Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1862-12-10

oCoh no CHhll5e VI our previous lelallO
with the independent States of our co
tlnent, but more friendly sentiments thu
have been heretofore existing. are /
IT lieved 10 be entertained by these neig
s. bors, whose safety and progress are 80 i
/ timately connected with our own. tn
:, statement especially applies to Mexic
e Costa Rica, Nicaragua. Honduras. PEI
n and Chill. s -tt .f.
j The commission under the conventic
with the Republic of New Granada close
its session without having audited All
passed upon all the claims which wei
: submitted to it. A proposition is pen,
! ing TO revive the convention that it mn
be able TO do more complete Justice
The commission between the Unite
States and the Republic of Costa Ric
has completed its labors and submitte
its report.
ATLANTIC TELEGRAPH
have favored the project of connect
ing the United States with Europe by al
Atlantic Telegraph, and a similar pr ojec
to extend the telegraph from San Fran
cisco to connect by Pacific telegraph
wire with the wire that is being extend
ed across the Russian Empire.
THE TERRITORIES. H..
The Territories of the United State
with unimportant exceptions have re
manned undisturbed by civil war; anc
! they have exhibited such evidences o.
prosperity as justifes an expectation thai
some of them will soon be in a condition
to be organized as states, and be consti
tutionalfy 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 direction would have
tendency to improve the revenues oil
the government and diminish the bur
dens of the people.
1t is worthy of your serious considera-
ton whether some extraordinary meas
ures TO promote that end cannot be
adopted. ..-..,--....
The means which suggests itself as most
likely TO be effective is a scientific explo-
ration of the mineral regions in these
territories with view of publication of
its results at home and in foreign coun-
tFies-results which cannot fail to be
suspicious. f
THE NATIONAL FINANCES.
The condition of the finances will claim
your most diligent consideration The
vast expenditures incident to the militia
ry and naval operations required for the
suppression of the rebellion, have hithers
to been met by a promputude and GER
tainty unusual in similar circumstances,
and the public credit has been fully MAIN
tanned. The continuance of the war,
however, and the increased disbursements
made necessary by the augmented forces
now in the field, demand your best refiec-
ton as to the best modes of providing
the necessary revenue without injury to
business, and with the least possible bur
dens upon labor. The suspension of spe-
Gle payment by the banks soon after the
commencement of your last session. made
large issues of United States notes un-
avoidable. In no other way could the
payment of the troops and the satisiac-
ton of other just demands be so econom-
ically or as well provided for. The Judi
cious legislation of Congress securing the
receiEability of these notes for loans and
internal duties, and making them legal
tender for other debts has made them uni
YeFsal currency, and has satisfied, partial
ly at least, and for the time, the long felt
want of uniform circulating medium,
saving thereby to the people immense
sums in discounts and exchanges. A re-
turn to specie payments, however, at the
earliest period compatible with due re-
gard to all interests, should ever be kept
in view. Fluctuation in the value of
currency are always injurious, and to re-
dnce eseAuetustions to the lowest pos
sible point will always be leading pup
pose in wise legislation. Prompt and
certain iconvertibility into coin is general |
" acknowledged to be the best and surest
against them, and it is extremely doubt
full whether circulation of United States
notes, payable in coin, and sufficiently |
large for the wants of the people. can be |
usefully and safely maintain !
ed. is there any other mode in which I
the Necessary provision for the public |
wants can be made and the great adFan-
tages af q safe and uniform currency Sc
cureda / know of none which promises |
80 certain results and at the same time so |
unobjectionable as the organization of
banking associations under a general act !
Of Congress, well guarded in its provi- |
sions. TO such associations the govern |!
ment might furnish circulating notes on |
the security of United States bonds de- |
posted in the Treasury. These notes,
under the supervision of proper |
officers, being uniform in appearance and |
and convertible always into coin, |
would at once protect labor against the !
evils of a vicious currency, and facilitate |
commerce by cheap and safe exchanges.
4 moderate reservation from The interest /
on the bonds would compensate the Uni |
ted States for the preparation and distri-
button of the notes, and a general super
vision of the system, and would tighten |
the burden OF that part of the public
debt employed as security. The public
credit, moreover, would be greatly i'm
proved, and the negotiation OF new loans
greatly facilitated, by the steady market
demand for government bonds, which the
of the proposed systerl would
r II is an additional recommendation of |
Lh6 measure of considerable weight in my
judgement that it would reconcile. as far
IS possible. all existing interests by the
offered to existing institu-
lions to re-organize under the act substi- |
Buting only the secured, uniform national |
circulation for the local and various eircu-
Iations, secured and unsecured, now is |
sued by them.
The receipts into the Treasury from ali
sources, including loans and balance from
The preceding year for the fiscal year end
ng on the 30th June, 1862, were $685.
3S5, ,247 &C, of which sum S49, ,05S, ,397 62
we're derived from customs; Sl,795, ,33l %
rom the direct tax; from public lands
sl52, ,203 IL; from miscellaneous sources,
S93l, ,7s7 Ga; from loans in all forms S527,
;92, 460 So The S257 ,065 so,
vas the balance from lastyear.
. The disbursements during the same pc
-iod were; For Congressional, Executive
md judicial purposes IS, ,939 0O9 %; for
ioreign intercourse Sl.S39.7lO 2a; for
expenses including mints,
oans, post Office DEFICIENCIES, collection
IF revenue and other charges $l4, 129,-
III so; for expenses under the -Inte-
,ior Department SO, l02, 9S5 50. under
he War Department 1894, 36S, ,407 SO; I'M
Ter the Navy Department. S42, GA, $50 60;
or interest on public debt Sl3. 100. .324 45