The weekly Lancaster gazette. (Lancaster, Ohio) 1860-1863, 1862-12-11
LANCASTER, OHIO, THURSDAY DECEMBER fl 1862 D.

ct6 anu the puOilc CfeOlL Dab Deen IuIl1
maintained, The continuance Of The wal
however, and the increased disbursements
made necessary by the augmented forct
now in ths field, demand your brstre,
feotions as TO The best modes Of proyi
ding the necessary revenue, without in
Jury to business, and with the least pos
sible burdens upon labor. i.s.,e.' + .s
The suspension ot specie payments BY
the banks, soon after the commen cemrn
of Jour last session, made large Issues oI
United States notes unavoidable In nc
other way could the payment of the
troops, and Tie satisfaction Of other just
demands, be so economically. oraso well
provided for, The judicious Legislation
Of Congress securing the yeoeiysbiIity o
these notes for loans and internal duties
and making them legal tender for debts
has made them an upyersal curl ency
and has satisfied. partially. at least, anG
for The time, the long felt want Of az
ppiform circulating medium, saving
thereby TO the people immense sums ia
discounts aud exchanges. .,,as,ss .s,.a
A return to specie payments, boweyer,
at the earliest period compaIibleiwith due
regard to all interests concerned, should
ever be kept in view. fluctuations in
tile value Of currency are always injuri.
Gus, and 10 induce, these fluctuations to
the lowest possible point will always be
a leading purpose in wise legislstlonf-
Convertibility, prompt and certain con
verlibility into coin, is certainly acknowl
edged to be the bat acd, surest safeguard
against them; snd it's ex'rsm mely doubt
ful whether circulation Of Uuited States
notes, payable in coin, and sufficiently
large for, the wants Of the people. can be
permanently usefully and safely main
lained. ..f. ..... b.. ,,o...r.s ...
Is there. then. any other mode in which
the necessary provision fyr the public
wants can be made. aud the great advan-
tage of a safe and uniform currency Sc
cured t.t.t.... .,,..r .,f .....8
! know Of upps which promises SO
certain results. and is, at The same time,
80 upotjectionable, as the organization Of
associations, upder general act
ot Congress, well guarded in its provisions
To such, associations ihe, Government
might, furnish circulating notes, on the
'eruriiy Of United States bonds ,d4pos.
ted in the Treasury. These notes pre-
pared under the supervision Of proper
offoers, being uni'olm in appSaranre aud
security, and convertible always Into
coin, would at once protect labor against
he evils Of a vicious currency, and facil
tare commerce. by cheap and safe ex
changes. .,
A modefn te reservation from the inter
sst onotliee bonds would compensate ,ie
Unied States for the preparation and dis
of the notes, and a general SUI
pervision Of the system, aud would Tighten
he burden oftbat Of the public debt EN-.
lloyed as securities. The public credit,
moreover, would be greatly improved,
snd the negotiation Of new loans grea'l ly
facilitated by the steady market demabd
for Government bonds which the adoption
oflhs proposed system would create
1t is ar additional recomme ndation Of
he measure, of considerable weig ht. in
my jddgmp ut, that 1t would reconcile, as
far as possible all existing interests, ty
The opportunity afforded to existing insti-
tuuouscto reorganize under the eaet. sub
only the secured uhiiotm ma
lionaI circslation for itLe zealand vari
GUS ciruula1obs. secured and unsecured,
n wis sued by chem" 1ia's oa se1 ''a'
The receipts into the Treasury frornlall
sources, including bans and balanos from
the preceding year, for iolhe fiscal year
ending on the 30lh June, Dl862, were
$3.50 ,885,247 05s Of which shb. S49y,
056 .397 i62 were derived from customs
$l,795, 33lga3 from the direct tax; from
the p,bhic lands, $i59 2O3 a; from mis-
&C llaneors sources $93i,788 64; 4;'from
loaus 10 all forms. S5S9.692, AGO SO. The
remainder, S2,247 965 80, was the bal
sice. fIom rlastyear. l''-- owii ..iit
The disbursement during the same pc
riod were Fr Congressional Executive
and Judicial purposes, $5,939,009 90
for foreign interCoursoH 81 ,339J7lo 35s
for miScel'aneous expenses, Including tht
mints, lemsS postoflice deficiencies, col
lection of revt nue., and other like charges
$14. 129, ,77l SO for expenses, for Int
rior Department, S3,i02,985 sc Upde'
the War Department., 1894, ,S68. 4o7 36
n6der the Navy Department, S42, ,67lI
$50 60, for interest on public debt $14,
l9o,324 As; end for the payment tOt pub
lie debt, including reimbursement Of pub
porary loan and redemptiOus 500, 096,
022 09-making an aggregate OF 500,
84l ZOO 25, and leaving a balance in tn
Treasury, QUO theailst day oiJulys 1859
of sSl3, ,043, SAG 81 OH ol b4Iilosla s1
II should be observed that the sum O
6,o96,s92 O9,expendedifor reimburse
menls and redemption ofpublic debt, be
ing included also in the loans made, ma
be properly dyductsd, both from, receipt
aod expenditures, leaving the actual re
cepts for the year S487,7S8,394, 81, an
the expenditures 474,744.77S l6. a.
Other Information on the subject {
the finances will be found in the repOl
Of the Secretary Of the Treasury, to who's
statements and views | invite your mos
candid and consideiate attention.
The reports Of the Secretaries q W.
and Of the Navy are herewith trausmi
ted, These reports, though lengthy, al
scarcely more than brief abstracts Of Il
very numerous and extensive transaction
and operations conducted through thsl
departments, Nor could ] give . sun
mary Of them here upon any princip
which would admit Of it's being muc
shorter than the reports themsely Ives,