4L TIIE DAILY EVENING TELEGRAPH. PHILADELPHIA, MONDAY, DECEMBER 3, 1806. rriLUHII' IVERT AFTEBKOOS (BtBVATI CXrEFTIS), at mm vis is a telegraph building, 108 I. Third Street. Price, Tbr Cents Ter Copy (Double Pbeet), or Eighteen cenu Per Week, payaole to the Center, en milled to Subscribers out of the city at MneDollats Per Annum; One Poller and Fifty rente for Two Wombs, Invariably in advance for the period ordered. MONDAY, DECEMBER 8, 18C0. The President's Message. Tub President opens with a recognition of Congress as "the Congress of the United States." De alludes to the abatement of the pcstiiVnce which has visited some parts of . our country; says that peace, order, tran ; qulllity, and civil authority have been formally declared to exist throughout the United States ; that in all the states tbe civil authority is maintained by tbe people thereof; that the r enforcement of the laws is do longer ob structed ; and that the animosities engendered by the war are rapidly passing away. lie then alludes to the measures of "restora tion" In the insurrectionary States instituted by the Executive, as set forth in his Message ot December 4, 1805. Having progressed thus . far, the Executive had nearly exhausted his constitutional authority in the promises, and Jt only remained for Congress to complete the work by the admission of Senators and Re presentatives from the rettored States. The President then proceeds to argue at length the question of tha admission of ' loyal" Senators and Representatives from thesa States. Ten States are unre presented; the seats of fifty members of the Ilouse of Representatives and twenty Senators are Tacant. Their admission would have done much to renew our relations as a people, and to remove causes of discontent on the part of those States ; it would have ac corded with the principle that taxation and representation should go hand-in-hand; it would have fulfilled those provisions of the Constitution designed to secure to the people of every State the right of representation in Congress. The assumption that the existence of the States was terminated by the rebellion of their inhabitants, is said to be incompatible with the nature of our republican system, and with the avowed objects of the war. The func tions of the States were not destroyed, but merely suspended, by the Rebellion. He again urges the admission of "loyal" Senators and Representatives, recapitulating the argu ments there'or. Disloyal applicants may be returned to their constituents without ad mission. II, in the exact condition of these btates at the present time, it is lawful to ex clude them from representation, he does not see bow the question will be altered by the efflux of time. Tbe President next drops a word oi caution in regard to infractions of the Constitution and the dangers of consolidation, quoting from Washington, Jefferson, and Jackson. This closes his remarks upon the great politi cal topic of the times. 7 here is no allusion to the Constitutional amendment, none to amnesty or suffrage, none to the New Orleans massacre, none to the late elections. His tone Is perfectly respectful towards Congress and in every way unexceptionable. ..The remainder of the Message is taken up with embodiment of the facts contained in tbe reports of the various Secretaries, and with comments thereon. .' He reoices at the exhibit of the condition of our financial affairs made by the Secretary oi the Treasury, urges economy in expendi tures, and a reduction of taxation, and says that the who'e national debt can be paid off in the next twenty-five years. He commends the condition of the army and navy, and urges early action upon the bill accepting League Island for naval pur poses. The postal service is in good condition, although there is a ' decrease of revenue in that department of one and one-fifth per cent, and an increase of expenditure of twelve per cent., over last year. The beneficial workings of the Homestead law are commented on, and the necessity of more stringent safeguards in respect to lands granted for railroad purposes is sug gested. ' JTlie progress of the Pacific Railroad is most gratifying, and gives promise of its com pletion within the time prescribed by Con gress. Such legislation as may be necessary for tbe preservation of the Mississippi levees is recommended ; also, for the removal of ob structions to the navigation of that great river. He recommends the passage of a law allow ing the people of the District of Columbia to elect A Delegate to Congress, with the same rights and privillges as are now accorded to Delegates from the Territories. The tone of the Message with regard to France is decidedly suggestive. The Em peror, it seems, not long since, determined to postpone the removal of the , November Contingent of French troops, as he had agreed with this country, with the avowed purpose of