Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-12-04


have favored the project for Connecting tb,
United States With Europe b : an Atlantic teIa
graph and similar project TO extend the tele
g.spn rom san Francisco, to connect By Pa
enc eelfgraph with the iiue which IA bsinp ex
eenuea ecroes the Russian empire.
me territories OF the Unitsd States, with
uumPortant exceptions, have remained undis
.uroed by the civil war; and they are exhibit
lne sucn evidence OF prosperity as justities an
expectation that Bome Of them will soon be m
condition 20 be organized as States. and he
GGqnssitutlonally admitted into the Federal
Inc Immense mineral resources OF some Of
tnoee Territories ought to be DEVELOPED AZ
rapidly as possible. Every step in that dIrec.
tlon would have tendency to Improve the rev.
enues o. ito Government, and dimieh the bur
Gems OF tho people. Il 10 worthy of your serious
consideration whether some extraordinary
measures TO promote that end cannot be adopt.
ea. Inc means which suggests itself az most
ilKeiy 10 DO effective, is q scientific exploration
Oh the mineral regions In those Territories,
with view to the publication of its results al
nome and 10 foreign countries--results which
cannot fail TO bs suspicious. =.
The condition Of the finances will claim voal
most dliigent consideration, The vast expen
dlture1 inadeneto the military AID naval opera
LIONS required for the suppression Of the rebel
HOn' nave hitherto been me. with promptltude
ano certainty, dlusua ia similar circum ltaDc cos;
aud e; Inc public erett has been fully maintained.
40 continuance OF the var, however, and the
Increased disbursements made necessary, by
tne augmented forces Low 10 Gle field, de.
maSd your best reflections % to the best modes
oi providing the necessary revenue, without
Ia A.
burdens upon labor.
Ihe suspension of specie payments by the
Danks' soon after the commencement of your
last session, made large issues of United
states no.es unavoidable In no other Way
ccCie tne payment OF the troops, and the satis.
FACTION OF other just demands, Do 60 eoonomI.
celly, or 60 well provided for. The iudioious
legislation OF Congress, securing the receiva-
blliIy of these notes fos loans and internal
duties, and mskiDg them legal tender for
other debts, hss made them q upiversal cur.
tency; and has satisfied, partially, at least, and
Tor !ne time, the long felt Gsnt Of al uniform
circulating medluR, saving thereby 70 the peo.
pie lmmeEse Gums in discounts and exchanges.
A return TO specie payments, however, at the
earliest period compatible with due regard 10
OIL interests concerned, ahould ever be kept In
view. Fluctuations in the value of currency
are alWss luxurious, and to reduce these fuc.u.
atons to the lowest possible point will aiways
Dc leading purpose in wise legislation. Con.
tqettIbllity, prompt and certain conyertibility
into coin, sgenerally acknowledged TO be the
best and suresi safegusfd agains! them and il
70 extremely doubtful whether circulation Of
United States notes, payable 10 coin, and
sutholensly large for the wants of the people
can be permanently, uaefully. and safely main
tanned.
ls there, then, any other mode Ia which th,
neeesasry provision for the public wants can bi
made, and the great advantages Of cafe anc
Uniform currency seeured7
Know OF none which promises 80 certain
Feeuiss' and 10, at the same time. so unobjec.ion
able, ss Ebo organization Of banking as,o
Citations, under general act OF Congress, vel!
guarded IN its provisions. To such associa
tionS the Government might furnish Circulating
notee, on the security Of United States bond
deposited 10 tho treasury. These lotes, ore
pafed under the supervision Of proper officers
being uniform In appearance and security, anr
convertible always into coin, would at one
proteci labor against the evils OF a vicious cur
reecy, and facilitate Commerce BY chesp al,
A moderate reservation from the iu:erss, o,
the bonds would compensate the United State
Tor the preparation and distribution of th;
notes, and general supervision of the system
| aud WOULD Tighten tho burden of that part O
the public debt employed as securities. Tn,
public credit, moreover, would be greatly i'm
proved, and the negotiation of new lean
greatly facilitated by the oteady market de
msnd fer Government bonds which the cdoptio1
OF The proposed system would create.
i! Ia an additional Recommendation Of tb,
messure, OF considerable weight, In my ludg
ment, shGtit would reconcile, as far as possible
all existing Interests, by the opportunity offeret
10 exisi0g institutions TO reorganizs under th,
act, substituting only the secured uniform ma
tional circulation for the local and various cir
oulatoD, secured and unsecured, now issued b.
them, =
The receipts into the treasury from al
sources, including loans, and balance from III
preceding year, for the fiscal year ending O
the 30Eh June, 1862, we're 1859 sS5 PAT O6. {
which sum SAG 056 397 60 were derived fror
customs; $l,795 1891 IS from the direct "a,
from public lands, 1882 2l3 II; from miscellape
Gus sources, $93l,767 64: from Loans in al
forms. $529, ,6s2, ,460 SO. TIE remainder. 50
2Sl ,065 90, was the balance from last year.
Ihe disbursements during the same perio
Werf, for congressional. executive, and indioi;
purposes, S. 939 009 go; fer foreign int
course, $l,399,7l0 IS; for mIscslla reous g,
penses, including the mInts, loans, pos.offlr
} deficiencies, collection of revenue, and 9th,
like charges, $l4.l29,77l so; for exuans,
under the Interior Department, So I02 9Ss S:
under the War Department, 1894. 1868, ,4O7 81
under the Navy Department, S42, ,674 $50 6!
for interest on public debt, Sl3 1870, 1924 Is: an
for payment OF public debt, including rein
bursement OF temporary loan, and redemption
$96 O96 .922 %; making an aggregate Of S57O
e4l, 700 25, and leaving balance in ti
treasury on the fret day Of July, 1861, of $l3
043,546 81. ..
IL should be observed that the sum of $g6
096,922 09, expended for reimbussamerts az
redemption of public debt, being included eli
In the leans made, may be properly deduc.e
both from receipts aud expenditures, leaviu
The actual receipts for the year S4s7 ,7ss
S2497; and the expenditures, $474, ,744,77s Il
\ Other Information on the eubject of Il
finances will be found in the report of Il
, Secretary OF the Treasury, TO whose stssemeu
and views Invite your most candid and co
siderate attention. z'--2
The reports of the Secretaries Of War, az
OF the Navy, are herewith transmitted. Thel
reports, though lengthy, are scarcely MOI
than briet abstracts of the very numerous al
extensive transactions and operations conduct,
through those Department.. Nor could ri,
asgmmaFy Of .hem here, upon any principl
which you'd admit Of its being much ahortl
than the reports themselves. ther efore COZ
tent myself with laying the reports before 20
and asking yeaE attention to them,d
II Isgivss me pleasure to report decided la
movement in the financial condition of Il
4 Poetofice Department, as compared With seye
al preceding years. The receipts for the fsc
yeas 1861 amounted 30 So. .349, 1876 40, Will,
embraced the revenue from all the States
the Union for three quarters Of that year. Nc