Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-12-04

be org,uizeI ~ States ant be constitu'Onalls adj
miiied into the FEDERAL Unioi.
Tie immense mineral resources az some o.
these Territories ought To- be deseopei as rapsdl,
- POSSIBLE Every sten IN that direction would
have a tendency impr0, the revenues pt the
Go, eminent. snd diminish the burdens 81 the
peope u J. worthy oi yOur consideration
whether some extraordinary measures % promote
that end cannot be adopted The means which
suggests itself as most likely 10 be effective. l.
scientific exploration Of the mineral regions IN
those Territories with a view to the publication
OF its results at home and in foreign countries
results which cannot fail TO be suspicious.
FINANCIAL AFrAns.
The condition of the finances will claim your |
most dilieent consideration. The vast expendi |
lures incident to the military and naval opera |
tions required for the suppression of the rebel |
lion. have hitherto been met with prompttude, |
and certainty. unusual in similar circumstances;
and the public credit has been fully maintainec.
The continuance OF the war, however, and the |
increased disbursements made necessary by the |
augmented forces now in the field demand your |
best reflections to the best mode, of providing
the necessary revenue. without injury to business
and with the least possible burdens 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
unav oidable In no other way could the pay
ment Of the troops, aud the satisfaction OF other
| Just demands be 81 economically or 80 well pro
vided for The iudieious legislation of Congress,
securing the receiveabili;y of these notes for
loans and internal duties, and making them "a
| legal tender for other debts. has made them an
universal currency: and has satisfied, partially at
| least aud for the time the long felt want of an
uniform circulating medium, saving thereby to
the people immense sums in discounts and ex-
/ changes.
FEDERAL BANKING SYSTEM AND NATIONAL PAPER
CURRENCY SUGGESTED.
A return to specie payments, however. at the
earliest period compatible with due regard 10 all
Interests concerned, should ever be kept in view.
Fluctuations in the value of currency ALWAYS
injurious. and to reduce these fluctuations to the
lowest possible point will always bea leading pur-
pose in wise legislation. COnvertbty, prompt
and certskn cony ertbility into coin, Is generally
Il acknowed be the best and surest safeguard
against them; and il Is extremely doubtful
whether circulation OF United States notes, pay
able in coin. and sufficiently large for the wants
OF the people. can be permanently, useiully and
safely maintained.
Is there, then, any other mode in which the
necessary provision for the public wants can be
made. and the great advantages of IA sale and
uniform currency securely
II | know of none which promises so certain re
suits, and is at the same time unobjectionable,
AS the organization of banking associations under
general act of Congress, well guarded in its
provisions To such associations the Govern
ment might furnish circulating notes on the sc
curity of United States bonds deposited in the
Treasury; these notes. prepared under the super
vision oil proper officers, being Uniform in appear
ance and security, and convertible always into
coin, would protect labor against the evils
of vicious currency. and facilitate commercially
cheap and safe exchanges.
A moderate reservation from the interest
bonds would compensate the United States for
the preparation and distribution OF the notes, and
general supervision of the system, and would
tighten the burden OF that part of the public debt
: employed securities The public credit
moreover would be greatly improved. and the
negotiation of new loans greatly facilitated. by
n the steady market demand for Government
bonds. which the adoption of the proposed sys
1 TEN would create. 1t is an additional recon
j mendation OF the measure of considerable weight.
q in my judgment that il would reconcile as far as
II possible. all existing interests by the opportunity
offered To existing institutions to reorganize under
c the act, substituting only the secured uniform
: national circulation, for the local and various
;. circulation secured and unsecured issued by
n them.
RECEIPTS AND DISBURSEMENTS.
The receipts into the Treasury from all sources,
"
year. for the fiscal year ending the 30th June.
1869, we've $685.. cS5 247 O6, of which sum
, $40 056 1897 62 derived from customs;
D 81 195. 33l 10 from the direct tax; from public
e lands 1892 II; from miscellaneous sources.
u 1891 .7o7 Ga; from loans in all forms. 1929 692,
400 80 The remainder, 81 ,257 ,O65 60 was the
, balance from last year
n The disbursements during the period
;, were for congressional. executive and judicial
'i purposes So 939 009 %; for foreign intercourse
g 81 .339. 40 80; for miscellaneous expenses, in
IT Guiding the minis, loans, post Office deficiencies
u collection of revenue. and other like charges.
u Sl4 100 III 80: for expenses under the Interior
! Department, 80. l02 .9e5 80; under the War De-
par,ment, 1894 .36s. 400 36; under the Navy De.
y partment Sl2 Cd 500 50; for interest on public
debt. Sl3 1 80 .24 10, and for payment of public
= debt. including reimbursement oftemporary loans
= and redemptons. 500 096 .922 %: making an ag-
. gregate Of $40. eil ,70D %, and leaving bal
ance in the Treasury on the first day of July,
!, 1869. of Sl3,043 $40 81.
IL should be observed that the sum Of $50 ,096.-
922 90. expended for reimbursements and re-
demption of puolic debt. being included also in
the loans made, may be properly deducted, both
a from receipts and expenditures. leaving the actu-
al receipts for the year S4o7. 7SS 1924 81 and the
|, expenditures. S474. 7i4.77s 10.
= Other information on the subject of the fnan
ces will be found in the report OF the Secretary
of the Treasury TO whose statements ami views
| | invite YOUR most candid and considerate atten
: ton.
Ell WAR AND NAVY REPORTS.
e The reports of the Secretaries of War and oi
Il Navy, are herewith transmitted. These reports
Il though lengthy, are scarcely more than brief ab.
str1cts OF the numerous and extensive trans
Il actions aud operations conducted through these
= departments Nor could give IA summary oi
them here. upon any principle. which would ad
g init OF It's being much shorter than the reports
- themselves | therefore content myself with
q LAYING the reports before you and asking your ut
:, tentlOn To them.
u POSTAL AFFAIRS.
a Ii gives me pleasure to report a decided lul-
:, prov ement in the financial condition of the Post
!, office Department compared with several pre-
ceding wears The receipts tor the fiscal ,eai
le6l amounted to So 349 .2y6 40. which EN-
braced the revenue IRON ali the States OF th,
il Union for three quarters of that year. Notwith
N standing the cessation of revenue from the 30
called seeded States during the last fiscal year
N the increase OF the correspondence OF the loya
III States has been sufficient to produce revenue
d. turing the same year of Ss,299 .c2O 80, BEN.
le ouly $50 900 less than WAS derived from all th'
x States ct the Union during the previous wear.
The expenditures show a still more favorable
result. The amount expended in 1861 wa
. Sl3,606,159 IL. For the last year the amoun
- has been reduced to ll,l25, 364 Is, showing |
:, decrease of about 50 Ash 900 in the expenditure
a a compared with the preceding year, and abou
~ s3,75O,0O0 rs compared with the fiscal year SCI