Evening star. [volume] (Washington, D.C.) 1854-1972, 1862-12-01

most diligent con nsideraticn The vast expen-
ditures inci6e nt to the military and naval op-
erations reQuirr for the Suppression Of the
rebe uieD, have hitherto been met with
promptitude, and certainty, unusual in similar
circumstances; and the public credit has been
fully maintained. Tha continuance of the war
however, and the increased disbnrseme Is
maj necessary by the augmented forces now
in t!,e feId, demand ySur best reflections rs to
the modes OF providing the necessary rev.
enIe, without, injury to business, and with the
least possible burdens upon labor. F..
The suspension of specie payLsants by the
banks, soon after the commencement OF your
last session, made large issues Of United States
notes unavoidable In no other way could the
payment Of the troops, and the satisfaction Of
other just demands, be SO economically, or SO
we'll provided for. The judiciouS legislation
ofCongrs 81. securing the rrcri ability of these
Iotes for loans AMI internal du ties, and making
them a leg al t.ndrr for other debts, has made
them universal currency; and has satisfied,
partially, at least: and for the time, the long
felt want OF All Uniform circulating. medium,
swing thereby to the people, immense sums in
discounts and exchange.
A return 10 specir payn1ents, however, at
tlr earliest period com pa.ible with due regard
to all interests concerned, should ever be kept
In view. Fluctuations IN the value of currency
ARE aiwas injurious. and 10 reduce these 1uc-
tuatiOns TO the lowest possible point will al
ways lie leading purpose in wise legislation.
ConveIthli1ty, proInt and certain conyertibiiity
into coin. is generally acknowed to be the
best aid sur.st Safeguard against them: and il
Is extremely doubtful whether a circulation Of
sufficiently large for the wants of The people,
can be permane ntly, usefuily and safely main
tanned. '.- .r
Is there, tben. any other mode. in which the
necess airy provision for the public wants can
b. made, and th'' great ad van tages OF safe and
unlf"rin currency securrd
know of none V hch promises so certain
results, and Is at the same time, so unofi 'cton-
ahif, as tho organization of banking ;is socia-
t0ns, under general act of Congress, well
guarded in its provisions. To such associations
fhe ont iUhf fur
on the security OF United States bonds GeooSi-
ted in the treasury. These notes, prepare nn 4
Ger the supervision of proper officers, being
uniform in appearanC and 50 curty, and con-
yertil le always into coin, would at once pro-
teet bor against Ihe evils of a vicious curren-
cy. and "a i!itate commerce by cheap and safe
exchange .r. r.-..
a moderate reservation Fl on the interest on
the ionds would compensate the United States
fnr the ! re aration and dStribu ion of tho
notes, and neral supervis On Of the %ysten.
and W WOULD iighten the burden of that part of
the public d. bit employed securities. The
public credit, moreover, would be greatly im-
proved, and the negotiation Of ne loans graf
~ 1acllltated by the STEADY market demand for
government bonds which The adoption of the
proposed system would create.
IT is an additional reeomm andation OF the
measure, OF considerable weight in my jutlg-
MS nj, that il would reconcile, fur ;.s posi-
BILE, ali existing INTERESTS, by the opportunity
offered TO existing institutions to reorsanize
under the act, substituting only The secured
Uniform national circulation for the local and
various circulation, secured and unsecured,
now lssu! d by them
The receipts iEto the Treasury from all sour
ces, including loan>, and balance from the
prect ding year, for the fiscal year ending on
the 3Gth June, 1862, were S5S3. sS5, ,2t1 ti6 of
W hich sum Siat56,3a. 81 were derived from
customs: SI.7SJ.3:I' % from The direct tax: from
public LANDS SiI2..A371: from miscellaneous
sources. Ss3i,7s7 81; from loans in all forms,
s52a6S2,46O50. be lemainder, S2,2j7,gG5.o0,
" was the balanct-tr from last year. .,
The disbursements during the same pariol
were for congressional, ixecutive, ana judicial
purposes, - I3o, ,tN9 20; for foreign intercourse
81 ,R59, IS; for miscellaneous expenses, in
cluding the mints, loans, post office deficirn-
c1es, collection OF revenues, and other like
charges, Sli, ,l2e,17l SO; for expenses under the
Interior Department.. q, It2,3e5 So; und'r the
War Department., S:f9l, 36s, ,4G7 30; under the
Navy department., S42,674, 500 60; for interest
On public dept, sl3, 1924 45; and for pay
nent OF public Debt, including reimburse
menfs OF temporary loan, and redernptions,
Ss6,GeG,!2 60; making an aggregate of
SJ1G.Sil,7G0 25, and leaving u balance in the
treasury on the first day OF July, 1862, Of
Sl3,G:3,5 SO 81. - =
1t should be observed that the sum of s9j,.
