The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1862-12-12

know Of none which promises so certain
results, aud at the same time SO unohjec
tionabe, as the organization of banking
associations under general act of Con
gress, well guarded in It's provisions. To
such associations the government might
furnish circulating notes, on the security
of United States bonds deposited in the
Treasury. These notes, prepared under
the supervision Of proper officers, being
uniform in appearance and security, and
convertible always into coin, would at once
protect labor against the evils of vicious
currency aud facilitate commerce hy cheap
and safe exchanges. A moderate reservR-
tion from the interest on the bonds would
compensate the United States for the pre-
para,ion and distribution Of the notes, and
general supervision of tie system, and
would tighten the burden of that part of
the public deb: employed as securities =
The public credit, moreover, would te
greatly improved, and tie negotiation CT
new loans greatly facilitated by the steady
market demand for government bonds,
which the adoption of the proposed system
would create. 1t is an additional recon-
mendatiou Of the measure Of considerable
weight in nv Judgment, that it would re-
concile as far as possible all existing in
terests by the opportunity offered to exist.
ing institutions to reorganlze under the
act substituting only the secured uniform
national circulation, for the local and vari
Gus circulation, secured and unsecured
now issued by them. The receipts into
the Treasury from. all sources, including
loans aud balance from the preceding year
for the fiscal year ending on the 30lh
June, 1862. were $3.50. SS5, ,247.0G, Of
which sum s49,056, 397 .62 were derived
from customs; SI.795 33I 73, from the
direct tax from public lands $l52. 203 II
from miscellaneous sources 1881, ,7S7 64
from loans in all forms S529 500, 460.50
The remainder So ,257 ,065 SO, was the
balance from last year. The disburse-
meuts during the same period were for
congressional, executive, and Judicial
purposes, IS ,939,009 %; for foreign iu>
tercourse, Sl,339,7l0 35; for miscelane
Gus expenses, including the m!nts, loans,
postoffice deficiencies, collection of reve
nue, and other like charges, ,4l4 I29, ,77I.50 !;
for expenses under the Interior Depart
ment, S3,I02,9S5 81; under the War
Department, 1894 ,36s ,407 Sc; under the
Navy Department, $40, ,o74 500 60 for
interest on the public deb., $l3, 1870, 324.
As and for the payment of the public
debt including reimbursement of tsmpor-
ary loan and redemptions, $96. .O96, ,922.-
90; making An aggregate of $3.50, SAL
700 25 and leaving a balance in the
Treasury on the first day of July, 1862,
of SI3 ,043, ,546.SI. 1t should be observ-
ed that the sum of 96,096, 922 90, ex
pended for rembursements and redemp>
tion of the public debt, being included al
so in the loans made, may be properly
deducted both from the receipts ana eX>
penditures, leaving the actual receipts for
the year s4S77SS,324 81; and the ex
penditares, $474 744, 4,7SSIG. O,her in
formation on the subject Of the finance
will he found in the report of the Secreta>
rv of the Treasury, to whose statement
and views | invite ycur most candid and
considerate attention. The reports of the
Secretaries of the Navy and War are here
with transmitted. These reports, though
lengthy, are scarcely more than brief alb
stracts Of the very numerous and extensive
through these Departments. Nor could |
give a summary OF them here upon any
r.incible which would admit of its being
much shorter than the reports themselves.
therefore conten: myself with laying the
reports before you, and asking your atten
tion to them.
1t gave me pleasure to report decided
Improvement in the financial condition Of
the Post office Department as compared
with several preceding years. The re-
ceipts for the fiscal year 1861, amounted
to $S,349. .29640, which embraced The
revenue from all the states Of the Union
for three quarters Of that wear. Notwith
standing the cessation Ct revenue from the
so called seeded state during the last
| isca! year, the increase 0, the corresponds
ence Of the loyal states has been sufficient
to produce a revenue during the same
year of SIS, 300, ,S20.90, being only $4,000
| less than was derived from al the states
OF the Union during the previous year
| The expenditures show still more favor
able result The amount expended in
1861 was sI3 COG 1911. For the last
wear the amount has been reduced 10 ST,
I25 364.I2, showing De ,rease Of about
50 4SI, 600 in the expenditures, as com
pared wish the preceding year, about s3,
$50 900, as compared with the fiscal year
1860. The deficiency IN the department
for the previous year was 81 55f 900 98
For the last fiscal year il was reduced to
ES2II2,SI4 457. These favorable results
are in part owing to the cessation Of mail
service in the insurrectionary states, and
| in part to casual review Of all expeudi
lures in that department, in the interest
/ Of economy The efficiency Of the postal
service, it is believed, has also been mnch
/ improved. The Postmaster General also
opeued a correspondence through the De-
par,ment Of State with foreign govern
meuts. proposing convention OF postal
representatives, for the purpose Of simpli>
fying the rates OF foreign postage and 10
expedite the foreign mails.
This proposition, equally important to
our adopted citizsns and TO the cohlmer
rial interest Of this country, has been ia