The daily bulletin. [volume] (Winchester, Tenn) 1862-1863, 1862-12-10

cSpcClUII1 MtAlCO, OOSld 1lCa, &C. luo
President speaks ofa favored project, the
ocean telegraph and exteudinIth the pa
cifc line to connect with that being ex-
tended acl oss the Russian Empire.
Thinks the mineral resources of tho
Territories ought to be developed as
rapidly as possible. Every step in that
direction would have u tendency to
improve the revenues. 1t is worthy
ot serious consideration whether extra
ordinary measures to promote that end
cannot be adopted. The means which
suggests itself rs most likely to be cf
fective is scientific exp pIoration. The
expenditures incident to military and
naval operations required for suppress
sion of the rebellion have hitherto been
mot with promptitNdo and certainty
unusual in similar circumstances, and
the public credit has been fully main
tanned The continuance of war, how
ever, and the increased disbursements
made necessary, demand your first re.
Elections as to the best modes Of proyid.
ing the necessary revenue. The sus-
pension Of specie payment by the banks
made largo issues Of United States
notes unavoidable In no other way
could the payment Of the troops and
the satisfaction Of other just demands
be 50 economically or as we'll provided
tor. 1t is extremely doubtful whether
circulation Of United States notes,
payable in coin and sufficiently large
lor the wants Of the people, can be pr
mancntly and safely maintained. Is
there any other mode in which the ne.
cessary provisions for the public wants
can be made and the great advantages
Of Il safe and uniform currency secur'
ed? | know OF none which promises
so certain results and at the same time
so unob buctionabIc as the Organlzation
Of banking association under Il general
act Of Congress, we'll guarded i'll it's
provisions. To such associations the
Government Nigh. 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 ap.
pearance and secullly, aud convertible
always into coin, would aJ once protect
labor against the evils OF vicious cur
rency, and facilitate commercially cheap
and safe exchanges. A moderate res
ervation from the interest on the STOCK
would compensate the United States
for the preparation and distribution OF
the notes, and general supervision oil
the system, and would Tighten the bur
den Of tina, part Of the public debt en-,
ployed as security. The public credit,
moreover, would be greatly improved
and the negotiation Of new loans great
ly facilitated by the steady market de-
mand for Government bonds, which the
adoption Of the proposed system would
create. 1t is an additional rccommen'
dation of the measure, of considerable
weight in my judgment, that it would
reconcile us far as possible all existing
interests by the opportunity offered tc
existing institutions 10 recognize under
the act substituting only the secured
uniform national circuations now IS
sued. The President then gives u sum
mary from the Secretary oil the Treas
ury's report lie refers to the reports
of the Secretaries Of the Navy ano
War Departments, and says that,
though lengthy, they are only bret ao
stracts. He says there is declde0
improvement in the financial condition
Of the Postoffice Department compared
with the preceding years The Secre'
tary of the Interior reports that the
public lands have ceased to be q source
or revenue.
Speaking of Indian affairs and the
recent troubles, he says: | submit tol
your special consideration whether our
Indian system shall not be remOdeIIed
He suggests the earliest completion
Of the Pacific Railroad, also favorable
action of Congress on the projects tor
enlarging the great canals Of New York
Illinois and Michigan.
The President refers to his compen'
ootnJ ,rnnl Al N, Nt ion pt