, 1862-12-18

pendent States OF our continent, but more friendly
relations than have heretofore existed are be-
Iieved to be entertained by these neighbors,
whose safety and progress are so intimately con.
nected with our own. This statement especially
applies 20 Mexico Costa Rica, Nicaragua, Hon
duras, Peru and Chilli The Commission under
the Convention with the Republic Of New Gran.
ada closed its sessions without having audited
and passed upon oil the claims which were SUBJ
mitted to il; proposition is pending TO revive
the Convention, so 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 re.
port. ..-.. .........-
have favored the project Of connecting the
United States with Europe by on Atlantic tele
graph, and similar project to extend the tele
graph from San Francisco to connect by Paci.
fc 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 undisturbed
by the civil war, and they are exhibiting such
| evidence Of prosperity as just6es an expecta-
ton that some Of them will soon be in 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 rapidly rs
possible; every step IN that direction would have
tendency to improve the resources Of Govern
ment, and to diminish the burdens Of the people,
II worthy Of your serious consideration whether
some extraordinary measures to promote that
end cannot be adopted. The measure which
suggests itself as most likely to be effective, is
scientific exploration Of the mineral regions Of
these Territories, with view to the publication
Of its results at home and in foreign countries
results which cannot fail to be auspicious.
The condition Of the finances will claim your
most digent consideration. The vast expepdi.
lures incident to the military and naval operations
required for the suppression Of the rebellion have
hitherto been met with promptitude and certainty,
unusual in similar circumstances and the Re-
publics credit has been fully maintained. The
continuance Of the war, however, and the In
creased disbursements made necessary by the
augmented forces now in the field, demand your
best reflection as to the best means Of providing
the necessary revenue, without injury to busi-
ness and with the least possible burdens upon Ia
Dor. The suspension of specie payment by the
banks, soon after the commencement Of your last
session, made large issues Of United States notes
unavoidable. 10 no other way could the paw
ment Of the troops and other just demands be so
economically or 50 well provided for The judi
cious legislation Of Congress, securing the re-
ceivability Of these notes for loans and internal
duties, and making them legal tender for other
debts, has made them universal currencv, and
has satisfied, partially, at least, and for the time,
the long felt want Of an uniform circulating me-
dium, leaving thereby to the people immense
sums in discount and exchange. return to
specie payments, however, at the earliest period
compatible with due regard to oil interests,
should ever be kept in view. Fluctuations in
the value Of currency are always injurious, and
to reduce these fluctuations to the lowest posi-
bic point will always be q leading purpose in
wise legislation. Prompt and certain convert.
bility into cOin is generally Acknowledged TO be
the best and surest protection against them, and
il is extremely doubtful whether the circulation
Of United States notes, payable in coin, and suih-
ciently large for the wants Of the people, can be
permanently, usefully, and safely maintained.
Is there any other mode In which the necessary
provision for the pubic wants can be made, and
the advantages Of q safe and uniform currency
secured? know Of none which promises so GER
tain results, and at the same time so unObjection
able as the organization Of 6ankage inst tutiOns,
under general Act Of Congress, well guarded
in its provisions To such associations, the Gov
ernment might furnish circulating notes on Sc
curity Of United States Bonds deposited in the
Treasury. These notes, prepared under the su.
peTvision Of proper officers, and being uniform
in appearance and security, and convertible al
ways with certainty, would at once protect labor
against the evils Of q vicious currency, and ia
cilitate commerce by cheap and safe exchanges
A moderate reservation from the interest OF
bonds would compensate the United States for
the preparation and distribution Of the notes,
and general extension Of the system would
tighten the burden Of that part Of the public
debt employed as security. The public credit,
moreover, would be grea y improved, and the
negotiation Of new loans greatly facilitated By
the steady demand for Government Bonds, which
the adoption Of the proposed system would create.
Il Is an additional recommendation Of the mca
sure, Of considerable weight, in my judgment,
that Il would reconcile, as far as possible, all ex.
listing interests by the opportunity offered 70 ex-
istihg institutional y substitute uniform Ma
tional circulation, secured and unsecured, now
issued by them. g. h2''11" a'a
The receipts into the Treasury, from all sources,
including loans aud balances from the preceding
year, for the fiscal year ending 30th Of june, 1862,
were 1888 1856 ,241 &C, Of which sum $40 ,O9S ,392
62 were derived from customs; 81 ,19o,23l u
from the direct tax from public lands, $l52,20S
IL; from miscellaneous sources, 1891 ,IS9 50;
from loans in all lorms $329, ,692, $3.50 so; the re-
mainder, $257,O65 so. was the balance from last
year. The disbursements during the same period
were, for Congressional, Executive, and Judicial
purposes, $jO,s39009 20; loans, pOst-olhce and
deficiencies collection Of revenues, and other dues
and charges. Sl4, 20 7Ol for expenses under the
Interior Department $3,lO2.9 .9s6 50; under War
Department, 1884, 4,36s,4O7 SO; under Navy De-
partment, S42,674,5O4 So; for interest on public
debt, $l3,l9O,324 As; and for the payment Of the
public debt, including reimbursement Of temporary
loan and redemption, 800, ,O96, ,92S 90; making aH.
aggregate Of $50, 100000 Is, and leaving hal
ance in the Treasury on the lst Of July, 1862, Of
Sl3O43,446 81. II should be observed that the
sum Of S96,O06,92 90, expended for reimburse
ments and redemption Of the public debt, being
included also in the loans made, may be properly
deducted both from the receipts and expenditures,
leaving the actual receipts for the year S4SI, ,7SS,
32t 81, and the expenditures 1914, 4,144,1SS Is.