recalling them in a body in the spring. Although this determination was not ofll cially communicated to our Government, it at once took notice of It, and expressed its dissent therefrom.' The President hopes that France will re consider the subject, and adopt some resolu tion in regard to the evacuation of Mexico which will conform as nearly as practicable with the existing engagement, and thus meet ' the just expectations of the United States. It Is believed that, .with the evacuation of jyetlcobythe expeditionary forcw, no sub ject for serious differences between France and the United States would remain. lh expressions of the Emperor and people of France warrant a hope that the traditionary friendship between the twe countries might, tn that case, be renewed and permanently restored. General Sherman's mission to Mexico Is aid to be to obtain suah information as may be important to determine the course of the United Mates in re-establishing and main taining proper Intercourse with the republic of Mexico. With regard to Great Britain, the Presi dent regrets that no considerable advance has been made towards a settlement of the differences between the two countries grow ing out of the depredations upon our com merce, and other trespa-ses of British subjects, during our late war. He excuses the delay, however,on aesount of the domestic condition of Great Britain, but adds that whatever might be the wishes of the two Governments, it is manifest that good-will and friendship between the two countries cannot be established until a reciprocity, in the practice of good faith and neutrality, shall be restore i between the respective nations. '1 ho, Fenian invasion of Canada Is alluded to, and In regard to the convicted prisoners now incarcerated there, the President says that, fully believing in the maxim of govern ment, that severity of civil punishment for misguided persons who have engaged in re volutionary attempts which have disastrously tailed, is unsound and unwise, such represen tations have been made to the British Govern ment in behalf of the convicted persons, as, being sustained by an enlightened and humane Judgment, will, it is hoped, induce in their cases an exercise of clemency, and a judicious amnesty to all who were engaged in the move ment. He adds that he has regarded the ex pedition as not only political In its nature, but as a'so in a great measure foreign from the United States in its causes, character, and objects ; and that, as long as the neutrality laws remain upon our statute-books, they should be faithfully executed, and If they operate harshly, unjustly, or oppressively, Congress alone can apply the remedy, by their modification or repeal." With regard to the right of self-expatriation, the President sajs that, as "peace is now prevailing everywhere in Europe, the present seems to be a favorable time tor an assertion by Congress of the principle, so long main tained by the Executive Department, that naturalization by one State fully exempts the native-born subject of any other State from the performance of military service under any foreign Government, so long as he does not voluntarily renounce its rights and benefits." The President closes by saying that "our Government is now undergoing its moit try ing ordeal, and his earnest prayer is, that the peril maybe successfully and. finally passed without impairing its original strength and symmetry. The interests of the nation are best to be promoted by the revival of frater nal relations, the complete obliteration of our past differences, and the reinauguratlon of all the pursuits of peace. Directing our efiorts to the early accomplishment of these great ends, let us endeavor to preserve har mony between the co-ordinate departments of the Government, that each in its proper sphere may cordially co-operate with the other in securing the maintenance of the Constitution, the preservation of the Union, and the perpetuity of our free institutions. The Message is well written, and while we cannot coincide with the President's views upon the subject of reconstruction, we are gratified with the moderation with which he seta them forth, and with the respectful tone which he maintains towards the "co-ordinate branches of the Government." The Woik before Congress. At noon to-day the gavel of Speaker Col fax called the House of Representatives to order, and the second session of the Thirty ninth Congress commenced. It is in no spirit of exaggeration that we say that the duties devolving on that body are the most vitally important of any that have ever come belore our National Legislature. The whole land has been ploughed up by the war, the old ordtr of things has been overturned, and eighteen months of peace have utterly failed to arrange a new foundation. It is for this session to rectify the mistakes of tbe pasti and provide lor enlightened