The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1862-12-06

The condition OF the finances will
claim your most diligent consideration.
The vast expenditures incident 70 the
military and naval operations required
for the suppression of the rebellion, have
hitherto been met with prompttude,
and certainty, unusual in similar circum-
stances; and the public credit has been
fully maintained. The continuance Of
the war, however, and the increased dis
bursements made necessary by the aug
mented forces now in the field, demand
your best reflections as TO the best modes
of providing the necessary revenue, with
out injury TO business, and with the least
possible burdens upon labor.
The suspension of specie payments by
the banks, soon after the commencement
of your last session, made large issues
of United States notes unavoidable. In
no other way could the payment of the
troops, and the satisfaction of other Just
demands, be so economically, or so well
provided for. The judcious legislation
of Congress, securing the receivability of
these notes for loans and internal duties,
and making them legal tender for other
debts, has made them an universal cur
rency; and has satisfied, partially, at
least and for the time, the long felt want
of an uniform circulating medium,
saving thereby to the people, immense
sums in discounts and exchanges.
A return to specie payments, however,
at the earliest period compatible with
due regard to all interests concerned,
should ever be kept in view. Fluctua-
tions in the value of currency are al
ways injurious, and to reduce these fluc-
tuations to the lowest point possible will
always be leading purpose in wise legis-
lation. Convertibility, prompt and cer-
tain convertibility into coin, is gener-
ally ackno wledged to be the best and
surest safeguard against them; and it is
extremely doubtful whether circula-
tion of United States notes, payable in
coin, and sufficiently large for the wants
of the people, can be permanently, use
fully and safely maintained.
Is there, then, any other mode in
which the necessary provision for the
public wants can be, and the great ad-
advantages of safe and uniform currency
secured?
| know of none which promises so GER
tain results, and is, at the same time, 50
unobj bjecGonable, as the organization oi
| banking associations, under general
act of Congress, we'll guarded in its pro-
visions. To such associations the gov
ernment might furnish circulating notes
on the security of United States bond.
deposited in the treasury. These notes
prepared under the supervision of proper
officers, beiug uniform in appearance anC
security, and convertible always int
coin, would at once protect labor agains
the evils of a vicious currency, and facil
itate commerce by cheap and safe ex'
changes.
A moderate reservation from the in
terest on the bonds would compensate tn
United States for the preparation ant
distribution of the notes, and a genera
supervision of the system, and wOul'
tighten the burden of that part of tn
public debt employed as securities. Tn
public credit, moreover, would be great,
improved, and the negotiation of neV
loans greatly facilitated by the stead.
market demand for government bond
which the adoption Of the proposed sys
tenn would create.
It is an additional recommendation Q
the measure, of considerable weight, i
my Judgment, that it would reconcile, a
far as possible, all existing interests, b
the opportunity offered TO existing inst
tutions TO reorganize under the act, sub
stituting only the secured uniform ma
tional circulation for the local and va
rious circulation, secured and unsecured
now issued by them
l The receipts into the treasury from a
| sources, including loans, and balanC
E from the preceding year, for the fiscal yei
= ending on the 30th June, 1862, wei
: 1888 38S5,247 06, of which sum S49056
. 397 02 were derived from customs
| S1,795, 331 73 from the direct tax; fro
; public lands S152,203 II; from misce
3 ianeous sources, S931, ,787 Ga; from loaI
in all forms, 1929, ,692, 46O 30. The r,
= mainder, S2,25T065 80, was the balan,
a from last year.
I The disbursements during the san
= period were for congressional execuiy
b and judicial purposes, S5,939,OO9 20; f
1 foreign intercourse, Sl,339710 35; f
miscellaneous expenses, including Il
) mints, loans, post Office deficiencies, co
$ lection Of revenue, and other like charge
; Sl4,129,771 20; for expenses und
+ the Interior Department, S3,l02,985 8
d under the War Department, 1894, 1865
= 4O7 30, under the Navy Departmer
Q S42,674.5 .569 SO: for interest on publ
: debt, Sl3,l9O,324 As; and for paymel
of public debt, including reimburseme
e Of temporary loan, and redemption
. 500, 6,O96,9 922 %; making an aggregate
a S57O,s4l,7 700 25, and leaving a balan
D in the treasury on the first day Of Jul
{, 1862, Of Sl3O43,546 81.
=. II should be observed that the sum
= S96,O96922 90, expended for reimburs
T. ments and redemption Of public del
e being included also in the loans mad
= may be properly deducted, both from r
a ceipts and expenditures, leaving the a