The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1862-12-20
AEsirE EctlGsstse Report s.f Sec
l.,a, rctary Gs 2Eeasyary., SIt

1hesannual report of Mr. Chase Secretar,
of the Treasury, would Ell about twel,
9eoaianS of tie 61urndt Thc fdllowing iex
ttmcts show ihc c.tirhaied receipts rard ex
ipeEdituits for the yesf ending june s0th
1854. famed on the spppssition, Of the con
tinuaRce eitpc war.1n"-
/ ESTIMATED ExrESDIrrRss For tl,e ciyi
~. including foreign intercourse snd mis-
ce'laneons expenses other than on accoun
Of the public debt. s25, ,bsl .5Ioos. For tht
I Interior Department, Indians and Pensions
I 0,346,8 877 OF For the War Denartinerit
/ s73s. 500. l46.s0H Forthe Nsvv Department
! SOS, ,257 ,255 VI For interest on public delft
1 &33,5t3 $50 50.H For principal of public
debt. 81 l9, ,3s4, SCALE Total, 1896. .413, 1873. J..
56.7 To which sum shoaldbe added the ex.
pendiires for which appropriations made
e.estirna ted as remaining rrdrawn on the
Isl July, 1853, s200,0oOp0o'; making the
secreeate of expenditures to the lst July,
1864. for which appropriations are made or
asked. ' ST. ea5, ,418Js3 %. ~ From which
should he deducted the probable amount o.
appropriations which will remain undrawn
on the 1st. JULY, 1864, s25o,0Jo 600 max.
ing the true amount of prohah,e expenditure
during the fiscal searoflss4, ss45,4 1873.
Sc. ~ .Hiama.nra ff ss't
EsTmATED Rrcgrprs The estimate Of
receipts are as follows From customs,
$4,000, 600; from intcrnal duties, $780,
O1o,oe0;' from lsnds, So, 900; from mis-
eellanecns,sources, $4,000, 600 making the
aggregate Of receipts for the HScaI year, 1854,
to be deducted from the aggregate OF ex-
penditures. s223, ,O25 900; and leaving the
amount Of tho expenditures Of the fiscal
year, 1854. to be provided for. S622 3sS,
ls3. .58. The whole smount to be provided
by Congress, beyond the resourccs available
under existing laws, NAV, therefore, upon
the suppositiba of the Continuance Of the
war, be stated as follows !: For the fiscal
year, 1863 seT8,9l2.5f7 &c; for the fiscal
year, 1864, ssos, ass, 1886 -naking an g
gregate Of $500, 800, ,70l 23.A Ht''ta o. 80
The report considers the results that may
be reasonably expected from an act author
izing the organization Of banking associa-
tons, such as proposed III the Secretary s
last report. The central idea Of the pro-
posed measure Is the establishment of one
sound uniform circulation Of equal value
throughout the country, upon the folnda-
tons OF national credit, comb,ied with pri-
vate capital .'d Sncha currency, tits believed,
can be secured through banking associa.
tions, organized under national legislation.
It's proposed that these associations be en-
tirely voluntary. Any persons dcsirous Of
employing real capital, in sufficient amounts,
can. if the plan be adopted, unite together,
un der proper articles, and having contrib
uted the requisite capital, can invest such
part tof it, not less than the fixed minimum.
in United States bonds, and having depos
tied these bonds with the proper officers of
the United States, can receive United States
notes in such denominations as may be de-
sired, and employ them as money in dis
counts and exchanges. The stockholders
OF any existing banks can, in like manner,
organize under the act and transfer by such
degrees as may be found convenient, the
capital ofl,he old to the use of the new asso-
ciates. .Et
The notes thus put into circulation will be
payable until the resumption in United States
notes, and, after resumption in specie by
the association, which issues them on de-
mand, and If not so paid, will be redeema-
bic at the Treasury of the United States
from thesproceeds of the bonds pledged in
security. 1t will be easily understood, how.
ever, if it I've considered that a government
issuing credit circulation cannot supply,
in any given period, an amount of currency
greater than the excess Of its disbursement.
over its receipts. To that amount it.may
create debt in small notes, and these notes
may be used AS currency. This is precisely
the way in which the existing currency Of
the United States is supplied. Tha, portion
Of the expenditure not met by revenue or
loans has been met by the issue of these
notes. Debts in this form have been sub
stituted for various debts in ether forms.
Whenever, therefore, the country shall be
restored to q healthy normal condition, and
the receipts exceed the expenditures, the
supply Of United States notes will be ar
rested, and IN lst progressively diminish.
Whatever demand may be made for their
redemption in coin must hasten this diminu-
ton, and there can be no reissue, for re-
issue under the Constitution nscess arily i'm.
plies disbursement, and the revenue upon
the supposition supplies more than is need.
ed for that purpose. These is then no mode
in which currency in United States notes
can be permanently maintained except by
loans Of them when not required for dis
hursement on deposits Of coin or pledge of
securities, or in some other way. This
would convert the Treasury into govern.
ment bank, with all its mischiefs aHd haz-
ards All changes, however Important,
should be introduced with caution, and pro-
ceeded in with 8 careful regard to every az
iected Interest. Rash innovation is not less
dangerous than supplied iuaction. Tho time
has come when circulation of United States
notes, in ssme form, must be employed.
The people demand uniformity in currency,
and claim at last part OF the benefit OF debt
without interest made into money, hitherto
enjoyed exclusively by the banks. These
demands are just and must be respected.
But there need be no sudden change; there
reed IA NO hnrtf,if ,intefieranee with s,;vt