The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1862-12-09

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pretended.
In the month of June last there wer
some grounds 10 expect that the mari
time powers which at the beginning c
our domestic difficulties SO unwisely an
SO unsuccessfully as we think, recogni
zed the Insurgents as q belgerent power
would soon recede from that postio
which has proved only less in furious t
themselves than TO our own country bu
the temporary reverses which afterward
befel the national arms and which wer
exaggerated by our own disloyal citizen
abroad, have hitherto delayed that act .
simple justice.
The civil war which has so radically
changed for the moment the occupation
and habits of the American people, ha
necessarily disturbed the social condi
ton and affected very deeply the pros
perity of the nations with which we have
carried on commerce that has been
steadily increasing throug hout period
of half century. 1t has at the same
time excited the political ambitions and
apprehensions which have produced a
profound agitation throughout the civil.
zed world.
In this unusual agitation we have for.
borne taking part in any controversy be-
tween parties and factions in any such
States. We have attempted no propa.
gandism and acknowledged no revolu-
ton, but we have lelt to every nation the
exclusive conduct and management of its
own affairs. Our struggle has been OF
course contemplated by foreign nations
with reference less to its own merits
than to lis supposed and often exaggera
ted effects aud the consequences result
ing to those nations themselves. Never
theless, complaint on the part Of this gov
ernment, even If it were just, would GER
tainly be unwise.
1.-THE President then speaks briefly of the
Misunderstanding arising out of the blockade,
and of African emigration, the substance of
which we published last week.
Our relations with the nations of Europe re-
main undisturbed, and with the neghbors of
our own continent are more than usually cor
lial.
He speaks in favor Of the Atlantic Telegraph
md Of a line from San Francisco to connect
with the line being extended across the Rus
sian empire.
The Territories, with unimportant except
ons, have remained undisturbed during the
war. He recommends development of their
mineral resources by a scientific exploation.
Relative to the Natioual Finances and Cur
The condition of the finances will claim your
most dilgent consideration. The vast eXpeudi-
ures incidental to the military and naval oper-
atoms required for the suppression OF the re-
)elllon have hitherto been met with prompt
tude and certainty unusual in similar circum-
stances, and the public credit has been fully
The continuance Of the war, however, and
he increased disbursements made necessary
~ the augmented forces now IN the field de-
lauds your best reflections as TO the best mode
If providing the Necessary revenue without in
ury 10 business, and the least possible burdens
lp0n labor. The suspension of specie pay
nent by the banks soon after the commence
nent of your last session, made large issues of
United States notes unavoidable. In no other
way could the payment of the troops and other
ust demands be SO economically or as well pro-
'ided for The iudicious legislation of Con-
5ress, securing the receivabiiity of these notes
or duties, and making them legal tender for
'ther debts, has made them universal currency.
md has satisfied, partially IA least aud for the
ime, the long felt want of a uniform circula-
ing medium, saving thereby to the people inn
nense sums in discount and exchange re.
urn To specie payment however at the ear
lest period compatible with a due regard TO
al interests, should be kept in view
Fluctuations in the value OF currency arc al
ways injurious, and to reduce these fluctuations
o the lowest possible point, will always be a
eading purpose IN wise legislation. Prompt
md certain eonyertibility into coin is generally
lodged to be the best and surest means
against them, and it is extremely doubtful
whether circulation of United States notes,
payable in coin, and sufficiently large for the
want. OF the people, can be permanently, use
ully, and safely maintained. Is there any 9th
II medium which can be made for the necessary
provision of the public wants, aud the great
advantages of safe and uniform currency Sc
cured | know of none which promises SO
certain results, and at the same time SO unob-
ectionable, as the organization of banking as
sociations under general act Of Congress well
guarded in its provisions. To such associa-
.Ions the government might furnish circulating
notes on the security of United States bonds de-
posted in the treasury. These notes. prepared
under the supervision of proper officers, being
anitorm in appearance and security. and con
vertible always with coin, would at once pro-
.ect labor against the evils of vicious curren-
", and facilitate commerce by cheap and safe
exchanges.
a moderate reservation from the interest on
the bonds, would compensate the United States
for the preparation and distribution of the
notes and general supervision OF the system,
would Tighten the burden OF that part Of the
public debt employed as security. The public
credit, moreover, would be greatly improved,
and the negotiation of new loans greatly facil
ltated by the steady market demand for gov
ernnent bonds which the adoption Of the pro-
posed system would create. Its an additional
of theAneasurc of considerl.
BILE weight in my Judgment, that il would rec
oucle, ns far as possible all existing interests
by the opportunity offered to existing in.titu-
tions for a secured uniform national circulation
10 place Of the local aud various circulation,
secured and unsecured, now issued by them
ruE TREASURY EXHIBIT.
The receipts into the treasury, from all bu.
rcaus. including loans and balances from the
year, for the fiscal year ending on
The 30th OF June, 1862. were
Customs ........-----.S Si9,05s. .497 %
Direct tax. Observation-Disclosures. ,193 .33l -
Public lands, ,.............. l52,203 -
us. g3l .Ts9 I'll
Loans in all forms ..-......- 525 ,G}2 800 80
r. = - A4l "A