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CA l'E ISLAND. CAl'E MAY COFNTY, NKW J HUSKY. THURSDAY. DKCKMBKB 2-1, ISlil. ■ -- ----- f — — w ■ ■ ■ -

&K?

Itf irl «r Ike Secretary of >ev>. $ r» • .ry v\ riu» begins hi- report With . « r^> .r • U» « hr operations ol the X avy emcv 'lb* r*-b»lli"B hrok** out. II* lh*n ?i*e» s summary a# tho operation- of 4h* blocked<ng eq*adroi<«. To (hi* folio** eo account of t.i* dwirKlMR of th* Alabama by the j Ka'ur^s th* caplar* of lb* Georgia by the Ni«|M< eodth* oepturenfih* htoridt by ib« Wackssell. U»t ao oiunioo • M-pr-s-ed •» toi # tight of tb* capture. Tbo np-r* ions of lb* iaHehaeewe an next deer rt bod. A iob« lor aiotcMOul it* appended of tbo • a<job*r of nasal **— el«, ol every cl»w, tboi h«v* b*rB constructed. or oe* to the cooreo •»f construction, rnnco Merck 4. I8bl. <?«e#rui Kjklbtf of tke Saty.iHdu.Uni, rtutlt under Construction, /tor., I bail. No. of P--*eripttoo. No. of No. of vee'l*. *««■. looe,113 bcrnw atwsmers e*p*ci«ii| constructed /or lard porpoees, 1,426 169.231 32 Peddln-whral abMrrt, k nepecta l^eosstrucivd f«»r Ural purpose*, 324 51,878 I 33 Iroe-Uod immU. 213 80.696 I 14V Here* po«f ckeeed, captured, *r., fiHe J *■» •***! pur- ^ « . r~oo«. 614 69,360 I 134 r*»*di*-wb*al rUaerw, a ponrhssed. copturvd, Mc.. fi't*d lor oeval .... oil 7g 2o2 111 S«jJi»g reel's atf c!**", 830 6O!-MV Total. 4.610 310,396 oro%etMr»; er*T«j«ti(T or th* haii, dec. ifrhii 4KD 1664. x>> Description. No. of No. of vr.'U, (■"*. lour, fill To *1 — vy. D-c. 1664 4.610 510.396 588 I otel 0>«vy, lH*c. 1664, 4,443 467,963 63 Aoie-l'icr- tot veer. 167 42.429 26 Tuiol "J ebiperock, .in belt'*, ?apkv., .lort.ig the y*ar, 146 13.064 .03 <%*• uel addition to th# trow |b>c. lb«»3 U 6-c. 1*61. 313 53,313 vxvofoa cuMTHVCTTO roe rut NAT. sixce MARCO 4. 1641. No Description. Guns Too. 7 Sc-ro* tin- p*. A.i oionnow e eie#-, I7t"14iw, 3,213 iul»i 13 '"O- **rn 121 23,637 1 Screw >(Mf Idaho, B gins 2,63*' lone. t 2.636 8 8cre* aliHip-. spar ilcckr, Jov« ciM'i 25 atid kt 3,377 foo each, . . 200 25,416 2 bcrew ulutipe, »par deck, llatoqfo fl""i -» «*'"• end 3. *63 uii»> mro, 50 6.730 10 4cr*w aloip, clipper*. c«Hik Rose, 13 iMl* •*«' 2,34b 'on- y«cS. 130 23,4*0 4 Uttww -IrK'p-. Krar-a ga elaa*, 8 U» 12 *UU# end ee*r%Riiiff 1,023 tone roch, 40 4,092 6 8c*»* elinn *8keoood*»ob dan, 9 •<» 13 gone end 1. 367 1.. 1.533 fon- each 74 6,584 2 *ere* -SiMipa. Uaaipcv 10 t'i 13 gun* od 1,240 i un» **•♦», 23 2,460 8 Soree Inup-, 8*mpte _ ^ cko-, 12 f*e* nd l.ifttO inn* f#cii, 96 1,400 4 Hereat -loop*. Reeoco do—, H gm.a eod 831 to 900tM>oech, 32 3,462 9 8ei*» ilorp«, Ni|»«ic <i mm, 7 t" 12 gone rod 39* 'oo* each, 71 4,744 J fvr-o pookiiote, UnodiUe cleaa, 4 to 7 gone, end 607 tone each 123 11,661 9 Here* fegr, I'ieto cloaa. 2 gen a eod 350 100* noc.., M — ■ 3,150 2 Here* log*, Pilgrim cUaa 2 gooi eed 170 too* each. 4 340 13 r*ddl«--*hee! eteowiera, dooMf^edera, Octore. rt df*, 7 to II guna 730 to 933 inns each, 90 11,024 J 76 Poddfn-* te| ►teerm-r* Hooble eniaer* Haesecua •OUk'' rloaa. t0 to 14 goes eod rai too. eorh. 272 23.324 tdgle efrf 1 eteMoere of iro«,d«oh|a.*ndere,Me- . l ong* cleaa, 10 gtiM, as#ri«|9lnfliilA, 70 7.310 0*7 Pbddl*.*i«e*4 *to*#i*r. of W ■ i»t Wnlefeo 12 «uoa emi 974 g0f>#,^ 12 974 » " 1,442 175,986 lOOO'CiAp rnacLA. -'•Oieo^ido eo*e-o»oted ceo- ^ #ele» IHoderborg Ne* Ironndea. 2? 8,376 .1 -I' a-vnlnf jorfl ceaiwla, Per/t in, Dktetor end T» oook*. 12 9.733 «0 IPooMo tOfTet vOM-le.Ke. e«H loinapoa claea, 4 gooft oed 4,2110 tune each. 16 12,800 ^4 IVmbl* i arret T*a-els.Mu-A.tdnnrk do*, 4 gen#, 1,564 tor a -ock. 16 6,256 Vkatble torret neial, Oa- ^ Do«hle |«rr*t r fi'M, Wio- — nehego clo*«. 4 reea Wfde-eech, 16 9.800 A |>W»IOl^|BI i*+u, Oo. t mil III I , •■§ gee a Z »6 V A,Wmimt 33 L2.800 ,J Mi i MorrielU^ . gopa eock 4 958 rii. .-sltss ISEStmm SvKM 11 1424 fop « *»«..; Jj, *"|T **' ■* » I"*1 e. Jm «900t • 2V ^ m

