The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1862-12-05

the field, demand your best reflection q
to the best mode Of providing the neces
sary revenue without injury to business
and with the least possible burdens upoI
labor. The suspension of specie pay
ment by the banks, soon after the com
mence,nent of your last session, made
large issues of United States notes una
yoidable In no other way could tn,
payment of the troops and other just de-
mands lie 50 economically or as well pro-
vided for. The judiciouS legislation Of
Congress securing the receivabiiiy oi
these notes for loans and internal duties,
and making them legul tender for other
debts, has made them universal currency,
and has satisfied, partially at least and for
The time, the long-felt want of uniform
circulating medium, saving thereby to
the people immense sums in discount and
exchange. A return to spcrie payments,
however, at the earliest period compatible
with due regard to all interests, should
be kept in view.
EVILS OF FLUcruATIox.
Fluctuations in the value of currency
are always injurious and to reduce these
fluctuations to the lowest possible point,
will always be leading purpose in wise
legislation. Prompt and certain CONVEX
tibility into coin Is generally acknowledge
ed TO be the best aud surcst sgaints them,
and it is extremely doubtful whether .
circulation of United States notes payable
in coin. and sufficiently large for the
wants OF the people. can be permanently
useful and safely maintained IL there
any other medium winch the necessary
provision for the public wants can DO
made. and the great advantages Of a safe
and uniform currency secured
A REMEDY PROPOSED.
know of none which promises so
certain results, and at the same time 20
unobjectonable as the organization Of
banking associations under a general act
of Congress we'll guarded in its provis-
ions. TO such associations the govern
ment might furnish circulating notes on
the security Of the United States bonds
deposited in the treasury. These notes
prepared under the supervision of prop
er officers, being uniform in appearance
and security and convertible always with
coin, would at once protect labor against
the evils OF q vicious currency. and facil-
itate commerce by cheap and safe ex-
changes. A moderate reservation from
the interest on the bonds would compen-
safe the United States for the prepare
ton and distribution Of the notes, and
general supervision Of the system. would
tighten the burden Of tina, part OF the
public debt employed as security. The
public credit, moreover, would Re great
iy improved, and The negotiation of new
loans greatly facilitated by the steady
market demand for government bonds,
which the adoption of the proposed sys-
tenn would create. 1t is an additional
recommendation Of the measure, Of con-
siderable weight in my judgment, that it
would reconcile, as far as possible, all ex-
listing interests by the opportunity offered
TO existing institutions for secured uni
form national circulation in place of the
local and various circulation, secured and
unsecured, now issued by them.
THE TREAsU nj EXHIBIT.
The receip pts into the Treasury from
all bureaus, including loans and balances
from the preceding year, for the fiscal
year ending on tho 30th of June, 1869,
were:
Customs 49.05s,497 62
Direct tar 7y5 a3l ~
Public lands j2,2e3 II
Miscellaneous q3ITsg 6l
Loans in all forms J25, 6y2,aeU 81
balance from last year 2JT, U65 81
Total 5s3,s85,247 81
The disbursements during the same period were
DISBURSEMENTS.
For Congressional, executive and
judicial purposes $5,s39, 200 2
For foreign Intercourse I,239,71o 3
For nliscellaneous expenses, inciud-
ing the minis, loans, post-cfios
deteieneies, collection Of reye-
nue. and other charges l4l2977l s
For expenses under the Interior
Department 3,l02ss5 5
Under the War Department 394 ,36s 407 3
Under the Navy Department 42G74 $50 6
For interest on the public debt l3leo32a 4
For tho payment Of the public debt,
including reimbursement of
temporary loan and rcdemp-
ton $4,000, 92S I
Total 570,sl1 700 2
Balance IN the treasury on the Is,
day Of July, 1862 I2.0ig,446 s
1t should be observed that the SUN q
se6,Cs6,e23 % expended for reimburse
ments and redemption Of the nnublic deb
being included also in the loans made
may properly be deducted both from III
receipts and expenditures, leaving tn
actual receipts for the year, S4s7, 788, 1874
81, and the expenditures, S474, 744. 1888,
10. Other information on the subject q
the finances will be given in the repor
OF the Secretary of the Treasury, I
whose statements and views invit
your most candid and considerate after
ton.
WAR AMI NAVY n~nAn