progress in the future. It would be well if, in its efforts to improve, it avoid the rocks on which the good intenti ons of so many of its piede cessors have been wrecked. ' . y The most obvious advice which the North ern people give to their Representatives, and on the adoption of which rests all the hope of successful and efficient action, is to avoid speech-making. The past few months have afforded every man who had a speech pre pared on any subject, an ample opportunity to "get it off" as many times as his ambition desired. All the ground of political argu ments have been gone over again and again, and no set speech will tend to throw any more light on any subject. Remember ing the adage, that' "Speech is silver, silence U gold," let us return to a gold basis as soon as possible, j , , , : , ; ; ; Having adopted this cardinal principle, a fair opportunity will be allowed for calm and dispassionate argument, and the preparation of such measures as the public welfare de mands. It requires no spur to prick the sides of those Intent to avenge political treachery, and remove from office all those who have purchased pUce at the sacrifice of pilncL pie. That sich is the evident determination, tbe fixed purpose of , the Congress , of the nation, we ore perfectly assured. So, also, in regard to the lawi properly applicable to that arge territory which . one was composed of the Southern Rebel States. Con gress will, without doubt, make all needful regulations for tbe government of that sec tion, and take such steps as will, indeed, make treason odious, lhat issue has been settled by tie Northern people, and will be executed by their Rcpreaentatlves. While, therefore, these important questions will, we doubt not, be well attended to, we have grave tears lest the excitement of this political work will so far distract attention as to cause them to lose slrht of yet more im portant issues, which do not properly fall under the head of politics. We refer to the questions of finance and tariff. If there is an instrument which must be handled most delicately, that instrument is the circulating medium of a country. Any violent measure, whether for good or ill, will at once produce a bad effect. Gradual and careful change must be made where anything Is wanting, and deliberation and financial skill must guide all who seek to control tha woild of commerce. Until the report of the Secretary of the Treasury Is made public, we forbear to recommcnJ such mea euies as we feel are necessary to the national welfare. We wi I, however, lay down but a cardinal doctrine on which we are to move. CoLtract gradually, fund immediately, and protect American Industry. The Insinuations thrown out by Mr. David A. Wells, lead us to distrust him and every bill which is framed by his sanction. He is willing to sacrifice Pennsylvania in order to aid New England. Wo direct the especial attention or our dole pation to his measures, and feel suro that by timely watchlulness we can defeat any such combination. But we do most earnestly hope that the short time allowed for action will not be frittered away in speech-making, or so engrossed with other things as to lead to the neglect of our most important interests. Although the present is the short session, there is no need of any hasty legislation. The assembling of the Fortieth Congress on the 4th of March will insure proper delibera tion on all important questions. The power is in the hand of the Republican party. All of the glory of successful administration, and all of the responsibility of heedless legislation, will rest on them. If, through neglect, they allow the nation to be injured, they will be held strictly accountable. Let them so act that the people say, "Well done, good and faithful servants; the confidence we have reposed in you, and the interests we placed in your hands, you have guarded most sacredly." Report of the Secretary of War. Tuk report of Hon. Kdwin M. Stanton, which we publish elsewhere, deals rather in statis tics than opinions, but the figures given speak in language unmistakable of the energy with which the War Department has been con ducted, and the wonderful spirit and resources of our nation. A people who can furnish on demand an army of a million and a half of men are indeed great, but still gieater is the nation that can within a year receive back into its ranks of subjects an army of that size, and yet feel none of the tumults which have alwajs attended the disbandment of a military force. The rapid increase of our martial force when needed is only equalled by the rapidity with which it was diminished when the emergency was passed. When the war terminated, on May 1, 1806. we had a force of 1,034,C64 men. On the 1st of Novem ber, 1866, the number stood 11,042. Within eighteen months more than a million soldiers had become citizens, and yet no derangement of our