The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-12-07

as was possible, been put into operation.-
IL seems to need amendment, WHICH WAL ena-
bic the officers of the governmental prevent
the practice Of frauds against the emlgrants,
while on their way and on tnelr arrival ~ tne
ports. Cd as to secure them here iree cuoaee
of ayocations and places OF setliemeht. A
lharaI disposition towards the great national
Motley Is manifested by most European States,
a and oluebt to be reciprocated on our part by
Giving the emigrants effective national pro-
faction. / regard our emigrants as one of the
principal replenishlng streams which are ap-
poiated by Providence to repair the ravages
OF internal war and its wastes Of national
strength and health. AL that is necessary Is
to secure the flow Of that stream in its pres
ent fulness, and TO that end the government
must in every way make 1t manifest that 1t
neither needs nor designs to impose involun-
tary military service upon those who come
from other lands to cast their lot in our coun-
try. 8 ivy RA n ~ 5wys
FINANCES.
The financial affairs of the Government
have been successfully administered during
the last year. The legislation of last session
of Congress has beneicially effected the reye-
nue., although sufficient time has not yet elaps-
ed to experience the full effect of several OF
increased taxation. The receipts during the
year from all sources upon the basis OF war
rants signed by the Secretary OF the Treasury,
including loan and balance In the Treasury on
the first day Of July, 1868, were 81 1874 1885,
O07.O2, and the aggregate disbursements upon
the same basis were 81 ,29S,O56, SO, leaving
balance in the Treasury as shown by the
warrants of 500, 739, 905.73. Deduct from these
amounts the amount of the principal OF the
...t,1 ;n Iof Ina "a am of To-
sues in substitution therefor, and the actual
cash operations OF the Treasury were RE
ceipts $S84O76,6 46.77, disbursements $685.
234 O87. SO, which leaves a cash balance in the
Treasury of $ls,S42, 55S,7l.a OF the receipts,
there were derived from Customs $l02, $780,
1920, from Lands $685., 5S3, 20, from Direct
Taxes SAT ,554 1896, from Internal Revenue
$l09, TAI ,154,10, from miscellaneous sources
SAT ,511 AS, 10, and from loans applied to &C.
tual expenditures, including the former bal
ance $623, AS, 929.l3. There were disbursed
for the civil service $27 sos 500 49, for pensions
aud Indians 1871, 930,79, for the War Depart
ment $50 791 ,S42.97, for the navy department
$50, 733 292,77, for interest of the public debt
$53 Csc, 421 go, making an aggregate of $780,
4,0S7 SO, and leaving a balance in the Treas
ury OF SIS, S42, 55S.7l as before stated.
For the actual receipts and disbursements
for the first quarter, and the estimated re-
ing quarters of the current fiscal year and the
general operations of the Treasury in detail
refer you TO the report of the Secretary of the
Treasury. concur with him in the opinion
that the proportion OF moneys required to
meet the expenses consequent upon the war
derived from taxation should be still further
increased, and I earnestly invite your atten-
ti6n to the subject, to the end that there may
be such additional legislation as shall be re-
ouirad IN i.sot of of Tho
Secretary. y ARs ssAA - %
| g sEsN PURLIC DEBT. Wa
The public debt on the first day of July
last, as appeared by the books of the Treas
ury, amounted to 81, 740, 900, 4S9,49. Probably
should the war continue for ano her year that
amount may be increased by-not far from five
hundred millions, held as it is for the most
part by our own people a-substantial branch
! of national though private property. For
| obvious reasons the more nearly this property
can be distributed among all the people and
| the better to favor such general distribution,
I greater Inducements to become owners might,
| perhaps, with good effect and without injury,
| be presented to persons of limited means.
With this viewaI suggest whether it might
not be both competent and expedient for
Congress to provide, that limited amount of
some future public securities might be held by
any bona ide purchaser, exempt from taxa
ton and from seizure for debt, under such re-
strictions and limitations as might be neces-
sary to guard against abuse of so important
| privilege. This would enable every prudent
person to set aside small annuity against
| possible day of want. Privileges like these,
would render the possession of such securities
to the amount limited, most desirable to every
person of small means, who might be able to
save enough for this purpose. The great ad-
| vantage of citizens being creditors as well as
/ Hohf0ro in thu rQlafian IN tho nnhia dnhf la
| 9bvious. Men readily perceive that they can
not be much oppressed by debt which they
| owe to themselves. sVMW
q The public debt on the first Of July last, al
though somewhat exceeding the estimate ofthe
Secretary OF the Treasury made to Congress
| at the commencement OF the last session, talls
short Of the estimate of that officer, made in
the preceding December, as to its probable
amount at the beginning of this year, by the
sum of So ,905, 09131. saFi aaa ~
This fact exhibits satisfactory condition
and conduct of the operations Of the Treasury.
NATIONAL BANKING SYSTEM. a
The National banking system il promising
to be acceptable to capitalists and to the peo-
ple.n On the 9Th day of November 5S4 Nation
al Banks had been organized. A considerable
number of them were conversions from State
Banks. Changes from State system to the
National system, are rapidly taking place, and
IL 10 uOp6u buat very bOOu tu0T6 Will U6 Ill LIE
United States no Banks of issue not authorised
by Congress, and no Bank note in circulation
not secured by the Government. That the
government and people will derive great BEN
eft from this change in the banking system of
the country, can hardly be questioned. s
The national system will create a reliable
and permanent influence In support of the ma
tional credit, and protect the people against
loss inthe use Of paper money. Whether or
ktnx1 Foe thn
suppression of State bank issues, it will be for
Congress TO determine. 1t seems quite clear
that the Treasury cannot be satisfactorily con-
Quoted unless the government can exercise a
restraining power over the bank note circula-
ton of the country.
iose9a = WAR DEPARTMENT.. SAD
The report of the Secretary Of War and the
accompanying documents, will detail the cam
paigns of the armies In the field since the date
OF the last annual message. and also the opera
tions OF the several administrative bureaus for
the War Department during the last year. It
will also specify the measures deemed essential
for the national defence and to keep up and
supply the requisite military force.
NAVY DEPARTMENT..
The report of the Secretary Of the Navy pre-
sents comprehensive and satisfactory ex-
hibition OF the affairs of that department. and
of the naval service. It Is subject of con-
graduation and laudabie pride to our country
men that a navy of such vast proportions has
been organized in SO brief a period, and con-
Quoted with so much efficiency and succesa
The general exhibit of the navy, including
vessels under Construction on the LIST of Dec.
1854, shows a total of 81 vessels, carrying
4,6l0 guns, and of 510,3 tons, being an ac-
tive increase during the year, over, and above
all losses by shipwreck, or in battle, of SO YES
sells, 1857 guns, and 42,427 tons. The total
number of men at this time in the naval SER
vice, including officers, is about 81 900 There
have been captured by the navy during the
year S24 vessels. and the whole number Of
naval captures since hostilities commenced, is
1874, Of (which are 267 steamers. The gross
proceeds arising from the sale of condemned
prize property thus far reported, amount to
$14,396, 2505 81. A large amount of such pro-
ceeds is still under adiudiction and vet to he