Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1862-12-10
The Presidents Financial Policu

are always injurious, and TO reduce these
fluctuations to the lowest possible point
will always be a leading purpose in wise
; legislation Converti5ilty, prompt and
certain convertibility into coin. is gener.
ally ack nowledged TO be the best and
surest safeguard against them: and it is
; extremely doubtful whether circulation
OF United States notes, payable in coin,
and sufficiently large for the wants o: the
people, can be permanently, useiuly
and safely maintained.
Is there, then, ony other mode in which
the necessary provisions for the public
wants can be made, and the great advan-
tages OF safe and uniform currency se-
cured? know Of none which promises
so certain results, as the organization OF
banking associations, under a general act
OF Congress- well guarded in its provisions
To such association the government might
furnish circulating notes, on the security
iof United States bonds deposited in the
treasury. These notes, prepared under
the supervision Of proper officers, being
uniform in appearance and security, and
convertible always into ooin, wou!1 al once
protect labor against the evils of vicious
currency, and facilitate commerce Ly
cheap and safe exchanges.
A moderate reservation from the inter
est on the bonds would compensate the
United States Cor the preparation and disN
lrIbution OF the notes, and Il general Su>
| peryslon OF the system, and would light,
en- the burden of that part of the public
CeJt employed as securities. The public
credit, moreover, would be greatly i'm.
proved, and the negotiation of new loans
| greatly facilitated by the steady market
demand for government bonds which the
adoption OF the proposed system would
create.
1t is an additional recommendation of the
measure, Of considerable weight in my
| Judgment, that it would hconcie as far
us possible all existing interests, by the Oh.
pouunlry afforded to existing institutions
to reorganize under the act, substituting
only the secured uniform national clrcu.
iation. for The local and various circula-
ton, secured and unsecured, now issued
! by them.
Treasury Receipts for Msyear
The receipts into the Treasury from all
sources, including loans, and balance from
| the preceding year, for the fiscal wear
ending on the 30:h June, 1862. were
S5N5 ,24l &C. of which sum S49 O5U..
391 G2 were derived from customs
$l7Jj,33l - from the direct tax. from
public lands, $lj2, 2O3 II; from miscela-
neous sources, $93L7S7 GI: from loans in
all iorus. $500, 500, 4GO 80. The remain.
der, >Z,-j1, ,OGj 80, was the balance from
il.t year.
Tcd'oy FspsaaSJor tie Yeas.
The disbursement during the same pc,
! rod we're for congressional, executive and
Judicial purposes, S., ,939,090 50 for for,
eign intercourse, 81 ,3397lO 35; for misr
ceIIaneouS expenses, including the mints.
loans, post office deficiencies collection Of
revenues, and other like charges, Sl4,l29,-
~ 80; for expenses under the Interior
Department, -, lO2,955 50; under the
War Department, 394 3GS, ~ So: under
the Navy Department, S42, ,67I.569 60 70.
the interest on public debi, ,Sl3, 100, 324 IS;
and for payment ofpublic debt, including
reimburseinents of temporary loans. and
reJempt ons, S9G 09G. 500 O9; making an
aggregate OF 500, S4l, 700 25, and leaving
balance in the treasury on the FIRST day of
luly, 1862, Of Sl3, ,043.54G 81.
1t should be observed that the sum of
S9G O96, 900 %, expended for reimburse
ments and redemption of public debt, be
ing included also in the loans made may
he properly deducted, both from receipts
and expenditures, leaving the actual res
ceiPts for the year SlS7,7SS,324 06, and
the expenditures, S474744,77S IL.
Other information on the subject Of f.
nances will be found in the report of the
Secretary of the Treasury, to whose states
ments aud views | invite your most cam
did and considerate attention.
The Aray and tic Nary.
The reports of the Secretaries of War, !
and Of the Navy, are herewith transmit.
ted These reports, though lengthy. are
scarcely more than brief abstracts Of the
very numerous aud extensive transactions
and operations cot duc'ed through those
departments. Nor coald | give a sum.
mary OF them here, IpOn any principle. |
which would admit of its being much
shorter than the reports themselves. |
therefore content myself with laying the
reports before you, and asking your ats
tention TO them.
The Post Office Department.
1t gives me pleasure to report decided
improvement in the financial condition Of
the Post office Department, as compared
With several preceding years. The re.
ceipts for the fiscal year 1861 amounted to
$3.50 ,296 49, which embraced the reye.
nue. from all the States of the Union for
of that year. Notwith>
the cessation ofrevenue from the
'o-caled seeded States during the last
iscal year, the increase of the respon,
ience Of the loyal States has been saffi,
,ient to produce revenue during the
anne year Of SS,299,S $40 90, being only
10000 less than was derived from all the
',ates Of the Union during the previous
ear. The expenditures show sill more
avorable result. The amount expended
n 1861 was Sl3,606, 759 IL. For the last
ear the amount has been reduced TO
III ,l2j,3G4 l3, showing decrease of {
bout 2,28l.OOO in the expenditures as c
ompared with the proceeding year, and t
bout S3,75O,000 as compared with the {
sCil year 1860 The defiriancv in tbaI f.,