can be
! distributed among all the people the better
To favor such general distributions greater
induce to, become owners might, per
hsPs, with good effect, and without injury,
| be presented to- PERSONS of limited means
With this view, suggest whether it might
not be both expedient for Congress to pro
| vide that limited amount of some future
issue for pubic securities might be held byany
bona fde purchaser exempt from taxation, land
from seizure or debt, under such restrictions
| aud limitations as might be Necessary to
| guard against abuse OF So important priv
lege. This would enable prudent persons to
sci aside small annuity against a possible
day of want. Privileges like these would
| render tn : possession of such securities to
| the amount limited most desirable to every
person of small means who might be able to
save enough for the purpose. The great ad
vantage of citizens being creditors as we'll
as debtors, with relation to the public debt,
is obvious. Men readily perceive that they
cannot be much oppressed by debt which
| they owe to themselves. The public debt
on the first day of July last, although some
what exceeding the estimate of the Secretary
of the Treasury made to Congress at the
commencement Of last session, falls short O
the estimate of that officer made in the pre-
ceding December, as to its probable amonnt
at the beginning Of this year, by the sum of
| So, ,995 ,079, ,33. This fact exhibits satisfac-
tory condition and conduct of the operations
of the Treasury a (" SUES -4aa '.
| -a:.ae NATIONAL BANKS. 2 .'a.-e