Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1862-12-11

certain convertibility, into coin, Is gen
orally acknowledged to be the best ant
surest safeguard against them; and it is
extrememely doubtful whether circu,
lation of United States notes, payable
in coin, and sufficiently large for the
wants of the people, can be permanently,
usefuly and safely maintained. !,
Is there, then, any other mode in
which the necessary provisions for the
public wants can be made, and the great
Advantages of safe old uniform cur
rcncy secured? s .....
l know of none which promises SC
certain results, and is, at the same time
SO unobjectionable, as the organization
of banking associations, under q gene
raj act of Congress, we'll guarded in its
proeisions: To such associations the
Government might furnish circulating
notes, on the security of tho United
States bonds deposi.ed in the treasury.
These notes, prepared under the super
vision of proper officers, being uniform
in appearance and securi ty. and conver-
tible always into coin, would at once
prot ect labor against the evils of vic
ioUs currency, and facilitate commerce by
cheap and safe exchanges ..
A moderate reservation from the in
terest on the bonds would compensate
the United States for the preparation and
distribution of the notes, and general su
pervision of the system, and would light.
en- the burden of that part of the public
debt employed as securities. The pub
lie credit, moreover, would bo greatly
improved, and the negotiation of new
loans greatly facilitated by the steady
market demund for the Government
bonds which the adoption Of the propo-
scd system would create. 49,
1t is an additional recommendation of
TIE measure, of considerable weight, in
my judgement, that j: would reconcile,
as far as possible, ell existing i1stitr-
tons to rc-organize under the act, sub bsti-
tuting only the secured uniform national
circulation for tho local and various cir
culation, secured and unsecured, now
issued by them.
The receips into the Treasury from all sour
ces, including loans and balance from prece-
| uIUH year, lOT tue nsChi ltuT CHiIub oh oO'"
June, tEc2, were $3.50 ,8s5, ,247.o6, OF which
sum $40 O5G.337 62 were derived from Gus
tums. l,y05,43l 10 from the direct tax; from
public lands Sl52203, II; from rn.scellanecs
sources. $93l, 75T, ga from loans Ia all forms
$q29,o92, 46o.5O The remainder, $2,267,0os
so, was the balance from last year.
The disbursements during the same period
were for congressional, executive, and judicia
purposes.S5, ,s39 ,oo9 30; for foreign intercourse
81 .339, ,7l0 IS; for miscellaneous Expenses, in
cludiug the mnts, loans post Office dehclen
| ciss collection OF revenue ard other Ike
charges, Sl4, l29,TTl, so; for expenses under
the Interior Department, 1856 So; under
the War Department, $394's6s, 407 SO. under
the Navy Department --42.s74, 800 69; for in
terest ou paLlc debt, Sl3, So ,s24 as; and fol
payment of public debt, including reimburs-
ment of temporary loan, and redemptions, $96
o96,o22 o9I making an aggregate of Sb7o,s4l
roo 25: and leaving balance in The treasury
on tie ist day of July, 1852, Of Sls,043.54 esl
II should bo observed that the sum OIL
S96, ,096, ,922, 90, expended for tho re-
Inducements and redemption of public
debt, being included also in the loans
made. may be properly deducted, both
from receipts and expenditures, leaving
the actual receipts for the year $4S7,-
7SS. 324, 81: and the expenditures,
$474. SHIFTS, 16'
Other information on the subject OF
tho fnaces will be fcund id the report OF
the Secretary Of tho Treasury. to whose
statements and views [ invite your most
candid and considerate attention.
The reports Of the Secretaries Of War,
and of the Navy. are herewith transmit
ted. These reports, though lengthy,
are scarcely more than brief extracts OF
the very numerous and so extensive
transactions aud operations conducted
through these departments. Nor could
I give summary of Z EN- here, upon
sny principal, which would admit Of its
being much shorter than the reports
themselves. | therefore content myself
with laying the reports before you, and
asking your attention to them.
1t CITES me pleasure to report dsci-
ded Improvement in tie financial condi-
ton of the Post Office Department, as
compared with tho several preceding
, years. The receipts for the fiscal year
1861 amounted to So, $40, 296. 40, which
! embraced the revenue from all the States
of the Union for three quarters Of that
year Notwithstanding the cessasion Of
revenue from the Go-called .eced States
I during the last fiscal year, the increase
; of the correspondence of the loyal States
has been sufficient to produce revenue
during the same year of S. 300. 800, sc
being only $50, 600 less than was de-
! rived from all the States of the Union
during the previous year. The expen-
ditures show still more favorable re,
suit. The amount expended IN 1861
was $13, sos, 1911. For the las
, year the amount hasv been reduced tt
$11, ,125 1865 13, showing a decrease G
} about So. .4S1 900 in the expenditure.
/ as compared with tie fiscal year 1860
} The deficiency in the department. for the
previous year vas 81, 551 ,966,9S. Fo1
the last fiscal year it was reduced to 81,
f 1l2.s14.57.
These favorable results are in par
} owing to the cessation of mail service il
:, the insurrsotiorsrJ States, and in par
to q careful review of expenditures il