Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1866-12-13

no exceptional nor unusual expenditures,
the oppressive burdens of taxation can be
piessened by such modification Of our rev.
enue laws as will be consistent with the
public faith, and the legitimate wants of
the Government
The report presents much more salts
factory condition Of our finances than one
year ago the most sanguine could have
anticipated. During the fiscal year end
ing the 30th of June, 1865, the last year
OF the war. the public debt was increased
$41 800, 537, and on the 3lst Of October,
1865, it amounted to $2,740 1854, 100
On the 31st day of October, 1866, it had
been reduced to So, 551, $40, 066, the dim
mutton during period of fourteen months,
commencing September |, 1865, and end
ing Oct. 81, 1866, having been $206,
397 ,565. La the last annual report on
the state of the finances, it was estimated
that during the three quarters Of the last
fiscal year ending the 30th of June last,
the debt would be increased $112, 1914, 947.
During that period, however, it was re-
duced 1871, 1876, 387, the receipts Of the
year having been $88, sos 500 more, and
the expenditures $500, 529 ,235 less than
the estimates Nothing could more clear
ly indicate than these statements the ex-
tent and availability Of the national resour-
ces, and the rapidity and safety with which,
under our form of government, great mill
tary and naval establishments can be dis
banded, and expenses reduced from a war
to peace footing.
During the fiscal year ending the 30th
OF June, 1866, the receipts were S55S,
OBJ 500, aud the expenditures $500, $780,
$40, leaving ali available surplus Of $37,-
281 $50. 1t is estemated that the receipts
for the fiscal year ending the Both ofJune,
1867, will be S475 ,G61 1856, and that the
expenditures will reach the sum Of $3l6,-
4Z8 ,07S, leaving in the Treasury Il sur
plus of S158 .633, 30S For the fiscal
year ending June 80, 1868, it is estimated
that the receipts will amountto $436. GEO.,
900 land the expenditures will be 800
247 GIL showing an excess Of $50, 752,-
$50 in favor of the Government. These
estimated receipts may be diminished by
a reduction of excise and import duties
but after all necessary reductions shall
have been made, the revenue Of the pres
ent and of following years will doubtless
besufflcient to cover all legitimate charges
upon the Treasury, and leave large an
nual surplus to be applied to the payment
of the principal Of the debt There seems
now to be no good reason why taxes may
not be reduced as the country advances IN
population and wealth, and yet,the debt be
extinguished within the next quarter Of
century.
Report OF Secretary of War
The report of the Secretary of War fur
nishes valuable and important information
in reference to the operations of his De
partment during the past year. Few vol
unteers now remain in the service, and
they are being discharged as rapidly as
they can be replaced by regular troops =
The army has been promptly paid. care
fully provided with medical treatment,
we'll sheltered and subsistod, and is to be
furnished with breech-loadnrg small arms.
The military strength Of the nation has
been unimpaired by the discharge Of vol
untecrs, the disposition of unserviceable
or perishable stores and the retrenchment
of expenditure. Sufficient war material to
meet any emergency has been retained,
and, from the disbanded volunteers stand
ing ready to respond to the national call,
large armies can be rapidly organized,
equipped, aud concentrated Fortifca
tons on the coast and frontier have re-
ceived, or are being prepared for more
powerful armaments; lake surveys and
harbor and river improvements are IN
course Of energetic prosecution. Prepa
rations have been made for the payment
of the additional bouniies authorized du
ring the recent session Of Congress, under
snch regulations as will protect the Gov.
ernment from fraud, and secure to the
onorably-discharged soldier the we'll
earned reward Of his fathfulnes and gall
lantry. More than six thousand manned
soldiers have received artificial limbs or
other surgical apparatus and forty-one
national cemeteries, containing the re-
mains of 104 ,526 Union soldiers have al
ready been established The total esti-
mate Of military appropriations is $25,-
205, 500.
Report of Secretary of Navy.
It is stated in the report of the Secre-
tary of the Navy that the naval force at
this time consists Of two hundred and sew
enty eight vessels, armed with two thous
and three hundred and ffty-one guns
OF these, one hundred and fifteen vessels,
carrying one thousand and twenty-nine
guns. are in commission, distributed chief
ly among seven squadrons- The number
of men in the service is thirteen thousand
: six hundred Great activity and vigilance
have been displayed by all the squadrons,
and their movements have been judlcious-
ly and efficiently arranged in such man
ner as would best promote American COM
merce, and protect the rights and interests
Of our countrymen abroad. The vessels
unemployed are undergoing repairs, or
are laid up until their services may be re-
CURED Most Of the iron-clad fleet is at
. League Island, i'll the vicinity of Phlladel-
phla. place which, until decisive action
: should be taken by Congress, was selected
by the Secretary of the Navy as the most
) eligible location for that class of vessels
r. &c i,,pnrtopt that cuit.llp nnhllts4s st