Council Bluffs bugle. [volume] (Council Bluffs, Iowa) 1860-1868, 1865-01-19
ElxASegs.

fFxan dizsamsaaing, aad, demonstrate tbs
Maw 5mssye1aHa iegisiatinny US shall
eaa&ed 20 useet NIL the axigencies of th
snk1 1fosr anF abundaut rFeources, and d
- Ak the sans time. such aa aeeu1all
lapn oE debt a. would render at q
10 ptfal 0uF eapacity 30 redeem IL.
hn tatal receipts ia the Treasury fo
tAsFswo quassers eniiag on The Sofa .
September, 1884, we're $4l5. .i0t 53G
shleh auHa added 10 the balance Of S30s
"a "a that ressainea in tbs Treasury O
she lss ef April lust. fprms q total o
" -, ,4J4,272 OF this total. not fa
from half, that il 10 say S342, 800 327
basa been applisd 20 the extinction OF th
public debt, while the tnkal expenditure
havs born s27a95s 5s5, leaving hal
aHae In sha Treasury an the ass Of 0eso
b@Es la64. OF @l0S, f5, ,4ae.
Tba tnsas aEnoasH cs tssspabias seiaE, a
exhibited on the books of the Register D
The Treasury, Or the LIST Of 0eesheT, 1854
was 81, Ia .9T0 20S, Of wbich $3.50, $40,
600 we're funded dsbt, bearing interest
1888 $50, 50 Eere Treasury notes OF tn
uew issue, and ths remainder consisted d
the former issue ef the treasury notes
which viii be converted iAto other form
Of debt, and will cease to exist as eur en-
cy on the 3lst Of next mpnth.
The report, however, explains that IL
consequences OF the absence of certain re.
Furl,s fFdm distant officers, the true ana
OF the dsbt is less, by about twenty on
and half millions of dollars. than ap.
pears on the books Of The Register, ana
that the fotal public debt on the frat oil
iass Esaath may he fairly considered tc
have bedn 81 l26, ,3Sl ,095.
Tho increase Of the public debt during
the six months from the lSt of April T.
the lst Of October, was $s9I $50, $50, be-
ing rather more than s., ,000, 900 pen
month, aad it will be apparent, on pc
rusel Of the report, that this augmenta-
tion would have been effected but for Ger,
tain defects in the legislation on the sub.
ject OF the finances, which are pionted oui
IN the report, and WHICH seem TO admit
Of easy remedy.
lnthe statempnts just made the fsreigr
debt is omitted. II consists only of tbs
unpaid balanss of the loan known as tho
cottun losa. This balance is but Il, ,200, :
600, and is adequately provided for by
about $50, Geo bales Of cottnn owned by
the Government, even il The cotton be
rated as worth but six pence per pound.
There, is one item of the public debt
not iucinde,i in the tables presented, IN
which your attention is required. The
bounty bonds promised to our soldiers
by The third section Of the act OF Februa-
~, 1864, we're delivered on the lst of Oe-
tobcr. The Secretary has been unable
to issue them by reason Of an omisslon in
the Law, 10 time being given therein fixed
for the pay ylnent of the bonds.
The aggregate appropriations called
for by the ilf.rcnt departments Of the
Government, according TO the estimates
submitted With the report, for the six
months ending on tho 30yh of Juuc, ls65
amoaptto S43s, i02, ,679, whilcthe secre-
tavy estimates that thtre will remain un-
expended, out Of fcFncr appropriations,
on the l~t nf January, 1856, balance Of
S+6T.4l6, eos. IL SUnid, therefore, seem
that former estimates have been largely
in excess of actual expenditures, and that
additional appropriations are required
for meeting the needs Of the public ser
vice up TO Jaly Of nrxt year. Indeed, il
the estimates now presented should prove
to be as mach 10 excess If actual cxpen-
di;ures as has heretofore been the cssse, a
considerable balance will still remain un-
expended at the close Of the frst half OF
the ensuing year.
The chief dHScul'y to be apprehended
in connection with our fnanecs results
from the depreciation Uf the Treas
ury notes, which seems sussly TO be
attributed hy the Secretary 10 two causes
redundancy in amount and want OF con.
fideucs 10 ultimate redemption - for
both Of which remedies are suggested
that will commend themselves to your
consideration as being practicablea as vel
as efficient.
The main features of the plan present
ed are substantially these: First. Thai
the faish of the Government be rIedgcd
that the notes shall ever remain ezemp'
from taxation. Second. That no issue
shall be made beyond that which is al
ready allowed BY law. Third. That .
certain Rxed portion of the annual re-
ccipts from taxation during tn war shall
be set apart specially for the gradual 'ex.
tinctian Of the outstanding amount, unti
il shall have been reduc,d to $l00, ,000,
600; aud FourtaA The pledge aud Rp-
preparation of such proportion OF the. taS
Ia kind, and for such number OF years
after the return Of peace, as shall be suf'
fcieut for The Gnal redemption OF the en-
tire circulation. The details OF the plar
the calculations on which it is basnd, the
efficiency Of its operation, and the vgsi
advantages which would resuls from its
success, are fully detailed in this report.
and cannot be fairly presented in form
sufficiently condensed for this message. =
| doubt not II xill receive from yuu that
earnest and candid consideration which
is meFited By the Importance Of tho suS'
ject.
The recommendation Of the report fol
the repeal Of certain provisions OF the
tax laws, which produced inequality IL
the burden of taxation; for exempiinf
all government loans from taxation OF
earital; and from any adverse discrim-
alton in taxation on income derived iron
them; for placing ths taxation on banks
On tho same footing as on other eorpor-
alto bodies for securing the payment In
to the Treasury Of that portion OF tha
bank. circulation which 10 liable 10 con
iscation because held by alien enemies
for the conversion os the interest bearing
Treasury notes new outstanding into
coupon bouds, and for the quarterly colleo
sisn of Iaxalion-alI presentprnctiral qaes
tfoDs for legislation, which, II xi&rty de
viaed, will greatly iapTove tbs pubii'
credit, and aissiate the burdens nos iHi
posed by the extreme and annfcessarl
depreciation In the value OF The cur
feney.
The returns Of the proaace Lean Ba
Feaa are Submitted with the report, an'
the information 10 conveyed that To
Treasury Agency in the Trans- Mississ'T
nj Department has been Sally organizes