The Portland daily press., 1862-12-02
ne government and diminish the burdens of

1t is worthy of your serious consideration
whether some extraordinary measures to pro-
mote that end cannot be adopted The means
which suggests itself as most likely to be ef-
fectual, is scientific exploration of the min
eral regions in those territories, with view to
the publication of its results at home and in
foreign countries-results which cannot fail to
be auspicous.
FINANCES.
The condition of the finances will claim
your most diligent consideration. The vast
expenditures incident to the military and naval
operations required for the suppression of the
rebellion have hitherto been met with promp-
titude and certainty unusual in similar cir
cumstances, and the public credit has been
fully maintained. The continuance of the war
however, and the increased disbursements neces-
sary for the augmented forces now in the field,
demand your best reflections as to the best
mode ofproydng the necessary revenue with
out injury to business, with the least possible
burdens upon labor The suspension of specie
payments ofthe banks soon after the commence
ment of your last session. made large issues of
Uuited States notes unavoidable. In no other
way could the payment of the troops, and the
satisfaction of other Just demands be so eco
nomically or SO well provided for. The judi
cious legislation of Congress, securing the re-
ceivablty of these notes for loans and inter-
nal duties and making them legal tender for
and has satisfied, partially at least and for the
time, the long felt want of an uniform circula-
ting medium, saving thereby to the people
immease sums in discounts and exchanges.
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 al
ways injurious, and to reduce these fluctua-
>tons to the lowest possible point win always
be leading purpose in wise legislation
Prompt and certain convertbity into coin is
| generally acknowledged to be best and surest
against them, and it is extremely doubtful
whether circulation of United States notes,
payable in coin, and sufficiently large for the
wants of the people, can be permanently use
ful and safely maintained Is there any other
mode in which the necessary provision for the
public wants can be made, and the great ad-
vantages OF ii safe and uniform currency secur-
ed? l know of none which promises so GER
tain results, and at the same time so unobjec-
| tionable, as the organization OF banking associ-
ations, under general act of congress, will be.
| Guarded in its provisions TO such associations.
the government might furnish circulating notes
on the security of United States bonds depos-
! tied in the treasury. These notes. prepared
| under the supervision of the proper officers,
| being uniform in appearance and security, and
! convertible always into coin, would at once
protect labor against the evils of vicious cur
safe exchange, and moderate reservation from
the interest on the bonds would compensate
the United States for the preparation and dis
| tribution OF the notes, and general supervis-
ion of the system, aud would tighten the bur
den of that part OF the public debt employed
as securities. The public credit, moreover,
would be greatly improved, and the negotia-
ton 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 judg-
ment, that it wonld reconcile as far as posi-
bic all existing interests, by the opportunity
offered to existing institutions TO re-organize
under the act substituting only the secured
uniform national circulation for the local and
various cireulations secured and unsecured
now issued by them.
RECEIPTS AND EXPENDITURES.
The receipts into the United States Treas
ury from all sources, including loans and
balance from the preceding year, for the fiscal
year ending on the 30th of June, 1862, were
S5S3, ,SS5, PAT OF which sum SAC. .056 1897 81 were
derived from customs; 81 ,I95 ,331 73 from the
direct tax from the public lands 1852 ,2o3 20; /;
from miscellaneous sources 1891, ,7e7 "a; from
loans in all forms, S529, 1872 AGO so; the remain
der 2,25I,065 so was the balance from last
year. The disbursements during the same pc
| rlod, were for Congressional, Executive and
Judiciary purposes, IS 5,939 900 29; for foreign
intercourse, 1,339, ,7l0 35; for miscellaneous ex-
penses, including the mints, loans, postage de-
ficiencies, collections of revenue and other
light charges, Sl4. .l29,771 so; Tor expenses un-
der the Interior Department, s3,l02 ,9S5 81;
under the War debt, 1894 $685. ,407 36; under
| the Navy Department, S42, ,672569 60; for in
| terest on the public debt, Sl3, 100, ,324 AZ and
| for the payment Of the public debt, including
! reimbursement of temporary loans and re-
demptions, soc, COG 1922 10, making an aggregate
of s570,s41, 200 25, and leaving a balance in
| the Treasury on the first day of july 1862. of
Sl3,043,546 81. 1t should be observed that the
sum of S96,096,922 90, expended for rem-
bursements and redemption of the public debt
being included also in the loans made, may be
properly deducted both from the receipts and
expenditures. leaving the actual receipts for
the year, s4S7, ,1Ss 1924 81, and the expenditures
s4I4,I44, ,7SS 10. Other information on the sub
iect of the finances will be found in the report
of the Secretary of the Treasury, to whose
statement and views invite your most candid
and consderate attention.
NAVY AND WAR DEPARTMENT.
The reports of the Secretaries of the Navy
and War are herewith transmitted. These re-
ports, though lengthy, are scarcely more than
abstracts of the very numerous and extensive
transactions and operations conducted through
these departments; nor could give a summa-
ry of them here upon any principle which
would admit of its being much shorter than
the reports themselves; | therefore content
myself with laying the reports before you and
asking your attention 10 them.
POST OFFICE DEPARTMENT..
II gives Inc pleasure to report a decided i'm
provement in the financial condition of the
Postoilice department, as compared with sew
eral preceding years.
The receipts of the fiscal year 1861 amount
ed SS,349, ,296.40, which embraced the revenue
from all the States of the Union, for three
quarters OF that year. Notwithstanding the
cessation of revenue from the so called seced-
ed 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 IS, ,299, ,S20, being only s50000
less than was derived from all the States of
the Union during the previous year.
The expenditures show a>still more lavora-
| bic result. The amount expended in 1861 was
$l3,6o6,75 For the last year the amount
has been reduced to Sll ,l25. 1854 49, showing
decrease Of about S2.4S1 900 in the expendi-
| lures as compared with the preceding year,
and of about S3,I50,000 as compared with the
! fiscal year of 1860. The deficiency in the de-
| partment for the previous year was "a ,455 $685.
| 9S. For the last fiscal year it was reduced to
| 81, ,112, ,S14.57.
These favorable results are in part owing to
the cessation of mail service in the insurrec-
tionary States, and in part TO a casual review
| of the expenditures in that department. In
tha int of safa al.