civil polity was felt. That country may well be proud of her sons who, while invincible in war, can as easily adapt them selves to the requirements of peace. At present our total military force counts up 11,000 volunteers and 54,000 regulars a grand total of 65,000 soldiers, where but two years ago 1,200,000 weie employed.' . ; In reference to the arms used in our service, the Secretary appointed a commission, who, after three months' investigation, have secured a weapon which we are assured is "better in all respects than tbe Prussian needle-gun, while its metallic ammunition is regarded as superior to the latter." This piece of infor mation, together with the assurance that our fortifications are much strengthened, and that, although disbanded, an army of 1,000,000 men could be collected together at once if needed (an assertion made twice in the Re port), will do more to keep peace with for eiirn powers than any of the cringing com promises favored by tbe Secretary of State. The Secretaiy assares us that the Freed men's Bureau is working energetically to educate the freedmen, and now 150,000 chil dren attend its schools. On application of the States, rations have been, and will be, dealt out to paupers. The estimates needed by the War Depart ment tor the fiscal year ending June 30, 1803, is $25,205,600, while the Freedinen's Buieau asks $3,830,300 as Its share. Such is the substance of the boty of the Report, while the voluminous documents which accompany it give details, none or which aUract much attention, except the Re port of the General-in-Chief. Rhxigioub Pkogbess. The Southern Presbyterian General Assembly, lately in ses sion at Memphis, after a long and interesting debate on the relations of the freedmen to the Church, finally decided, by a unanimous vote, that they should be received into full fellowabip in the Church, and on equal grounds, as brothers in Christ. Such a deci sion would have been impossible during the days of slavery. The idea of Christian fel lowship with a valuable piece of property that you were about to sell on the auction block to the highest bidder was simply absurd. THE NATIONAL FINANCES. Itrport f (he fleeretary of tha Trftunrr of the Untied ttea, for tbe Year 1M06. TatAfUHT DirABTM rut, Washikoto. Decern" bet 8, 1826. In conformity with the requirements of law, tbe Secretary baa the honor to make tha follow tn g report i In bia report under date of the 4th of December 18f6, the Secretary estimated, according to tbo data lurnlsbed him by ihli Department and by the other Department!, that the expenditures of the Govern ment for the three quarter of the fiscal year ending June 89, 1866, wonld exoeed the receipts f 112,191,. 047 20. Tbe remit wae widoly d fforent. Tbe re ceipt exoeedod tbe estimator, $30,905,004-14 j the expenditures fell short of the estimates $200,539,. 2o6 80. Tbo following sta'oment exhibits the Items of increase of receipts and doorease of expenditures in comparison with the estimates t Statement of the Estimated and Actual Receipt) and Expenditure! of the United State from October 1, 18C6, to June 80, 1808. aapntpTs. .Excess of re ceipts Estimated Actual. I UKtemS. 1 ends K0 0t Pflfl AO 132,07,08 65 J2,IJ7 068 55 600,000 10, 632,111 40, 32,14V 10 internal Ka- venue.... Mlso ei 1 a neons...., Ditect tax., i 75,000 .noo-no 212 607.027-77 17,607,92777 so.ooo ooo no 48 286. 12.1 00 1 943 Wi it 393 409 90514 67,158,615-44 18 211 126 90 1,043 644 84 30$ 600,090-00 67.158 S6-44 t89.9J5,905tl Cssh bal anceOot.'i, 1866 S 372.1 W 618 44 1 4(i2 5G4,t!0 8n BXPKKDITlItKS. Fxces of estimates. 0538,36 f-83 1,199,606 16 188,708, 288-07 8,187,233 09 Fatlmated. Actual. Civil M'l-rice l'ensionsand Innlsns.... War l.'epart- nient Navy De- fartment . Interest on pub ic debt Deduct defi ciency in ai lm at e lor inte rest on public debt 32,9D1,I5 38 - 12,266,700 01 307 788,760-67 36 000 000 00 96,813.868-76 JO,186,V)0'6ft 11.061.283 79 119,080.464 60 26,802,71631 06,894 260 19 ?00,609,fi20 71 80,30144 $2l0,62),23V3 1184 863,462 64 281,321,227 31 RECAPITULATION. Ac'ual receipts, including cash balance...... (16 2,661,120 88 Es lina ed receipts, Includ ing cash balance 372 658 616 44 Excess of receiets over estimates Estimated expenditures.... 1H4,8J,46J 61 Ac.ual (rxpeudituies 281 321 127 31 89 ,905,90511 Actual expenditures lesi than tstlma'd. 200,5.19.23169 29U 135.1 i 74 Too following is a statement of receipts and expend diiures lor tbe fiscal year ending June 80, 1863: balance In Treasury, agree- al e to variants, July 1, 1H5 858,30915 To wblcb adu ha unco of suiiory trust funds not Included in tbe above basnc 2,217 732-31 Matins; balance July 1, IStiC, Including tiuttfund 63,076 042-09 Receipts Irum loans 712,851 653 (5 Keceipts irom customs 119,046 661-68 hecelpts irom lands......... 