The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-12-12

gions IN those Territories. with a view to
the publication of its results at home and
in foreign countries-results which cannot
fail to be suspicious.
NATIONAL FINANCES.
The condition of the finances will claim
your most diligent consideration. The
vast expenditures incidental to the mill
tary and naval operations required for
the suppression Of the rebellion have
hitherto been met with a promptitude and
certainty unusual in similar circumstance
es, and the public credit has been fully
maintained.
THE CURRENCY IMITATION.
The continuance Of the war, however,
and the increased disbursements made
necessary by the augmented forces now
in the field, demand your best reflection
as to the best mode of providing the ne
cessary revenue without injury to business,
and with the least possible burdens upon
labor. The suspension of specie payment
by the banks, soon after the commence
ment of your last session, made large is
sues of United States notes unavoidable.
In no other way could the payment of the
troops and other ust demands be so eco
nomically or as well provided for. The
judicious legislation of Congress securing
the receivability of these notes for loans
and internal duties, and making them a
legal tender for other debts, has made
them universal currency, and has satisfied,
partially at least and for the time, the
long-telt want of a uniform circulating
medium, saving thereby to the people I'M
mense sums in discount and exchange. A
return to specie payments, however, at
the earliest period compatible, with due
regard to all interests, should be kept III
view.
EVILS OF FLUCTUATIONS.
Fluctuations in the value of currency
are always injurious, and to reduce these
fluctuations to the lowest possible point,
will always be a leading purpose in wise
legislation. Prompt and certain convert
biIity into coin is generally acknowledged
to be the best and surest security against
them, and it is extremely doubtful wheth-
er circulation of United States notes,
payable in coin, and sufficiently large for
the wants Of the people, can be perma-
nently, usefully and safely maintained.
Is there any other medium by which the
necessary provision for the public wants
can be made, and the great advantages of
safe and uniform currency secured?
A REMEDY PROPOSED.
1 know of none which promises so GER
tain results, and at the same time so un-
Objectionable as the organization of bank
ing associations under general act Of
Congress we'll guarded in its provisions.
To such associations the government
might furnish circulating notes on the Sc
curity of United States bonds deposited
in the treasury. These notes prepared
under the supervision of proper officers
being uniform in appearance and security,
and convertible always with coin, would
at once protect labor against the evils of
vicious currency, and facilitate COM
merce by safe and cheap exchanges. A
moderate reservation from the interest on
the bonds would compensate the United
States for the preparation and distribution
of the notes, and general supervision of
the system, would tighten the burden of
that part of the public debt employed as
security. The public credit, moreover,
would be greatly improved, and the nego-
tiation of new loans greatly facilitated by
the steady market demand for government
bonds, which the adoption of the pro-
posed system would create. 1t is an adj
ditional recommendation of the measure,
of considerable weight in my judgment,
that it would reconcile, as far as possible,
all existing interests by the opportunity
offered to existing institutions for a Sc
cured uniform national circulation in
place ofthe local and various circulation,
secured and unsecured, now issued by
them.
THE. TREASURY EXHIBIT.
The receipts into the Treasury from all
bureaus, including loans and balances from
the preceding year, for the fiscal year end
ing on the 3Oth of June, 1862, were:
RECEIPTS.
CuStOmS 4SUOS, 4yl W
Ulrect tax .......... .............. ,S31 u
fupuc lan0S .................... lOs,ZVo ~
MlsceianeouS. ................. 70, lo9 u
Loans in all forms. 525 69s, $3.50 so
Balance from last year. PSI ,O65 so
AOsoi. ..OCO,OOl,1f( 10
The disbursements during the same
period were:
DISBURSEMENTS.
For Congressional, executive and judi
cial purposes. IS, 9s9, OO9 20
For foreign intercourse. 1,239,7l0 IS
For miscellaneous expenses including
the mints, loans, postoffce deticien-
cies collection of revenue, and other
charges. IA, III so
For expenses under the Interior Depart
ment.. observation-disclosures. 3,1O2, 1855 50
Under the War Department. ...... 1914 1865, 407 SO
Under the Navy Department. AZ GA, $50 60
For interest on the public debt 49, 1921 As
For the payment of the public debt in.
Guiding reimbursement Of temporary
loan and redemption. ee, oss, 1923 90
Total ............. $40, S1 200 25
Balance in the treasury on the list day
of July, 1862. NEUTRALITY-SUSPICIOUS.. .O43. 446 81