Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1862-12-05

l have favored the project for connecting tue
United States with Europe by an Atlantic tele-
graph, and similar project 10 extend the iele-
graph from San Fraeises, TO connect by IA
cifc telegraph with the Iine which Is being ex
teid,d across the Russian empire
The Territories Of the United States. with
uRimportant exceptions, have remained undis-
turbed by the civil war, and they are exhibit
ing such evidence of prosperity as justIfes an
expectation that some Of them will soon be IN
condition ts be organized as States, and he
cons.itutionally admitted into the Federal
Union
The immense mineral resources Of some or
these Territories ought 10 be developed as
rapidly as possible. Every step in that direc-
tion weuld have 4 tendency to improve the
revenues of the government, and dimihi-h the
burdens Of the peop.e. 1t is worthy Of your
serious consideration whether some extraordi-
nary measures TO promote that end cannot be
adopted. The means which suggests itself rs
most Likely 10 be effective, is a scientific eX-
pluration Of the mineral regions ia those Ter
ritOries, with view to tie publication of its
results at houe and in furrign eountiies-re-
suits which cannot fail to be suspicious.
The condition OF the finances will claim
your most diIigent con liberation. The vast
expenditures es incidelt TO the military ard naval
operations required for tie suppression Of the
rebellion, have hitherto been met with II
prompiitude, and certainty. unusual in similar
circunstanceS; aui the public credit has been
fully maintained. The continuance Of the war,
however, and the Increased disbursements made
necessary lay iIs. augmented forces now in the
field, drmand your best reflections as TO the
best modes Of providing tie necessary revenue,
without injury 10 business, and with the least
possible burden upon labor.
The suspension Of specie payments ly the
banks, sum ahcr the commencement Of your
last session, made large issues of the United
States notes unavoidable. In no other way
cca'd the payment Of tie troops, and the sat
isla-tian cf her just demands, be so economi-
ca'ly. Or SO well provided for. Tie j'tdiciors
eL isla'ion OF Congress, securing h. rrce va
l.ii.y Of lbcse notes for loans and internal
duii,s AID making them Legal tcHder for
OtL,1 & bss has matte tiIeIn universal ur-
rercy; ADd has satisfied, par isl j. al least, and
for ine tinc, lie loug felt wait of uniform
or, u,aIiug ,liuni. SAVING hereby tu the pee
pie, immense sums III discounts aid exchanges.
4 return 10 specie payments, however, al
she earliest period compatible, with due regatd
IL all interests cOnrerued, should ever be kept
in view. Fluctuations in the value Of currrn
cy are al@aTs Injurious, and TO rcinCe these
AsctoA iess 20 tie lowest possible ONT will
always he a lending purpose in wise legis,a-
tion. Convvr.ibfiiy, prompt and certain con-
4
to be The best and surest safeguard against
them, and it is extremely doubtful whether .
circulation "f United States notes, payable in
coin, aud sufIcieu,ly large for the wants Of tie
people, can be permanently, usefully aud safely
maintained.
Is there, then, any other mode in which tie
NECESSARY provisions for Tie public wants can
be made, and the great ndvan ages of safe
aud uniform currency secured
know Of none which promises so certGin
results, and is ut the same time, so unobjec-
Iionable, as the Organization of banking asso
eiAtionS under general act Of Congress, well
guarded in its provisions. To such assOcil
lions the government might furnish circulating
notes, GU the security Of United States bonds
deposited in the treasury. These notes, pre-
pared under tine supervision of proper officers,
being uniform in appearance and security, and
convertible always into coin, would at once
pTotCct labor against the evils OF a vicious
currency, and facililale 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
uoies, and general supervision of the system,
aud would Tighten the burden Of the public
debt employed as securities The public
credit. moreover, would be greatly improved,
and the negotiation Of new loaps greatly faci,
iIated by The steady market demand for govern
mcnt bJuds which the adoption of the pro
posed system would create.
Il is an additional recommendation of the
measure, that it would reconcile, as far as pos
sible, all existing interests, by the opportunity
offered to existing institutions 10 rcorganize un-
der the ac;, subsIi uling only the secured uni
furm national circulation Ior the local and va
rious Circulation, secured aud unsecured, now
issued by them.
The receipts into the treasury from all sour,
ces, including loans, and balance from the pre-
ceding year, for the fiscal year ending ON the
30sh OF June, 1862, were SJS8 SS5 PAT 06, Of
which sum SAY .056, ,397 g. were derived from
customs 81, 1885, ,33I 73 from the direct tax ;
from pubic lands 1852 2O3 II; from miscel-
laneous sources, $93I,7 787 81; from loars il, all
forms, S5@9,6 1922 AGO so. The remainder, 81
25TO65 so, WIS the balance from last year.
The disbursmen.s during the same period
were for congressional, executive, and judicial
course, 81 .SS9,TIO 35 Tor miscellaneous cx-
pcnses. including the minis, loans, post tfIice
deficiencies, collection of revelslc, and other
like charges, $l4l29,7TI so; for expenses
under the Interior Department, So I02 9S5 81;
under the Wan Department, 1891 sos. .4O7 So;
under the Navy Department, S42 ,674 5G9 90 !;
for interest on pub ic debt, including reim-
bursemeni of temporary loan, and rcd mplions,
S9600G 922 U9; making aggregate of
$57G,S4l 100 20 and leaving balance in the
treasury on the fist day Of July 1862, Of S18,-
O43 546 81.
1t shou be observed that the sum of $780,
e96.922 u9, expended for rcimbursements and
redemption Of public debt, being inclu led, also
the leans made, may be properly deducted, both
from receipts and expenditures, leuvIng the
actual receipts for tae year, $+8T.TSS,324 81 /;
and the expenditures, S4T4,744,77o I6.
Other information the subject of the f.
Eances viii be iolnd in the report of the See
retOry OF tue Treasury, TO wLuse statements
and views cal Uur mcst candid and consider
ate attention.
Ihe reports of the Secretaries Of War, and
Of the Navy, are herewi, b transmitted. These
reports, though lengthy, are scare, ly more
than b.ier abstracts Of The very numerous and
ed through these d. purlmenis. n Nor could give
a summary Of them here, upon any principle,
which would admit OF It's being much shorter