The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1866-12-11

OF lllei nave lett 10 their country the rich
legacy of their example, their wisdom. and
their patriotism. Drawing fresh inspiration
from their lessons, let us emulate them in
love of country and respect for the Con-
stitution and the laws.
The Report of the Secretary of the Treas
ury affords much information respecting
the revenue and commerce of the country
His views upon the currency, and with re-
ferance to proper adjustment of our rev.
enue system, internal as well as impost, are
commended to the careful consideration of
Congress. In my last Annual Message l
expressed my general views upon these sub
jects. [ need now only call attention to
the necessity of carrying into every Depart
ment of the Government a system of rigid
accountability, thorough retrenchment, and
wise economy. With no exceptional nor
unusual expenditures the oppressive burdens
of taxations can be lessened by such mod
ifcation of our revenue laws as will be con-
sistant with the public faith, and the legit-
innate and necessary wants of the Govern
ment. The report presents much more
satisfactory condition of our finances than
one year ago the most sanguine could have
anticipated. During the fiscal year ending
the 3Oth June, 1865, the last year of the
war, the public debt was increased S94l,-
902,547, and on the 3lst of October, 1865,
it amounted to $2,740,854,750 On the
51st day of October, 1866, it had been re-
duced to $9,551, 1,31O,OO6, the diminution,
during period Of IA months, commenc-
ing September l, 1865, and ending Octo-
ber 81, 1856, having been $2O6,379,565.
In the last annual report on the state of the
finances, it was estimated during the three
quarters of the fiscal year ending the 3Oth
of June last, the debt would be increased
$ll2,l94,947. Dring that period, how
ever, it was reduced S31,l96,387, the re-
ceipts of the year having been $50, ,905, 9O5
more, and the expenditures $20O,529,235
less than the estimates. Nothing could
more clearly indicate than these statements
the extent and availability of the national
resources and the rapidity and safety with
which, under our form of government, great
military and naval establishments can be
disbanded, and expenses reduced from a
war TO peace footing.
During the fiscal year ending the 3Oth
ofJune, 1866, the receipts were s55s,O32,-
620, and the expenditures $52075O,94O.
leaving an available surplus of S37,28l,69O.
1t is estimattd that the receipts for the fis-
cal year ending the 30th June, 1857, will
be $475.001,386, and that the expendi
lures will reach the sum of S3l6,428,07e.
leaving in the Treasury surplus of s15e.
633,308. For the fiscal year ending June
30th, 1868, it is estimated that the receipts
will amout to $436, 100000, and that the
expenditures will be s350,247,64l-show-
ing an excess of $s6,752,359 in favor of
the Government. These estimated receipts
may be diminished by reduction of ex
else and import duties; but after all ne
cessary reductions shall have been made,
the revenue of the present and of follow
ing years will doubtless be sufficient to
cover Legitimate charges upon the Treasury,
and leave large annual surplus to be ap-
Piled to the payment OF the principal of
the debt. There seems now to be no good
reason whJ taxes may not be reduced as
the country advances in population and
wealth, and yet the debt be extingushed
within the next quarter of century.
The report of the Secretary of war fur
nishes valuable and important information
in reference to the operations of his Depart
ment during the past year. Few volunteers
now remain in the service and they are be-
ing discharged as rapidly as they can be
replaced by regular troops. The Army
has been promptly paid, carefully provided
with medical treatment, we'll sheltered and
subslsted, and is to be furnished with breech
loading small arms. The military strengt b
of the nation has been unimpaired by the
discharge of volunteers, the disposition of
unserylcable OF perishalle stores, and the
retrenchment of expenditure. Sufficient
war materials to meet any emergency has
been retained, and, from the disbanded vol
unteers stand ready to respond to the ma
tional call, large armies can be rapidly
organized, equipped, and concentrated.
Fortit1catiohs on the coast and frontier
have received, or are being prepared for
more powerful ornaments; lake surveys
and harbor and river improvements are in
course of energetic prosecution. Prepare
tlons have been made for the payment of
the additional bounties authorized durino
the recent Congress- under such recu,
latlons as will protect the Government
from fraud, aud secure to the honorable dis
charged soldier the well-earned reward of
his faithfulness and gallantly. More than
SIX thousand manned soldiers have received
artificial limbs or other surgical apparatus;
and torty-one national cemeteries, contains
The remains of 104,52 Union soldiers
have already been established. The total
estimate of military appropriations is $685.
20S eco