The foregoing tabular atateoieut exhibite tho number and docriptniu of ves«el» that have bern ruoatracted, or -put in the rouraa of const ruction, for the navy aince th* institution of acijv* mvasurea for the aupnraa- . a i on of th* r«b*llion. Some of them bare b**n built by contract ; other* by the xovarauivnt. io the aevrrol navy yards. If oa add lo tli* nuoihur those const ractod under similar circumstances, and vilhin the same i period, thai h*va bean lost by shipwreck, in b«ulc. Ac., vie: the sloop* llouaatoaic eod Adirondack, and ibv iruo-clada Monitors. \V»*hawk*o. Keokuk, lndianola and Tecamseh. th* egg r*gat* »..uld be 210 «eas«U. 1675 goo#, and 256.735 t«ns. Ptcket-boats and amall craft built for aa. necial purpuaes, *ra nut embraced in thtc stoiament. Next fulinva an account of the conai ruction of tke vartuaa claaara *f naval vessel* ; sod afterward* several pagea are devoted to the subject of steam niachinvrv. The necessity fur a Navy Vaul lor iron vessels aad maci inery ia arged ui strong le- in*, aud th* aecrwtary Terotumeoda with greater •aroratneas than ever, th* iBtwd'ele acj ceptaac* of th* <>8arvi>f !.eagu* Island a* altogether the beat site, lo reference to 1 j the proposed Navy Yard on th* MivisaippiT* i it la atat*d that the commivioo composed ; of liear-Admiral Charles II. lUvis, Liaat. Col. A. II. H»**ian, U. 8. Kngi»v*r*, and tjeorge W. Ulnnt, a civilian, tv now considering the a ihject of a site for it. T*ie report urg^s the creation of the rank of V i co Admiral, to, be conferred on Rear Admiral yarracu', a* y feward f<>r bis great victories. A draft of a bill is «ut»milt*d for increasing the Dumber of officers on lb* acive list ia the grade of commodore, captain. commander and Iieuteuant-comiuand-er. and elao for incorporating into ih* r*gelar service of a f*w -olunlcer officers who have rendered good service la regard to enli«t meats, the Secretary says that under the enactments of last a*e- ' sioa. oat oaly the full cnoiplimeat of men required bat entered the service, bu. a surplus of m iay thousand* of land«mrn have offi- red who could not t>e received.' the want of seamen is still lelt. The Habina has been tilted op as o aehaol-ship for boys, which is a revival to soia* extent, ol tb* apprentice vyatrm. The boilointf and ground* of \bo Naval Academy at Annapoli< will be pre pared for ita p> rmaoect establishment IBre in the epriog. Measures have been tax en to carry intu effect the la* for educating Cadet Kngineers at th* Naval Academy. It is also recommended that the midshipmen h* taaght engineering, so that «* may 1 bavr officers who, :o an emergency, may be , able 'o rbu an engine. Since the last report Ih* pizes captured and reported prior to Xovepiber l»t, ld€4, ia .<24 ; vis: schooner*. 105; steam rs, 88 ; sloop*. 40; briga. 3; harks, 3; small boats. 83. 'I he total captures since the rebellion . Uerao. have been 1.R79. vie : Rchooners. 652; steamers, 267; sloops, 171; brigs, 33; barks. 29 ; shins. 13 ; yachts, and small boats., 117. Th* groee proceed* from the aale of condemned pnr.* property hare b**n 814.396.250.31 ; as pea set. $1,237,133.96; leaving for distribution, one. hall to lb** raptor*, and one-half to the U. 8. aa a naval pension fond, $1 3, 190. 841.46. Un- , dcr th* anthority ronf*i*red hy t'nngress. $3,000,000 yf the pension fund Iiava bean inverted, and on lb* first of January there will he $5,00<',000 •• or*, which can he inrested without interfering with the prompt payment of p*n*iun«. This *:ll yield an anon 1 income of $420,(Ht0, sufficient for ' the payment of the entire pens on roll. The pension roll, Nov. lat, 1864. was as follows : 769 inralids. pensioav. $30,401 10 840 vidua a and orpbno*, 139,659 00 1,609 persons $189, 659 10 A rerivion of the pension set is is recommended, so as to includ# the new grade# of i rear-admiral, commodore, lirotca «nt-r m- ' rnooder, Ac., and some other modification* ar**«ig«eaiwd. An alt-rat too of the prii* i la*, which deprives the naval seizure of property in the i> land water* of the Unite. I Hint**, and turan