Presidents -- United States -- Messages; United States -- Politics and government -- Sources
The extent of the reduction, indeed, unavoidably involved the exclusion of
many meritorious officers of every rank from the service of their country;
and so equal as well as so numerous were the claims to attention that a
decision by the standard of comparative merit could seldom be attained.
Judged, however, in candor by a general standard of positive merit, the
Army Register will, it is believed, do honor to the establishment, while
the case of those officers whose names are not included in it devolves with
the strongest interest upon the legislative authority for such provisions
as shall be deemed the best calculated to give support and solace to the
veteran and the invalid, to display the beneficence as well as the justice
of the Government, and to inspire a martial zeal for the public service
upon every future emergency.
Although the embarrassments arising from the want of an uniform national
currency have not been diminished since the adjournment of Congress, great
satisfaction has been derived in contemplating the revival of the public
credit and the efficiency of the public resources. The receipts into the
Treasury from the various branches of revenue during the nine months ending
on the 30th of September last have been estimated at $12.5 millions; the
issues of Treasury notes of every denomination during the same period
amounted to the sum of $14 millions, and there was also obtained upon loan
during the same period a sum of $9 millions, of which the sum of $6
millions was subscribed in cash and the sum of $3 millions in Treasury
notes.
With these means, added to the sum of $1.5 millions, being the balance of
money in the Treasury on the 1st day of January, there has been paid
between the 1st of January and the 1st of October on account of the
appropriations of the preceding and of the present year (exclusively of
the amount of the Treasury notes subscribed to the loan and of the amount
redeemed in the payment of duties and taxes) the aggregate sum of $33.5
millions, leaving a balance then in the Treasury estimated at the sum of
$3 millions. Independent, however of the arrearages due for military
services and supplies, it is presumed that a further sum of $5 millions,
including the interest on the public debt payable on the 1st of January
next, will be demanded at the Treasury to complete the expenditures of
the present year, and for which the existing ways and means will
sufficiently provide.
The national debt, as it was ascertained on the 1st of October last,
amounted in the whole to the sum of $120 millions, consisting of the
unredeemed balance of the debt contracted before the late war ($39
millions), the amount of the funded debt contracted in consequence of the
war ($64 millions), and the amount of the unfunded and floating debt,
including the various issues of Treasury notes, $17 millions, which is in
gradual course of payment.
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