Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1862-12-05

more friendly sentiments than have hereto
| fore existed are believed to BE- entertained by
those neighbors whose safety and progress.
are so intimately connected with our own
This statement specially applies to Mexico
Costa Rica, Nicaragua, Honduras, Peru, and
Chilli The commission under the convention
with the Republic Of New Grenada closed it,
session without having audited and passed
upon all claims which were submitted to it
A proposition is pending to revive the con
vention that it may be able to do more com
pletc justice. The commission between the
United States and the Republic Of Costa Ri
ca has completed its labors and submitted its
report. l.aarr. aff s.,.s ....g. ..rgf ..rr4 r.
+ l have favored the project of connecting
the United States with Europe by an Allan.
tic Telegraph, and a similar project to extend
the telegraph from San Francisco to connect
by Pacific telegraph wire with the wire
that is being extended across the Russian
empire. 3sss.t b. 4. .,ss ...5.aWE sts.t s.it
|'EaH 1a 'E OCR TERRITORIES. tJ fJ
The Territories Of the United State, with
unimportant exceptions, have remained nn
disturbed by the civil war, and they are ex
ulOltilS ouCi CVtucuCH " prosperity JIG
titles an expectation that some Of them viii
soon be in condition to be organized a.
States, and be consttutonally admitted into
the Federal Union. 4" s11 s..' j. 'T&d }
The immense mineral resources Of some o.
these Territories o"ght to be developed a
rapidly IS possible Every step in that d
rection would have tendency to improve
the revenues of the Government, and dmln
ish the burdens of the people, w u |' ...
"''' SCIENTIFIC EXPLORATION.
1t is worthy your serious attention wheth
er some extraordinary measures to promote
that end cannot be adopted. The measur.
which suggests itself as most likely to be ef
fective, is a scientific, exploration of the min
eral regions in those Territories. with view
to the publication of its results at home and
in foreign countries results which canno,
fail to be suspicious. .....t. .............
..E ..E NATIONAL FINANCES. % t...r. ...'.
The condition of the finances will claim
your most dligcnt consideration. The vast
expenditures incidental to the military and
naval operations required for tue suppression
of the rebellion have beer. met with prOmp.
titude and certainty unusual in similar cir
cu.nstances, and the public credit has been
fully maintained. ''.' .
-.r..- TIE CURRENCY INITIATION. ,..tf
The continuance of the war, however. and
the increased disbursements made necessary
by the augmented forces now in the field, de-
mands your best reflections as to the best
mode of providing the necessary revenue
without injury to business, with the least
possible burdens upon labor. The suspen-
sion Of specie payments by the banks soon
after the commencement of your last session,
made large issues Of United States notes I'M
avoidable. In no other way could the pay
ment Of troops and other just demands be so
economically OF well provided for. The judi
cious legislation of Congress securing the rs-
ceivabi'ity of these notes for loans and inter
nal duties, and making them legal tender for
other debts, has made them universal cur
rency, and has satisfied, partially al least and
for the time, the long felt want Of uniform
circulating medium, saving thereby to the
people immense sums in discount and ex-
change A return to specie payment, how
ever, at the earliest period compatible with a
due regard to all interests, should be kept in
view.
EVILS OF FLuCTCATION.
Fluctuations in the value of currency are
always injurious, and to reduce these t1uctu
atoms to the lowest possible point will al
ways be a leading purpose in wise Legislation.
Prompt and certain convertlbility into coin
is generally acknowledged to be the best and
surest means against them, and it is extreme
" doubtful whether circulation Of United
States notes, payable in coin, and sufficiently
large for the wante of the people, can be per-
usefully and safely maintained. Is
there any other medium which the necessary
provision for the public wants can be made.
securedy , fnE #.u}a #w .r....-.
-#0 g.. A REMEDY PROPOSED.
know of none which promises so certain
results and at the same time 50 unobection-
able as the organization of banking associa-
tons unker a general act OF Congress well
guarded in It's provisions. To such aSsocia-
tons the government might furnish circulat-
ing notes, on the security of United Sta, $
bonds deposited in the treasury. These notes
prepared under the supervision of proper Of
ticers, being uniform in appearance and secu-
rity, and convertible always with coin, would
at once protect labor against the evils of
vicious currency, and facilitate commerce by
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 a general supervision of the
system, and tighten the burden of that part of
the public debt employed as security. The
public credit, moreover, would be greatly i'm
proved, and the negotiation Of new loans
greatly facilitated by the steady market de-
mand for government bonds, which the adop-
lion of the proposed system would create. 1t
is an additional recommendation of the meas
ure, of considerable weight in my Judgment,
that it would reconcile, as far as possible, all
existing interests by the opportunity offered
to existing Institutions for a secured uniform
national circulation in place OF the local and
various circulation, secured and unsecured,
now issued by them. EFF
THE TREASURY EXHIBIT.
The receipts int the Treasury, from all
bureaus, including loans and balances from
the preceding year, for the fiscal year ending
On the 30th Of June, 1862, were
Customs, 49,05S, 497 81
Direct Tax, l,795, 1871 70
Public Lands, l52,2O3 II
93l,7 Sy "a
Loans in all forms, 25,G92, 800 80
Balance from last year, 257 ,O65 SO