The Big blue union. [volume] (Marysville, Kan.) 1862-1866, 1862-12-13

ment especially appneSto Mexico, COsta hica,
Nicaragua. Honduras, Peru and Chilli.
The commission under the convention with
the Republic of New Granada closed its session
without havin audited and assed upon all the
claims which we're submitted to it. A PROPOSE
tion is pending to revive the convention, that
it may be able to do more complete justice.
The commission between the United States
and the Republic of Costa Rica has completed its
labors and submitted its report.
have favored the project of connecting the
United States with Europe by an Atlantic tele-
graph, and a similar project to extend the tele-
graph from San Francisco to connect by a Pa
cifc telegraph wire with the wire that is being
extended across the Russian Empire.
, The Territories of the United States, with un-
important exceptions, have remained undisturb-
ed by the civil war, and they are exhibiting such
evidence Of prosperity as justiies an expecta-
tion that some of them will soon be in a condi-
ton to be organized as States, and be constitu-
tionally admitted into the Federal Union.
The immense mineral resources of some of
these Territories ought to be developed as rapid
ly as possible. Every step in that direction
would have tendency to improve the revenues
of the government and diminish the burdens of
the people. 1t is worthy Of your serious con-
sideration whether some extraordinary meas
ures to promote that end cannot be adopted
The measure which suggests itself as most like
ly to be effective is scientific exploration of
the mineral regions in these Territories, with a
view to the publication of its results st home
and in foreign ncountries,-results which cannot
fail to be suspicious.
The condition Of the finances will claim your
most dilligent consideration. The vast expen-
ditures incident to the military and naval oper-
atoms required for the suppression of the rebell-
ion have hitherto been met with prompirude
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, demand your
best reflection as to the best mode of providing
the necessary revenue, without injury to busi-
ness, and with the least possible burdens upon
labor. The suspension Of specie payment by
the banks, soon after the commenCementOf your
last session, made large issues of United States
notes unavoidable. In no other way could the
payment of the troops and other just demands
be so economically or as well provided for. The
judicious legislation of Congress, securing the
receivability of these notes for loans and inter-
nal duties, and making them legal tender for
other debts, has made them universal currency,
and has satisfied partially at least, and for the
time, the long felt wantof q uniform circulating
medium, saving thereby to the people immense
sums in discount and exchange. A return to
specie payments, however, at the earliest peri
cd, compatible with due regard to all interests,
should ever be kept in view. Fluctuations in
the value Of currency are always injurious, and
to reduce these fluctuations to the lowest possi-
bic point will always be a leading purpose in
wise legislation. Prompt and certain converta-
infns 11v acku lodi IN
be the best and surest Safeguard Jagainst them
and it is extremely doubtful whether q circula-
tion of United States notes, payable in coin, and
sufficiently large for the wants Of the people,
can be permanently, usefully, ard safely main
tanned. Is there any other mode in which the
necessary provision for the public wants can be
made, and the great advantages Of a safe and
uniform currency secured? 1 know of non
which promises SO certain results, and at the
same time so unobjectionable, as the organiza-
ton of banking associations under general
act of Congress, well guarded in its provisions.
To such associations the government might fur
nish circulating notes on the security of Uni
ted 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 from the evils of q vicious
currency, and facilitate commerce by cheap and
safe exchanges. A moderate reservation from
the interest on the bonds would compensate the
United States for the preparation and dstribu-
ton of the notes and o general supervision of
the system, and would tighten the burden of
that part of the public debt employed as securi-
ty. The public credit, moreover, would be great
ly improved, and the negotiation of new loans
greatly facilitated, by the steady market demand
for government bonds, which the adoption of
the roposed system " Juld create. ltis an ad-
ditional recommendation of the measure, of con-
siderable weight in my judgment, that it would
reconcile, far possible, all existing interests
by the opportunity offered to existing institu-
t;ous ITO reorganize under the act, substitu
rihg1 only the secured uniform national circu-
ltion for the local and various circulations, Sc
cured and unsecured, now issued by them.
The receipts into the treasury from all
sources, including loans and balances from
the preceding year, for the fiscal year end
ing on the Both Of June, 1862. were
$3.50, ,SS5, ,247.66; of which sum S4s, $685.
397 80 were derived from customs, ST.
795, 33l 73 from the direct tax !; from pub,
lie lands, 1852, ,20377; from miscelan-
eous sources, 1891 1884 from loans in
all forms, S529. S 90 ,36O.5O. The remain-
der, S257 ,065. so was the balance from
last year.
The disbursements during the same
period were For Congressional. Execu-
tive and Judicial purposes, S. 939, ,0O9 90;
for foreign intercourse, 81 ,239. 40 S5 for