The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1862-12-11

)us conslderatlon Wnetner some eXtraOr-
1inary measures to promote that end
,an not be adopted. The means which
suggests ITSELF as most likely to be eff
Fectivo, is a scientific exploration of the
mineral regions in these Territories,
With view to the publication of its re-
'ults at home and in foreign countries
results which cannot fail to be aus.
picious.
The condition Of the finances will
claim your most diligent consideration
The vast expenses incident to the mill
tary and naval operations required for
of the rebellion have hith.
erto been met with a promptitude and
certainty unusual in similar circum
stances, and the public credit has been
fully maintained. The continuance Of
the war, however, and the increased dis.
bursements made necessary by the aug.
mented forces now in the field, demand
your best reflections as to the best means
of providing the necessary revenues
without injury to business, and with the
least possible burdens upon labor. The
suspension of specie payment by the
banks, soon fter 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 and
as we'll provided for. The judicious
legislation of Congress, encouraging the
receivability of those notes for loans
and internal duties, and making them q
illegal tender" for other debts, has sat.
isfed, partially at lesat, and for the time
the long felt want of an uniform circu
lating medium, saving thereby to the
people immense sums in discounts and
exchanges. -........ ..s.,.........
A return to specie payments, howev
er, at tho earliest period compatible
with due regard to all interests
should ever be kept in view.
Fluctuations in the value of curren
cy are always injurious, and to reduce
these fluctuations to the lowest posi- BILE
point will always be leading purpose
in wise legislation.
Convertibility, prompt and certain
convertibility into coin, isssenerally ac.
knowledged to be the best and sures
safeguard against them, and it is ex-
tremely doubtful whether circulation
of United States Notes, payable in coin
and sufficiently largefor the wants Of
thcpeople, can be permanently, oru eful
ly maintained. Isthcrc, then, any other
mode in which the necessary provision
for the public wants can be made, and
the great advantages Of safe and uni
form currency secured2
l know Of none which promises SC
certain results, and at the same time sc
unobjcctionablc, as the organization of
Bank Associations under general act
of Congress, we'll guarded in its provis
ions. To such associations, the Gov.
ernmens might furnish circulating
notes on the security of United State;
bonds deposited in the Treasury
These notes, prepared under the super
vision of proper officers, being uniform
in appearance and security, and convcr
tible always into coin, would at once
protect labor against the evils off vi
cious currency, aud facilitate commerce
by cheap and safe exchanges. A mod
crate reservation from the interest or
the bonds would compensate the Unitet
States for the preparation and distribu
tion of the notes, and general super
vision of the system, and would lighter
the burden of that part ofthe public
debt employed as securities. The pub
lie credit, moreover, would be great,
improved, aud the negotiations of new
loans greatly facilitated by the stead.
market demand for Government bond
which the adoption of :he proposed sys
tenn would create.
1t is an additional recommendation
of tho measure, of considerable weight
in my judgment, that it would recon
cile, as far as possible, all existing inter
ests, by the opportunity offered to eIis
ting institutions to rOorganize under
the act, substituting only the secured
uniform national circulation for the 10
cal aud various circulation, secured an,
unsecured, now issued by them.
The receipts into the Treasury from
all sources, including loansand bala nee
from the preceding year, for the 6sea
year ending the Both of June, 1862
were s5s3,s85, PAT O6 Of which sun
$40, ,O56, ,397 62 were derived from Gus
! 'N -' - - 10 go