The Weekly Perrysburg journal. [volume] (Perrysburg, O. [Ohio]) 1861-1???, 1862-12-10


During the last year there has not only beer
no change of our previous relations will
the independent States Of our own cont
nent. but more friendly sentiments thai
have heretofore existed are believed {,
be entertained by these neighbors, who's,
safety and progress are su intimately con
nected with our own. This statement spc
cialiy applies to Mexico, Costa Rica, Mica
ragua, Honduras, Peru and Chilli. Tn,
Commission under the Convention with tn,
Republic of New Granada, closed its ses
sion without having audited and passed
upon all The claims which were snbmittct
to it. A proposition is pending 10 reviv,
the Convention, that i. may be able to dt
more complete Justice. The Commission
between the United States and the Republic
of Costa Rica has completed its labors ant
submitted its report. have favored the
project for connecting the United State,
with Europe by an Atlantic Telegraph, ant
u similar project to extend the telegraph
from San Francisco, to connect by Pacific
Telegraph with the wire which is being
extended across the Russian Empire.
The Territories of the United States with
uuimportant exceptions, have remained un
disturbed by the civil war, and they are
NAhiDltilH sum tNluSlCt VI prosperity US
justiRes an expectation that some OF them
will soon he in condition to be organized
as States. and he constitutioually admitted
into the Union. The immense mineral re.
sources of some of these Territories ought
to he developed rs rapidly as possible
Every step in that direction would have q
tendency to improve the revenues of the
Government, and diminish tho burdens OF
the people. 1t is worthy of your serious
consideration whether some extraordinary
measures to promote that end cannot be
adopted, The means which suggests itself
as most likely to be effective, ia q scientific
exploration Of the mineral regions in these
Territories, with n view to the publication
of its results at home and in foreign coun.
tries results which cannot fail to bu
auspicious.
The condition OF the finances will claim
your most diligent consideration The vast
expenditures incident to the military and
naval operations required for the suppress.
sion of the rebellion, have hitherto been
met with promptitude and certainty unu.
sHa in similar circumstances, and the pub.
lie credit has been fully maintained. The
continuance of the war, however, and the
increased disbursements made necessary
by the augmented forces now in the field
demand your best reflections. as to the best
modes of providing the necessary revenues
without injury to business, and with the
least possible burdens upon labor. The
suspension of specie payments 10y the
banks, soon after the commencement OF
your last session, made large issues of Uni.
ted States notes unavoidable, In no other
way could the payment of tho troops, and
the satisfaction of other just demands, be
so economically or an we'll provided for
The judicous legislation of Congress-, Sc,
curing the receivability of these notes for
loans and internal duties, and making them
legal tender for other debta has made
them universal currency, and has satisfied
partially al least and for the time, the long
felt want of an uniform circulating medi
um, saving thereby to the people immense
sums in discounts and exchanges.
return to specie payments however
at the earliest period compatible with due
regard to all interests. should ever be kept
i'll view.
Fluctuations in the value of currency are
always injurious, and to reduce these tluc.
tuations to the lowest possible point will
always be leading purpose in wise legis-
lation. Convertibility, prompt and certain
conyertihllity into coin, IN generally ac.
knowledgod to be the best aud SureSt safe
guard against them, and il is extremely
doubtful whether circulation of United
States notes, payable in coin, and suili,
ciently large for the wants of the people
can be permanently, usefully, and safely
maintained. Is there then any other mode in
which the necessary provision fer the public
wants can be mad0, and the great advanta
ges of a safe and uniform currency secured
| know of none which promises SO certain
results, and at the same time so unobjec
tionable, as the organization of banking
associations under general act OF Congress
well guarded in its provisions. To such
associations the Government might furnish
circulating notes on the security of United
States bonds, deposited in the Treasury
These notes, prepared under tho super
vision of proper officers, being uniform ii
appearance and security, and convertible
always into coin, would at once protect Ia
Dor against the evils of vicious currency
and facilitate commerce by cheap and safe
exchanges. A moderate reservation from
the interest on the bonds would compen
safe the United States for the preparation
and distribution of the notes, and general
supervision of the system and would lighter
the burden of that part of the public deb
employed AS security. The public credit
moreover, would be greatly improved, and
the negotiations of new loans greatly facil
itated by the steady market demand for Gov
ernment bonds, which the adoption Of the
proposed system would create. II is al
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 Of
tered to existing institutions to rcOrganizC
under the act, substituting only the secured
uniform national circulation for the loCa
and various circulation, secured and unse
cured, now issued by them.
The receipts into the Treasury from al
sources, including loans and balance from
the preceding year, for the fiscal year end
ing on the 30th Of June, 1862, were 1888,
SS5.247 06, of which sum S490j6,397 6.
were derived from customs 81, ,705,23l 4
from the direct tax from public land, 1882,
203 II from miscellaneous sources, 1891
7S7 Ga; from loans in all forms, 1929 ,G92,
400 80. The remainder, $2,257 ,065 so wal
the balance from last year. The disburse
ments during the same period were Fo
Congressional, Executive and Judicial pur
poses, IS 939, ,0C9 30 for foreign intercourse
81 1897 35 for miscellaneous expenses
including the Mints, Loans, Post-Ofice def
ciencies, collections of revenue and othe
like charges, Sl4l29,77l so; for expense
under the Interior Department, So lO2, ,0e5 D
under the War Department, 1894 1868 ,407 3G
under the Navy Department, $42, ,674.569 6S
for interest on the public debt, $l3,l90
324 45, and for the payment of the publ
debt, including reimbursement of temporar.
loans and redemptions, S96O96922. .09
making an aggregate of T9,S4l 200 2!
and leaving balance in the Treasury o.
the LIST day of July, 1862, of Sl3,O43,546 81
II should be observed that the sum of S96