Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1862-12-11


payment of the troops and the satisfac-
tioh of other just demands be as econ
omically or as well provided for. The
judicious legislation of Congress, securing
the receivability of these notes for loans
and internal duties, aud make them a
illegal tender" for other debts has made
them universal currency, and has salts
fed. partially, at last and for the time,
the long felt want of an uniform circulat-
ing medium. saving thereby to the peo-
pie immense sums, in discount and ex-
changes A return to specie payments,
however at the earliest period compatible
with due regard to all interests, should
ever be kept in view. Fluctuations in
the value of currency are always injuri-
Gus, and to reduce these fluctuations to
the lowest possible point will always be a
leading purpose in wise legislation. Con-
vertibility, prompt and certain converti-
bility into coin, is generally acknowledged
to be the best and surest safeguard against
these fluctuations, and it is extremely
doubtful whether circulation of United
States notes. payable in coin and sufi-
GENTLY large for the wants of the people,
can be permanently, usefully, and safely
maintained.
Is there, then. any other mode in which
the uneasy provisions for the public wants
can be made, and the great advantages of
safe and uniform currency secured f? |
know of none which promises SO certain
results, and at the same time so unobiect.
ouable, as the organization of banking
associations under general act of Con-
gress well guarded in its provisions. To
snch associations the government might
furnish circulating notes on the security
of United States boads deposited in the
treasury. These notes, prepared under
the supervision of proper officers, being
uniform in appearance and security,
and convertible always into coin, would
at once protect labor against the evils OF
vicious currency, and facilitate CON-
merce by cheap and safe exchanges. A
moderate reservation from the interest on
the bonds would compensate the United
States for the preparation and destribu-
tion of the notes and general supervis.
ion of the system, and would Tighten the
burden of that part of the public debt
employed as securities. The public cred,
it moreover would be greatly improved
and the negotiations of new loans be
greatly facilitated by the steady market
demand for government bonds, which the
adoption of the proposed system would
create. II is an additional recommendation
of the measure of considerable weight in
my Judgment, that it would reconcile as
far as possible all existing interests by
the opportunity afforded to existing insti.
tutions to rcorganize under the act. sub.
stituting only the secure, uniform nation
al circulation for the local and various
circulation, secured and unsecured, now
issued by them.
| STATE OF THE TREsURY.
The receipts into the treasury from all sources
including loans and balance from the preceding
year, for the fiscal year ending on the 30th OF
June 1862 were 1888 1856 SAT ,O6, of which sum
S40, ,056 39f. so were derived from customs 81 .,
795, 33l f3 from direct tax from the public bonds
Sl52, 2O3fT from miscellaneous sources $93l ).
7Sf. GA from loans in all forms S529 632 ,460 80.
The remainder, 2, POI ,O65 80, was the balance
from last year. The disbursements during the
same period were for congressional, executive
and judicial purposes So, ,930 ,00Y 70 for foreign
intercourse 81, 339 $40. S5 for mi,ccllaneos ex-
penses, including the mints loans, post Office de-
fciences, collecting OF revenue, and other like
charges Sl4 4,l29fIl.5O for expenses uuder the
interior depar tment, So, l02 9s5. %; under the
war department, 1894 1865, ,40'.36 under the
navy department $42 674, 500 so; for interest
on the public debt, $l3, l9U, 324. AS and for the
payment OF the public debt, including reimburse.
ments of the temporary loan and rcdemptions,
500 ,096 923. 90 making aggregate of 500 S4l :
T00.25, and leaving balance in the treasury on
the lst of July 1862, of 10 ,043 546. 81 Ii should
be observed that the sum Of S96 ,096 1922 %, ex-
pended for reimbursements and redemption of the
public debt being included also in the loans
made may be properly deducted both from the
receipts and expenditures, leaving the actual re
ceipts for the year S4Sf 5SS ,S24.97, and the ex-
penditures S4f4. .I4I ,ISs.l6. Other information
on the subject OF the finances will be found in the
report of the secretary OF the treasury, to whose
statements and views invite your most candid
and considerate attention.
THE ARMY AND NAVY.
The reports OF the secretaries OF the navy and
war are herewith transmitted. These reports,
though lengthy, are scarcely more than brief ab-
stracts Of the very numerous and extensive trans
actions and operations conducted through these
departments; nor could give a summary of them
here upon any principle which would admit of
its being much shorter than the reports them
selves. | tn refore content myself with laying
the reports before you, and asking your attention
to them.
THE POST OFFICE DEPARTMENT
Il gives me pleasure to report decided improve
ment In the financial condition of the post office
department, as compared with several proceeding
years. The receipts for the fiscal year '6l amount
ed to s.. .349, 1896. .40 which embraced the revenue
from all the states OF the Union for three-quar-
tiers of that year. Notwithstanding the cessation
of revenue from the soeallcd seeded states during
the last fiscal year. The increase Of the CORES
pondence of the loyal states has been sufficiently
to produce a revenue during the same year of $S,.
299 500. 90, being only 80, 600 less than was de-
rived from all the states OF the Union during the
previous year. The expenditures show q still
more favorable result. The amount expended in
1861 was S13 ,606, 1911. For the last year the
amount has been reduced TO $ll i25 1854. Is show