665 03 1 01 Receipts irum dhect tax.... 1,074,154'U Kecc lots from internal reve nue 309 226,813 42 EcoeipU trom miscellaneous sources 67.119 369-91 668.C32 620-06 1, 27360,215-2 RArltnUlTH If KB. ForTtTe civil"' "bUo dobt B2 321 .725-81 service f 11.058,661 54 "' Fur pr nutans and Indians. 18.82.116 91 For tbe War lit partmcBl 284 119,701-82 For tl.e havy Ceparimint 42,324 118 51 For la ereston public debt.133,067,741-69 , 620,766.940-48 . 1.U1,073 666 09 Leaving a balance In the Treasury on tbe " " ill St day 01 Ju J, I8u6 . 132,867 64911 The following is a statement of the reoeipu and cxi tndiiuieb ior the quaitci ending September 8, lcliG; " Balance In Treasury, agreeable to war- ruts. July 1, It 132.8U51I)-11 Itccripts Irom loans 171.011 622 24 Beceipts irom customs (514,843 774 21 lit-Cf ipts trom lands 3iH 8W72 XeO'lpls from direct ax.. 340,U39 luceipts from internal tt venue 99,1(6.993 08 Kecetuts train mlscUla- neous souices- 7 982,761 21 168 551 386 67 165,180,657-92 IXFBNDITUBES. . For tbe redemption oi the publlo debt i43,582,8S3-44 For tbe civil service )1,H:3 736-41 i or pensions and Ind'ans.. 11,788 976 68 Foi tbe ar Department. 13,b33,2l V3 Ktr ibe lavy Department 1 818,609 17 For interest on the public debt 3) 865,309 9) 123.011,769 73 Leaving a balance In tbe Treasury on the nrsi day ol Ootober, 1866, oi..., 142,118,779 19 7 ho following statement exhibits the itoms of ii.ci case and decrease ot the publlo dobt for tbe lihcal year ending June BO, 1866 1 Amount oi publlo debt June 3u, m 2.682,503,026 62 Amount ol cab in Trea- - - eury - 658,308-10 Amount of pnb'lo debt June 30, 1866, lets cash In Treasury.. 2,681.731,717-38 Amount ti public debt J une 10, 18C6. 2 783,425 870 21 Cash in lieatury 132,687.64911 Amount of publlo debt Jane 38, 1866, less cash in Treasury 2.650,638,330 10 Ket deotease. 31,196 387-20 This decrease was caused as follows, by payments end increase of oath in Treaiury j r HonOs, 6 percent sots July 21 1841 and -prl 16 1642. U6,139'77 Treasury notes. 6 percent,, acts lieecmber 23, 1S67, and March i 1861 2,230 0 lionds. 6 per cent., act Sep tember 8 1850, ( l exas in Ueuinlty) 283 000-00 Treasury notes, 7 30, act Ju y 17. 1B61 260,750 M (ertluoatcs of indebted ness 6 r cent., act March l.ltMM .... 89 331,000 Ot T carury notes 6 percent, March 3, 1863 38,834 180 00 Compound Interest notes, 6 perce.it., act JuueifO, IOH 91 741 U4VV9 Bonds, 5 per cent, act March 3. I, 1M4... 1 651 004 00 TJnilcd Siaies notes, acts juiy ii, irei, ana reoru ary 12 862 United tHatia notes, acs Ktbruary 25, Juiy 11, 1862. and March 3. lHitt... 1'ostsl currency, act J hit 260.14100 2,088 ,760-00 17. 12 2,614,707 88 Cash in Treasury , increased 132,020 2JD-96 Gross decrease 332, 625,658 01 Frtm which deduct fir increase, by Bonds, 0 per cent, acts Ju y 1, 162, and July! 16(, ' t Irtueo to in rai l'acinc Ii., mail I" milium v. At A.. luteiest payable in la ml money Treasury notes, 7 30s. acts Jui.e 80, lnl, and March 3, It 61. interest payable in lawful money Temporary loan, 1 5 and 6 per cent, ads July 11, 162 and June 34, 1861.... Ho d eertltlcaus, act March 3 it3 Fractional currency, act xi -h i. IHt3 1 761 000 0 131.341,150 00. 1 30,150,135-26 ' 10,71,180-09 1 949 ,756 08 lionds.t perct, act July 17, 101 Bonds, 6 per ct, act March I, 146,00 90 1x64 . 3,682.600 00 t.211,0C-0) H011UH.V iww'i aet June HO, IW4 nnntla. A Buret.' "m 622 600-00 111,762 051-00 301.221 271-33 Ket decrease AJL Tb following statement exhiM'i the Items of in creas anC Srcioase Of the pnblio dobt lot tlx- four months trom June 80, 1866, to October 81, 1889; Arrennt of pnblio debt Amount ot oasn hi Trea lu 132,887 64 It A meant of pn bi lo debt, Jane 30, 1861 Trs a ",?.?J."r Vn'Ti- V 650,6.18,33010 toner M fd6 01 6M .Bid 048 14 Add amnn mt of o.d funded and untindrA dehi in e nded In debt ot Jnna, 30, 1H6, not in statement 114.11846 . . , ' 2.681,751 081-tH A mount of cash In Trea sury 130 329 960-62 Amonet of pnblio debt, Ooloserll, 1866. .ess cssb in Treasury 62,551.424 121 20 Het decrease. 99.111 218 90 Whioh decrease was oaused as follows, by pay menta : Bonds 8 per cent, act July 2i,lfll,aid April 16 1842 811,800 06 Bonds, 6 per cent, act Janu ary 2t) 1817 1,672,15000 Bonis. 6 per cent, act 1 March 81, 148 617,400-00 Bonds, 6 per cent. . aot Rep tcraber 0, lS5v, (Texas in demnity) 176,000 00 Bond 1 per oent., aot ' -March I. 1861. (len-.'or- tics) 149 750 00 2 629,11)0-00 6.150 00 Treasury notes, 6 per cent , sets Decem ber 13. 1857, and March . 1861 Temporary Lou a 1,6, and 6 per cent., sots lebruarv 25. March 17. Jul 11.1662. and June 30, l.4 75,172,097 78 Ceitllicates ol Indebtedness, 6 percent, acts March 1, 1862, and March 3 I860... 98,209,00 00 Treasuiy notes, 6 per oent., one and tiro year act March 3. 1863 600.000 0 0 T'eaaury notes 7.10, aot July 17. 1861 11,200 00 Compound Interest notes, 6 per oent., act J one 30, 1864 10,8)0,0)0 60 Treasurv notes, 7-30, acts Jane 30, 1864, and M a eb 3. 