The Sun.
London, England, 1862-12-16 00:00:00

AMERICA.

RE-OPENING OF CONGRESS.

SPEECTI OF THE PRESIDENT.

NEW YORK, DEC. 2,
yesterday.o N M '
(per Persia.) NG.
Congress assembled at Washington
The Message delivered by President Lincoln is
moderate in tone towards the South, but firm for
the maintenance of the Union. On foreign rela-
tions he says :
" If the condition of foreign relations is lees
gratifying than at former periods, it is certainly
more satisfactory than a nation so unhappily dis-
tracted might have apprehended. In June last there
were some grounds to expect that the maritime
powers which, at the commencement of American
difficulties so unwisely and unnecessarily recognised
the insurgents as belligerents, would soon recede
from that position which has proved only less in-
jurious to themselves than to America.

" But temporary reverses, which afterwards befel
the Federal arms, and which were exaggerated by
disloyal citizens abroad, have hitherto delayed that
act of simple justice.

" Civil war has disturbed the social conditions and
deeply affected the prosperity of the nations with
which America has carried on an increasing com-
merce during half a century.

"It has at the same time excited political ambi-
tions and apprehensions, which have produced pro-
found agitation throughout the civilised world.
" In this unusual agitation America has forborne
from taking part in any controversy between foreign
states and between parties or factions in such states.
" America has attempted no propagandism and
acknowledged no revolution, bat has left to every
nation the exclusive cogduct and management of its
own affairs. Foreign nations have, of course, con-
templated the American struggle less with refer-
ence to its own merits than to its supposed and
often exaggerated effects, and the consequences re-
sulting to those nations themselves. Nevertheless,
complaint on the part of the Federal Governhient,
even if it were just, would certainly be unwise."
President Lincoln acknowledges with special plea-
sure that the execution of the slave-trade treaty
by the British Government has been marked with
a jealous respect for the authority of the United
States, and the right of their moral and loyal citi-
zens. The blockade of 3,000 miles of sea coast
could not, he says, be established and vigorously
enforced in a season of great commercial activity
like the present without committing occasional
mistakes, and inflicting unintentional injuries upon
foreign nations and their subjects.
" Civil war in a country where foreigners reside
and carry on trade under treaty stipulations is
necessarily fruitful of complaints of violation of
neutral rights.

" All such collisions tend to excite misapprehen-
sion, and possibly to produce mutual recrimination
between nations which have a common interest in
preserving peace and friendship.
" In clear cases of these kinds I have so far as
possible heard and redressed the complaints pre-
sented by friendly powers. There are, however, a
large and augmenting number of doubtful cases
upon which the Federal Government is unable to
agree with the governments whose protection is
demanded by the claimants. There are, moreover,
many cases in which the United States or their
citizens suffer wrongs from the naval or military-
authorities of foreign nations, which the Govern-
ments of these States are not at once prepared to
redress. I have proposed to some foreign states
thus interested mutual conventions, to examine and
adjust such complaints. This proposition has been
made specially to England, France, Spain, and
Prussia. In each case it has been kindly received,
bat not yet formally adopted."

President Lincoln recommends an appropriation
for the owners of the Norwegian barque Admiral
Riola.

He says that commercial and consular treaties
have been negotiated with Turkey, Liberia, and
Hayti, and continues :

" Our relations with European States remain
undisturbed. Our relations with the independent
States of the American continent remain un-
changed, but more friendly sentiments than have
hitherto existed are believed to be entertained by
these neighbours, whose safety and progress is so
intimately connected with that of America. This
statement specially applies to Mexico, Costa Rica,
Nicaragua, Honduras, Peru, and Chili."

I have favoured the project of an Atlantic cable,
and a similar project to extend the telegraph from
San Francisco to connect by a Pacific telegraph
with the wire which is being extended across the
Russian Empire.

The message recommends extraordinary measures
to promote the development of the mineral regions
of the United States territories, and continues :
Public expenditure for the suppression of the re-
bellion have been met with promptness, and public
credit ,is fully maintained. The suspension of
specie payments by the banks made a large issue of
United States notes unavoidable. The judicious
legislation of Congress making these notes a legal
tender has made them the universal currency, and
satisfied partially for the time the long-felt want of
a uniform circulating medium. A return to specie
payments, however, at the earliest period compa-
tible with due regard to all interests should ever be
kept in view.

The best means to reduce the fluctuations in the
value of the currency, and insure its prompt con-
vertibility into coin, is to organise banking asso-
ciations under a general act of Congress. To such
associations Government might furnish circulating
notes on the security of United States Bonds depo-
sited in the Treasury. These notes, being uniform
in appearance and security and convertible always
into coin, would protect labour against the evils of
a vicious currency, and facilitate commerce by cheap
and safe exchanges. Public credit would be im-
proved, and the negotiation of new loans greatly
facilitated by a steady market demand for Govern-
ment Bonds which the adoption of the proposed
system would create.

It would reconcild a 1 existing interests by the
opportunity offered to existing institutions to reor-
ganise under the Ae,t, substituting a secured uni-
form national currency for the various circulations
now issued.

The receipts from all sources for the fiscal year
ending June, 1862, were 584,000,000 dole. ; being
49,000,000 dols. from Customs, 1,800,000 dols. from
direct taxes, and from loans 530,000,000 dole. The
remainder was the balance from last year.
The aggregate disbursements during the same
period were 570,000,000 dole. The 96,000,000 dole.
expended for the reimbursement and redemption of
the public debt being included in the loans made,