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Receipts and Disbursements.
“All that is necessary is, to secure the flow of that stream in its present fullness, and to that end, the Government must, in every way, make it manifest that it neither needs nor designs to impose involuntary military service upon those who come from other lands to cast their lot in our country.
“ The financial affairs of the Government have been successfully administered. During the last year the legislation of the last session of Congress has beneficially affected the revenue, although sufficient time has not yet elapsed to experience the full effect of several of the provisions of the act of Congress imposing increased taxation. The receipts during the year, from all sources, upon the basis of warrants signed by the Secretary of the Treasury, including loans and the balance in the Treasury on the first day of July, 1863, were $1,394,796,007 62, and the aggregate disbursements, upon the same basis, were $1,298,056,101 89, leaving a balance in the Treasury, as shown by warrants, of $96,739,905 73. Deduct from these amounts the amount of the principal of the public debt redeemed, and the amount of issues in substitution therefor, and the actual cash operations of the Treasury were : Receipts, $3,075,646 77; disbursements, $865,734, 087 76; which leaves a cash balance in the Treasury of $18, 842,558 71. Of the receipts, there were derived from customs, $102,316,152 99; from lands, $588,333 29; from direct taxes, $475,648 96; from internal revenues, $109,741,134 10; from miscellaneous sources, $47,511,448; and from loans applied to actual expenditures, including former balance, $623,443, 929 13. There were disbursed for the civil service, $27,505, 599 46; for pensions and Indians, $7,517,930 97; for the War Department, $60,791,842 97; for the Navy Department, $85,733,292 79; for interest of the public debts, $53,685,421 69 ; making an aggregate of $865,234,081 86, and leaving & balance in the Treasury of $18,842,558 71, as before stated.
“For the actual receipts and disbursements for the first quarter, and the estimated receipts and disbursements for the
Receipts and Disbursements.
The Public Debt.
three remaining quarters of the current fiscal year, and the general operations of the Treasury in detail, I refer you to the report of the Secretary of the Treasury.
“I concur with him in the opinion, that the proportion of the moneys required to meet the expenses consequent upon the war derived from taxation, should be still further increased ; and I earnestly invite your attention to this subject, to the end that there may be such additional legislation as shall be required to meet the just expectations of the Secretary
“The public debt, on the first day of May last, as appears by the books of the Treasury, amounted to $1,740,690,489 49. Probably, should the war continue for another 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, it has become a substantial branch of national, though private property.
“For obvious reasons, the more nearly this property can be distributed among all the people, the better. To forward general distribution, greater inducements to become owners, might, perhaps, with good effect and without injury, be presented to persons of limited means.
With this view, I suggest whether it might not be both expedient and competent for Congress to provide that a limited amount of some future issue of public securities might be held, by any bonâ fide purchaser, exempt from taxation and from seizure for debt, under such restrictions and limitations as might be necessary to guard against abuse of so important a privilege. This would enable prudent persons to set aside a small annuity against a 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 the purpose. The great advantage of citizens being creditors as well as debtors, is obvious. Men readily perceive that
The Public Debt.
National Banking System.
they cannot be much oppressed by a debt which they owe to themselves.
“The public debt on the first day of July last, although somewhat exceeding the estimate of the Secretary of the Treasury made to Congress at the commencement of last session, falls short of the estimate of that office made in the succeeding December as to its probable amount at the beginning of this year, by the sum of $3,995,079 33. This fact exhibits a satisfactory condition and conduct of the operations of the Treasury.
“The National banking system is proving to be acceptable to capitalists and the people. On the 25th day of November, five hundred and eighty-four National Banks had been organized, a considerable number of which were conversions from State banks. Changes from the State system to the National system are rapidly taking place, and it is hoped that very soon there will be in the United States no banks of issue not authorized by Congress, and no bank-note circulation not secured by the government. That the government and the people will derive general benefit from this change in the banking system of the country can hardly be questioned.
“The National system will create a reliable and permanent influence in support of the national credit, and protect the people against losses in the use of paper money. Whether or not any further legislation is advisable for the suppression of State bank issues, it will be for Congress to determine. It seems quite clear that the Treasury cannot be satisfactorily conducted unless the government can exercise restraining power over the bank-note circulation of the country.
“ The Report of the Secretary of War, and the accompanying documents, will detail the campaigns of the armies in the field since the date of the last annual Message, and also the operations of the several administrative bureaus of the War Department during the last year.
“It will also specify the measures deemed essential for the
Lant Aonnal Message.
national defence, and to keep up and supply the requisite military force.
“ The Report of the Secretary of the Navy presents a comprehensive and satisfactory exhibit of the affairs of that department and of the naval service. It is a subject of congratulation and laudable pride to our countrymen, that a navy of such vast proportions has been organized in so brief a period and conducted with so much efficiency and success.
“The general exbibits of the Navy, including vessels under construction, on the first of December, 1864, shows a total of 671 vessels, carrying 4,610 guns, and 510,396 tons-being an actual increase during the year over and above all losses by shipwreck or in battle, of 83 vessels, 167 guns, and 42,427 tons. The total number at this time in the naval service, including officers, is about 51,000. There have been captured by the Navy during the year, 324 vessels, and the whole number of naval captures since hostilities commenced is 1,379, of which 267 are steamers. The gross proceeds arising from the sale of condemned prize property, thus far reported, amount to $14,396,250 51.
“A large amount of such proceeds is still under adjudication and yet to be reported. The total expenditures of the Navy Department, of every description, including the cost of the immense squadrons that have been called into existence, from the 4th of March, 1861, to the 1st of November, 1864, aro $238,647,262 35. Your favorable consideration is invited to the various recommendations of the Secretary of the Navy, especially in regard to a navy yard and suitable establishment for the construction and repair of iron vessels, and the machinery and armature for our ships, to which reference was made in my last annual message.
“Your attention is also invited to the views expressed in the report in relation to the legislation of Congress at its last session in respect to prizes on our inland waters.
"I cordially concur in the recommendation of the Secretary
Last Annual Message.
as to the propriety of creating the new rank of Vice-admiral in our naval service.
“Your attention is invited to the report of the PostmasterGeneral, for a detailed account of the operations and financial condition of the Post-Office Department. The postal revenues for the year ending June 30, 1864, amounted to $12,438,253 78. and the expenditures to $12,644,786 20; the excess of expenditures over receipts being $206,532 42.
• The views presented by the Postmaster-General on the subject of special grants by the Government in aid of the establishment of new lines of ocean mail steamships, and the policy he recommends for the development of increased commercial intercourse with adjacent and neighboring countries, should receive the careful consideration of Congress.
"It is of noteworthy interest that the steady expansion of population, improvement and governmental institutions over the new and unoccupied portions of our country have scarcely been checked, much less impeded or destroyed by our great civil war, which, at first glance, would seem to have absorbed almost the entire energies of the Nation.
“The organization and admission of the State of Nevada has been completed in conformity with law, and thus our excellent system is firmly established in the mountains which once seemed a barren and uninhabitable waste between the Atlantic States and those which have grown up on the coast of the Pacific Ocean.
“ The Territories of the Union are generally in a condition of prosperity and growth. Idaho and Montana, by reason of their great distance and the interruption of communication with them by Indian hostilities, have been only partially organized; but it is understood that those difficulties are about to disappear, which will permit their governments, like those of the others, to go into speedy and full operation.
"As intimately connected with and promotive of this material growth of the Nation, I ask the attention of Congress to