Smyrna times., 1866-12-12
SCELLAN US.
REPORTS OF DEPARTMENTS.

Accompanying the Presidents Message to
Congress there is always the reports of De-
partments-Treasury, Army, Navy, Postofice,
Interior, etc.-which are generally long, and
are read by very few persons from the fact that
too much time is required in the task and they
are mostly uninteresting in detail There are
many important matters to be learned from
them, however, and in order to lay them be-
fore our readers we publish the following sy-
nopses ofeach, as we find them in the New York
Tribune.
REPORT OF THE SECRETARY OF THE TREASURY.
The Report of the Secretary of the Treasu.
sury is eminently judicious, and contains sug-
gestions well calculated to reduce the national
finances to order, and to place the business of
the community upon solid basis. He declares
the national debt to be anything but bless
ing, but while satisfied that it should be paid
by the generation which created it, does not
see the way to continue its liquidation by sur
plus income faster than six or seven millions
per month prior to June, 1898. He is of the
opinion that the honor of the Government re-
qulres an early withdrawal of the legal-tende
notes, leaving the National Banks to supply
the currency OF the country. He ured the
system OF redemption by the banks of the At
lantic cities or at one city, New York. He
acknowledges the financial wants of the South
30 far as currency is concerned, but is of the
opinion that their needs should be supplied by
curtailing the issues of the Northern banks
lie advocates reduction of the currency, and
such revision of the tariff as will give new
ylgor to productive industry throughout the
Qnion. lie urges the issue Of bonds at Al or
ocent per interest, payable principal in Europe,
! TO be exchanged for United States bonds now
held in Europe, as well as to supply the future
. demand for Federal stocks in Europe. Upon
the question OF contraction of the currency his
language is very clear; indeed, without con
: traction he is confident that widespread disas
ter must be experienced. In regard to resump
ton he is of the opinion that it can take plac,
by July, 1868, and may be brought about ear
lier.
The estimation of the Treasury for the las
three quarters of the fiscal year to june 80
. 1861, are as follows:
Receipts ---------- $3l6, 100000
Expenses ---- 337, log, ,l43
Surplus - 1879, ,330,S57
2 and for the year ending June 80, 1868:
= Receipts $436, ,00O,OO0
!. Expenses - $50, "a, ,64l
,, Surplus $85, ,752,358
y The decrease in the public debt from tn
highest point is stated by the Secretary as fol
}. lows:
Debt August, 1865 = 81, 757, 1903, ,6S6
Debt Oct. 81, 1866 - 2,55l, ,424, ,I21
Decrease -------- $2O6, ,379, ,565
The Secretary has small comfort for free
traders, having placed himself squarely on th
=, record in favor of contraction and specie pa,
ments, and really asks no ReIo poloers to ena6
him to fund the short debt, and resume By Jai,.
1868.
THE WAR REPORTS.
The Annual Reports of the Secretary of w,
l. presents an epitome OF what has been done d
ring the past year in reference to the disbanC
ing OF our great armies, the disposal OF o.
10 military stores, the establishment OF fronti'
and sea-board defences, experiments with ne
= = warlike inventions, and the administration
%ts - the laws relating to refugees, freedmen aI
abandoned lands.
Since the date of the last Report, Novemb
is, 1866, 222,05S volunteers, including 1870
- colored troops, have been mustered out, lea
ing i,043 still in service, about lO,OO0
whom, constituting regiment OF artillery o.
. 4 1l3 OF infantry, are colored. Great quantiti
/ OF material OF war have been sold at adyani
geous rates. From May /, 1885, TO August
1866, over 207 900 horses and mules were sc
8 for ,sl5 5,269,Q75 "a; 400 barracks, hospita
: and other buildings, have been sold for S44
: o73 IA and the sale Of firrcgular or damag
clothing IN store has produced s902, TO 40.
i The immense feet of ocean transports
:. been almost wholly discharged; the ri,
Transports have all been disposed Of; and I
3 ! military railroads and telegraphs have all be
NN IA ~. s.asa d -