The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1862-12-10

dens upon labor. The suspension Of sps-
cie payments by the banks soon after the
commencement of your last session made
large issues of United States notes una
voidable. In no other way could the pay
msnt of the troops, and the satisfaction of
other just demands, be 80 economically or
as we'll provided for. The judicious leg
islation of Congress securing the receiv-
ability of these notes for loans and inter-
nal duties, and making them illegal ten
der" for other debts, has made them uni
versal currency, and has satisfied, partial
" at least, and for the time, the long-felt
want of an uniform circulating medium,
saving thereby to the people immense
sums in discounts and exchanges.
A return to specie payments, however,
at the earliest period compatible with due
regard to all interests, 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 a leading purpose in wise
legislation.
Convertibility, prompt and certain, CON
vertibility into coin, is generally acknowl
edged to be the best and surest safeguard
against them, and it is extremely doubt
full whether a circulation of the United
States notes, payable in coin, and suffi-
GENTLY large for the wants of the people,
can be permanently, usefully, and safely
maintained. Is there, 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 secured Z
I know of none which promises so cer-
tain results. and at the same time So un-
Objectionable, as the organization of Bank
ing Associations under a general act Of
Congress, well guarded in its provisions.
To such associations, the Government
might furnish circulating notes on the Sc
curity of United States bonds deposited
in the Treasury. These notes, prepared
under the supervision of proper officers,
being uniform in appearance and securi-
ty, and convertible always into coin,
would at once protect labor against the
evils of vicious currency, and facilitate
commerce by cheap and safe exchanges.
A moderate reservation from the interest
on the bonds would compensenate the
United States for the preparation and dis
tribution of the notes, and a general su.
pervision of the system, and would light
en- the burden of that part of the public
debt employed as securities. The public
credit, moreover, would be greatly i'm
proved, and the negotiations of new loans
greatly facilitated by the steady market
demand for Government bonds which the
adoption of the proposed system would
create.
1t is an additional Recommendation of
the measure, of considerable weight in
my judgment, that it would reconcile, as
far as possible, all existing interests, by
the opportunity offered to existing insti-
tutions to reorganizs under the act, sub
stitutipg only the secured uniform nation.
al circulation for the local and various
secured and unsecured, now
issued by them.
The receipts into the Treasury from all
sources, including loans and balance from
the preceding year, for the fiscal year end
ing on the S0th of June, 1862, were $685.
S85,247 06, of which sum $49, O56,397
62 were derived from customs; $780,
231 Is from the direct tax; from public
lands, S1I2,203 II; from miscellaneous
sources, S931,787 81 ; from loans in all
forms, $500, ,6s2, AGO so. The remain
der, S2,257.065 so was the balance from
last year. The disbursements during the
same period were: For Congressional,
Executive and Judicial purposes, Sc, $780,
600 20; for foreign Intercourse, 81 $780,
10 35; for miscellaneous expenses, in.
Guiding the Mints, Loans, Post Office de-
6ciencies, collection of revenue and other
like charges, $l4,129,771 so; for ex-
penses under the Interior Department,
S3, ,102,9S5 So; under the War Depart
ment, 1894, 1868, ,407 Sc; under the Navy
$42,673, ,569 50; for inter-
est on the public debt, SIS, 1SO, 1924 45;
and for the payment of the public debt,
including reimbursement of temporary
loans and redemptions, s9e,O96,922 90 u
making an aggregate of $57O,S4l,70O 25,
and leaving a balance in the Treasury on
the 1st day of July, 1862, of sl3,O43,-
SAG 81. 1t should be observed that the
sum of 500, 6,O96,922 90, expended for re-
and redemption of the pub
lie debt, being included also in the loans
made, may be properly deducted both
from the receipts and expenditures leav-
ing the actual receipts for the year S474,-
744,7S8 16. Other information on the
subject of the finances will be found in
the Report of the Secretary Of the Treas
u