“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 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.