Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1862-12-13


Prussia, Denmark, Sweden and Austria,
the Netherlands, Italy, Rome, and the
other European States, remain undistnrb-
ed. Very favorable relations also continue
| to be maintained with Turkey, Morocco,
| China and Japan.
OUR NEIGHBoRING NATIONS.
During the last year there has not only
| been no change of our previous relations
| with the Independent S ates of our CONT
| nent, but more friendly sentiments, than
have been heretofore existing, are believed
| to be entertained by those neighbors
whose safety and progress are so intimate
| ly connected with our own. This state
ment especially applies to Mexico, Costa
Rica, Nicaragua, Honduras, Peru and
Chill. The commission under the conven-
ton with the Republic of New Grenada
closed its session without having audited
and passed upon all the claims which were
submitted to it. A proposition is pending
to revive the convention that it may be
able to do more complete justice. The
commission between the United States and
the Republic OF Costa Rica has completed
its labors and submitted its report.
INTERNATIONAL TELEGRAPH.
have favored the project of connecting
the United States with Europe by an At
lantic telegraph, and a similar project to
extend the telegraph to San Francisco to
connect by Pacific telegraph wire with
the wire that is being extended across the
Russian Empire.
THE TERRITORIES.
The Territories of the United States,
with unimportanG exceptions, have re-
NAMED undisturbed by the civil war, and
they are exhibiting such evidence OF pros
perity as Justities an expectation that some
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 Territories ought to be developed
as rapidly as possible. Every step in that
direction would have a tendency to i'm
prove 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 this end cannot be adopted,
The measure which suggests itself as most
likely to be effective is a scientific explor-
alton of the mineral regions Of those Ter
ritories, with view to the publication OF
its results at home and in foreign countries
results which cannot fail to be auspi.
cions.
NATIONAL FINANCES.
The condition of the finances will claim
your most diligent consideration. The
vast expenditures incidental to the mill
tary and naval operations required for
the suppression of the rebellion. have
hitherto been met with a promptitude
certainly unusual in similar circumstances.
and the public credit has been fully main
tanned.
The continuance of the war, however.
and the increased disbursements made
necessary by the augmented force now in
the field, demand your best reflection as
to the best mode of providing the neces-
sary revenue without injury to business,
and with the least possible burdens upon
labor. The suspension of specie payment
by the banks, soon after the commence
ment of your last session, made large is
sues of United States notes unavoidable.
In no other way could the payment of the
troops and other just demands be so
economically or as well provided for. The
judicious legislation of Congress securing
the receiv ability of these notes for loans
and internal duties, and making them a
legal tender for other debts, has made
them universal currency, and has satisfied,
partially at least and for the time, the
long-felt want of uniform circulating
medium, saving thereby to the people
immense sums in discount and exchange.
A return to specie payments, however, at
the earliest period compatible with due
regard to all interests, should be kept in
view.
EVILS OF FLUCTUATI0N.
Fluctuations in the value of currency
are always injurious, and to reduce these
fluctuations to the lowest possible point,
will always be leading purpose in wise
legislation. Prompt and certain converti-
bility into coin is generally acknowledged
to be the best and surest safeguard against
them, and it is extremely doubtful whether
a circulation of United States notes, paya-
BILE in coin. aud sufficiently large for the
wants of the people, can be permanently,
usetully 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?
A REMEDY PROPOSED.
| know of none which promises so GER
tain results, and at the same time so uu.
Objectionable, a the organization of Bank
| ing 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 with coin, would
at orce protect labor aga nst the evils of a
vicious currency, and facilitate commerce
by cheap and safe exchanges. A moder-
ate reservation from the interest on the
bonds would compensate The United
States for the preparation and distribution
of the notes, ard general supervision of
the system, and would tighten the burden
of that part of the public debt employed
as security. The public credit, moreover.
would be greatly improved, and the nego.
tiation OF new loans greatly facilitated by
the steady market demand tor government
bonds which the adoption of the proposed
system would create. 1t is an additional
recommendation Of the measure-of con-
siderable weight in my judgment-that it
would reconcile, as far as possible, con-
flcting interests, by the opportunity offer
ed to existing institutions to reorgauize
under the act, substituting the secured
uniform national circulation for the local
and various circulation, secured aud un-
secured, now issued by them.
CONDITION OF THE TREASURY.
The receipts into the Treasury from all