it Aver X-, the treasury agent is also recommended, i The defect of the present Contract system i« exposed, and it it nrupoaed to vbandun it an authorise purchases to he made hy agents whose fidelity and integrity have > keen letted through years of faithful ser- . vice, sod who have a life-long commission j o* well as o character to lose as n peoalty (or malfeasance. ' The delay nod uncertainly of payment are a sourc* of embarrassment in procuring supplies. In regard lo th* contract system the Secretary lurther says : 1 have heretofore referred in th. defects ' and abuses practised uuder the exist lag lave of awarding annoal contracts for naval supplies lo tha lowest bidder. Whatever ma) be the character or reoot avion of the ' , bidder for fair and honest dealing, no diicretion is wtveo to any officer of tho govern- . meut in the preoHts, nor can aoy officer declina th* contract, though it may bo eb- , vioan the -k4dd*r coonot furailh good , ariiclea at tko prkoa wkicb bo proposes. Contracts are made uaoor tke operatioa I ofevtating laws, *hicb cannot be lion-slly ; fot&iled; and aodvr tko proctica that has prevailed, the whole sjitsm bat become tainted with demomlitotion nnd frond, by l which the honest nod fair deolrr ia too often driven room tko market. A" idea inferiorin quality. and <teficMnt in qaantity, | l are delivered and j waned. Bribery aud other improper procticeo am retorted to, ! | to induce persons in the employment or tke . * • government to aid to tbeae ft nude. Malfhasaano no the port of officials Ik cqnnerttnn with (>* purchase and •«elie*ry I <ff supplies was alti-sed to exist, and with ; the pu» p""* of toveat gating nod brtnglfig •dch traadnlvnt practices to lignt, api lira. ) nor was made tu tke War Department, which detailed nn fSc*r it proaecnt* theae inqnlries. The result in that many and I great fraadi knew been ifinO 'vared. Pro. eewdings hern ocrordingly b«»en insulated, a d are now in nrofiwas agsinsl fi.me of I thr portion implicnied hef.ra military t rt>Kbals .nder the staiula, aad ngninai oiknra ° nalarfon of tka elorkn 4 t ■ r

HXMC.VSKS AMD KattMATOa. On the lat uf July, '63, ih*ra was *o anexpended balance standtag to tfj* credit of (he department uf $39,101 970 34 The appioprialions f„r the fiscal year ending Jane 3d, 1864. were 76.66:1.367 36 Total available means. 115,765,537 7lt . The expend turen ol the department daring the same • ttiae were 85,733,292 77 | Leaving a balance at the cotnmeur*m*ol of the present fiscal year of 30,632,244 93 ■ The appropriations for the current year are 1(19.266,814 54 ' Making i h- total available resource* for the fiscal year ending Jan* 341, 1&65 1*9.289.039 47 Th* estimates submitted for tb* fiscal year ending June 30, li»66, are ea follows : ■ »•*>■ of the navy 23,327,722 50 Coiiitfoct ion and repair of steam machinery 17, 143, 000- 00 , t'onsti cliuo and repair of I vessels 24,530.000 00 1 ' Ordnance and mogaiinea 9.187.613 00 , : Fuel, hemp and equipment of vessels 14.050.000 00; Provisions and clothing 1J.923.2HO 75 ; Navy yards and superintendents 4,377.313 00 Navigation aud Naval Academy 562,620 00 Surgeons' accessar.es and hospitals . 365.IHNI 00 Marine corps 1,399,087 70 1 Contingent and uiscella. 2.9*0,018 33 Total 112,1^.663 28 ■ The expenditnrwn of the clepartmenta • since the 4th of March, 1»61. hate been as follows : From 4tb of March to do** of fiscal year, Joaa 30. '61 6,244.457 63 For fiscal )ear ending June 30,1862 42.200,529 06 j For fiscal year coding June ; 30.1863 63,212,103 27; For fiscal year ending Juut 30. 1861 85.733.292 77 i From July 1. 1864, to Nov. ! 1, 1864 41,257,976 72 j j K»t misled expenditarea from Nov. 1. 