The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-12-12

gions IN those Territories, with view to
the publication of its results at home and
in foreign countries-results which cannot
fail to be auspicious. .,...r... r.. i.
; 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 promptitude and
certainty unusual in similar Circumstance
es, and the public credit has been fully
maintained. al cF-[ .. b 83
, THE CURRENCY IMITATION. +
The continuance of the war, however,
and the increased disbursements made
necessary by the augmented forces now
in the field, demand your best reflection
as to the best mode of providing the ne
cessary revenue without injury to business,
and with theleast 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 eco
nomically or as well provided for. The
judicious legislation Of Congress securing
the receivability 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 i'm
mense 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 FLUCTUATION.
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 security against
them, and it is extremely doubtful wheth-
er circulation of United States notes,
payable in coin, and sufficiently large for
the wants Of the people, can be perma-
nently, usefully and safely maintained.
Is there any other medium by 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. .,..
I know of none which promises so GER
tain results, and at the same time so un-
Objectionable as 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 once protect labor against the evils of
a vicious currency, and facilitate COM
merce by safe and cheap exchanges. A
moderate reservation from the interest on
the bonds would compensate the United
States for the preparation and distribution
of the notes, and general supervision of
the system, 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 for government
bonds, which the adoption of the pro-
posed system would create. It is an ad-
ditional recommendation of the measure,
of considerable weight in my judgment,
that it would reconcile, as far as possible,
all existing interests by the opportunity
offered to existing institutions for a Sc
cured uniform national circulation in
place ofthe local and various circulation,
secured and unsecured, now issued by
them. Tl5n- q" - Il li7tl-:3es- i'ii' | =
& o. H. THE TREASURY EXHIBIT. !t.
I The receipts into the Treasury from all
bureaus, including loans and balances from
the preceding year, for the fiscal year end
ing on the 30th Of June, 1862, were
I'D 5AlI' - RECEIPTS. 49, Dig 81 t5}t'-