Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1862-12-04

siderable Improvement of the national com
merce is expected to result from the measures.
Our relations with Great Britain, France,
Spain, Portugal, Russia, Prussia, Denmark
Sweden and Austria. The Netherlands, Italy,
Rome aud other European States remain un,
disturbed Very favorable relations continue
to be maintained with Turkey, Morocco, Chi
ia and Japan. During the last year there
has not only been no change of our previous
relations with the independent States of our
own continent, but more friendly sentiments
than have heretofore existed, are believed to
be entertained by these neighbors, whose safe
ty and progress are SO intimately connected
with our own. This statement especially ap
plies to Mexico, Costa Rica, Nicaragua, Hon
duras, Perue aud Chilli The Commission un-
der the Convention with the Republic of New
Granada closed its session without having au-
dlted and passed upon all the claims which
were submitted to it. A proposition is pend
ing 10 receive the Convention, that it may be
able 10 do more complete Justice. The Com
mission between the United States and the
Republic of Costa Rica has completed its la
borS, and submitted its report. | have favor
ed the project for the United States with Eu,
rope by an Atlantic telegraph and a similar
project to extend the telegraph from San Fran
cisco to connect by Pacific telegraph with
the wire is being extended across the Russian
Empire
The territories Of the United States, with
unimportant exceptions, have remained undis-
turbed by the civil war, and they are exhibit
isg such evidence of prosperity as jnstfes our
expectation that some of them will soon be IN
Il condition to be organized as States, and be
constitutionally admitted into the Federal
Union The immense mineral resources of
some of these territories ought TO be develop
ed as rapidly as possible. Every step in that
direction would have a tendency to improve
the revenues of tAe Government and diminish
the burdens of the people 1t is worthy of
your serious consideration whether some ex-
traordinary measures to promote that end can
not be adopted The means which suggests
itself as most likely to be Effective is a scien-
tlhc exploration Of the mineral regions 10 these
territories, with view to the publication Of
results at home aud n foreign countries, re-
suits which cannot fail to be auSpiciouS. The
condition Of the finances will claim your most
dIigeut consideration. The vast expenditures
incident to the military and naval operations
have hitherto been met with a promptitude
and certainty unusual n similar circumstances,
and the public credit has been fully maintain
ed. The continuance of the war, however
end the increased disbursements made neces.
Sary hy the augmented forces now in the field
demand your best reflections, as to the best
mode OF providing the necessary revenue with
out lnjnry to business and with the least pos
Sibe burdens upon labor. The suspension of
specie payments by the banks, soon after the
commencement of your last session, made large
issues OF United States notes unavoidable. lu
no other way could the payment of the troops
and the satisfaction OF other just demands be
50 economically or as gell provided for. The
ludiciouS legislation of Congress securing the
responsibility of these notes for loans and in
terna duties, and making them legal ten
der for other debts, has made them unirersal
currency, and has satisfied partially at least,
and for the time the long,fe want of an mi,
f0rm circulating medium, saving thereby to
the people immense sums in discounts aud ex,
changes. A return to specie payments, how
ever, at the earliest period compatible with
due regard TO all interests should ever be kept
in view. Fluctuations 10 the value of curren.
ry are always Injurious, and to reduce these
fluctuations to the lowest possible point will
always be leading purpose in wise legisa
ton. nvertibiity-prompt and certain con
vertibility-iutO coin, Is generally acknOwl
edged to be the best and Surest against them
and it is extremely douotful whether a circu
lalion of United States Notes, payable in coin
and sufficiently large for the wants OF the peo
pie cae be permanently, usefuIy and safely
maintained Is there then, any other mode
in which the necessary provision for the pub
lie vans can be made, and the great advan
tages of a safe and uniform currency secured!
| know of none which promises SO certain re-
suits, and at the same time so unobjectona
bic, as the organization of Banking Associa.
tions under a general act of Congress- well
guarded in lis provisions To sach assoca
tiOnS the Government might furnish circulat-
Jug notes on the security of United States
Bonds deposited il the Treasury. These
nc tes, prepared under the supervision Of pro
per officers, being uniform 10 appearance and
security, and convertible always into coin
would at once protect labor against the evils
of vicious currency, and facilitate commerce
nv cheap and safe ext chaDgeS. A moderate
reservation from the interest on the bonds
would compensate the United States for the
preparation and distribution of the notes, aud
a general supervision of the system, and would
tighten the burden of that part of the public
debt employed as securities. The public cred
it, moreover, would be greatly improved, and
the negotiations of new loans greatly facili
taled by the steady market demand for Gov.
ernment bonds, which the adoption of the pro
uprlH iS adj
siderable weight in my judgment, that it
would reconcile, as far as possible, all exist
ing interests, by the opportunity offered to ex'
listing institutions to reorgauze under The act,
substituting only the secured uuforn Nation
al circulation for the local and various circu.
ation, secured and unsecured, now issued by
them The receipts into the Treasury from