1*61, to March 4, 1865 42,000.060 00 ; Total for 4 years 280,6^7,261 45 J This exhibits an average anneal expenditure through four years of eiptnstv* war [ pros*coted under maoy aud great disadvantages, of $70,161,813. Could tho transactions of lb* department have b-vn conduct© I on the true standard of value, that uf gold and silver, or of paper convertible into tnoi ey at the will of the holder, our naval war expenses would scarcely exceed, perhaps not equal the current expeti**/ of either of the great maritime poaers during the same period. There ia al«o this great difference. Those powers had oavy elready constructed and in commission. We ; have bad to^creete and pay for'noe, in ad- ! ditioa to our annual current war ex, enscn. Were the cost of our vessels deducted Irom the amount above stated, the npeuses of this department would fall millions below those of other governments. Aa lb veta U which were built aad purchased have an intrinsic value, the money paid for (bent may be considered to be w-|| invented. The condition of the currency which has enhanced tha cost of all materials and sup plies has swelled the naval expenditures j many million*, while the failure lo pay ' promptly and whan due tho hilis of contractor* and others, has otiil further Increased the aggregates of expenditure* and augmrBte«l the 'ifficultiea in tba^workof. creating and organizing a naval force The rest of the report is occupied with a seminary ef the repcrt* of the Chiefs of ' Bureaus, nnd with some appropriate concluding remark*. Report of tine Nrcrefnry of the Treasury. The Secretary, at the start, reviews the ' financial m*asar«a addp-.ed since the not- : break of the rebellion. Though in several acts aulhorixiog the istine of bonds at long periods, payment of the principal at maturity ia coin ia not special! provided, the omis-iun, it is believed vat accidental, as there could have been no intentions to make a distinct ion between the different classes uf srceriliee io this respect. The decretory recommends that all doubt on this point be r moved t-y legislation. Tha net of June last authorize* the Secretary to dispose ol any bonds known ns "five-twentiea" remaining unsold. D i*. nt lenst quetliooable, ho tkto*s, wb*ik*r by thiaclnne*, pow- ; er I# conferred to dispose of nu ameum be- ; ynod that fixed by existing lawn. Additional legislation may remove that doubt, should Congress think it advisxi.l*, other* wise tbty may be cancelled. The ectunl balance in the Treasury July let, 1864, wes $18,042,388 Kscnrra aod bxfkndittku i on 186& A atatomaot of the receipts aod expeuditore* fur the year ending June 30, 166S, will ehow hew this balance in the Trveeury ia ubUieed, aod the i acres** of the public dobt during tho year, vit : Mcttrre. Actual. i Frosn customs. $102,316,152 99 , Lands. 588,333 29 1 Miscellaneous, 47,511,48810 Direct tea, 475,648 96 : In Ureal revenue, 109,741,184 10 Totil, iSto. 71744 Add bolauee July 1, 1868. 5.329.044 21 Aggregate. 265,941,761 63 Estimated rco't" from leans. 616,114.884 92 Total, # $884,076,646 57 > axrpsrnrriaas. • i A^utL Par civil inrvioe. $1,763,399 46 I Paesiont ami Indiaee, 7.617.930 96 Wtr r>eportoi*ni, 690,791,942 97 t N'avy livpartmvni, 83. 732,392 77 loterwet ea debt, 611486.481 69 ! Total, SMAM.WTH ; Krr..r^Mta Jit f?* TT-T ^ ^ >v3i«jwfc

I Deduct balance on bend Jnly I, 1864, 18,812,55b 71 , It ehaws tb* *mi>oat ree'd from loans applied to the service of tha year ending J una 30. 1864, 599,272.326 21 | Tb* amount derived froiu lean* specifically stated I is a* f.diuws i Fiv*-ta»aty b«»nds.acl Fvbraary 25. 1862, 321,557,283 31 « Fractional currency exceeding ain't redeemed, 2,702.421 25 j Six per cesl. bunds, act July 16. 1861, 30,566,875 45 1 1 { Ten-forty bunds, act M'ch 3. lo64. 73,337.600 00 ' Twenty year* ail per cents act March 3, 1862, 42.141,771 05 j U. S. sola*, act February 25, 1862. 43, 859,021 46 . Ou* jeer five per cent. notes, act March 3. '63. 14.520,000 00 Two year five per cent. not-s. act March 3, '63, 152,864,800 00 j Three year six per ceat j- compound interval nules. 15,1)00,000 OO j CeAficatr* of ludebiediirs* exceeding am i redeem' d 4.098.758 35 i Wind* amount, $730,642,410 97 Of which amouut th-re was apphvd to repay uient of public debt, * 112,527,526 05 Whicb deducted, it leave* applicable to uXpauditare*. 