The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1862-12-11

notes as a wise eXpedlent Tor the present
time, and as an occasional expedient in
future times, and of the organization of
banking associations to supply circula-
ton secured by national bonds aud con-
vertible always into United States notes,
and after resumption Of specie payments
into coin, are prompted by no favor to
excessive issues of any description of
credit money
On the contrary, it is the Secretarys
firm belief that by no other path can the
resumption of specie payments be go
surely reached and so certainly main
tanned. United States notes receivable
for bonds bearing secure specie inter-
est are next best to notes convertible into
coin. The circulation of banking asso-
Citations organized under general act of
Congress, secured by such bonds, can be
most surely and safely maintained at the
point of certain convertibility into coin.
If, temporarily these associations redeem
their issues with United States notes, re-
sumption of specie payments will not
thereby be delayed or endangered, but
FASTENED and secured for, just as soon
as victory shall restore peace, the ample
revenue, already secured by wise legisla-
ton, will enable the Government,
through advantageous purchases of spe-
Gle to replace at once large amounts,
and, at no distant day, the whole of this
circulation by coin, without detriment to
any interest, but, on the contrary, with
great and manifest benefit allinterests.
THE CHOICE TO BE MADE.
The Secretary recommends, therefore,
no more paper money scheme, but on the
contrary, q series Of measures looking to
safe and gradual return to gold and
SiJUer as tie only permanent basis STAN
ddrd and measure Of Udtues recognized
by the ConStitution-betlceen which and
an iITemedidbie paper currency as he
6elieUss, the choice is nOto TO be made
No country possesses the true elements
of higher credit--no country in ordi-
nary times can maintain higher stan
dard of currency and payment than the
United States
The Government is less costly than
that ofmost othergreat powers The ex-
penditures of the current fiscal year, ex-
GLIDING those of the War and Navy De-
partments can hardly equal those Of the
last year, which amounted to 50, 5ll :,
476 66. Estimating those Of these de-
DdELlDGnlS Ut uOuDib the expenditures Oh
the last year before the rebellion, they
would for the current year, had the war
ended before last midsummer, as was an
tieipated at the date of the last report,
amount to the sum of $55, S45, 1874 As
The interest on the public debt is for the
current year estimated at $25, OH ,532 o.,
and will probably 60 over that sum The
whole expenditures of the Government
for the current year, on the supposition
of peace would, therefore, not exceed
$l05, 36l ,S43 81. This aggregate must
be increased hereafter by the addition of
interest on the loans Of the current and
future years and by pensions, the precise
amount of which cannot be foreseen
Estimate the former at fifty, and the lat.
ter at ten millions a year, and the total
annual expenditures in peace will reach
emitting fractions, to $l65 100000 The
expenditures of Great Britain during
the year ending March 81, 1862, were
$780,, 436, 632; those of France for 1862
according to French official estimates
will reach S42l, S23, 900; and the annua
expenses of Russia, according to the hes
accessible information, do not fall fal
short of 30000,000
10 meet our annual expenditure, anC
to assure beyond contingency the pune
tual discharge of the interest of the pub
lie debt and the creation Of sinking
fund for its reduction, Congress has pro
vided revenue from customs even now
reaching nearly seventy millions a year
and a revenue from internal duties whicl
will not probably fall short of one hun
dred and fifty millions year.
Without reckoning any other re
sources than those already provided, tn
revenue, therefore, will annually excee
the expenditures by ffty-fve millions
which sum may be used for the reduC
ton Of the public debt If, then, til
war shall be continued, contrary to hop
and expectation, to midsummer of 1866
and the public debt shall reach the u
most limit now anticipated of seventee
hundred and fifty millions of dollars, tn
excess of revenue will reduce that deb
during the first year of peace, more tina
three per cent
OUR RESOURCES
But the American Republic possesse
immense resources which have not W
been called into contribution. The gol
bearing region of the United State
stretches through near eighteen degree
u luLiLuut lEOu DTlIlSH OOIunDld on III
North to Mexico on the South, an
through more than twenty degrees of 10
gitude, from the eastern declivIties oftl
Rocky Mountains to the Pacific ocea
1t includes two States, California al
Oregon; four entire territories, Uta
f-' Nevada, New Mexico and Washingto
and parts of three other territories, CO
orado, Nebraska and Dakota. 1t form
an area of more than million of squa
miles, the whole of which, with conn par
lively insignificant exceptions, is Il
property of the nation. 1t is rich, n
only in gold, but in silver, copper, iro
lead, and many other valuable minera
Its product of gold and silver during t
current year will not much, if at a
probably fall very short of $l00000,0O
and it must long continue gradually, y
rapidly, to increase. If this product
subjected to a reasonable seignorage,
suggested by some, or if, as suggest
by others, the mineral lands be subt
vided and sold in convenient parce
with proper reservation in favor Of t