1866 82 237,230 00 l i lted Riatet notes, acta July 17,1861, m- - - an February 12 1662 3,8Hl-80 Tnl'sdSiaes notes sets Fabrusrr 25, lt02 July II. 1862 and Mareb 8, 1863.... 10,691 177 00 Fosial cunency, act July 17, 1862 691 031 75 Oro s decrease 20J 652,312 5 From whloti deduct lor ino easo of dc bt and dtorease of oah In Treasury : Bonds 6 per cent., ao. Jnly IHoi., 7 05O-!W Bonds, 6 per cent., act March 3. 1H65 101,738,600-96 Bonds 6 percept., acta Jay 1. 17 and July 9 1HM. Issued to Central Paeltlc Kallroad C ompany, etc., Intciest payable in law- lul money 3.840,000-00 Go.d certificates actMaioh 3. 1K63 163,800-00 Frsetional currency, aels March 3, 1863, and June 30, 1664 1 206,16.112 Case in 'ircassry, decreased 2 660 588-49 109,533.103-61 Ket decrease 000,114 208-00 1 ho fpllowing statement exhibits tha Items ol in. croane and dtcroase ol the publlo dobt, irom the highest poiLt, August 81, 1806, to Ootober 81, 1809; Amount ot public debt August 3i, 1665, as per s au-meut 2.6419G7 624-5 Amount ol old lunded and . un- t u n de d dobt 114.115 46 2.446 021 742 04 Cash in Treasury 88,218.056 13 Amount of publlo debt Aunuxt 31, 1869, less cash in treasury 02,757.809,66 91 Amount of , public debt October 31, 1D66. aa per statement . 2,681,616 966 M Amount ot v d lunded and ou--landed aebt : U4,ll4 -J 2,tWl 751 Ml W . Cash In Treasury 1 g),32tf,US0 Amount of onbllo debt, Ootober 31,1816, 1ms cssb In ireaaury 2,551,424,1210 Kot decrease 206 379 665-71 Which decrease was caused as lollows, by pay. menu and increase ot cash in lreasury : Bonds, 6 per cent., aot January 28, 1847. . 1,672 459 00 Bonds, 6 per cent., aots Juiy 21, 1811, aud Apul 1A, 1812 141 039-77 Bonds 6 p r cent., ao; Maioh 31, 1848.... ' 617,400 0 Bouds. 6 percent, March 3.1661 I,7v0, 150-00 Bonds 6 per rent. act be pt ember 9, IBM), (Texas Indemnity!. 155,00060 Treasuiy notes. 6 per oent , acta Deoem bcr-23 mi and Hatch 2 1861 ' 8,300 00 Temporarv loan. 1. , and per oent, acta February 2i. 1(62 and Jnne 30, 1861 62 116,711 00 Certificates ot indeb edseas. 6 percent, acts March l,lb63, and March 3,18i3... 84,911 000 00 Tri arur notes, 5 per cent . on and two eius. act March 8, lf3 31 000.00 00 Treasuiy notes. 73' , act Jaly 17. 1861.... 2D5,Ov9-09 Compou' d Inier.st notes, 6 per cent , act June 30, 1861 68,512,020 0J Treasuiy notes, 7'3o, act June 80, 1861,' and March 3 1866 109.985,700 00 TJni ed Matea notes acts jn.y 17, 1861, and Februar? 12. 1662 131,610 00 Bulled States notes, acts February 25, 1662, July 11, ln62, and March 3 1863.... 12,830,17100 I'os.al currency, act July 17, 1862 3 0 29 739-63 bespendtd requisitions 21U0j9 00 - 45 653,897 67 Increase of cash In Treasury 12 lu8 906 19 Gross decrease ,,,, 447,6ti2.803t6 C From which deduct for increase: Bonrs, 6 per cent., acts July 17snd Auuat5, 1S6I. 8111,750 00 Binds, 6 per cent, act . . March 3, 691 31.88 2,50009 ' Bonds, 6 pot cent, act June io, 1864....- 8 2110 0-00 - Bonds, 6 per cent, act & arch 3 lb65 205 281,000 00 , Bouds ('percent acts July 1. 1862. and Julv 9, 1mA, hsued to t entral Pacitic Interest payable in lawful money Fractional 'currency, rets 8.621 000 00 aiarcn s, iooj, ana wune 3d, 1864 1,273,007 49 Oo a certificate ,act March 3,1863 10,896 080-00 211,283,237 15 Set decrease 206 379 666 71 Thore statements are in tha highest decree encour-aging- J hey are conolnsive evidence of the great Uuss of our resonroee, and they clearly indicate the patienoe of the people under se f-imposed burdens, and tlicir unwillingness that this deot should be a perpetual incumbrance npon the country. It is not expeotod, nor is it perhaps desirable, that tbe same rate of rcduotiou should be continued. A considerable diminution of taxes was effected by the aincudmi nts of tbe Internal revenue law, at tbe last session of Congrets A lurtaer diminution of inter Lai taxes, and a modification of the tariff, which will doubtless lead to a reduction of customs duties on many articles, will bo required, in order that produc tion may be increased and new life intUBed into cer tain blanches ot inaustry that are now languishing untiei tbe burdens which have been Imposed upon them. .. . . - But, alter the proper and necessary reductions shall have been mado, the rovonues will doubtless bo sufliciour, if I be Government shall be economi cally administered, to pay tbe ourrent expeases, the nileiest on the publio debt, and reduce the prinolpal at tbe rate of from lour to five millions per month In oider that this may be oone however, thore must bo no additional-donationsto railroads, no payments but in ibe fulfilment ot comraots, and no unneces sary ex pcndituie of money lor auy purpose what ever. With proper economy io all the departments of the Government, tbe del t can be paid by tbe peiieratu n that created i, if wise and equal reveuue laws shall be enacted and continued by Congress and there laws are iaithiu ly enloroed by the officers charged with ibeir execntlun. 