The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1862-12-06


simstely connected with our own. This state
ment especially applies to Mexico, Costa RIGA,
Nicaragua, Honduras, Peru and Chill. The
commission under the convention with the Re-
public Of New Granada closedits session with
out having audited and passed upon all the
claims which were submitted to it. A prop
osition 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 RIGA has completed its
labors aud submitted its report.
INTERNATIONAL TELEGRAPH.
have favored the project of connecting the
United States With Europe by AZ Atlantic
telegraph. and similar project to extend the
telegraph from San Francisco to connect by q
Pacific telegraph wire with the wire that is be-
ing extended across the Russian empire.
0Cx TERRITORIES.
The Territories of the United States, with un
important exceptions, have remained undisturb.
by the civil war, and they are exhibiting
such evidence Of prosperity ~ justi6es an ex-
pectation that some of them will soon be in q
condition to be organized ss States and be con
stitutionally admitted into the Federal Union.
The ,immerss mineral resources of some of
these Territories ought to be developed as rap
idly a. possible. Every step in that direction
would have tendency to improve the revenues
Of the Government and diminish the burdens of
the people. ~
SCIENTIFIC EXPLORATION. ~ t57
It is worthy Of your serious consideration
whether some extraordinary measures to pro-
mote that end cannot be adopted. The meas
ure which suggests itself as most likely to be
effective is scientific exploration Of the min
eral regions in those Territories, with view to
to the publication of its results at home and in
foreign countries-results which cannot fail to
be suspicious. .s e
NATIONAL FINANCES.
Thecondition 9th finances will claim your
most digent consideration The vast expendi-
lures incidental to the military and naval opera
tons required for the suppression of the rebel
lion have hitherto been met with promptitude
aud certainty unusual in similar circumstances,
and the public credit has been fully maintained.
TIE CURRENCY INITIATION.
The continuance of the war, however, and
the increased disbursements made necessary by
the augmented forces now in the field, demand
your best reflection % to the best mode of pro-
viding the necessary revenue without injury to
business, and with the least possible burdens
upon labor. The suspension of specie payment
by the banks, soon after the commencement of
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 Sc
curing the receivabiiity of these notes for loans
and internal duties, and making them legal
tender for other debts, has made them universal
currency, and has satisfied, partially at least
and tor the time, the long felt want of uniform
circulating medium, saving thereby to the PEG
pie immense sums in discount and exchange
return to specie payments, however, at the
earliest period compatible, with a due regard
to all interests, should be kept in view.
EVILS OF FLUCrUATIoN.
Fluctuations in the value OF currency are al
to the lowest possible point, will always be
leading purpose in wise legislation. Prompt and
certain convertibility into cola is generally ac-
to be the best and surest against
them, aud it ia extremely doubtful whether
a circulation of United States notes, payable
in coin, and sufficiently 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 public
wants can be made, and the great advantages Of
safe and uniform currency secured?
R1NEDY PROPOSED. ~
know of none which promises 80 certain re-.
sul.s,a at the same time SO unobjectionable, as
the organization of banking associations under
a general act of Congress, well guarded in Its
provisions. To such associations the Govern.
ment might furnish circulating notes on the Sc
curity of United States bonds deposited in the
Treasury. These notes prepared under the Gu
pervision of proper officers, being uniform in ap.
pear ance and security, and convertible always
with coin, would at once protect labor against
the evils Of vicious currency, and facilitate
commerce by cheap and safe exchange. A mod.
crate reservation from the interest on the bonds
would compensate the United States for the pre-
paration and distribution Of the notes, and a
general supervision of the system, would tighten
the burden of that part of the public debt en-
ployed as security. The public credit moreover
would be greatly improved, and the negotiation
of new loans greatly facilitated BY the steady
market demand for Government bonds, which
the adoption Of the proposed system would cre-
ate. II is ar additional recommendation of the
measure, Of considerable weight in my judg-
ment, that it would reconcile as far as possible,
oil existing interests by the opportunity offered
to existing institutions for secured uniform ma
tional circulation in place of the local and va
rious circulation, secured and unsecured, now is.
8 led by them. 1879" i~ ts- reg - E5Hs1-
TIE TREASURY EXHIBIT. s4
The receipts into the Treasury from all bu-
resus. including loans and balances from the pre-
ceding year, for tie fiscal year ending on the
SOsh of June, 1861, we're: vaa 81, 10 .rrs
80 48gssa RECEIPTS. e.ae ,s1 (.
Oustoms. ....... ......... 4g,0SS S976 2
Ditecs TAX. .........-.....-... l,795, 33l 73
uo'lc 'snos 49,. ..........,. 800. l52,2O3. ~
Misceiis"eous. ............. 9Sl, 1889 "a
Loans In all iorns. .529 ,692, 800 SO
Balance from last year. 257,O65 SO
'IOtaf. -. 5SS, SS3, "a! Sc
The disbursements during the same period
we're: s-sfo ..#a4ial,d ASST II, ...
sl5sI DISBURSEMENTS. a s.a-
For Congressional, executive and "a. BE- rsr
judicial purposes. 81, 93s ,0Os 30
For foreign intercourse. ..... l,2S9,7l0 IS
For miscellaneous expenses, in t.,.t,
Guiding the mints, loans, post w as.s a..
Office deficiencies, collection of
revenue, and other charges %. IA, 1884, so
For expenses under the Interior
Department. ............... 3,1O2,9s5 50
Under the War Department. 1894, 1896, 4O7 3s
Under the Navy Department. ;. 42,674,5s 50
For interest on the public debs. l3,l9O,324 As
For the payment Of the public
debt, including reimbursement
oftemp0rary leans andIredemp. .,..i.,r.