desire and determination of the people to pay it soon, and sacrifice no property, than from any inability to meet it. The statement of the Public Debt are for each fiscal year ending June 30th: and from 1869 they are given with the accrued interest less the cash in the Treasury and the Railroad Bonds. THE PUBLIC DEBT OF THE UNITED STATES. SIXES OF 1861.-Dated 1861, and redeemable in twenty years from January 1st and July 1st of that year. Interest six per cent. in gold, payable semi-annually-January 1st and July 1st. These Bonds were issued in three series: Under Act February 8th, 1861, $18,415.000; dated variously in 1861. Under Acts July 17th and August 5th, 1861, $50,000,000; dated November 16th, 1861. Under Acts July 17th and August 5th, 1861, in exchange for 7-30's, $139,317,150; dated November 16th, 1861. Under Act March 3d, 1863, and principal made especially payable in gold coin, $75,000,000; dated June 15th, 1864. Total issue, $282.732.150. FIVE-TWENTIES OF 1862.-Commonly termed Old Five-Twenties, dated May 1st, 1862, Redeemable after five years, and payable in twenty years from date. Interest six per tent. in gold, payable the first of May and November. Issued under Act February 25th, 1862. 3514.771,600. FIVE-TWENTIES OF 1864.-Dated November 1st, 1864. Redeemable after five, and pay. able in twenty years. Interest, six per cent. in gold, payable 1st of May and November. Issued under Act June 30th, 1864, $125,561,300 FIVE-TWENTIES OF 1865.-Dated July 1st, 1865. Interest six per cent. in gold, payable January and July. They are redeemable in five years, and payable in twenty years. Issued under Act March 3d, 1865, in exchange for 7-30 notes converted, and amount, August 1st, 1868, to $332,998,950. FIVE-TWENTIES OF 1865.-Dated November 1st, 1865. Redeemable after five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of May and November. Issued under Act March 3d, 1865, $203,327,250. FIVE-TWENTIES OF 1867.-Dated July 1st, 1867. Redeemable in five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of January and July. Issued under Act March 3, 1865, in exchange for 7-30 notes, and amount, August 1st, 1868, to $379,618,000. FIVE-TWENTIES OF 1868.-Dated July 1st, 1868. Redeemable in five, and payable in twenty years. Interest, six per cent. in gold, payable 1st of January and July. Issued under Act March 3d, 1865, in exchange for 7-30 notes, and amount, August 1st, 1868, to $42,539,350. TEN-FORTIES.-Dated March 1st, 1864. Redeemable in ten, and payable in forty years. Interest, five per cent. in gold, payable on the 1st of March and September on all Registered Bonds, and on all Coupon Bonds of the denomination of $500 and $1,000. On the $50 and $100 Bonds, interest is paid annually, March 1st. Issued under Act March 3d, 1864; principal, payable in gold, $196,117,300. FIVES OF 1870.-Redeemable at the pleasure of the United States, after May 1, 1881, in gold. Interest, five per cent. in gold, payable quarterly- February, May, August, and November 1st. Exempt from all taxation. Issued under Acts of July 14th, 1870, January 20th, 1871, December 14th, 1873, January 14th and March 3d, 1875. Amount, $517,994,750. U. S. PACIFIC RAILROAD CURRENCY SIXES.-Dated January 16th, 1865, and variously thereafter. These Bonds are issued by the Government, under Acts July 1st, 1862, and July 2d, 1864, to companies receiving their charter from Congress, which gives them the right to construct railroads to and from the Pacific Coast, and on the completion of each twenty miles of track, to receive at the rate of $16,000, $22,000, or $48,000 per mile, according to the difficulty of constructing the same. They are payable thirty years from date of issue, and are registered in Bonds of $1,000, $5,000, and $10,000. Amount issued to September 1st, 1870, $64,623,512. All of the Bonds are issued "Coupon" or "Registered." Coupon Bonds can be changed into Registered Bonds, but Registered Bonds cannot be changed into Coupons. Coupon Bonds are in denominations of $50, $100, $500, and $1,000; the Registered Bonds the same, with addition of $5,000 and $10,000. FOUR AND ONE-HALF PER CENTS OF 1870.-Redeemable after September 1st, 1870, in gold. Interest, four and one-half per cent. Exempt from all taxation. Issued under Acts of July 14, 1870, and January 14, 1875. Amount, $240,000,000. FOUR PER CENTS OF 1870.-Redeemable after September 1st, 1870, in gold. Interest, four per cent. Exempt from all taxation. Issued under Acts July 14, 1870, and January 14, 1875. Amount authorized, $1,000,000,000. Issued to August 1st, 1879. $711,022,000. These various Bonds were issued for various purposes. Most of them were made to take the place of Treasury Notes and other floating debts of the Government, to replace those Bonds or certificates of indebtedness of various kinds when they fell due, or to re-invest that part of the Public Debt which might be paid at the pleasure of the Government at a lower rate of interest. This last operation is called "refunding." The total amount so refunded August 1st, 1879, which completes all the refunding practicable, according to law, until 1881, was $1,396,022,000; and the total interest bearing debt at that date was $1,797,643,700. The reduction of the interest bearing debt from its highest point, August 31, 1865, amounted to $583,886,594.96; and the annual interest saved by payment and by refunding at a lower rate per cent., amounted, August 1st, 1879, to $67,203,919.37. The entire amount of the Public Debt paid between August 31, 1865, and July 1st, 1879, was $729,224,315.06. THE AVERAGE WEALTH TO EACH INDIVIDUAL. 1. New York. -$1,483.27 | 14. Missouri. 6. Pennsylvania.. 1,081.31 19. Iowa. 7. New Jersey. 8. Ohio. 9. Illinois 10. Maryland 11. New Hampshire, 12. Delaware 13. Indiana...... 838.73 21. Nebraska. 824.37 23- Minnesota. $746.48 26. Louisiana. $444 51 732.72 27. West Virginia.. 431.32 711.99 28. Tennessee 395.89 665.90 29. Virginia.. 334.31 607.41 30. Arkansas 322.81 601.03 31. South Carolina... 294.99 567.06 32. Mississippi 252.67 563.26 33. North Carolina... 243.39 777.35 25. Kentucky.. ..... 457.46 37. Texas... 754.58 CHAPTER XVI. WAR DEPARTMENT. Men, unfortunately, have never been able to so arrango their mutual relations as to dispense with violent and deadly contests. Although they are less frequent and shorter now than formerly, they are more costly and more destructive, and every nation is still, as formerly, obliged to anticipate the possibility of war and to make provision for its sudden occurrence, that it may not be borne down and overwhelmed by the first shock. It is an event so probable, even, and especially if the country should be in a defenseless state, that it has become a maxim of prudence with statesmen to avoid war by being prepared for it. The nation that can best repel an attack is least likely to be attacked. Most goverments, like our own, had their birth and early history in the confusion and devastation of that great destroyer of life and property; and it is natural that the first leisure of peace should be occupied in preparing themselves, in the most effective manner possible, for both defensive and offensive operations in case of its return. The Constitution contemplates the existence of an army and navy for warlike purposes, and makes the President Commander-in-chief of both. The first Congress assembled under the Constitution hastened, in its first session, to provide him an army and navy to command by organizing the Department of War. At its head was placed the Secretary of War, and so necessary was it deemed to the dignity and security of the nation that he was made one of the principal officers of the government, having a seat in the cabinet and being regarded as one of the advisers of the Chief Magistrate. He is appointed by the President with the consent of the Senate. A Chief Clerk, to be appointed by the Secretary, was |