The Lansing state Republican., 1862-12-17

es5, ,o2s SIS, including the refining Of gold bsrs
at New Yolk. The branch mint At San Fran
cisco and the ASA, Office At New York are in
active operation. The mint apparatus At Ne"
Orleans has been greatly injured and sscrsted At
various points in the city, and has been recov-
cred, but not put in operation. The coinage
operations there will not be put IN operation At
present. In view Of the fact that more than
nine tenths of the gold received BY the States
east of the Rocky mountains 10 received ss Nsv
York, the present seems q desirable period to
Iemove the coming apparatus from New Orleans
TO that city, 50 that q branch mint may be e.
tsolished there At a email cost; but upon this
point the Secretary makes no allusion.
The views of the Secretary in reference TO the
| currency will be approved of by the friends 10 .
national unifo, m and reliable circulation. The
temptation existing Of late years to expand bank
issues tor the sake Of profit 70 the stockholders,
is such that under present laws the community
will awnys be liable TO Al excess Of bank paper.
Permanancy, stability, and uniformity Of value
should be secured, and all temptation to excess
| tor individual profit, should be avoided. As
long as there are fifteen hundred issuers of bank
paper, as At present, governed by no general
law, controlled by no principle except that Of
private gain, and the paper possessing no ami
torn valle near to or remote from the points of
| issue, the country viii be liable to severe revul-
sions. The experience of the past should die
tate more prudence and restraint for the future.
The Secretary recommends 10 mere paper
money scheme; but on the contrary, q series
Of measures looking to q safe aud gradual return
to gold and silver as the only permanent basis.
standard, and measure Of values, recognized By
the Constitution, between which and Al IRE
decmable paper currency, Is he believes, the
choice is now to be made. The Secretary alludes
felicitously to the undeveloped resources of the
country in it. mineral regions. II has already
produced nearly one thousand millions Of dol
lars in gold since the year ls4s. It's iron and
copper and coal possess still greater impsrt tarce::
To this let Us add the vast water power Of the
country, in connection With its 'mau uufacturing
system, and the United States may with peace,
soon extinguish its national debt, and become
the feeder Of Europe. Herein lies one great
source OF national wealth. We produce two
hundred millions bushels of wheat annually; one
half Of which only is required for the sse Of our
own people. The other hslf will 60 towards the
adjustment of an otherwise unfavorabls balance
OF trade.
Assuming the early restoration of the country
10 its normal condition, the resumption Of peace
and the re establishment of industrial pursuits
among our people, the Secretary estimates .
surplus annual revenue OF Fifty FIVE millions of
dollars, applicable TO the extinguishment Of the
public debt. The debt, however vast in its pro-
portions. will be rapidly extinguished upon the
return ofpeace. If sound principles Of national
economy be firmly adhered to, domestic manu-
tacures wisely protected, our grain fields equally
productive, and our mineral resources carefully
nursed, se may then in reality become indspss-
dent Of Europe and her pauper labor, and in .
few years be free from debt.
The Secretary aludes to the enormous nation.
al debts and expenditures existing in Europe
Thus Great Britain pays annually, in profound
peace, three hundred and sixty -four millions Of
dolIars-this TOO, with less population shan our
own. France dsbur.es annually, ., Government
expenditure, four hundred and twenty lone nil
lions. and Russis two hundred and thirty milions
OF dollars; while our own, exclusive of the war
and havy, we're until lately less than twenty Eve
millions
The report of,he Secretary should inspire con
6dence among our capitalists and people: fret,
as to the facility of restoring the currency to q
condition contemplated by the trainers Of the
Constitution ser ondly As to the ability Of eur
people to withstand heavy bU:den Of taxation /;
and finally, in the productive resources Of the
country, beyond all the nations Of the earth.