1 bat it is the will ot the people thai it should be paid, and not perpetuated, Is clearly indioated by tbo lavor with whio'j its rapid reduotiou during- tbe pust year has been rerardod. Tbe idea that a national debt can be anything e'se than a burden in which there are some compensations, but still a burden, a mortgage upon the propeitv and mdustiy ol tbe poop e s lor uuateiv not aa Amorican idea. In countries in which tne publie expenditures are so heavy, or the resources are so small tnat no reduo tiou of lher publio debts is practicable, ana where national securities fcocorue monopo Ized capital la the bands of moneyed aristooracles, who not only absorb the means, but give direotion totuesenli. ment of tbo peoplo, public dobta may be regarded as pubilo blessings; but no such fal aoy will ever be countenanced by tbe free and inteliigen pjopla ot the Cniitd States. , . " v Mothine in our history has orealed so much sur prise, both at borne and abroad, as tbe reduction of our national debt, jne wonder excited by tbe rapidity with which It was cieated l greatly ex ceeded by tbe admiration of the resolution of the tax-paveta themaolves that it shall be speedily ex tinguished. The oocytotion Is becoming fastened upon the popular tuiud that It is Important tot eA6b6rn InlbO na'lonal OspArtSAs. Mr tot mainte nance of a tiae democracy in tbe administration of the Government, lor the cause ot good mora s and of rubllo virtue that tba policy ot a stead r aanaal reduction ol the dvbtshou d be definitely and inexe. rvbly established. Nothing short ol this, and that economy in tbe national ex penditu tea which Will renoer It p aciirabio, will rtoonoile tbe people to Uie bnroens ol taxation. A national debt most ever be a severe strain ipo repnbl.oan institutions, ana oars should not Oo sub. Jcct t It one cay longer than la neoe-sarv. To tna peietna'ion ot tta existing debt oi tha United, 8iatesthoreareaIso.it mar be proper to remark, serious objections growing out oi tbe cIrouiatanoe uncer which It was created A though mourred la a great stiogpe lor the preservation ot tbe Cloven niei.t. and i here lore especially saored 1st its charac ter its buroens ate to be shared by those to waoia it is a r minder ol humiliation and deleai. It is ex ceedingly desirable that this, with othor causes of heartburnings and alienation, shoo d be removed as rapialy as possible, and that ail should disappear with ti e present generation, sothattheis may bo nothing in tha lature to prevent that unity aad good tee ing te ween tbe soctions whioh are necesarr tor Uue national prosperity. I be Secretary rerrets, notwithstanding the largo rcdnctionol the national debt, and tbo satisfactory condition, la other respects, of the Ma iona! la "iS7,.,ht.i,Ulepi0,'re,s nM "'de sinoe bls .irtL'.0"."'? Jp.' PTm"- Tha views pre sented br hlra: In that report, although endorsed la 1 he House ol fccpretentstives by a nearly unanimous vote, T,c;e rot fusiun ed by corresponding lens latlon. lns eadof being authorized to redaeetbo pai er circulation oi the oountry. aceordTng to hla recommendations, the amount of United stauw? notes which he was permitted to retire was lim?ut to 10 000 000 tor the six months endiug October i and to 4 000,000 per month thereafter la tna meantime, the reduction ol these notes, and of the notes ot the State banks, has been nearly balanotd by the Increase of the circulation ot the National banks; and specie corrmsucts about the iims prem.um it did when the lat ireasurr Jiuport was made ft Undor these olrcnmstances, fcoling tonslble or tho great responsibility ol his position, the Storetary has deemed it sahr and better tor tbe couutry to act aocoiding to tho dictates ol his own )udgmant care fully regarding thecondittou of ihe murguts a'ad of the irea uiy rather than to face his direction irom those who, however nte linge t aud ab.e, were uuoi-r no ofbeial obligations to the Government and might bo less acouratcly advised iu reiraid to the aotual ststo ot its hnanoial aflairs. He baa re garded a steady market a ot more nuoortance to the peopie, than the saving of a low millions of dol lars in tbe way of Interest ; and observation aad experience have assared htm that, in order to secure this sieadineea in any considoraole degree while bus neat is conducted on a paper oasis, there must be power in the licasnry to prevent suooesslul com binations to bring about fluctuations tor nurelv speculative purposes. r ' , Alter a carelol survey of tbe whole field, tha flea, retary is oi tbe opinion that sppcie payments mar bo resumed, and ought io be resumed, as earlv u the tint day of July, 18G8, while ha indnigee tha hope i bat such will be the ohsraoter ot luture leans. lanon, anu such tba condition ol our produoure la. oustry, tha (hia most de-irable event mar bo brongbt about at a still earlier day. ' The loilowing la a a aiement ot th publio debt Jnne 80. 