618,111,88192 , Deduct baliDca July 1 '61 18.812,558 71 ftalancr applied to the service* nf the year, $699,272,326 21 j The Secretary next produce* the follow ing exhibit ol toe 8 tTION.it. I'BfiT. The public debt, as stated | by my prederea-or. in hi* report of December 10, 1863, was $1,098,793,181 37 ; To this amount ahoald be added amount* paid ioto (he Treasury previous to Jaly 1. 1863. for which evidence of debt were subacquamly issued 23.7c2.423 20 ; Amount of debt July 1, I l»6S, M'22,573, 60J 37 ' • Add amotht of loans opplied to actual expenditures, oa above, aad balance in the 'treasury ! July 1. 1861 618.114.884 92 1 1 gitrs th* amount of pubI lie dabt July 1, 1864 1,740,690,48949 TUX RKAOCRi'X* t'OO TUK CL'RRKRT TKAK. The avo'lable prubable rv*oiirc«s for tb* carreut year are slatau as follows : Frn » customs, $70,271,091 96 Leads, 642.185 84 Iniern d revenue, 249,362,859 92 Mitorllaneous sources, 24^0*20,17144 ; Direct tax, 16,079 86 Certficaloa of indabieducse, 75,000,000 00 Total, $419,512,389 02 ! To this shuud be added arobsble unexpended balance*. Jupe itO. 1865. 350.000.000 00 ; Balance of cash July 1. '64 1 8.8 12,558 71 Total resources. $738,351,947 73 Which deducted from ex%penditures. leaves bat*, atic* to be provided for by loans, 620.727,508 11 : If, however, an additional rum of fifty million* should be realised, aa propose*^ by lb© Comni><:on«r. from internal rfolifS, the amount to be raised by loans would bo 570,727,508 11 From this should be de- < darted tha public dabl redeemed. 88,353,320 09 • LwRviagaaiucreareofpnbi lie d*bt at the close of • the year. 482,374.188 02 DTIXATtb ICOKirtl AVq KirtWOITCMt ton ! tun naoAt. viae. Aoy estimate which may be made of the probable receipts end expenditures foi the : next fiscal )aar. the Secretary *ay*, most nvceaaarilf be liable to atill grvater uncer taint). Tbia remark appliea mora part hularly tn expenditures, for alula, if existing laws remain unchanged, the amount of rov. • enue may be calculated with reasonable certainty, it is impossible to anticipate what the exigencies of the ca»e may require. Tha receipts for tbo year ending Juna 30. 1866, are estimated as follows j From caatom*. $70,000,000 Internal duties, 300,001), 000 Lands. 1.000,000 Miactllaaooaa soarcos, ^ 25,000,000 1 Aggregate, $396, 000, (KM) Tha expenditure* art estimated ai fol1 1«»i • , j Balance of unexpended approprialionv, $130,000,000 ' For civil service, 33.082,097 k'ensiona and jodiaos, 14,196,051) . Tl/e War Department, 531,758,191 Navy Department. 112.219,666 Intel «st oo public debt, 127,000,000 Aggrogatv, $1,168,256,005 But froi.*» this aggregate' I there may be Cedaetad i aa likely to remain uoaxl ponded at tho close of I tha year, 950.000.000 Total. $818,256,005 l Tka Beerotary la io favor of a largely in creased taxation. 14* totHoaiet tke re- • oeipta from coalman, for iho earreoi year, ► , at not more then $70.000,000. — but the io- - terhal raveaae dutias, he thiaks. •»!! ytold r/k>0W>.000, witkuat tke eid uf the -peeiel > income tax. Bat tkss am«.uni, he «ayt. is not, aod ought not to *»o, satiaiectory. He thieks three hoodred million*. M least, | shuold t-e r*al. fed trun internal dotir*. Aa 1 io tb* i ocom* Tat, Iteclf, lff> . Feasendou 7 sum >he question, whether It ahuald not 7 1 be collected upon all, wilhoui exempt! h, » aa th* law, as It la. wpees the dour to i*na- - am rable Tread#. Tke odwpUun oT a acela 6 aogtaeuDUK Ik* rote of tatatfoo upon lal com. a« »• n nee in amuot.i, tboegh onV rtfCfrttt nmrvri*w irr »• -— *v-

