Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-12-14

I .V- ~ y. =
the civil service, $275, ,055, ,994 46 for the
pensions and Indians, S1,5I7, $50 81; for the
Var Department, $500, I9l ,S42 81; for the
! Navy Department, S75, 733, 292 70; for in
terest of the public debt, $53, 6S5, ,42l 90; ;
making an aggregate of, 1866, 234, ,OS7 SO +;
/ leaving balance in the Treasury of $lS,
! So, ,55S Il as before stated For the
tual receipts and disbursements for the first
| quarter, and the estimated receipts and dis
/ bursements forthe three remaining quarters
Of the current fiscal year and the general op-
crations Of the Treasury in detail L refer
ycu to the report of the Secratary OF the
! Treasury. [ concur with him in the O.
pinion that the proportion of the mon
! les required to meet the expenses con-
seauent upon the war, derived from tax
! alton, should be still further increased,
/ and | earnestly 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 OF the secre-
! tary The public debt on the hrst Gay OF
/ July last, as appears by the books OF the
| Secretary of the Treasury, amounted to one
/ billion seven hundred and forty million SIX
/ hundred ninety thousand four hundred ana
eightv-nine dollars and tOrty-rnne cents.
! Probably, should the war continue another
/ wear that amount may be Increased by not
! far from five hundred millions. Held as It
/ Is for the most part by our own people, 1T has
become Il substantial branch OF national
/ though private property. For obvious rca-
sons. the more nearly this property can be
! distributed among all the people the better
10 favor such general distribution, greater
| inducements to become owners might per
! hans with good effect, and without injury,
/ be presented to persons OF limited means.
! With this view, / suggest whether II might
/ Ia hot nd
| Congress to provide that limited amount OF
| some future issue Of the public securities
might be held by any bona .ttIe purchaser
| exempt from taxation and from seizure for
| debt under such restrictions and limitations
! as might be necessary to guard against abuse
of 50 important Il privilege. This would
enable prudent persons TO set aside small
annuity against possible day Of want. Priv
ileges like these would render the possession
| OF such securities, 10 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 debt is obvious.
| Men readily perceive that they cannot be
| much oppressed by a debt which they owe
to themselves. The.public debt on the first
! of July last, although somewhat exceeding
| the estimate OF the Secretary Of the Treas
ury, made to Congress at the commence
inent Of last session. falls short Of the estI
mate of that officer, made in the preceding
! Decem Der, as to its probable amount at the
| beginning OF this year by the sum of 3d.
| g95. .O7g So This fact exhibits satisfacto
rv condition and conduct Of the operations
of the Treasury
The National Banking system is proving
TO be acceptable TO capitalists and TO the
people On the 18th Of November 5S4 Na-
tional Banks had been organized, Il cOnSld-
cradle number of which were conversions
| from State Banks Changes from the State
system ID the National system are rapidly
taking place, and it is hoped that very soon
there will be in the United States no bank
of issue not authorized BY Congress and
no bank note circulation not secured by the
Government. That the Government and
the people will derive general benefit from
this change in the banking system Of the
country, can hardly be questioned. The na-
tioual system viii create a reliable and
permanent influence in support OF the ma
tional credit and protect the people against
losses in the use OF paper money. W heth-
er or not any further legislation is advlsa-
bic for the Suppression of State bank Issues,
will be for Congress to determine. 1t seems
quite clear that the treasury cannot be salts
tactorilv conducted unless the government
can exercise a 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 Administrative
Bureaus of the War Department during the
the last year 1t viii also specify the mea-
sures deemed essential for the national de
!
site military force
The report of the Secretary Of the Navy
presents a comprehensive and satisfactory
exhibit of the affairs of that Department,
and of the naval service. 1t Is subject OF
congratulation and laudibe pride to our coun-
trvInen that navy Of such vast proportions
has been organized in so brief period and
conducted with so much efficiency and sue
cess. The general exhibit Of the navy lnclu-
ding vessels under construction on the lst OF
December 1864, shows a total of GIL vessels
CARRYING 1910 guns and 80, 396 tons, being
an actual increase during the year, over and
above all losses by shipwreck or III battle OF
/ S3 vessels, 167 guns and Il, 42I tons. The
total number Of men at this TIME IN the ma
val service including officers, Is about 81 600
Tbere have been captured by the navy, during
tba wear. 324 vessels and the whole number
If naval captures since hostilItles commen-
ced is one thousand three huadred, of which
267 are steamers. The gross proceeds arlS-
ing from the sale of condemned prize prop
erfy thus far reported amounts to Sl4, $780,
$50 81. 4 large amount of such proceeds
is still under adjudication, and yet to be re-
ported. The total expenditure OF the navy
| Department of every description, including
the cost of the immense squadrons that have
been called into existance from the Attn OF