Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1862-12-12


has made them universal currency, and has
satisfied, partially, al least and for the time,
the long felt want Of an uniform circulating Z
medium, saving thereby 10 the people ini- I
nqense sums, in discounts and exchanges.--
A return TO specie payments, however, at
The earliest period compatible with due re- \
gard to all interests, should ever tc kept in
view. Fluctuations in the value OF curren- !
cy are always injurious, and loreduce those
fluctuations 20 the lowest possible point will
always be a leading purpose ia wise lesis-
lation. Conyertbilily, prompt aad certain
convertbility inio coin, is generally ac-
knowledgsd to lie the best and snrest safe
guard against these fluctuations. and it is
extremely doubtful whether circulation Of
United States notes, payable in coin and
sufficiently large for the wants Of the peo-
pie, can be permanently, useiully, and safe
ly maintained.
j. there, then, any ether mode in which
the necessary provisions for the public
wants can be made, and the great adsanta-
ges of safe and uniform currency secpr-
ed? ] know of none which promises so
certain resnlts, and al tile same time so un-
Objectionable, as the organization Of bank
ing associations under a general act of Con
gress. well guarded in its provisions. To
such associations the goverhmeatmigh ght fpr
nish circulating notes on the security Of
United States bonds deposited in the treas
ury. These notes, prepared under the su-
pervi,ion Of proper officers, being uniform
in appearance and security, and convertible
always into coin, would at once protect L.
Dor against The evils OF a vicious currency,
aad facilitate commerce by cheap and safe
exchanges. A moderate reservation from
the interest On the bonds would compensate
+ the United States fer the preparation and
distribution of the notes and genera! SUI
pervision Of The system, and would tighten
the burden Of that patt Of the public debl
employed US securities. The public credil
moreover would bo greatly improved and
the negotiations Of new loans greatly facili-
taicd by the steady market demand for gov
.ernment bonds, which the adoption Of the
proposed system would create. 1t is an ad,
ditto nal recommendation Of the measure, o.
considerable weight In my Judgement, thai
il would re concile as far as possible all ex
listing interes's by the opportunity offered lc
existing institutions to re-organize npdel
tie acl, substituting only the secure, uni
form national circulation for the local ant
various circulation, secured and unsecured
now issued by them.
STATE OF TIE TREASURY.
Tie receipts iate toe treasury from al
sources, including loans and balance from
he preceding year, for The fiscal year end
ing on tue seth OF June, 1862, were s5Ss
) So, ,2az 0c, of which su n S4905e ,397 6
were derived from. customs; Sl,795,33l z
| from the direct tax; from the public bend
; Sl52, ,203 IL; from miscellaneous source
J 500 ,7oz Cd frem loans in all forms S52s
!, co., 400 80. The remainder, S2,257 .65 81
G was the balance from last year. The dis
| bursements during the same period were
: for congressional, executive and judicis
5 purposes So, ,939, ,009 90; for foreign intel
/ course IS 339, $40 So; for miscellaneou
j iexpenses, Including the mints, loans, po'
c office Deficiencies, collecting of revenue, an
: other like charges Sl4,1l9,771 so; for es
penses under the interior department );
103,9S5 90; under The war depar.meI
1894 1868, 407 36; under the navy depar
ment So, GA, 569 So; for interest on tn
public debt Sl3,l90,324 %; and for ii
payment of the puolic debt, including rC
!, endorsements of the temporary leans au
redemptions, S95,096922 %; making a
) aggregate of s570,S4l,700 %, and le..yir
i a balance in the treasury on the lst Of j
J Ily, 1862, of Sl3,043,54 81. 1t should /
observed that the sum Of S96,096y922 0
!. expended for reimbursements and redemI
tion Of the public debt, being included al;
. in the loans maie may be properly deduc
ed from both the receipts and the expend
= lures, leaving the actual receipts of the ye;
: S4S7 ,5s8 ,324 81, and the expenditpr,
lfI S474,744,758 IS. Other information {
). the subject OF the finances will be found
. the re.ort of the secretary Of the tfeasur
:, to whose Statements and views invite yol
most candid aud eonsidera,c attention.
Array AND NAVY.
The reports of the secretaries Of the nj
Wy and war are herewith Transmitted. The'
:. repors, thoagh lengthy. are scarcely mol
s thaa brief abstracts Of the very numerol
: aad extensive transaeliqns and operation
conducted through those departments; NJ
/: could give a summary of them here ups
: any principle which wonid admit of lis b
ing much shorter than the reports then
selves. | therefore content myself wi
laying the reports before you, aud askir
your attention to them.
n THE Fosr OFFICE DEPARrMESs.
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