The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1862-12-10

put chiehy Dy lne nrm anchorage IL Will sup
ply to the Union of the states. Every individ-
ual who holds dollar of the circulation Sc
cured by such deposit; every merchant every
farmer, every mechanic, interested in transac-
tons dependent for success on the credit of
that circulation, will feel as an injury every
attempt to rend the national unity, with the
permanence and stability of which all their
interests are so closely and vitality connected.
Had the system been possible, and had it ac-
tually existed two years ago, can it be doubted
that the national interests and sentiments en-
listed by it for the Union would have so
strengthened the motives for adhesion derived
from other sources, that the wild treason of
secession would have been impossible?
GOLD AND SILVER A PERMANENT BASIS. 4
The secretary recommends, therefore, no
mere paper money scheme, but, on the contra
ry, series of measures looking to a safe and
gradual return to gold and silver as the only
permanent basis, standard, and measure of
values recognized by the constitution - be-
tween which and an irredeemable paper cur
rency, as he believes, the choice is now to be
made. No country possesses the true ele-
ments of higher credit-no country, in ordi-
nary times, can maintain higher standard of
payment and currency than the United States.
The government is less costly than that Of
most other great powers. The expenditures
OF the current fiscal year, excluding those of
the war and navy departments. can hardly
equal those of the last year. which amounted
to S24511 .416 GO. Estimating those of these
departments at double the expenditures of the
last year before the rebellion, they would for
the current year, had the war ended before last
midsummer, as was anticipated at the date of
the last report, amount to the sum of S55.-
S45S34 AS. The interest on the public debt is
Tor the current year estimated at S25,041 ,532,-
W, and will probably go over that sum. The
whole expenditures OF the government for the
current year, on the supposition of peace,
would, therefore, not exceed S105.37l .S43 2I.
This aggregate must be increased hereafter by
the addition of the interest on the loans OF the
current and future years, and by pensions, the
precise amount of which cannot be foreseen
Estimate the former at fifty, and the latter at
ten millions year, and the total annual ex-
pendtures in peace will reach. omitting frac-
tions, to Sl65,00OO00. The expenditures of
Great Britain during the year ending March
81, 1862, were 1854, ,4S6, ,6S2; those of France
for 1862, according TO French official esti-
mates, will reach 1921 1923 900; and the annu-
al expenses of Russia, according to the best
accessible information, do not fall short of
S23O,OO0,OOO. To meet our annual expendi-
lures, and to ensare beyond contingency the
punctual discharge of the interest of the pub
llc debt, and the creation of sinking fund
for its reduction, Congress has provided rev.
enue from customs even now reaching nearly
seventy millions year, and a revenue from
internal duties which will not probably fall
short of one hundred and fifty millions a year.
Without reckoning any other resources than
those already provided, the revenue, therefore,
will annually exceed the expenditures by fif-
ty-five millions, which sum may be used for the
reduction of the public debt. IT. then, the
war shall be continued, contrary TO hope and
expectation, to midsummer of 1854, and the
public debt shall reach the utmost limit now
of seventeen hundred and fifty
millions of dollars, the excess of revenue will
reduce that debt, during the first year of peace
more than three per cent
RESOURCES OF THE COUNTRY.
But the American republic possesses inn
mense resources which have not yet been call
ed into contribution. The gold-bearing region
of the United States stretches through near IS
degrees of latitude, from British Columbia on
the north to Mexico on the south. and through
more than twenty degrees of longitude from
the eastern declirities of the Rocky mountains
to the Pacific ocean. 1t includes two states.
California and Oregon; four entire territories,
Utah, Nevada, New Mexico and Washington:
and parts of three other territories, Colorado,
Nebraska and Dakota. 1t forms an area of
Aoic biiau a oi inlftS, tlc whole
of which, with comparatively insignificant ex-
ceptions, is the property of the nation. 1t is
rich, not only in gold, but in silver, copper.
iron, lead, and many other valuable minerals
Its product of gold and silver during the cur
rent year will not much, if at all, probably fall
short of one hundred million dollars; and it
must long continue gradually, yet rapidly, to
increase. II this product be subjected to a
reasonable seignorage, as suggested by some,
or II, as suggested by Others, the mineral lands
be subdivided and sold in convenient parcels,
with proper reservations in favor of the miners
now in occupation of particular localities, a
very considerable revenue may be derived
from this region without hardships to the
actual settlers and oecupiers. And there are
other miners than those of gold or silver. or
copper or iron, in the wide territory which in
cludes the public lands of the United States.
Every acre of the fertile soil is mine which
only waits for the contact of labor to yield its
treasures; and every acre is open to the fruit
ful contact by the homestead act. When the
thus offered to industry shall be
understood by the working millions of Europe,
it cannot be doubted that great numbers will
seek American homes, in order to avail them
selves of the great advantage rendered to their
acceptance by American law Every working
man who comes betters the condition OF the
nation as well as his own. He adds in many
ways, seen and unseen, to its wealth. its intel
igence, aad its power. 1t is difficult to esti-
mate the contribution which immigration,
properly encouraged by legislation and admin
lstration, will make to revenue: but directly
and indirectly, II cannot be reckoned as less
than that which may be expected from the
metallic products of the gold-bearing region.
With such resources at the disposal of the re-
public, no one need be alarmed lest the United
States may become unable to paw the interest
on its debt, or TO reduce the principal to what
ever point the public interest may indicate.
The republic is passing through the pangs of
a new birth to nobler and higher life Twice
already she has paid OIL a national debt con-
tracted for the defence OF her rights: the
obligations of that which she now incurs for
the preservation of her existence will be not
less sacredly fulfilled.
SUMMARY AND RECOMMEND ATIoys.
The general views of the Secretary may
therefore be thus briefly summed:
He recommends that whatever amounts
may be needed, beyond the sums supplied by
revenue and through other indicated modes,
be obtained by loans, without increasing the
issue of United States notes beyond the
amount fixed by law, unless clear public ex-
igency shall demand it. He recommends, al
so, the organization of banking associations
for the Improvement of the public credit and
for the supply to the people of a safe and uni
form currency. And he recommends no
change in the laws providing for the negotia-
tlon of bonds, except the necessary increase of
amount, and the repeal of the absolute restric-
ton to market value, and of the clauses au-
thorizing convertibility at will.
Ii Congress shall concur in these views, the
Secretary, though conscious Of the great diff