Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1862-12-04

the people, can Oe "seiuiiy
and safely maintained. Is there any
other medium with which ths necessary
provision for tho public wants can be
made and the grea' advantage Of a safe
aud Uniform currency secured?
REMEDY PROPOSED.
l know OF none which promises SO cer-
tain results, and at the same time So nn-
Objectionable as the organization of bank
ing associations under general act Of
Congress. well guarded in It's provisions.
To such associations the government
might furnish circulating notes on the
security OF United States bonds deposited
in the treasury These notes, prepared
under the supervision Of proper officers,
being uniform in appearance and securi-
", and convertible always with coin,
would at once protect labor against the
evils OF vicious currency, and t.ciiitatc
commerce hv cheap and safe exchanges.
A moderate reservation from the interest
on the bonds would compensate the
United States for the preparation and
distribution of the notes and general
supervision Of the system, would tighten
the burden Of that part Of the public debt
employed as security. The public cred
it. moreover, would be greatly improved,
and the negotiation Of new loans greatly
facilitated by the steady market demand
for governmen, bonds, which the adop-
tion Of the proposed system would ere
ate. It is an additional recommendation
OF the measure, of considerable weight in
my Judgment, that it would reconcile, as
far as possible, all existing interest, by
the opportunity offered to existing insti-
tutions for a secured uniform national
circulation in place of the local and varl
ons circulation, secured and unsecured,
now issued by them.
THE TREASURY RNIlIB r.
The lee ptS into the treasury from all
bureaus, including loan, and balances
from the preceding year, for the fiscal
year ending on the 3Oth of June, 1862,
were:
| Direct tax,. ................. i,s9o.5o! =
iubtic lands. l3S..p, -
miscellaneous, $500. 95l -" 81
Loans IN al! fosm,,. 52o b92,3G9 So
Balance from last year, r,............ 2s1 90 81
The disbursements during the same
period were:
pIsBURssMESrs.
For congressional, executive, and
dicial purposes ...... ........ So ga 009 70
tor foreign intercourse, ,.......... I25a, - -
/ or mi cel!aneUus expenses, inclui-
ing tn, fnints, lolns pest.uliec
Deficiencies, collection OF revenue.
ani other cna'ges......... ..... IL, l2a1Il 10
For expenses an Ter the Interior de-
tartment 8.i0Z 9s5 81
Under the w ar partrcnt, .3oi 3is 10 81.
L nder the Navy drpar'ms II, ...... AZ 67A -
For nserest on the public deb. ... l3 !9u ,,24 -
For the payment OF the public debt,
including 'e,mhnraemant If tom
oorAry loan ard redemption, ..... oa ot6 923 90
Total. .S5.V, Il ,7oo -
Balance ir the t.easury on the 1t
day ot July. 1902. .............. 1",of5, 40 81
1t should be observed that the sum Of
*96,o9t, ,923.o9 expended lor reimburse
mems and redemption OF the pul'ic debt,
being included also in the loans made.
may properly hes'lcducted both from the
receipts and expenditures, leaving the
actual receipts Tor the y.ar SIS a.
SsS. 3.s1 %, and the expenditures
Sl71,7sl,5~S.l6. Other IN
formation on the subject Of the finances
will be given in the report OF the Sccrc-
tary Of the Treasury, to VIII Sc state
mc,ts and views invite your most can
did and consderate attention.
WAR AND NAVY REPORTS.
The reports Of the Secretaries Of the
Navy and War are herewith transmitted
These reports, though lengthy, are scarce
numerous and extensive transactions and
operations conducted through these de-
partmen:s nor could | give a summary
OF them here upon any principle which
would admit OF It's being much shorter
than the reports themselves.
therefore content myself with laving
the reports before you, and asking your
attention to them.
TIE posi- OFFICE DEPARTMENT.
It gives me pleasure to report a decid-
cd Improvement in the financial condition
Of the Post Office Department, as compar-
ed W, tn the several preceding years -
The receipts for the fiscal year 1861
amounted to S8,349, ,29G,4o, which en-
hraced the revenue from all States Of the
Mon for thrce-qnarters Of that year.
Notwithstanding the cessation of revenue
from the so-called Confederate States
during the last fiscal year the increase OF
the correspondence Of the loyal States
has been sufficient to produce revenue
during the same year Of $500, 500, 80,
being only $50, 900 less than was derived
from all the States Of the Union the pre-
vinus year.
The cxpend lures show still more
favorable result. The amount expended
in 1861 was Sl3,6O6, ,7sa.ll. For the
last year the amount has been reduced
to SLIPS 5,364.l3, showing a difference
of about $2,587,OOO in the expenditures
as compared with the preceding year, or
about s3, 100000, as compared with the
fiscal year of 1860.
The deficiency in the department for
the previous year was s4,551 ,566,9e.-
For the last fiscal year it was reduced to
s2,ll2,sl4.57. These favorable results
are, in fact, owing to the cessation Of
mail conveyance in the insurrcctionary
States, and in part to. casual review of
all expenditures in that department, in
the interest of economy.
ErFIcIENcY-PosTALc CONVENTION. -
The efficiency of the postal service it