Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1862-12-04

u
may be uble 10 90 more complete Justice The |
point commission between the United States and
the republic otCosta Ricahas completed L. labots
and submit ~ isrspor,. n, NJ \
have favored thu project for connec ting the
United States with Europe by an AtInnic tele.
graph, and similar project to extend the tele
graph fpm San Francisco, TO connect by Pacific
Telegraph with the line which isbeins ertendec
across the Russion enpife
The T. rrtories Of the United States. with un.
Important except nv have rem lined un disturbed
by the civil war aud they are exhibiting such ev-
ience Ot Prosperity rs Jisttss nD expectation
that some oi them viii sJyn be IN cond,tiJnt To be
Otganiz, as states. und be consiiiutionaily ad-
mitt,d into the tederai UniVn.
Tue inmsnse mineral resources Of sumo OF
thnse 1ei rl,oii-s ought to b. develop as rapidly
ns possible. Every step in that direction would
hsvr a tendency 20 imi rove the revenues 81 the
povufnm nj, and diminish tue burdens ot the peO.
pc. 1t is worthy of your se,i us omsi ier 'tion
whether some exuaorIinsry measures 10 pr0InJte
that end cannot be adopted. The means which
suggests itselI ss ,BOst likely TO be Ell ctive. Is
ien.lhc exploration OF tho mineral regi ms 10
tnvse Territories, with view TO the rublicati IN
oi its results al home and IN foreign counirits--
resulls which cannot tail TO be susplci ciuus.
The condition ui the finances wi claim tour
most di igant consideration. The vast expendi
tufe inclent to tiic military AMI naval operations
REQUIRED Tor the tuppressiDn Oi the rebellion, dave
hitherto been mst with promptfude aad GER
tainty. unusua IN similar circumstances and the
public credit has been Iully maintained. lhe
continuance ot the war, however aud ihS Increas-
I'd olsburseint nadr necessary by the augment.
ed forces now IN the field demand your beet re.
aeciinns as TO the best modes Vi providing the ne.
cessary revenue. without injury to business, and
" ith tho lea Il possible burdens upon lnbsr.
rb. Suspension oispecie payments by the banks
| at the commencement OF your last session IN ide
large issucs OF United States notes unavoidable -
| In no other way could the payment OF the ttoops,
| aud the satisfaction os other just demands, be so
economically. OF 80 well provided tor. The ju Ii.
clio IL Legislation oi Congress. securing the receiv.
ability VI these notes Tor lonns and in ern0 duties,
! and making them n legal tender tor other debts,
satisfied, partially, at least aud Tor the time, the
long lelt want Di an uni orin circulating msdium
SAVING thereby 10 the people, immlnso sums In
discounts ind exchanges.
| A return 10 sp Gle payments, however, Mt tha
| ,ar,st petiod Compatible with due regard 10 all
interests concerned, should ever be kept IN view
| Fluctuations in the value Oi currency are always
injurious, md to reduce these fluctuations To the
lowest possible point viii always be lonain4
| purpose III wi,e legislation Converiibiliiy
prompt AMI certain 'roveriibllity into coin. !;
, generally acknowledged TO be the bOst and sures
safeguard against them; and It is exlremel
doubtful whether circulation OF United Statei
not ., payable IN cola, and sufficiently large 70,
the wants II the people, can pc permanently use.
| fully and safely maintained.
| Is there, then, any other mode in which the ne.
cessary provision tor the pnblic wants can b.
made, ani the great advantages oi safe Uniform
| know OF none which promises 50 certain re.
| suits, and 10, Al the samo lime, 80 unoolcctOn.
able, as the organiza,i III Ol banking associations
under general act vi Congress, we'll guarded IN
| its provisions To su:h associations the govern
mcn might furnish circulating notes. on the secu
rity of United States bonds deposited in the treas
uiy. These notes, prepared under the supervis
ion Of proper officers, being uniform in appear
unce and security, aud convertible always intt
coin, would a; once protect labor against the evil
Ola vicious currency, iaciiiIaIo coiirnerce by ceal
| and saio exchanges.
A moderate reservation from the interest on ih,
| bonds would compensate the United states io
the prepara alton anu distribution ui The noles, and
| u general supervision Oi the system, and would
tighten the burden Ui that purl oi the pubic deb
i employed as 6. curiiies The public credit IN re
over, wou d be greatly improved, and tie n,goi
uiion OF new loans greatly facilitated by III,
| steady market demand iur government bomb
which the adoption VI the proposed system woul,
create.
| Il is an additional Recommendation oi tn,
measure, oi considerable weight, in my Judgment
that would reconcile, as lar as pussibie, ull ex
listing interests, by tue Uppurtuuity offered To ex
slituing only tie secured Uniform national circu
laiion Tor tIe local and various cucua tiun, Sc
cured and unsecured, now issued by them.
The receipts into the treasury from al
sources, including loans, and balances from
the preceding year, for the fiscal year end
lug on the Both of june, 1882 we're $3.50,
1855, 247 ,U6, Of which sum $40, ,056, 3y7 d:
were derived from customs; 1875, ,33l 7;
from the direct tax; from public lands 3 81
2O3 II; from miscellaneous sources, Sy3l,
7S7 "a; from loans in all forms, S529, 6Y2,
400 80. The remainder, ~, 1905 ~
was the balance from last year. '. P '..
L
The disbursements during tho same peri
| cd were for congressional, executive, an,
judicial purposes, 81, 030, ,009 20. for toreigI
Intercourse, 81 339, 7l0,35; for miscel' anoou
expenses including the mints, loans, post
office deficiencies, collection of revenue, an.
other like charges, $l4,l29,77l so; tor ex
penses under the Interior Department, 50,
| l02, ,9S5 81; under the War Department
1894, 36s, ,407 36; under the Navy Depart
msnt, $42,674, 500 60; for interest on pub
lie debt, including reimbursement of TEN
porary loan, and redemptions, 500, 006, o.
90; making an aggregate of S57O, ,S4l, 700 35
and leaving balance in the treasury on tn
first day Of July, 1862, of $l3, ,0i3, $40 81.
II should be observed chat the sum o
500, ,096, 922 09, expended for reimburse
nients and redemption of public debt, bein,
included also in the loans made, may b.
/ properly deducted, both from receipts ant
expenditures, leaving the actual receipts TO
the year $4S7, 1888, 324 81; and tho expendi
turcri, $474,744,77s l6. i,..'....
Our information on the subject o
finances will be found in the report of tn,
Secretary of the Treasury, to whose state
ments and views | invite your most candle
and consderate attention. ,'.l.-
The reports of the Secretaries of War, ano
of the Navy, are herewith transmitted. :
These reports, though lengthy, arc scarcely
more than brief abstracts OF the very nu
merous and extensive transactions anC
operations conducted through those depart
ments. Nor could give summary o
them here, upon any principle, which woulc
admit Of its being much shorter than the
reports themselves. Therefore content my
self with laying the reports before you, anc
asking your attention to them.
i II gives me pleasure TO report decidet
Improvement in the financial condition o
the Post Office Department, as compared
with several preceding years The receipts
for the fiscal year 1861 amounted to S., $40,
200 40, which embraced the revenue from
all the States Of the Union for three quar-
ters Of that year Notwithstanding the
cessation Of revenue ftom the socaled SO
ceded States during the last fiscal year, the