The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1862-12-11


readers will concur with us .hatour "fi
nancal siluotion' is not discouraging:
The condition of the finances vii
claim your most diligOnt consideration
The vas! expenditures incident to The
military and naval operations. required
for tho suppression Of The rebellion, have
hitherto been me!with a promptitudo and
certainly unusual in similar circumstan
ces; and the public cr,dit has beer
fully mrintsinei. The continuance o
the war, however, and tie increased dis.
bJrsrmens made necessary by the aug.
mentGd ioces now in the field, demand
your best reflections as TO the best modes
Of providing the necessary revenue,
without injury to business, and with the
least possible burdens upon labor.
The suspension ofspecie payments by
the banks, soon after the commencement
of your last session, made large issues OF
United States notes unavoidable. In no
other way could the payment Of the
troops, and tho satisfaction of other Just
demands, be so economically, or SO we'll
provided for. The judicous legislation
of Congress, securing the receivability of
these notes for loans and internal duties
aud making them legal tender for 9th
or debts, has made them an universal
currency, and has satisfied, partially at
least and for the time, the long fell want
Of an uniform circulating medium, saving
thereby 10 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 concerned,
should ever be kept in view. Flucta
tions in the value Of currency are always
injurious, and TO reduce these AlctuN.
tons to the loves, possible point will
always be leading purpose in wise leg.
i'Ia'ion. Convertability, prompt and
certain convcrlability into coin. is gen
orally acknowledged to be the best and
surest safeguard against them; and it is
c1 remedy dorbtful whether a circnI ,tion
Of United States notes, payable in coin,
and sufficiently large for the wants ofthe
people, can be pormanently, useIuIly aud
safely maintained
Is there then, any other mode in
which tho necessary provision fDr the
public wants can be made, and the great
advantages of sale and uniform cur.
rency secured
know of none which promises so
certain results, and is, at tho same time,
so unot j'ctionable, as the organization
Of banking associations, under a gener !
act Of Congress, well guarded in its pro.
visions. To such associations the Gov.
eminent might furnish circulating notes
on the security of United Suites beads
deposited in the Treasury. These mites
prepared under the supervision Of prop.
per officers, being uniform in appear
ance and security, and convertible al,
ways into coin, would at once protect
labor against the evils Of vicious cur.
rcnoy and faci itao commerce by cheap
and safe exchanges,
A moderate reservation from the interest
on the bonds, would compensate the
Uni.et States for the preparation and
distribution Of the notes, aud general
supervision Of the system, and would
tighten the burden Of that part Of the
public debt employed as securities. The
public credit, moreover, would be great
y improved, and the negotiation Of new
loans greatly facilitated by the steady
market demand fer Government bonds.
which the adoption OF the proposed sys.
TEN would create.
1t is an additional accommodation of
the measure, of considerable weight, in
my Judgement, tina. it would reconcile.
as far as possible, oIr existing interests,
by the opportunity offered to existing in
slirutions to reorganze under the act,
substituting only the secured, uniform
national circulation, for the local and VA
rious circulation, 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
ending on the 3Oth June, CO, were $3.50,
s85. 247 O6, of which sum S49,056 397
CO were derived from customs; sl,795.-
33l 10 from the direct tax; from public
lands, sl59, 2O3 II; from miscellaneous
sources, S93l,7s7 ca from loans In all
forms, $500 500 400 50. The ROMAN
der $2.e57O65 so, was the balance
fen, las. yssr, .,r... -,ne~
The disbursements during the same
period were, for Congressional, Execu-
tive and Judicial purposes, S5,039,o09
81; for foreign Intercourse, S1,339,7lO
So; for miscellaneous expenses including
the minis, loans, postoliipe Deficiencies.
collection Of revenue, and other like
charges, l4,l29,77l so; for expenses IN
der the Interior department, So ZOE, 985
20. unAar Ihn Novv nnnnrtnonnt Sd0 &.