Cox, s2.09. expended for reimbursements and
redemption of public debt, bring included also
in he leans made, may he properly deducted,
be tin from receipts and expenditures, leaving
the actr al receipts Tor the ye:r S4S7, ,7ss 32i97
and The expenditures, 9i14,744,77Sl6.
Other information on the subject of the finan-
ces Will re iound in the report of the Secretary
Of the Treasury, TO whose statements and views
L
tnfion.
The reports of the Secretaries of War, and Of
the Navy, are herewith transmitted. These re-
ports, though neIhy, are scarcely more than
trltf abstracts of the very numerous and ex-
tensiye transactions and operations conducted
through those departments Nor could give
a summary OF them here, upon any principle,
which would admit Of its being much shorter
than the reports themselves. therefore con.
T. mt myself with laying the reports before you,
and asking your attention to them.
1t Gives nIpaSnra fa dad
proyement tn the financial condition OF the Post
OhlCs department., AS compared with several
year 1861 amounted to Ss,3i9,296 40, which EN-.
braced the revenue from all the States Of the
Union for three quarters Of that year. Not
withstanding the cessation of revenue from the
so-called seeded States during the last fiscal
year, the increase Of the correspondence of the
loyal States has been sufficient to produce a
revenue during the same year of $S,299 s.OgO,
being only S50, ,OG0 less than was derived from
all the States of the Union during the previous
year The expenditures show still more
favorable result. The amount expended in fe6J
was S13,6C6, 1911. For the last year the amount
has been reduced to S11, 125, ,364 .13, showing q
decrease of abaut S2,feI 900 in the expenditures
about S3,7s0OC0 as compared with the fiscal
year 1860. The deficiency in the Department
for the previous year was 1855, ,966.9S. For
the last fiscal year it was reduced to S2,il2-
Sl457. -..- -.I-I
These favorable res ults are in part owing to
the cessation of mail service in the insurrec-
hohsiy c'atte, anu III part 10 q careful review
OF all expenditures in that department in the
interest or economy. The emclenoy Ol TIE pos
tai service, 1t is believed has also been much
improved. The Postmaster General has also
opened correspondence, through the Depart
ment of State, with foreign governments, pro-
posinG.a a convention OF postal representatives
for the purpose of simplifying the rates of for
eign postage, and to expedite the foreign mails
This proposition, equally important to sur
adopted citizens, and to the commercial inter-
ests of this country, has been favorably enter
tanned, and agreed TO, by all the governments
from whom replies have been received.
ask the attention of Congress to the sugges-
tons of the Postmaster General in his report
respecting the further legislation required, in
his opinion for the benefit of the postal service
The Secretary of the Interior reports as toll
lows In regard to the public lands .
"The public laSds have ceased to be a source
OF revenue. From the LIST Of ] uly, 1861, TO the
3Oth OF September, 1862, the entire cash receipts
from the sale OF lands were S136, ,4762O-a sun
much less than the expenses of our land ystem
during the same period. The homestead law
which will take effect on the LIST of January
next, ofYers such inducements to settlers that
sales for cash cannot be expected to an extent
sufficient to iaeet the expenses Of the General
Land Once, and the cost Of surveying aud