The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1862-12-06

1
nndlsturbed. Very favorable relations also
commune to be maintained with Turkey,
Morocco, China and Japan.
During the last year there has not only
been NO change of our relations with the
Independent States Of our Continent, but
more friendly sentiments than have been
heretofore existing are believed to be enter.
tanned nv those neighbors whose safety and
| progress are so intimately connected with
our own. This statesmen especially an.
plies to Mexico, Costa RIGA. Nicaragua, Hon
duras, Peru and Chill. The commission
under the convention with the Republic of
New Grenada closed its session without
having audited and passed upon all the
cams which were submitted to il. A prop.
osition is pending TO revive the convention
that it may be able to do more comnleta
justice. The commission between the Unit.
ed states and the Republic of Costa Rics
has completed itsi labors aid submitted its
report. .,.., ...'..-. .....'-..' :
| sava favored the project of connecting
the United States with Europe by an Allan.
tic telegraph, and similar to extend the
telegraph from San Francisco to connect by
Pacific telegraph wire with the wire tina,
The Territories of the United States, with
unimportant exceptions, have remained un-
disturbed by the civil war, and they are ex.
hlb'ting such evidence Of prosperity as JUS
tltessan expectation that some Of them will
| soon be in condition to be organized as
States and he constitutionaly''ad into
the Federal Union. a.H r.
Thesimmense mineral resources of some
of these Territories ought to be developed
as rapidly as possible. Every step in that
direction would have tendency ito improve
the revenues Of the Government and dimin
lsh the burdens Of the people. ssaa- .a.
1t is worthy of your serious consideration
whether. some extraordinary measures to
promote that end cannot befsdopted. The
measure which suggests itself as most like.
y to be effective is scientific exploration
of the mineral regions Of these Territories.
with view to the publication of its results
at home and in foreign countries-results
which cannot fail to be suspicious. #E
The condition Of the finances wiz claim
your most diligent consideration. The vast
expenditures incidental to the military and
naval operations required for tive suppress.
sion of the rebellion have hitherto been met
with promptitude and certainty unusual in
similar circumstances, and tho public credit
has heen 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 reflection as to the best
mode OF providing the necessary revenue
without injury to business, and with the
least possible burdens upon labor. The
suspension eff specie payment DO the banks,
soon alter the commencement of your last
session. name large issues of United sS,,;ara,
notes unavoidable. In no .t;ner way could
the payment OF the troops and other Jus,
demsnds be 90 economically or az well pro
vlded tor. The iudcious legislation of Con.
gress securing the receivability of these
notes. Tor loans and internal duties, and
making them a legal tender for other debts
has made them universal currency. and ba,
satisfied, partially at least, and for the time
the long felt want of uniform circulating
medium, saving thereby the people immense
sums IN discount and exchange. A return
TO specie payments, however, at the earliest
period compatible, with due regard to al
interests, sh 1ud be kept in view. rs, d
fluctuations in the value of currency are
always injurious, and to reduce these fluc.
tuations to the lowest,pos sible point. will al.
ways be leading purpose in wise legisla.
ton. Prompt and certain convertabitv in.
to coin is generally acknowledged to be the
best and surest against them. and it is ex.
tremely doubtful whether circulation OF
United States notes, payable in coin, and
sufficiently large for the wants of the people,
can be permanently, usefully and safely
maintained. Is there any other mode in
the necessary provision for the public wants
can he made. and the great advantages Of
safe and uniform currency securedp
know of none which promises 80 Ger.
tain results, and at the same time 40 unob.
jectionable, as the organization Of bankins
associations under general act Of Congress
well guarded in its provisions. To snci, az
sociations the Government might furnish
j circulating notes on the security of United
States bonds deposited in the Treasury
These notes prepared under the supervision
OF proper officers, being uniform in appear r.
ance and security, and convertible ALWAYS
with coin, would at once protect labor
against the evils Of vicious currency, anG
facilitate commerce by cheap and safe ex
chance. A moderate reservation from tn,
interest on the bonds would compensate tn,
! United States for the preparation and dis
tribution Of the notes, and general super
vision Of the system. would tighten the bur
den Of that part Of the public debt EMPLOY
ed as security. The public moreover would
/, be greatly improved, and the negotiation o
new loans greatly facilitated by the stead,
market demand for Government bonds
which the adoption of the proposed system
xrn To- is
4 incndation Of the measure, and of considera
j bic weight in my judgment, that it would
reconcile, as far as possible, all existing in
terests by the opportunity offered to exist
ing institutions for secured uniform ma
tional circulation in place of the local ant
various circulation, secured and unsecured
by them. $500. ,.r
4 The receipts into the Treasury from al
bureaus, including loans md balances from
the preceding year. for the fiscal year end
ing on the 30th Of June, 1862, were :s sr
Customs -. 49, 0os,s 97
Direct tax 81 Q
Public lands ........ ............ 152, 200 Z
Miscellaneons .................. g3I ,1S9 g.
Loans In all forms 529 500 860 81
Balance from last year 257, 065 81
Total ........... ....... oss, $50, PAT g.
The disbursements during the same peri
DDS were:
For Congressional Executive ind Ju.
dicial purposes ................. &5 93S, O09 d
For foreign Intercourse 1888, 10 8!
| For miscellaneous expenses, including = q E.sr
| the mints, loans, post Office deAcien-
| cies, collection Of revenue, and 9th. sE rs
err charges ...,...;...:..:....:. 14.Ie9,77l 81
! For expenses under the Interior De- g
partment ........ ................ 1902 ss5 s:
Under the War Department ....... 1914, 36S, 40T 81
4 Under the Navy Department -. 49,. 42,6745s9 6!
For interest on the public debt .... 13 19O 1924 4!
For the payment Of the public debt, }@ 't'3fN
! including reimburse ment OF tempo -
lna a.,I ~ -onn IA.