The dollar weekly bulletin. [volume] (Maysville, Ky.) 1862-1864, 1862-12-11

IJecG TO the OeHaCe consent, Win Liberia, and
a similar negotiation is now pending with the
Republic of Hayti A considerable improve
ment of the national commerce is expected to
result from these measures Our relations
with Great Britain, France, Spain, Portugal,
Russia, Prussia, Denmark, Swe len, Austria,
the Netherlands, Italy, Rome, and the other
European States remain undisturbed. Very
favorable relations also continue to be main
tanned with Turkey, Morocco, China and ia
i pan 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 here
tofore existed are believed to be entertained by
these neighbors, whose safety and progress are
| SO intimately connected with ours This state
ment specially applies to Mexico, Costa RIGA,
Nicaragua, Honduras, Peru and Chilli The
| Commission under the Convention with the
! Republic of New Grenada closed its session
without haying audited and passed upon all
: the claims which We're submitted to it. a
proposition is pending to revive the Convention,
that 1t may be able to do more complete JUS
; tice. The Commission between the United
States and the Republic of Costa RIGA has
completed its labors and submitted its report.
! have favored the project for connecting the
United States with Europe by an Atlantic Tele-
graph, and similar project to extend the
telegraph from San Francisco to connect by a
Pacific Telegraph with the wire which is be-
l
| The Territories of the United States, with
unimpOrtant exceptions, have remained I'M
| disturbed by the civil war; and they are ex-
[ hibiting such evidence Of prosperity as justi-
| fies an expectation that some of them will soon
! be in condition to be organized as States,
and be cOnsttutionally admitted into the I'm
ion. The immense mineral resources of some
| of those Territories ought to be developed as
| rapidly as possible. Every step in that direc
ton would have tendency to improve the
revenues of the Government, and diminish the
| burdens of the people 1t is worthy of your
| serious consideration whether some extraor-
binary measures to promote that end can not
be adopted. The means which suggests itself
as most likely to be effective, in 4 scientific ex-
ploration Of the mineral regions in these Ter
ritOrIes, with view to the publication of its
results at home and in foreign countres-re-
suits which can not fail to be auspicious
The condition of the finances will claim
your most diligent consideration. The vast
! expenses incident to the military and naval
operations required for the suppression of
the rebellion have hitherto been met with a
prompitude and certainty unusual in similar
circumstances, and the public credit has been
! fully maintained. The continuance of the
war, however, and the increased disbursements
made necessary by the augmented forces now
| in the field, demand your best reflections to
| the best means Of providing the necessary
revenues without in jury to business, and with
the least possible burdens upon labor. The
suspension ofspecie payment by the banks,
! soon alter the commencement OF your last seS
sion, made large issues of United States Notes
unavoidable. In no other way could the pay
ment of the troops, and the satisfaction of
other ust demands, be so economically and as
well provided for The judicious legislation
of Congress, securing the receivability Of these
notes for loans and internal duties and max
ing them legal tender" for other debts, has
made them universal currency, and has salts
! fed, partially, at least and for the time. the
| lonY-fet want of an uniform circulating medi-
um, saving thereby to the people immense
sums in discounts and exchanges
A return to specie payments however, at the
earliest period compatible with due regard to
all interest should ever be kept in view.
| Fluctuations in the value of currency are
always injurious, and to reduce these fluctua
tions to the lowest possible point will always
be leading purpose in wise legislation.
| Conyertibility, prompt and certain convert
| bility into coin, is generally acknowledged to
| be the best and surest safeguard against them,
and it is extremely doubtful whether a circu-
: laton of United States Notes, payable in coin,
{! and sufficiently large for the wants of the peo
! pie, can be permanently, usefully. and safely
maintained. Is there, then. any other mode
in which the necessary provision for the public
, wants can be made, and the great advantages OF
a safe and uniform currency secured?
! | know of none which promises certain
results, and at the same time SO unobjectiona-
BILE, as the organization of Banking Associa-
tions under Il general act of Congress, well
guarded in its provisions. To such associa-
tons, the Government mi chit furnish circulat-
ing notes On the security of the United States
bonds deposited in the Treasury. These notes,
prepared under the supervision Of proper Off
GERS, being uniform in appearance and securi-
ty, 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 moderate reservation
from the interest on the bonds would compt n
safe the United States for the preparation and
distribution of the notes, and general super
vision of the system, and would tighten the
burden of that part of the public debt employ
ed us securities. The public credit moreover,
would be greatly improved, and the negotia
tons ofnew loans greatly facilitated by the
steady market demand for Government bonds
which the adoption Of the proposed system
would create
!; 1t is an additional recomm endation Of the
measure, ofconsiderabe weight, in my judg
ment, that it would reconcile, as far as posi-
BILE, all existing interests, by the opportunity
offered to existing Institutions to reorganizc
under the act substituting only the secured
) uniform national circulation for the local and
various circulation, secured and unsecured
now issued by them
The receipts into the Treasury from al
, sources, including loans and balance from the
preceding year, for the fiscal year ending th'
: Goth of June, 1862, were S5S3 3S5, PAT 90, o
which sum $40 056, 397 62 were derived iron
: customs; 81, 795, 23l 73 from the direct tax
e from public lands, Sl52, 203 =; from miseela
S neous sources, 93l,787 ca; from loans in al
i al