The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1862-12-05

sion without having audited and passed upon
oil the claims which were submitted to It. A
proposition IL pending to revive the conven.
lion. that IL may DO able to do more complete
justice.
The commission between the United States
and the Republic of Costa Rics has complete
ed its lsbors and submitted It's report.
ATLANTIC AND PACIFIC TELEoRArHs.
l have favored the project for the connect.
ing the United States with Europe by an AZ.
lantic Telegraph /; and a similar project to ex
tend the Telegraph from San Francisco to
connect by q Pacific telegraph with the line
which is being extended across the Russian
Empire.
THE TERRITORIES.
The Territorie, OF the United State"
with uninportsnt exceptions, have remain
ed undisturbed by the civil war, snd they are
exhibiting such evidence Of prosperity as jus.
titles an expectation that some OF them will
soon be in . condition to be orgsnized a.
States, and be constitutionally admitted into
the Federal Union.
The immense mineral resources Of some OF
these Territories ought to be developed as
rapidly as possible. Every step in that d.
rection would have . tend, ncy to improve tho
revenues Of the Government and diminish the
burdens oil the people.
II Is worthy Of your serious confederation
whether some extraordinary measures to pro-
mote that end cannot be adopted. The mean 4
which suggests itself as most likely to be ell
feetive is a scientific exploration OF the miner
al regions in those territories, with a view ~
the publication Of its results at home and In
foreign countries-results which cannot fail to
be suspicious.
FINANCES.
The condition Of the finances will claim
your most diigent consideration. The vast
expenditures incident to the military and ma
val oper atoms required for the suppression OF
the rebellion, have hitherto been met with
promptitude and certainty unusual in similar
circumstances, and the public credit has been
fully maintained.
The continuance Of the war. however, and
the increased disbursements made necessary
by the augmented forces now in the field, de-
msnd your best reflections as to the best
modes of providing the necessary revenue
without injury to business, aud with the least
possible burdens upon labor.
The suspension Of specie payments by the
banks, soon after the commencement oil your
last session, Uaue iatBo ssue' W S~
States notes unavoidable.
In no other way could the payment oil
the troops and the satisfaction Of other just
demands be so economically or so well pro-
| yided for.
The judicious legislation Of Congress secur.
ing the receivability Of these notes for loans
and internal dates, and making them legal
tender for other debts. has made them univer-
A.a ar al nj n
least and for the time. the long.felt want OF
a uniform circulating medium. saving thereby
to the people immense sums in discounts ana
exchanges.
A return to specie payments, however, at
the earliest period compatible with due re-
gard to all interests, should ever be kept in
view.
Fluctuations in the value of currency are
always injurious, and to reduce these auctu.
atoms to the lowest possible point will always
be leading purpose in wise legislation.
Promp, and certain conver,ibility into coin
il generally acknowledged to be the best and
surest guaranty against them, and 1t is ex-
tremely doubtful whether circulation OF
United States notes payable in coin and sutfi.
GENTLY large for the wants OF the people, can
be PEI manently useful and safely maintained.
Is there then any other mode In which the
necessary provision for the public wants can
be made, and the great advantages OF safe
aud uniform currency securedf
know Of none which promises so certain
results and at the same time so unobjectona'
BILE as the organization OF Banking sssocia.
tons under general act OF Congress, well
guarded in its provisions. To such associa-
tons the Government might furnish circulate
sk. q tod SFain
bonds deposited in the treasury.
These notes, prepared under the supervis-
ion of proper officers. being uniform in ap.
pearance and security, and convertible always
into coin. would at once protect labor against
the evils Of vicious currency. and facilitate
commerce by cheap and safe exchange. A
moderate reservation from the interest on the
bonds would compensate the United States
for the preparation and distribution OF the
notes and a general supervision Of the system,
and would tighten the burden Of that part OF
the public debt employed as securities.
The pubic credit, moreover. would be
greatly improved. and the negotiation OF new
loans greatly facilitated by the steady market
demand for government bonds, which the a.
doption OF the proposed system would create.
Ii 10 an additional recommendation OF the
measure, Of considerable weight in my judg-
men,, that il would reconcile, as far as posi-
bic. all existing interests, by the opportunity
offered to existing institutions to reorganize
under the act, substituting only the secured
uniform national circulation, for the local and
various circulation. secured and unsecured,
now issued by them.
RECEIPTS AND EXPENDITURES.
The receipts into the United States Treas.
ury from all sources. including loans and bal.
ance from the preceding year. for the fiscal
year. ending on the 30th Of June, 1862. were
$3.50, sS5,2i7; Of which sum St9,056,S97 So
were derived from customs; Sl,795,33l 70
from the direct tax; from public lands $751;
2O3 rs; from miscellaneous sources $93l,.
ISL Ga: from loans in all forms $500, $685.
46O so. The remainder, S2,257,065 so, was
the balance from last year.
The disbursements during the same period
were for Congressional, Executive and Judi.
ciary purposes S5.939, 900 30; for foreign In.
tercourse Si,339,7l0 IS; for miscellaneous
expenses, including the minis, loans. Post or.
fee deficiencies, collection Of revenue, and
other light charges, Sli,i20,77l 90; for ex.
penses under the Interior Department, S3,-
l02,9s5 So; under the War Department,
1894, 1856, 4O7 So; under the Navy Depart.
ment, Si2.672,569 50; for interest on the
public debt. Sl3,l09.324 as; and for the pay
ment Of the public debt, including reimburse.
ment Of temporary loans and redsmptions.
sos. o96.922 90; making an aggregate Of
S57o.s4i,70o IS; and leaving a balance In
the Treasury on the first day OF July, 1862, Of
Si3,o43,6i6 81.
1t should be observed that the sum Of &c.,
O96.9?? 90. expended for reimbursements and
redemption of the public debt, being included
in the loans made, may be properly deducted