Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1862-12-10

The new commercial treaty between the g
nited States and the Sultan of Turkey has bee
carried into execution. A commercial an
| consular treaty has been negotiated, subjet
| to the Senate's consent, with Liberia. and
similar negotiation is now pending with Ia
republic of Hayti. A considerable improve
ment of the national commerce is.expected +
result from these measures. Our relation
with Great Britain, France, Spain, Portugal
! Russia, Prussia. Denmark Sweden. Austria
the Netherlands, Italy, Rome, and the othe
European States, remain undisturbed Yer,
favorable relations also continue to be main
tained with Turkey, Morocco, China. ant
Japan.
During the last year there has not only beer
no change OF our previous relations with :bt
independent States of our own Continent. bu
more friendly sentiments than have heretofore
existed are believed to be entertained by
these neighbors, whose safety and progress are
so intimately connected with our own. Thi
statement especially applies to Mexico Mica
ragua, Costa Rica, Honduras, Peru, and Chill
Ihe commission under the convention with
the Republic of New Granada closed It's ses-
sion without having audited and passed upon
all the Claims which were submitted to it. A
proposition is pending to revive the conven-
tlon, that it may be able to do more complete
justice. The joint commission between the
United States and the Republic of Costa Rica
has completed its labors and submitted its re-
port.
have favored the project for copnectjpc
the United States with Europe by an Atlantic
telegraph, and a similar project to extend the
telegraph from San Francisco to connect by a
Pacific telegraph with the line which is being
extended across the Russian Empire
The Territories of the United States, with
ntlmportant exceptions, have remained unds-
turbed by the civil war, and they are exhibit
uns 'uch evidence of prosperity as justfies
an expectation that some of them will soon he
In condition to be organized as States. and
be constitutionaliy admitted into the Federal
U nion- The immense mineral resources of
some OF these Territories ought to be devel-
oped as rapidly as possible. Every step in
That direction would have a tendency TO i'm
prove the revenues of the Government and
iiminish the burdens of the people. 1t is
worthy of your serious consideration whether
some extraordinary measures to promote that
end cannot be adopted. The means whiob
suggests itself as most likely 10 be effective
IS scientific exploration of the mineral re-
,ions In those Territories, with a view to the
publication of its result at home and in for
'igH oouutI iUo-resuIts wiIfvi, Sa,.uOt rsII %
De suspicious.
The condition of the finances will claim vour
most diiigent consideration. The vast expen-
iitures incident to the military and naval op-
'rations required for the suppression of the
eOeflon, have hitherto been met with promp-
itule and certainty unusual in similar cir
and the public credit has been
hily maintained. Tae continuance of the
var, however, and the increased disbnrse-
ncnts made necessary by the augment for
es now III the field, demand your best rehec-
ions as to the best modes of providing the
eceSsary revenue, without injury to business
nd With the least possible burdens ON labor.
he suspension of specie payments by the
anRs, soon after the commencement Of your
tst session. made large issues of United States
oteS unavoidable. In no other wav could the
ayment Of the ttoops aud the satisfaction of
ther just dem andS be economically or so
-ell provided for. The judicious legislation
Congress, securing the receIvability of
lese notes for loans and internal duties and !
aking them legal tender for other debts, |
as made them universal currency, and has
itisled, partially, at least, and tor the time !
le lOng-felt want OF uniform circu lating |
ledium, saving thereby to the people i'm |
lense sums in discounts and excharg ges. A !
sturn to specie payments, however, at the |
irliest period compatible with due regard to /
Il the interests concerned. should ever be |
ept in view. Fluctuations in the value OF i
lrrency are always injurious, and to reduce |
lese fluctuations to the lowest possible point |
i'll Arrays be leading purpose in wise iegis-
tIon Convertiblity, prompt and certain |
into coin, is generally acknowl- /
iged to be the best and surest safeguard a.
iinSt them, and it is extremely doubtful |
neither circulation OF United States notes,
iyable in coin, and sufficiently large for the
ants of thn people, can be permanently. use
lily, and safely maintained. Is there any
her mode in which the necessary provision
II the pnblic wants can be made, and the great
of safe and uniform currency Sc
ired | know OF none which promises such
,rtain results. and is at the same time so un-
ljectonable, as the organization of banking
sociatoBs under general act of Congress,
ell guarded ia its provisions To such asso
ations the Government might furnish circu-
ting notes or the security of United States
,nds, deposited in the Treasury. These notes,
'epared under the supervision of proper otEi
,rs, being uniform in appearance and securi-
:. and convertible always into coin, would at
Ice protect labor against the evils of a vi
GUS currency, and facilitate commerce by
ieap and safe exchanges; moderate reser-
tion from the interest the bonds would
the United States for the prepara-
on and distribution of the notes, and a gen.
al supervision of the system, and would
shten the burden of that part of the public
,bt employed as securities. The public cred
moreover, would be greatly improved, and
e negotiation of new loans greatly taciIita-
d by the steady market demand for Govern
ent bonds which the adoption Of the propos-
system would create. II is an additional
commentator OF the measure, of consider
lie weight In my Judgment, that it would re-
ncile, as far as possible, all existing inter-
is by the opportunity offered TO existing in
tutions 10 reorganize under the act. substi-
ting only the secured, uniform, National
-culation, secured and unsecured, now is
ed by them.
The receipts into the Treasury from all sour
S, including loans and the balance from the
eceding year, for the fiscal year ending on I
e 30th of June, 1862. were S5S3 ,SS5, ,247 .06;
which sum $40 ,056. 1882 were derived
,m custnms; Sl,795, ,331.73 from the direct