•* lb* ability to |>sy. iu Mr. Fessendvn's upiniun, incrvaoe* in much mure tliauarithmeiical prdpoitiuus. a* the amount of in- i crve-c ol income exceeds the limit of rea- ! tunable necessity. Fmm the resell* of experience. as well as from all the ioforinatioo received, the Secretary vats be i» coe- i ! vinced that such revenee was nut collected through an im|tarfirct execution ill tkk law, ( and mora throu gb a fraudulent eva*ioo of i its provision*. i In couarciiun with this rn1>j"Ct of in- i ciaased taxation aod tha uecesviiy of prol vidiag additional revenue from ordinary i sources, lbs Secretary calls attention to | our public domain, and more csptciallv to i bat portion of it abounding io tb* prectoo* ■ and <'lber metal*, which, by the policy of ti»e if o«> minviil had bean reserved to thr i nation. Ha hopes that t'ongress may be ablu to dcviae some mode by which these > lands oo) be made available tu au extent io some measure proportionate to their y*aaly froderiion, aad to that ead nuggraiv a Hoard of Officer* as ( 'omaji**ioiiari> of t).v Sinking Fund, aud whothsr such income a» may be received Irom the public domain vale*, or in tb* shape of retitM. may. not be beneficially appropr«alvd lo the saida pur- j , po»»*. * cxruAcra rr:ox tu»: acruKT. — im rkanX or j tiia ratwKTTrik. I ISSKXCT In sorer particulars the Srcn-tary has ' feu n > himself embarrs*«rd by the reslric- • live provisions ol the act of July 2, 1804, and he will, therefore, at au early day, sux- 1 g*M such modification* a- he consider* Oe- 1 ceeeary. iu hia judgtnriil, a wider disc re- i linn sbuuld be intrusted lo lbs officer vhargvd with tho duty of negotiating luann, in order that he may be enutdrd lo avoid 910 . expected difficult ivs occanuued by, possi- ; bly, coodiiious of ihe money tnark> 1. This t delicate aud re«|>onMblr duly must nrccssa- ' nly br entrusted to sunivbuUy. and the peo- ! pie can bavr uo other reliable s* runty for ' laithfnloess io its discbarg*-, than may be found 10 the eatabluhed character ol the \ individual cba grd with so •mpuriant struct ; wh >e\sr he may be. The discretion thus j , confided should, 10 the opinion uf the Sec- ' ; rotary, include the pow*r of increasing the currency. To no luumdual would any con- ; sidurahlu addition lo the circulation in any form be more objectionable than tu the pie- i •ent head uf the Treasury Depaitmenl. and I »«> one would resoit tu such a measure, when the circulation was adequate to the - wants of basin***, with mui* reluctance. Nor does he believe, that a patriotic peopie. struggling lor national existence and possessed of ample mean*, would compel • In in to adopt a tnea'ure so fraught with injuriou* conaeqienres as the ia»u« of paper 1 mosi'V beyond the limit proscribed. The ^ qorsiiun however, would be one for thai ; peoplu to decide. They hare pronounced for a continuation of the war. until its great objects shall have be, n accomplished, ia un'mt-l «kab!e terui*. It i* for them to determine whether the nrce»>aty means shall be , furnished by taxes, aud the circulation he , restrained within safe limits; or whether , they will prefer to endorse the evils of ex- | orbilatil price#, wiib a loss of credit in tha present, end a debt of a*edl»»» magnitude entailed upon the future. Their financial 1 officer can only submit to l heir decision, and act at the neca-sitita of tb* occasion I max demand. But the S.-cretary confidently believes that, judging from past events. . and recent demonstrations, there can tie ; : Utile question what the public voice will be , upon a question so vital. « THR UHKKMACK* AtLOAT. The whole amount of national circulation not bearing inter*-#!, exclusive uf fractional < 1 currency and of oolea ia*u*d by national banks, ia limit**) to four hnodred millions ' of dollar*, subject to slight occasional »n- . crea«e from thu fifty millions held in reserve for the payment of temporary deposits. Of 1 five per cent, intirest bearing notes, there were outstanding 00 the 1st of November last, $120,519,110. I o considerable extent these notes have been, and will continue to j he. used as currency. Thoa- with coupons j have been found particularly objectionable. 