Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-12-02

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ing such evidence of prosperity as lustltes an
expectation that some of them will soon be in
a condition to be organized as states, and be
constitutionaly admitted into the federal
union. 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 Il tendency to i'm
prove the revenues of the government, and
| diminish the burdens of the people. 1t is wor-
thy of your serious consideration, whether
some extraordinary measures to promote that
end cannot be adopted. The meansl which
suggests itself as most likely to be effective,
is scientific exploration of the mineral re-
gions of those territories, with a view to the
publication of Its results, at home and in for
eign countrieS-results which cannot fail to
be conspicuous.
THE FINANCES.
| The condition of the finances will claim
| your most dilligent consideration. The vast
| expenditure incident to the military and naval
| operations required for the suppression OF the
rebellion have hitherto been met with
promptitude and certainty unusual in similar
! instances, and the public credit has been full
| ly 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
revenue without injury to business and with
the least possible burden upon labor. The
suspension of specie payments by the banks
| soon after the commencement OF your last
session, made large issues of United States
notes unavoidable. In no other way could
the payment of the troops and the satisfaction
| OF their just demands be so economically or
as well provided for.
The judicious legislation of congress secur-
ing the receivability of those notes for loans
and internal duties, and making them illegal
tender" for other debts, has made them uni
versal currency, and has satisfied, partially at
least and for the time, the long felt want OF an
uniform circulating medium, saving thereby
to the people immense sums in discounts and
| exchanges.
A return to specie payments, however, at
the earliest period compatible with due regard
to all interests, should ever be kept in view.
| Fluctuations in the value Of currency are al
ways injurious; to reduce the fluctuations to
the lowest possible point will always be a
leading purpose in wise legislation. Convert
Utility, prompt and certain convertibility into
coin, is generally acknowledged to be the best
and surest safeguard against them; and it is
extremely doubtful whether a circulation of
| United States notes, payable in coin and suf
| ticiently large for the wants of the people, can
be permanently, usefully and safely maintain
| ed. Is there then any other mode in which
| the necessary provision for the public wants
can be made, and the great advantages of
safe and uniform currency secured? l know
of none which promises so certain results,
| and at the same time is so unobjectionable, as
the organization Of banking associations under
| general act of congress well guarded in its
| provisions. To such associations the govern
security of United States bonds deposited in
| the treasury.
These notes, prepared under the supervis-
ion of proper officers, being uniform in APP
pearance and security, and convertible al
ways into coin, would at once protect labor
against the evils of a vicious currency, and
facilitate commerce by cheap and safe eX-
changes. A moderate, reservation from the
interest of the bonds would compensate the
United States for the preparation and distri-
button OF the notes, and a general supervision
OF the system, and would tighten the burden
Of that part of the public debt employed as
securities. The public credit, moreover,
would be greatly improved, and the negotia-
ton of new loans greatly facilitated, by the
steady market demand for government bonds
which the adoption of the proposed system
would create. 1t is an additional recommen-
|
in my Judgment, that it would reconcile as far
as possible all existing interests by the OPP
portunity offered to existing institutions to re-
organize under the act, substituting only the
secure and uniform national circulation for
the various cirCulauons, secured and unse-
cured, now issued by them.
The receipts into the treasury from all
sources, including loans and the balance from
the preceding year, for the fiscal year ending
on the Both of June, 1862, were $3.50, $780,
247 06) five hundred eighty-three million,
eight hundred eighty five thousand, two hun
dred forty dollars, and six cents; OF
which the sum of (49,056,3 1856 62) forty-nine
million, titty-siX thousand, three hundred and
ninety-siX dollars, and siXty-two cents, were
derived from customs; Sl,795, 1881 73) one
million, seven hundred ninety-tive thousand,
three hundred thrty-one dollars, and seventy
three cents, from the direct tax; from public
lands ($l52, 203 70) one hundred tifty-two
thousand, two hundred and three dollars, and
| seventy cents; from miscellaneous sources,
(S93l 1871 64) nine hundred thirty-one thou
sand, seven hundred eightyseven dollars, and
siXty-tour cents; from loans in all forms,
(S529 ,692, AGO 50) five hundred twenty-nine
million, six hundred ninety-two thousand,
four hundred and sixty dollars, and fifty
cents The remainder, $2,257 ,065 90) two
million, two hundred ftty-seven thousand,
sixty-fiyc dollars, and eighty cents, was the
balance from last year.
The disbursements during the same period
for congressional, executive and judicial pur-
purposes, were go, $3.50 009 29) five million
nine hundred and thirty-nin thousand and
nine dollars and twenty-nine cents; for for
eign intercourse 81 ,339, 40 30; for miscellan-
eous expenses, including the minis, loans,
post office deficiencies, collection of revenue
and other like charges, Sl4, 1873 III so; for
expenses under the interior department, So
1856 80; under the war department, 1894,
1868. 407 SO; under the navy department, $42, =
GA, 5G9 60; for interest on the public debt
$I3, 100, 1924 45 and for the payment of the
public debt, including reimbursement of tenn.
pOrary loans and redemptions, 500, 096, 1922 %
making an aggregate OF 500, S4l, 700 20, anc
leaving balance in the treasury on the Isl
of July, 1862, of ($l3, ,546 Sl) thirteen
million forty-three thousand five hundred anC
forty-six dollars and eighty-one cents.
1t should be observed that the sum OF
($96,O96 1922 09) ninety-six million ninety-si1
thousand nine hundred twenty-five dollars
and nine cents, expended for reimburse
ments and redemption OF the public debt, be.
ing included also in tine loans made, may bC
properly deducted both from the receipts anC
expenditures, making the actual receipts fol
the year S4S7, 78S, 1924 81 and the expend
lures S474, 7S8 l6, Other information OF
the subject of the finances will be found in the
report OF the secretary of the treasury, t
whose statement aud views / invite your mos
, candid and cOnsiderate attention.
THE NAVY AND WAR REPORTS