Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1862-12-08

THE TERRIToRIEs-THEtR RESOURCES SHOULD BE
DEVELOPED BY EXTRAORDINARY MEASURES"
The Territories of the United States with un
important exceptions, have remained undisiurbed
by the civil war; and they are exhibiting such
evidence OF prosperity iustifies expectation
that some of them will soon be in condition to
be organized az States and be constitutOnallv ad-
mtted into the Federal Union
The immense mineral resources of some Of
these Territories ought to be developed as rapidly
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 consideration
whether some extraordinary measures to promote
that end cannot be adopted The means which
suggests itself as most likely to be effective is
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 lie ausDcious
FINANCIAL AFFAns.
The condition of the finances will claim your
most dilieent consideration. The vast expendi-
tures incident to the military aud naval opera
tions required for the suppression OF the rebel
lion, have hitherto been met with promptitude,
aud certainty, unusual in similar circumstances;
and the public credit has been fully mlintainec.
The continuance of the war, however, and the
increased disbursements made necessary by the
augmented forces now in the field demand your
best reflections n 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 payments by the
banks, soon after the commencement of your last
session, made large issues OF United States notes
unavoidable. In other way could the pay
me,t OF the troops, and the satisfaction OF other
Just demands be so economically or so well pro.
vided for. The judcious legislation of Congress,
securing the receiveability 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, and for the time. the long felt want OF an
uniform circulating medium, saving thereby to
the people immense in discounts and ex
changes.
a FEDERAL BANKING SYSTEM AND NATIONAL PAPER
CURRENCY SUGGESTED.
A return to specie payments, however. at the
earliest periud compatible with due regard to all
interests concerned. should ever be kept in view
Fluctuations in the value Of currency are alwavs
Injurious. and to reduce these fluctuations to the
lowest possible point will always be- leading pur-
pose IN wise legislation Converiibility, prompt
and certain convertibility into coin, is generally
acknOw lodged To be the best and surcst safeguard
against them; and it is extremely doubtful.
whether circulation OF United States notes, pay.
OF the people. can be permanently, tseluly 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 "A safe and
uniform currency securely
know of none which promises so certain re
suits, and is at the same time so unohjectionabe,
the organization of banking associations under
a general act of Congress, well guarded in its
ment might furnish circulating notes on the Sc
curity of United States bonds deposited in the
Treasury; these notes, prepared under the super
vision OF proper officers, being Uniform in appear
ance and security, and con, ertible always into
coin. would at protect labor against the evils
of a vicious currency. and facilitate commerce by
cheap and safe exchanges.
A moderate reservation from the interest on
bonds would compensate the Uuited States for
the preparation and distribution OF the notes and
a general supervision OF the system, and would
tighten the burden OF thar part of the public debt
employed as securities The public credit
moreover, would ne greatly improved, and the
negotiation of new loans greatly facilitated, by
the steady market demand for Government
bonds. which the adoption of the proposed sys-
TEN would create. lt il an additional recon
mendation OF the measure of considerable weight
la my judgment, that il would reconcile as far as
oileei to existing institutions To reorganze under
the act, substituting only the secured uniform
national circulation, for the local and various
circulation secured and unsecured, now issued by
them.
RECEIPTS AND DISBURSEMENTS.
The receipts into the Treasury from all sources,
including loans and balaIce from the preceding
year. for the fiscal year. ending on the Both June.
1862, were 1888 SS5 ,247 06, of which sum
$40 .O56.397 G2 were derived from customs;
81 795. .33l % from the direct tax; from public
lands Sl52.2O3 II; from miscellaneous sources,
1891 l.7S7 Ga; from loans in all forms. $500 .692
46D 80. The remainder 81 .257 ,065 81. was the
balance from last year.
The disbursements during the same period
were for congressional executive and judicial
purposes. S5 ,939 .009 2g Tor foreign intercourse.
81 339. 40 50; Tor miscellaneous expeuses in
cluding the mints, loans, post office deficiencies.
collection of revenue, AID other like charges,
Sl4 l29 al 80; for expenses under the Interior
Department, S3,l02 ,9s5 So: under the War De-
partment,- -S594 4.S6S.4O7 Sc; under the Navy De.
partment, S42, ,614 500 60; for interest on public
debt, Sl3, 100 ,324 Is, aud for payment of public
debt, including reimbursement oftemporary loans
and relemptions, $50 .096 .922 09 making AN ag-
gregate Of $50 SAL 200 %. and leaving bal
ance in the Treasury on the first day of July,
1862, of Sl3.043 $40 81.
922 %. expended Tor reimbursements and re-
demption OF public debt. being included also in
the loans made, may be properly deducted, both
from receipts and expenditures. leaving the actu-
al receipts for the wear S4o7 .7SS 324 81: and the
expenditures S474 .744.776 l6.
Other information on the subject of the tinan-
ces will be found in the report of the Secretary
of the Treasury, to whose statements and views
] invite your most candid and considerate atten
ton.
WAR AND NAVY REPORTS.
The reports of the Secretaries Of War and OF
Navy. are herewith trans ntted These reports
though lengthy, are scarcely more than brief alb
stracts OF the very numerous and extensive trans
actions and operations conducted through these
departments Nor could give summary ol
them here. upon any principle, which would ad
init of ITS being much shorter than the reports
themselves. therefore content myself with
laying the reports before you. and asking your at
tention to them.
POSTAL AFFAIRS.
It gives me pleasure TO report a decided i'm
provement i'm the financial condition of the Post
Office Department as compared with several pre-
cedng years. The receipts for the fiscal yeal
1861 amounted to S., ,349 .296 40, which EN-.
braced the revenue from all the States of the
Union for three quarters of that year. Notwith
called seeded States during the last fiscal year
the increase OF the correspondence of the loya
States has been sufficient TO produce revenu,
during the same year of $500 $50 80, bein,
only $50 900 less than derived from all tn,
States OF the Union during the previous year.
The expenditures show a still more favorabl,
result The amount expended in 1861 wa
Sl3,606,75 III. For the last year the amour
has been reduced to s1l, ,l25 1854 l3, showing
derrnase of ahout AL OoO in he exnendittre
as compared with the preceding year, and abou