The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1862-12-10

relations with Great Britain. France, Spain,
Portugal, Russia. Prussia, Denmark, Swe.
den, Austria, Netherlands, Italy, Rome, and
the other European States remain undihur'
bed. Very favorable relations also continue
to be maintained with Turkey, Morocco
China and Japan During the past year
there has not only been no charge Of out
previous relations with the Independent
States OF our own continent, but more senti
ments of cordial good will are believed to be
entertained by these neighbors, whose safety
and progress are SO intimately connected
with our own. This statement especially
applies to Mexico, Costa Rica, Nicaragua,
Hond uras, Peru and Chill. The commission,
under the Convention with the Republics Of
New Grenada, closed Its session without
having sudited and passed upon all the
claims which were submitted to it. pro
position is pending to revive the convention,
that it may be able to do more complete JUS
tice. The commission between the Chited
States and the Republics of Costa Rica has
completed its labors, and submitted its re-
port. have favored the project for connect
ing the United States with Europe, by an
extend the telegraph from San Francisco to
connect by q Pacific telegraph with the wire
which is being extended across the Russian
Empire.
TERRITORIAL AFFAIRS.
The Territories of the United States, with
unimportant exceptions, have remained un.
disturbed by the ciSll war, and they are ex-
hibiting such evidence Of prosperity as jus
titles an expectation that some OF them will
soon be in a condition to be organized as
States and be constitutionally admitted into
the Federal Union. The immense material
resources OF those territories ought to be de-
veloped as speedily as possible. Every step
in that direction would ave tendency TO
improve the revenues OF the government and
diminish the burdens Of the people 1t is
worthy Of Your serious consideration wheth-
er some extraordinary measures to promote
the end cannot be adopted. The means which
suggested tsel most likely to be effected is
a scientific exploration OF the mineral re-
gions of these territories with view to a
pubiica. ion OF its reaults at home and in for.
eign counties, results which cannot fail to
be auspicious. The condition OF the tinan"
ces will claim your most diligent cons dera'
tion.
FINANCIAL AFFAIRS.
The vast expenditure incident TO the mill
tary and naval Operations required lor the
suppression of the rebellion, have hitherto
been met with promptitude, and certainly
uausual IN similar circumstances, and the
public credit has been fully maintained. The
continuance OF the war, however, and the in.
creased disbursements made necessary 10y the
ausmt nted fnrces now in the Held demand
your best reflections as TO the best mode Of
providing necessary revenue without injury
10 business, and with the least possible bur
den upon lab r. The suspension Of specie
payment by the banks soon after the com.
menccment of your last session made large
issues Of United States Noes unavoidable
In no other way could the payment OF troops
and the satisfaction Of other just demands be
so economically or as well provided for
The judcious legislation OF Congress secur-
ing the recevablity Of these notes FOR loans
and internal duties, and making them le
gal tender for other debts, has made them
universal currency, and has satisfied, parti
ally at least, and for the time, the long felt
want Of an uniform circulating medium, saw
ing thereby to the pt tople immense sums in
discount and exchanges. A return to specie
pay yments. 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 fuctu-
atoms to the lowest possible poiut will al
ways be a leading purpose in wise legsla
ton. ''"
Converubllitr, prompt and certain conver
libility into coin, is generally acknowledged
to be the best and sa'tst guaid against them,
and it is extremely doubtful whether a cir
culation Of United States notes, payable in
coin, and sufficiently large for the wants Of
the people, can be permanently. usefully and
safely maintained. Is there, then, any 9TH
err mode in which the necessary provisions
for the public wants can be made, and the
great advantages Of sa and uniform cur
tancy secured. know Of none which prom
ises SO certain results, and at the same time
SO unoi jectionahle, as the organization Of
Banking Associations under general act oil
Congress, we'll guarded in its provisions. -
To such associations the Government might
furnish circulating notes, ON the security oil
U s. Bonds deposited in the Treasury
These notes, prepared under The supervision
of proper officers, being Uniform in appear
ance and security, and convertible always
into coin, would at once protect labor against
the evils OF vicious currency and iacili ate
commerce by cheap and safe exchanges. A
moderate reservation from the interest on
bonds would co lnpensate the United States
for the preparation and distribution OF the
notes, and general supervision Of the svs
tenn, and would tighten the burden OF that
part OF the public debt employed as secu
rity.
The public credit, moreover. would be
greatly improved, and the negotiation Of Few
loans greatly facilitated by the steady mar
ket demand for Cove rnment bonds whict
the adoption Of the recommendation Of the
measure Of considerable weight. in my Judge
ment, that 1t would reconcile as far as posi-
ble all existing interest by the opportunity
offered to existing institutions TO recognize
under the act, substituting only the secured
uniform national circulation for The local ant
various circulation, secured and unsecured
now issued by them.
e. }asa. TREASURY RECEIPTS.
The receipts into the Trea- ury from oil
sources, including loans and balance from ih'
preceding year for the fiscal year ending OF
the 30th OF June, 1862 were $3.50 1856, ,247, !,
Of, of which sum $40 .056,397 62 were de
rived from customs; $l,795, 1891 73 from th'
direct Iax; from public lands, $l52,2O3, II
from miscellaneous sources. $931,T87 81
from loans ia all forms. $529, 500, AGO go
The remainder, So ,257 ,065 30, was the bal
ance from last year. ..ar4 .t ss nr
4 u EXPENDITURES. , ,r. 4.
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