Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1862-12-05

hiolting such evidence OF prosperity as JUS
titles expectation that some of them will soon
be in condition to be organized as States,
and be constItutionally admitted In the Fed
Union.
The immense mineral resources of some of
those Territories ought to be developed as rap
idly as possible Every step in that direction
would have tendency to improve the reye-
nues OF the Government and diminish the
burdens Of the people.
Ii is worthy Of YOUR serious consideration
| whether some extraordinary measures to pro-
mote that end cannot be adopted. The
means which suggests itself as most likely TO
be effective is a scientific exploration OF the
mineral regions in those territories with
viewD he publication OF its results at home
and int. eign countries- results which can
not fail to be suspicious.
THE NATIONAL FINANCES.
The condition of the finances will claim
your most diligent consideration. The vast
| expenditures incident to the military and
naval operations required for the suppression
| of the rebellion have hitherto been met with
| promptitude and certainty unusual in SINH
lar circumstances, and the public credit has
been fully maintained. The continuance of
the war, however, and the increased disburse-
ments made necessary by the augmented
forces now in the field demand your best re-
Election as to the best modes of providing the
necessary reyen &c without injury to business,
and with the least possible burden upon la
Dor. The suspense. n Of specie payments 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 the sat
isfaction of other Just demands be SO econOm-
ically or as well provided tor. The iudieious
legislation of Congress securing the receiya-
bIlity Of those notes for loans and internal
duties. and making them legal tender for
other debts, has made them universal cur
rency, and has satisfied partially, at least,
and for the time, the long felt want of an
uniform circulating medium, saving thereby
to the people immense 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 be kept in
view. Fluctuations in the value OF currency
are always Injurious, and to reduce these
fluctuations to the lowest possible point will
always be leading purpose in wise legislA-
ton. Prompt and certain conyeTtibllity into
coin IS generally Acknowledged to be the
best and sureSt safeguard against these
fluctuations, aud il Is extremely doubt
! iul whether q circulation Of United States
/ notes, payable IN coin, and sufficiently large
! FOX the wants OF the people, cln be JeTma-
/ nently, us5Ully and safely maintained. Is
| there, then, any other mode in which tie
necessary provision for the public wants can
be made, and the great advantages Of a safe
4 and uniform currency secured? | know Of
none which promises SO certain results, aud
at the same time 50 un0JectiOlable, rs the
| organization of banking associations under a
general act Of Congress, well guarded 10 its
provisions. II such associations the Gov
eminent might furnish circulating notes on
the security Of United States bonds deposited
in the Treasury. These notes, prepared uH-
der the supervision Of the proper officers, be-
lug uniform in appearance and security, and
convertible always into coin, would at once
protect labor against the evils Of q wei Us
currency and facilitate commerce by cheap
and safe exchange. \ Moderate reservation
from the interest on the bonds would COM
pensate the United States for the PREPARATION
and distribution Of the notes and general
supervision Of the system, and would tighten
the burden Of that part OF the public debt
employed as securities.
Inc lAA4AA AANGAAs AAlNAEphI-s htG44 DC
grea tlY improved. and the negotiation of tie
new loans greatly facilitated by the steady
market demand for Government bonds, which !
the adoption Of the proposed system would |
create. 1t Is an additional rec0mmeudation |
Of the measure, of considerable weight, in |
my judgment, that it would reconcile, as Tar |
as possible, all existing interests by the 0p- |
portunitT offered to existing institutions 10 |
rfa
the secured uniform national circulation for |
the local and various circulat.ols, secured |
and unsecured, now issued by them.
The receipts into the treasury from all |
sources, including loans and balance from the |
preceding year, for the fiscal year. ending on
the 30:h Of June, lS62, wereS $50 ,Ss5 pa ,O6 /
OF which sum $40 ,O56, 397 O. were derived
from, customs $780, 1871 % from the d.
rect tax from public lands Sl52.2y3 -
from miscellaneous sources, S93l,7S7 "a
from loans 10 all forms, S529, G92 ,430 Co.
TIE remainder g, 257 ,065 50, was the bal
ance from last year.
The disbursements during the same period !
were for Congressional, Executive and Ju-
dici4l purposes, s., 939, OO9 %; for foreign
intercourse, $l,339,7I0 IS; for miscelia-
neous expenses. including the minis, loans,
post Office Deficiencies, collections of revenue,
and other light charges, Sl4 ,l29,77 50 -
for expenses under the Interior Department,
50, lO2 9S5 - ; under the War Department
1894 ,36S ,407 80 under the Navy Depart
ment, So, GA 500 % for interest on the
public debt. 81 1890 ,324 As and for the
payment Of the public debt, including REIN
buTsement Of temporary loans and reiemp-
tions, S96, 006, 922 09-making an aEgrc-
gate OF $50, Sil 100 p. ind leaving a bal
ance IN the treasury on the lst day OF July,
1868, of $l3, 045 $40 81.
Ii should be observed that the sum Of
5 90 .096, 922 09 expended for reimbursements
and redempuons Of the public debt being IL
cluded also In the loans made may be prop
ly deducted both from the receipts and ex-
penditures, leaving the actual receipts for
the year $4S7 ,7sS 1924 81, and the expendl
lures S474,744,7SS 10.
Other information on tie subject Of the
finances will be found IN the report oi the
Secretary Of the treasury, TO whose state
nent and views | invite your most candid
aud considerable attention.
DEPARTMENT RIP0RTs.
The reports Of the Secretaries OF the Navy
md War are herewith transmitted. Th,se
y lOA lc- nj NNN-NN-f ---r'N ]
han briei abstracts of the very numerous
md extensive transactions and operations
conducted through these Departments, nor ,
,ould give summary Of them here upOn ,
my principle which would admit Of its being ,
much shorter than the reports Il emselyes. :
l. therefore. content myself with layihg /,
he reports before You and asking your AZ +
eution to them.
POSTAL AFFAIRS. a
1t gives me pleasure to report a decided !
improvement in the financial condition OF the !
POST Office Department as compared with i,
eyeral preceding years. The receipts Of the /,
seal yea, 1861: amounted TO s $40 ,296 10
7hich embraced the revenue !ss0m ali the
,a.es Of the Union for three-quarters OF that =
ear. =
Notwithstanding the cessation Of revenue :
rom the so-called sded states during the 7
lst fiscal veal, the iuC-e-lse Of the correspond