1 Although withdrawn to a cert at* extent. I while the interest was tnater ng, they n'f I liable lo be periodically ra«heO upon thr nusrket. In coB'ideretion uf this feature a large am no ft— tic : about ninety millions of the original issue of $150,800,000 of tk**se | coupon n<»t«fc— have been wrbdrawn amk destroyed, and their place occupied hy 1 1 utiles payable io three years, bearing interest at six per centum, compounded semiannually. This i* believed to be the best form of itterest bearing legal tender notes, 1 as being more likely t" be withdrawn and held until metutity, as an It. vestment. - TUX MATIOXAL »ANI OVBtlMCT. Tka amount of billslssued to ih* national banks, as appears from tha booka of (he comptroller* of the Currency, was, up lo the 22d of Nevcmber inclusive, $61,160.210. As these banks kave absorbed capital wblcb might otherwise have beea invested I in Statea corporate iustituttona, aad in many iniiaaces have taken the place of tkove institution* by conversion, the«a issue* cannot be regarded aa aa mock adfii- | lion to tba body ol currency. Tke rvtnrna un til* at Ihe department show that th* whole circulation of the State banks on the 1st of January, 1864, **• $169,926,129. while th* whole circBtsuoD »r such banks for the month of July. 1864. rsturned to tb* lalernal Refenae Bureau, and whicb embraced, with a few trifling extwpiioa*, all of these institutions oalajd* of tka rebellious .Staie*, wa- only $126,106,606 79. , Tba dinmiuttien is $43.729,522 28, wkicb, deduct eda)rom $65, 16O,*10.1*bvee $21,48$.- , 687 72 aa lb* amonot at tacreaao to November 22, 1864. nt* ramitcR pa cold. The experience at the peat few mootks cannbt Aave Vailed to convince tke moat I earless observer that whatever may be tbe I , effect of a retiondvBl circaletion upon tke i price 01 coin, other cause* have etercfetd a 1 greater and more deteierions mflaence. In the c»ur*« of a fen days lb* price of this 1 article ro*« from about $1 50 10* $1 85 m paper for nee dollar in specie, aad aebee. I qtently fell la as short * psriod to $1 87, , and 1 k*n again ran* as rapidly ta $9 M>a»d . | all wttkeut any assignable cease traceable i \tm a§ inrrease or decrcsBela tke circaltUon - ' of paper money, or aa *ii*ao*toa or eoa- ► MBCtion of credit or otk*r Similar iaflaanr* » ; on Ik* market tending Ik occ aaiea a ffoete 1 ' s» ea H 16 »• appa%a%#at

thr soluiiua of the problem may be found in the etipairiotic and criminal effort* speculators, «nd probably at secret envmira to raise tha price of coin, regard l»*% of lb* lujury inflicted upon the coaairy. cr drs . rablw lo iod.ct upon it. All each at«e«api« should hr ludigoaoit) fruwaed vp..i. ),y patrioiic community, and ihr effurta . f fc:. good emxens invoked to counteract »i nt-farious acbeairs. A lew providing for 1 exemplary pooishmrot of combination* 1 such a purpose might lead to vindicate, it could not piolrci, lk?< public nghla this regard, and should he, so (ar a* po* hie rightly enforced. Bui whatever am cats might attend eov effort lo check specelation in coin, or to counteract it* injurious effect, it is still obv»oes thu .0 Ion? aa there remain* a large and increasing u*» cessit) for tu use, and a limited supply, n tstll eliminated a price cnuiuieaa«iraie ailh th* necrssiiy and tk* difficulty vf ohtaiwing it. This necessity srio-i from the dernsud for foruigu exchaago. for customs dativr, and to pay the lUlereal u* the public debt, 'The matter . f foreign exchange I do ool propose to discuss. I fi* demand for duties on imports and that to pa) the toter*M on > a large portion o' lb» | utdic debt are no for > <d ot csl that one is dependent upon tb* . o her. Tbe laws autburixiog Ik* issue of j hond* besrir g intvrfSt in com. s;i*cifi<*ally : pl-dgsd th* revenue from cn«toins to tlm [ payment ot that juUrrst, and providi-d for i tha collection of tho * dull** ia the asm* currency, io thr opinion of the Secretary I that pledge should tint be violated ; a d*. psrlnre from it could only be vindii-ated by • «»ne of those Stair Ht-cwM>t'l«% which jsallfy a nation in teniporerdy posponing iu oMi- : gallons in order tn orevcrve tha trnwer to , preserve them at a future day. When the ; plvdga was given ou oae