The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1862-12-03


Just demands be so economically or as well pro.
ii1ed for. The ju1iclOus legislation of Con-
grcss securing the .rcCeiyablity OF these notes
ipr loans and internal duties, and making them
legal tender for other debts has made them
universal currency, and has satisfed-partially
At least, and for the time, the long-felt want
OF a uniform circulating medium. saving there
BY 10 the people immense sums In discounts
aud exchanges. return 10 specie payments,
however AT he earliest period compatible with
due regard 10 all interests, shonld ever be kept
In view. Fluctuations in the value Of currency
are always injurious, and 10 reduce these due
tua,ions to the lowest possible point
viii always be leading purpose in
wise Legislation. Prompt and certain con-
ysrtlbity into coin is generally acknowledged
10 be the best and surest against them, and il
j. extremely doubtful whether circulation of
United States notes payable in ccin and sufi.
GENTLY large for the wants Of the people can b
Prominently. usefully and safely maintained.
L. there any other mode In which the neces-
sary provision for the public wants can be
made and the great advantages OF q safe and
Uniform currency securedS l know of none
which promises SO certain results and at the
sumo tune is so unobjectlonable "a the organiza-
ton of banking associations under q 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
proper officers, being uniform in appearance
aud security, and convertible always into coin,
would at once protect labor against the evils Of
L vicious currency aud facilitate commerce by
cheap and safe exchanges. moderate reser-
yation from the interest ON the bonds would
compensate the United States for the prepara-
ton and distribution OF the notes aud q general
supervision oil the system, and would Tighten
the burden Of that part Of the public debt en-
ployed as security. The public credit, more
over, would be greatly improved, and the e
gotiation Of new loans greatly facilitated by
the steady market demand for Government
bonds, which the adoption OF the proposed sys-
tern would create.
Is is an additional recommendation Of the
measure, Of considerable wei ht In my judy
msnt, that it would reconcile AS far as possible,
all existing interests, by the opportunity offer
I'd To existing institutions to re-0rganize under
the act substituting only the secured, uniform
national circulation for the local and various cir
culatlon, secured aud unsecured, now Issued by
them.
The receipts into the Treasury from all sour.
ces, including loans and balance from the pre-
cedin year, for the fiscal year ending on the
3Oth Of June, 1862, were 1888, So5, 247 &c. Of
which sum $40, 05s 397 81 were derived from
customs; sl,793, 33l % from the direct tax
from public lands $l52, 203 IL; from miscella-
neous sources 1921 49, GA from loans in all
forms s521 ,692, AGO 80. The remainder, ($257,-
O65 CO., was tho balance from last year.
Tho disbursements during the same period
were For Congressional. Executive and Judi
chi purposes So, 939, 009 20; for foreign inter-
course III, $50, 10 80 for miscellaneous expen-
ses. Including mints, loans, post, office dstcien-
cies, collection OF revenue, and other charges
.s14 l29, al 90: for expenses under the lnte-
rior Department So 102 9s5 81 under the War
Department 1891, 36o, 407 IS; under the Navy
Department Si2;674, $50 90 /; for interest on the
public debt Sl3 1870, 1924 40, and for the pay ment
IF the public de0t, including reimbursement OF
temporary loans and redemptions, $50, 096,-
923 %, making an aggregate OF 900, 8ii, 200 20,
aud leaving balance In the Treasury on the
llrst day of July, 1862, of sl3, O43, 446 81. 1t
should be observed that the sum Of 500 O96,-
922 SO, expended for reimbursements and re-
demption vi the public debt being included
also in the loans made, may be properly de-
Quoted both from the receipts and expenditures
leaving the actual receipts for the year S4o7,.
,ss,32i %, aud the expenditures S414, a.
,sS 10. Other Information Oh the subject of
the finances will be given in the report OF the
Secretary of the Treasury, to whose statement
and views invite your most candid aud con-
slderate attention.
The Reports of the Secretary of the Navy
and War are herewith transmitted. These re.
ports, though lengthy, are scarcely more than
brief extracts of The very numerous and exten-
siye Transactions and operations conducted
tar ugh these departments. Nor could give
II summary OF them here upon any principle
which would admit OF its being much shorter
than than the reports themselves. 1 there
fore content myself with laying the reports
before you and asking your attention to them.
ltgives me pleasure 10 report n decided i'm.
proyement In the financial condition Of the