The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1862-12-06

more complete Justice. The commission
between the United States and the Re
public of Costa sRica has completed its
labsrs and submitted its report.
INTERNATIONAL TELEGRAPH.
have favored the project ofconnectine
the UnitSd States with Europe by an At
lantic telegraph, and similar project to
extend the telegraph from San Francisco
to connect by Pacific telegraph wire with
the wire that is being extended across the
Russian empire.
! OUR TERRITORIES
! The Territories of the United States,
with unimportant exceptions, have re-
NAMED undisturbed by this civil war, and
they are exhibiting such evidence of pros
perity rs justiies an expectation that some
of them will soon be in condition to be
organized IS States, and be constitutionally
admitted into the Federal Union.
The immense mineral resources Of some
of these Territories ought to be developed
! as rapidly as possible. Every step In that
direction would have a tendency to ini.
prove the revenues of the government ana
diminish the burdens Of the people.
A SCIENTIFIC EXPLORATION
It is worthy of your serious considera-
ton whether some extraordinary measures
to promote that cad cannot be adopted
The measure which suggests itself as most
likely to be effective is scientific explora-
ton of the mineral regions in those Ter
rtories, with a view to the publication of
its results at home and in foreign countries
results which cannot fail to be auspi-
cious.
NATIONAL FINANCES
The condition of the national 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 met with a promptitude and GER
tainty unusual in similar circumstances and
the public credit has been fully maintained.
TIE CURRENCY IMITATION.
The continuance of the war, how
ever, and the increased disbursements
made necessary, demand your hest refiec.
tons as to the best modes of providing
the necessary revenue. The suspension
of specie payments by the banks made
large issues of the United States hotes I'M
avoidable. In no other way could the
payment of the troops and the satisfaction
of other Just demands be so economically
or as well provided for The judicious
legislation of Congress securing the re-
ceivability of these notes for loans and
internal duties, and making them legal
tender for other debts, has made them
universal currency, and has satisfied, par
TALLY at least and for the time, the long
felt want of uniform circulating medium,
saving thereby to the people immense
sums in discount and exchange. A return
to specie payments, however, at the earliest
period compatible, with due regard to all
interests, should be kept in view.
EVILS OF PUNCTUATION.
Fluctuations in the value of currency
are always injurious, and to redress these
to the fowest pos ible point,
will always be leading purpose in
wise legislation. Prolnpt and certain
into coin is generally ac-
to be the best and sur
est against them, and it is extremely
doubtful whether a circulation Of United
States notes. payable in coin and sutfi-
GENTLY large for the wants of the people,
IAN be permanently useful and safely
Is there any other mode in
wants can be made, the great advantages
REMEDY PROPOSED.
l know of none which promises so
certain results, and at the same time
so unobjectionable, as the organization OF
banking associations under general act
of Congress, well guarded in its provisions.
To such associations the government
might furnish circulating notes on the Sc
curity of United States bonds deposited
10, tho tra,sury Thosa notes prpe1ret
under the supervision of proper officers,
being uaitorm i'll appearance and security,
and convertible always into coin would at
once protect labor against the evils Of a
vicious currency, and facilitate commerce
by cheap and safe exchanges. A mode
rate reservation from the interest or the
bonds would compensate the United States
for the preparation and distribution of
the rates and general supervision of the
system, and would tighten the burden Of
that par: Of the public debt employed as
security. The public credit, moreover,
would be greatly improved, and the nego- !
tiation of new loans greatly facilitated by |
The steady market demand for govern |
neDt bonds which the adoption of the |
system would create. 1t is an
additional recommendation of the mea-
sure, of considerable weight in my .udg !
nent that it would reconcile, as far as
possible, all existing Interests by the OPP
,ortunity offered to existing institutions
10 reorganize under the act substituting
only the secured uniform national circu- |
atIon for the local and various cireula- |
lions now issued by them.
THE TREASURY EXHIBIT.
The receipts into the Treasury from all |
bureaus, including loans and balances from
The preceding year, for the fiscal year
ending on the 30th of June, 1862, were.
RECEIPTS.
Cusioms,.... .............. ....$49 05s.4o. %
)irect TAX, l,ISo.osI .o
'uoiic iands,. io-,<co =! |
'oi, CO OF
-oans ia all FORMS, ..32o, Soo ~
balance from last year.. 2o1,Coo ~
Total. .5s3 ss5,247 65 |
The disbursements during the same pc
.iod were:
For Congressional, executive and
judicial purpos .s,............... g, 939 COZ 29
For foreign intercourse. ......... 1888, 40 IS
FOR miscellaneous expenses, includ-
ing the mints. loans, post office de-
hciencies, collection of revenue,
and other charges. li,l59,Ul %
'or expenses under the interior de-
partrnent,. 3lo2 es5 50
Inder the war department. 49,, 36s 4O7 3s
Jnder the navy department. 42,6I4.5S9 GO
'or interest the public debt. Is, 1870, 324 IS
For the payment of the public debt,
including reimbursement of tenn
porary loans, ....... es.o95 9ss 0s
Total. MISREPRESENTATION. $50, 81 ,1C0 IS
Balauee in the treasury on the LIST
of July, 1852. 1908, 456 81