anticipatrd * prfsi sihle continuance of lb* war lor sorh a 1 lengiKof lime as would involve the increase uf the puhlir debt to the point it hat already attained, or the possible payment of lutrrest >u coin lo an amount h. vor.d the ' ability of duties on imports to sa|»p|y. It , will h* noticed, however, that oar annual , I com infor**! now exceoos $>,(MK),(J ni._ Should tfia sdd.tiousl amount required for . ihq expeaditurqs of the fivcal year be raised upon bonds bearing interest in coin, and the revtmua from cu«tom* not exceed tbe estimate predicated up<m the rec«tpts nf (be first quarter, it is quite manifest that resort must soon be had to some other »ource of supply, or. recourse must be had to the eaiission of securties of a different character. It could not h# expected that each securities would stand on a level with tboee ■ the interest upon which is payable in rt>in, •inl» s* ao increased value shuold be given i them by s higher rate of interest, or their ]»aymeul tkuulJ be secured by a specific 1 li*-n upon revert#*, in vi#a of 'the serious . consideration preseuvd by this question, whether a affecting tbe market tela* of coin or tbe ability of government to meet its specific Interest, should the as* coniinuc ; (rem th# revenue now a|H*rifiaal|y j appropriated to that perp.»ae, the Hecrelary 1 iv forced to the conclusion that we should in the future rely, for Hie mod perl, upon ; securities beano? interest in currency, con- : verlibls into bunds, th*- (nt«*rest nf which is pay sbl" in coin. Notes b aritt? an increased rate of istermt, ps«abu in currency, redeemable in three or fivr years, sad convertible at maturity into five. twenty bondv, would W preferable, in thr judgment of the Secretary to any other fo-m of trcurity. Bonds at long dates, th* interest of which ' is payable in currency at the uses! rate, would be |*m attractive, ar.d io tbe end in* ▼olve s much greater sacrifice. ^ussler's Catnrr. w I_-I rl Au Enifmas, Rlddlas. Quvstioas, M., mast t* aceompanirc with the Ant wen aa t SolutMas la or0«r to s««ura lasvrtion. MI8CKLLA>K0tfi KXICIM.-Kb. 19. / am composed of 20 letters. My 11, 5, 6, 10, 17, 13, is nn empire in Europe. My 1. 9, 10, i* en intoxicating drink. My 16. 6. 14. 19. is a ncce*a«ry article. My 8, 9. 10. 13. is a fovorit- drink. My 7. 9. 10. 15, 4, 3, is s shade »»**. My 16. 13. 12, 10, 4, is n river in Franc*. My 19. 5. 13. 10. 20, 10, 3, is th, capital of s state. My 15, 9, 10. 3, 2. 5, is what we here every day. 1 My whole is tbe name of s distinguished General. Lusik N. k Jiua T. Answer next week. Aatwer to Lairtux Nt, 11. "Sacrees lo General Grant."— Answered hy Hmttie Marry, Hannah. M. Il'dme*. F. Doaglsvs, of Dyer's Creek ; Ketti* L. IlnrI ris, William l». Hsmmitt, Uharles M- Hem- ; mitt, of Cape May Coort Hosse ; Josie, of (fomden, and Hsriy Matthews, of Philn- \ ; delphia. V The follow iag answers to F.nigm* . No. 10, have bran rnonivnd 1 Harriet O. Holmev, Elite L. Holmes, , Josun* WMker, Ltxcie. and Jnlin, nf |>y. , er'a Creek; Nellie Matthews, John M. Ross, of Phtlsdelphis ; Mary L. Cammings j of Fishing Creek ; llsnns h M. Helover, , Green Creek ; Madge Wil-tftra, nf Deanie. . v die ; l.tdie llabvtmsyer. of Balca ; Ltbbin I Rart, of Pleasant Plains, Hsngamer Co., Illinois; Meda Ar, Hornet te, et Ionia, Michigan ; Debbie Lndtm, of t/oehen ; Uhsrlie, of Can* May C. H. ; Kaoa W. Cain, at , Townsend's Inlet. Correct answers to the Riddln. is the !Fa»f of December 1st, hsv* bran fsrnisb. d SHaBtrah M. W«t»sr, of tAwen (:rw«V ; Ma Mahcnnsyrr. of rtelem ; KsUwilsU ' tbew*. of Phifedelnhia , l.lkufe Hart, of Pleasant Plaint, III. Emma B. Stratlon, Mart H. Jsmes, an 4 , Willie Miller, at W4* ffitkandMlle. bara . fsrmshed correct answers to ike p sffiical , Riddle 10 tb* iVoev *r D*e*nKer ljl» Wa recti ve a great taan.T that are erroBanB*. both fe speBisg end the omfesioa of lettwfi. lNranfia^jJffkJB 1 spall corroBtlfo n$tl the: vrwry letter, or 1 figure, ia the eom^sMhura^flM|j^^H^kd. — Lf-'