Delaware State journal and statesman., 1862-12-05


siderntion whether some extraordinary measure
to promote that end clutol he adopted
The means which suggests itself as most lkel
to be effective is n scientific exploration OF til
mineral regions in lhose rerrtoriea, with yle'
TO the publication uf its result at homa aud It
foreign couutries- results which canuot f,il TO h
auspiciou1.
The condition of the fnancsl will claim you
most diligent consideration The vast expenli
tures incident to the military aud naval opera
tions required fur tue suppression Of the rebel
lion, have hitherto been met with II promptitud'
aud certainty UNUSUAL in similar circumstances
and the public credit has been fully maintained
The continuance of the war, however, aud the
| increased disbursements made necessary by the
augmented forces now in the field, demand y0nl
best =, lleetOns as to the best modes Of providing
the necessary revenue, without injury to bust
ness, md 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 uOiea
unavoidable In no other way could the pay.
ment Of the troops and the satisfaction of other
Just demands be so economically or SO well provi-
jed for The judicous Legislation of Congress,
securing the receivabity Of these notes for loans
and internal duties, aud making them legal
tender for other debts, has made them nniver'
sal currency, aud has aatished, partially, at
least, and for the time, the long-felt want Of n
uniform circulating medium, saving thereby to
| the people immense sums in discounts and ex-
changes.
A return to specie payments however, at the
earliest period compatible with due regard to all
the interests concerned, should ever be kept in
view. Fluctuations in the value of currency are
always Injurious, and TO reduce these fluctuations
TO the lowest possible point will always be lead.
lug purpose in wise legislation. Convertibiity,
prompt and certain convertihility into coin,
is generally acknowledged to be the hest and
surest safeguard against them, and it is extreme
y doubtful whether circulation of United
States notes, payable in coin, and sufficiently
large for the wants of the people, can be perma-
nenty, uscfuly, and safely maintained. Is there,
th0n, any other mode in which the necessary pro
vision for the public wants can be made, aud the
great advantages Of sate and uniform currency
secured
l know of none which promises such certain
results, and is at the same time no unobieetionG-
BILE, rs the organization of banking associations
under general act Of Congress- well guarded in
its provisions. To such associations tue Govern
ment might furnish circulating notes Or the Sc
surty 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 coiu, would at once protect labor against
the evils of vicious currency, and facilitate
commerce by cheap and cafe exchanges; mode
rate reservation from the interest on the bonds
would compensate the United States for the
preparation and distribution OF tho notes, aud u
general supersisio of the system, and would
tighten the burden of that pnrt of the public debt
employed us securities. The public credit,
moreover would be greatly improved, aud the
negotiation of new loans greatly facilitated by the
steady market demand Tor Government bonds
which tho adoption of the proposed system would
create
Ii is an additional recommendation of the mea-
sure, of considerable weight in my Judgement,
that it would reconcile, as far possible all
existing interests by the opportunity offered to
existing institutions to rcOrganize under the act,
substituting only the secured, uuiform, National
circulation, for the local and various circula
tion. secured and unsecured, now issued by
them
The receipts into the Treasury from all
sources, including loans and the balance from
the preceding year, for the fiscal year ending on
the the 30th Of June, 1862, were $685.
S55, ,247 06; of which sum $40, ,05G, 1902 were
derived from customs, 81, 195, ,33l.T3 from the
direct direct tax from public lands, Sl52, ,203 n;
from miscellaneous sources, 1881, 7S7. GA from
loans in all forms, $3.50, COZ 465 So The re-
mainder, 81, ,2ST 0G5 so, was the balance from
last year.
The disbursements during the same period
were:
For Congressional, Executive
and Judicial purposes, S $3.50, OO9 80
For foreign intercourse, 1,339,7l0 30
For miscellaneous expenses,
Gncluding the mints, loans,
post-office defciencieS, col
lection of revenue, and other
like charges,) IA l29,77l 80
Expenses under the Interior
Department, 3,lO2,9s5 81
Under the War Department, 1884, 1868, 407 3G
Under the Navy Department, 42,674,5G 60
For interest on the public
debt, l3, 1870, 324 45
For payment Of tile public
debt, including the rem
bursement of the temporary
loan and redemptions, 9G,09G,9 922 90
Making an aggregate Of S57O,s4l, 700 70
And leaving balance in the Treasury on the
lst day of July, 1862, of $l3,04S ,54G.81.
1t should be observed that the sum of S9G,-
096, 922 09 expended for the reimbursement and
redemption of the public debt, being included
also in the loans made, may be properly deduct
ed both from the receipts and expenditures,
leaving the actual receipts for the year,
$487, ,7s8 324 81, and the expenditures $474,-
744,77916.
Other information on the subject of the fiuan-
ces will be found in the report Of the Secretary
OF the treasury. 10 whose statements ana views
invite your most candid and considerate atten-
tion.
The reports of the Secretaries of War and of
the Navy are herewith transmitted. These re-
ports, though lengthy, are scarcely more than
brief abstracts of the very numerous and extern
sve transactions aud operations conducted
through these Departments.
Nor could give a summary of them here upon
any principle which would admit of it beng
haha fIn 4kn. 4
therefore content myself with laying the re-
ports before you, and asking your attention to
them.
1t gives me pleasure TO report a decided i'm
provement in the financial condition of the Post
Office Department, as compared with several
preceding years The receipts for the fiscal
year 1861 amounted to SS,349 296 40, which
embraced the revenue from all the States of the
Union for three-quarteTs Of that year.
Notwithstanding the cessation of revenue from
the so-oalled Seeded States during the last fiscal
year the increase Of the correspondence of the
loyal States has been sufficient to produce re-
venue during the same year of $8,29 ,820.90,
being only $500 less than was derived from
all the States OF the Union during the previous
year. The expenditures show still more favor
able result. The amount expended in 1861 was
$l3, COG, 1911.
For the last year the amount has been reduced
to 81 l25,3G4 l3, showing decrease of about
$2,48l 900 in the expenditures, as compared
with the preceding year, and about So, 100000
as compared with the fiscal year 1860.
The deficiency in the department for the pre-
vious year was $4, 56l, ,9G6 9S. For the last
fiscal year it was reduced to $2,1l2,Sl4 57-I
These favorable results in part owing to the
cessation of mail service in the insurractionary
States, and in part to careful review of all ex.
penditnres in that department in the interest of
economy. The efficiency Of the postal service,
IL Ia heiieved has also hpnn mnch imnrnved