Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-12-03

States and the Republic of Costa Rica has
completed its labors and submitted its re-
port.
OCEANIC TELEGRAPH.
have favored the project of connecting
the United States with Europe by an At
lantic telegraph, and q similar project to
extend the telegraph from San francisco
to connect, by a Pacific telegraph wire,
with the wire that is being extended across
the Russian Empire.
THE TERRITORIES.
The territories Of the United States, with
unimportant exceptions, have remained un-
disturbed by the civil war, and they are
exhibiting such evidence of prosperity as
justifes an expectation that come Of them
will soon be in condition to be organized
as States, and be constitutionally admitted
into the Federal Union. The immense
mineral resources of some of these terri
tories ought to be developed as rapidly as
possible.
Every step in that direction would have
tendency to improve the revenues Of the
government, and diminish the burdens Of
the people.
1t is worthy Of your serious considera-
ton whether some extraordinary measures
to promote that end cannot be adopted.
The measure which suggests itself as most
likely to be effective IS a scientific explora-
tion Of the mineral regions in these terri
tories with a view to the publication of its
results at home and in foreign countries;
results which cannot fail 10 be auspicious.
THE FINANCES. z.s-rf
The condition of the finances will
claim your most diligent consideration.
The vast expenditures, incident to the
military and naval operations required for
the suppression of the rebellion, have hith-
erto been met with Promptitude and GER
tainty unusual in similar circumstances,
and the public credit has been fully main
tanned The continuance of the war, how
ever, and the increased disbursements
made necessary, demand your best refec-
tions as to the best modes of providing the
necessary revenue, without injury to
business, and with the least possible
burdens upon labor. The suspension of
specie payment by the banks made large
issues of United States notes unavoidable
In no Othe way could the payment of the
troops and the satisfaction Of other Just
demands be SO economically or as well
provided for. The judicious legislation
of Congress, securing the receivability Of
these notes for loans and internal duties,
and making them legal tender for other
debts, has made them a universal curren-
ey, and has satisfed-partially at least,
and for the time-the long felt want of q
uniform circulating medium, saving there
by to the people immense sums in discount
and exchange.
A return to specie payments, however,
at the earliest period compatible with a
due regard to all interests should ever be
kept in view. Fluctuations in the value
Of currency are always injurious, and to
reduce these fluctuations to the lowest pos
sible point will always be leading pur-
pose in wise legislation. Prompt and
certain convertibility into coin is
generally acknowledged to be the
best and surest against them, and it
is extremely doubtful whether a cir
culation of United States notes, payable in
coin and sufficiently large for the wants Of
the people, can be permanently useful and
safely maintained. Is there any other
mode in which the necessary provision for
the public wants can be made, and the
great advantages Of a safe and uniform
currency secured know OF none which
promises so certain results, and at the
same time so unobjectionnble, as the or
ganization of banking associations under
a general act Of Congress, well guarded in
its provisions.
To such associations the Government
might furnish circulating notes on the Sc
curity of 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 coin, would at
once protect labor against the evils of q
vicious currency, and facilitate commerce
by cheap and safe exchange. 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 would tighten the burden of that por-
ton of the public debt employed as secu-
rity.
The public credit, moreover, would be
greatly improved, 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 recon-
mendation of the measure of considerable
weight in my judgment, that it would re-
cencile, as far as possible, all existing in
terests by the opportunity offered to ex-
isting institutions to reorganize, under the
act, substituting only the uniform nation
al circulation for the local and various cir
culations, secured and unsecured, now is
sued by them.
CONDITION OF THE TREASURY.
The receipts into the Treasury from all
sources, including loans and balances from
the preceding year, for the fiscal year end
ing on the Both of June, 1862 were $685.
885,247 66, of which sum S49,058,397 81
were derived from customs; 81, ,7S5, 931 70
from the direct tax; from public lands
S152,2 203 II; from miscellaneous sources
1891, 789 g.; from loans in all forms $685.
692, 1850 so. The remainder, S257, ,065 so,
was the balance from last year.
The disbursements, during the same pc
riod were: For Congressional, Executive
and Judicial purposes, S5,939,009 %; for
foreign intercourse, 81, ,239,7lO 35j for
miscellaneous xpenses-including the
mints, loans, post Office deficiencies, col
lection of revenue and other like charges,
SI4, ,129,771 So
For expenses under the Interior Depart
ment, S8, 102,985 So: ander the War De-
partment, 1894, 368, ,4O7 38; under the Ma
Wy Department, AZ, ,674, $50 SO; for inter-
est on the public debt S13, 100, 824 45; and
for the payment of the public debt inclu-
ding reimbursement Of temporary loan and
redemption, S96, ,096, ,929 09, making an ag-
gregate of $50, ,s4I, 700 25, and leaving
balance in the Treasury on the 1st day Of
Jnlv 1850 of SI2 nag AA6 81 II sbcrld