1800, exclusive ol cah in Treasury Bonos, 10-4' s, 6 per oent, ' due 10 1W 4 4171 219 100-00 Bouds, t-aiitlo ltallroad, 6 Jet cent uue Io lt96 and 6 6 6,042,000 00 Bonds 5 2Us, 6 p r cent., due in 1832 1 84, and 1886 722.205,500 00 Bonus. 8 per cent, due in IHM 265,317 700-00 BoiK.s 6 per cmt, due In ISeO 18 115,000 00 Bonus, Iptrcti t., due In lb74.. 20 00 0 "J 00 Bonos, 6 por cent, uue in 1871...... ! 7 022 000 00 , . . . . 1.21 221,300 00 Bonds 6 per cent., due in 1S8 6,908,341 60 Bonds, 6 per oent., '.ue In IS07?..... 9 415,250 00 C ompound interest notes, aue In iMW and 1868 119,012, 140-vO 7-3U 'ireaturT notes due in 1867 and 1868.. 806, 51 650-00 . . J . " 8587.81- Bends, Texas Indemnity, pas-due not presented.. 1559,000 00 Bends Treasury no's etc., past due, not presented.. 1815 673 80 Temporary loan, ten days' ' ,m.8T0 notice 120 170,106 66 Cer. Ihoates ot Indeb edness, past due, not presemeu.. 26.391 010 00 United 9atcs notes est 0 sol 31 s CO ltt'M,.1' Fractional carrenov 37 U70.87- - Gold cerUllcates of deposit 10,713 180-00 438,67Mtl a$ Total M783 ,136,871 ii Cash in Treasury, 132,887 649-11. "' "- Statement of the public debt, October 81 1868 excl. we of oath in Treasury, ' ' Bonds. lMi'g, 6 per ceu ., due la 1901 4171 009.359-OI) Bouds, PactJO Kailroad, 6 per cent, cue In lbiA and 116 8,862,000 00 Bonos. 6 20s. 6 per cmt , due in lc.6'2, 1681 and 1885. 823,941,000-04 Bonds, 6 per cent , due In 1881 285,324,750-00 Bonds, per cent , due In . It-80 18,111000 00 Bonos, 6 per cent., due In 1871 20.000,000 00 ' Bones. I per cent, due in 1871...... 7,022 000-06 Savy peLsiontund,6psrct 11,756 000 00 - A , 01.327 105 VM Bonds, (ter cent, due In 168 8.230 941-80 Bonus, a per cent., due in 1867... ..V. 7 711,600-tO Ccmpoond Inteiest notes, cue in 1867 and 1868 118 611.140 00 7-8sTieasury notes, due ia , , A. 1661 and 1868 724.011.300 00 . . 688.660,18160 Bonr7s, Texas Indemnity, . past doe, not presented.. 384,000 00 Bonus. Treasury notes, temporary osn, certlfl- caiesot Indebtedness.etc , past due, not presented.. 36,601,909-21 309J8 0M-21 United Mates notes ,.,..t3mi,l95 76 6 Fractional currency 21.688 01W-33 G old certificates ol deposit. . 10.606,980 to 418,6i0,776 33 Total... ....,....(2,681 636 96431 Cash In Treasury, f 130,326 960-62. " . . . . '. 7". 1 be Seoretary estimates that the reoeipts for tha three quarters ending Jono 80, 1867, will be as fol lows: c Becelpts from customs 6110 660 000-09 beceipts Irom lauds 6v0,0v0 99 Beceip s trom Internal ' revenue 184,000,(100 09 lleceip a trom miscella neous sources. 26,000,00060 MlOOO.OtOOO ' The expenditures, accordiug to hla estimates, will bes For tbe civil service 87 405,947-39 For pensions and Indiana.. 12,262,217-21 For tbe War lcpartuient. Including Id.HO.OOO lor ... uounues.. 68 804.687 05 For tbe avy Department . '23,144 8i0 21 For Interest ou the public debt 105 651. 612-00 , 237,169.143 96 Leavlne a surplus of estimated receipts 1 . otcr estimated expenditures of. 79,330646-04 Ibe receipts for the next fiscal y tar, ending June 80 1868, are estimateo as lollows i From easterns 145 060 000-00 , ftomiuierualiavenue W-JjJjJ Fiom.ands o'2S!n Hcallan's source... JKW tmfit,m 00 Tbo expenditures are estimated as follows; For tbe civil service M).067,342-8 . For pensions and Indians. 21,368,469-09 or tbe War lieiartment bUo..:'.,.9.!"r 1.0 861.06189 -' For the N vv Department. 30 ,25 1,606 U6 ,678 243-00 aoht 1 350,217.641 N Leaving a surplus of eai hasted receipts .,, over estiuia d expenditures of. 85 752,358 68 ... 7bo attention 'Of Congress Is respectfully called to the acconij.au ing interesting reports of the'!' beads of me respective Bureaus, a4 ot whioh con tain ra uable inlormation and suggestions, ana indi cate the satisfactory uiui nr In which tha general Pu-iness of the Department is beingcondueted undor ' existing laws and reflations, Tbo offlcienor ot all , the Bureaus wou d. however, have been greatly in created and the cxpersis thereof would doub.les h have bi en reduced, 'bv tba passage of the bill for 1 tiieir reorganization, whioh was under consider ion at tba last session Tha mach nery ot the Dopart- -' ment, sufliciont lor the prompt and proper perloim ance of tha pub io business before tne war, is in sufficient now. Tho Bureaus need reorganisation, and justice aad economy demand higher pompoaaar lion to oftioors and clerks. T he risers ary is under obligations to tha officer and clerks ot the Department for the verv satisfac tory manner in which, with few exceptions, they -bave, during the past year, performed their impor-. taut and responsible dsties. ' neon MoCrjLLOOH, Secretary. . . Don. Schuyler Collax, Spctker ot the liouse. o( Kupieseutativoe, V.
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