The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1862-12-03

EOmc, aud the ether European states, remain
undstulbt q. Very favorable relations "lso con.
tinue t. be maintained with turkey, Morocco,
China and Japan
During the last year there has not only been
M change of our previous relations with the
independent states Of our continent, but more
friendly sentiments than have been heretofore
existing are believed to be entertained by these
neighbors, whose safety and progress arc so in
tmately connected with our own. This state
mcnt especially applies to Mexico, Costa RIGA,
Nit arasua, Honduras, Pelu, and Chill.
The commission under the convention with
the Republic OF New Granada closed its session
without having audited and passed upon all the
claims which were submitted to it. A p: opos-
ton is pending to revive the. convention, that it
may be able to do more complete Justice.
The commits ion between the L. 5. and the
Republic of Costa Rica, has completed its Ia.
bors and submitted its report. az
! have favored the project Of connecting the
U. S. with Europe by an Atlantic telegraph.
and similar project to extend the telegraph
from San Francisco to connect by n Pacific tel
egraph wire with the wire that is being extend
ed across the Russian Empire. ~ t7. rrs7
The I clritorics OF the U. S., with uninport.
ant exceptions. have remained undistubed by
the civil war, and they are exhibiting such evil
that some of them will soon be in Il condition
to be organized as states, and be constitutional.
ally admitted into the Federal Union.
The immense mineral resources Of some Of
these Territories Onght to be developed a. rap
idly as possible. Every step in that direction
would have n tendency to improve the rcvc-
nues Of the government and diminish HE bur
dens Of the people. 1t is worthy Of your seri-
Gus consideration whether some extraordinary
measures to promote that end cannot be adopt,
cd The measure which suggests itself as most
likely to be effective is scientific exploration
of'the mineral regions in these Territories, with
view to the publication of its results at home
and in foreign COUNTRIES results which cannot
I fail to be suspicious. ....,...
The condition Of the finances will claim your
most i,lscnt consideration. The vast expen.
ditures incident to the military and naval ope-
ratons required for the suppression of the re-
bcllion, have hitherto been met with prompt
tude and certainty unusual in similar circum.
stances, and the public credit has been fully
maintained The continuance of tho war,
however. and the increased disbursements,
made necessary by the augmented forces now
| in the field, demand your best reflection rs to
the best mode OF prov ding the necessary reve-
nue., without injury to business, and with the
least possible burdens upon labor. The sus-
pension of specie payment by the banks, soon
after the commencement of your last session,
made large issues Of U, $. notes unavoidable.
In 10 othr way could the payment of the
troops and other just demands be so cconom
caIlv. or rs well pro sided for. The iuiicious
legislation Of Congress, securing the rrcrciva-
bility of these notes tor loans and intern Il du-
ties, and making them legal tender fer other
debts, has made them universal currency, and
has satisfied, partially, at least, aud for the
time, the Ion. -telt want Of a uniform circulat.
ing medium, saving thereby, to the people i'm.
meuse sums IN discount and and cxchtnge. a
return to specie payments, however, at the car
| liest period, compafi ble with \ due regard 10
all interests, should ever be kept in. view
! Fluctuations in the value Of currency are al.
ways injurious, and to reduce these fluctuations
to the lowest possible point, will always be a
| leading purpose in wise legislation. Prompt
and certain convertability into coin is generally
acknowledged to he the best end surest Tsa,c
guard against them, and it is extremely doub.
iul whether circulation of u. s. notes. pay
able in coin, and sufficiently large for the wants
of the ycople, can be permanently, useIully
| mode in which the necessary provision for the
| public wants can be made, and the great ad
vantages OF Il safe aud uniform currency Sc
| cured | know o! none which promises Sc
certain results. and at the same time 80 unob
| jectionablc, rs the organization OF hank ing as
| sociationS under a general net Of Congress. well
| guarded in its provisions. TO such associations
the government might furnish c;rcula ting notes
on the security Of U. $. bonds deposited in the
treasury. These notes. prepared under the
supervision Of proper officers, being uniform in
| appearance and security, and convertible al.
ways into coin. would at once protect labor from
! the evils OF i vicious currency, and facilitate
commerce. by ,ncap and safe exchanges. A
moderate reservation from the interest on the
bonds would compensate the U. S. for the
preparation and distribution Of the notes and Il
general supervision of the system, are would
tighten toe burden Of that part of the , ubIic
debt employed rs security. The public credit,
moreover, would be greatly improved, and the
negotiation OF new loans greatly facilitated, by
the steady market demands for government
bonds. which the adoption OF the proposed
system would create. 1t is an additional re.
commentator OF the measure, Of considerable
weight in myjudgment, that it would reconcile,
as far rs possible, all sting interests by the
opportunity Offer ed 10 existing institutions ito
rc.Orsanize un,ier the act, substituting only
the secured uniform national circulation tor the
local and various circulatons. secured and un-
secured, now issued by them.
The receipts into the treasury from all
sources, including loans and balances from
the procediug year, for the fiscal year end
ing on the 3Orh of June, 1862, were 1888.
SS5, PAT, GG of which sum St9, 05s, 3J7. 20
were derived frem customs; $l.795, 1871. 70
from tn, direct tax from public lands,
1852 ,203.77; iroia miscellaneous sources
1891 1864 .; from loans in al forms, $685.
692, $1,000. The remainder, 1857, O65. 80
was the balance from last yca:
The disbursements during the same period
were For Congressional, executive and
Judicial purposes $500, 90? 80; for for
eign intercourse, 1889, 0O9 90; for mis-
cellaneous cxpences. including tn, minis.
loans, postotfice deficiencies, collection OF
revenue, and other like charges, STA, l29,-
III so; for expcnces under the Interior De-
pertinent. $3,lO2. 1852; under the Wan
Department, 1894 1868, 4O7 .3S; under tn
Navy Depa, tment. &42.674,5s9 60; for in.
terest on the public debt, sl3,l9o. 324.45
and for tn payment Of the public debt, in
I GLIDING reimbursement of temporary loans
and redemption, $96,0JG, 923.09; making
an aggregate Of $57O,s4l ,7Oo25, and lcav
ing balance in the treasury, on the Isl
day of July, 1862, Of $l3,043 ,A49. 50 l.
should be observed that the sum of SOC,
Oy6, 923.O9; expended for reir bursmcnt.
and redemption of the pubic debt, bein!
included also in the loans made, may b.
properly deducted both from the receipt
and expenditures. leaving the actual reccip
is for the year $4s7 ,7SS, 324.97, and tn
expenditures S474,744,7sS.1G. Other in
formation OF the subject of the finance
wi be given in tho report Of the secrctar
If the Treasury. to whose statements an
views invite your most candid and ccr
siderate attention. "gh .s-E e.fDAs
The Secretaries Of the Navy and Wa
arc here with transmitted. These report
though lengthy, are scarcely more than bri.
abstracts of the very numerous and ext 7