The New York Herald Newspaper, December 6, 1862, Page 2

YORK HERALD, SATURDAY, ECEMBER 6, 1862. so ae ‘the as the best, || break. 5 wee tanto jqubatitufon. Such « tax invelves Ashi ak on the meat ~ odgotion and ra form 3 detract 1 that the amount to be . species of property. - necessi- which they feared but | vided, to the | ties of tho war have caused tho taxation of almost all ited into unexpected | for the $276,912,517 66, and for ‘en- already | forms of value. Can there be a sound reason for exempt- iy of the suggested | suing year des ibs sum of | ing that which costs the proprietor least and brings him pies tank cies, the copestnaity (0 those and Kindned To ‘these amounts loans in some form must be nogotiated : i from act au- ard bo property oddes that thle desirebi, budstite- the proposed act, and, with little loss and much advan- | THM SECRETARY ON THE FURTHER SUB OF UNITED GTATRY changes of the debis of the pation, bearing interest and | thorizing issue of five twenty sixes—that is to say, | tion of a circulation, uniform in doacription value for | tage, participate in maintaining ¢he new and uniform a- ‘wOrRs. certain to be paid, (or the debts of a multitude of cor- | from exchanges by holders of United States votes for acirculation varying widely in both, may, be | tional ourrency, ‘The Secretary already the opinion, with poratious, bearing ‘no interest, and certain, in part, uever | these rat par—cannot be stated with much cor- | more easily and ly offected now at apy ‘THE GREAT“INFLUENOS OF THE BANKING INSTITUTIONS. great deference to the superior of » to be paid tainty. ‘The amount received this source from the | other time. The circulation of Unived States notes maj ‘The proposed plan ws recommended, , by the tirm | it will be unwise, unless condivious great! oD ‘This is but a partial representation of (he consequences | date of the,act to the 1st instant, of | @reatly facilitate the payments to the banka thi anchorage it will supply to the Union of the: Every | authorize the increase of United States notes beyond the apprebendea irom the receipt of bank uotes for ijoans to | the last week in November, is $23,750,000, may rea- | which thoir own notes must be witharawn, ‘and thus banking association whose bonds are deposited in the Irea- | limit now fixed by law. Should any vacuum be created the government. Tholr character made it impossible for | sonably be expected that thirty dive nillions will bere | pot arly protect the community from the inconveniences, | sury of the Union; every individual who ‘holds a doliar of | by the withdrawal of bank note clroulation, that vacuum the Scoretary to recommend such negotiations, and wholly | ceived, if the uct remains unmodified, during fhe remain- | but the banks from the losses, which might otherwise at- | the circulation secured by such dopesit; every merchant, | should, doubtless, bo filled by United States notes. Should improbable that Congress would authorize them if re- | der of ‘tho fiscal year. The aggrogule of all these sums— | tond every manufacturer, every every ic, in- | Congress adopt the measures by the Seceetary, commended, namely , $131 021,197 35—oonstitutes the total of resources It may also be added that when the substitution ehall | terested in on the | it is not improbable that an additional issue of fifty mil- NECESSITY FOR ISSUING UNITSD STATES NOTRS, availabio for the ourrent year under existing laws, except | have been accomplished, snd, perhaps, if circumstances | credit ciroulation, will feel as an injury every | tons may hep rv for that. purpose within the year, 4 No other mode of providiag, with any wlerable de- | through sales, ®8 impracticable under the act | favor, at an eartier poriod, payments in apecie of United | attempt to the national unity, with the permanonce | and an equal additional issue during tho following year. | the Secretary repeats his recommendation of December gree of promptitude, for the wants of the army and navy, | authorizing of tho five twenties at theis mar- Rotes: be resumed with {c63 cost and less in- | and stability of which all their interests are eo closely and | And it may well be hoped that Eayrey bagel re- | last. that those least advantageously situated be disposed and the necessities of other branches of the public ser- | ket value. jury to business than would & like resumption in | vitally connected, the system been and had | estab! the authority of the United in large | ofoo the most favorable terms. During the past year all vive, seome! ilkely to effect the cb.ect with so Little pab ‘These credit resourees, with tho actual receipta from | payment in corporate notes. With comparatively trivial | it actually existed two years ago,can it bo ted that | districts of the insurgent region, will call for further is- | the hospitals under the coutrol of this department have, lic ipoonvenience and so considerable public advantage | like sources, added to revenue in all forms, may supply | Sacrifice, tho government can, ite expenditures | the national interests and sent ts enlisted by it for | sues to supply the place of Sorhless corsenaz. whieh in whole or in part, been placed at the disposal of the 8 the iss-e of United States notes adapted to circulation | thef reasurywith $511,646,259 06. ‘Thore remains a ba- | are reduced to its revenue, provide, by loan or? otherwise | the Union would have 80 strengthened the motives for | tho rebellion has forced upon the . it be | War Department for the uso of sick and as money, and available, therefore, immediately in g?- weney of disbursements of $276,012,517 660 be provided pueneee maintain the re scpesion derinel om ipenenaaee ny the wild treason | deomed (oooh) LAs with i. dis- | This pee, uo originally contemplated, has been most op- vernment payments. for. secession been tmpossi ewer, in view of these contingencies, should portune ‘beneficial. Tt wes not Lecessary that the Secretary shoullrecom- | How? ADVANTAGE OF A UNITED STATRS NOTES CIRCULATION. ‘The Scoretary does not yield to the phantasy that taxa. Sooo liatoga na to allow uo increase of ctrcula- ‘THE POSTAGE STAMP PAYMENT 41 mend this plan to Congress. In his report at tie com THE CREDIT RESOURORS OF TIN COUNTRY. While the Sooretary thus repeats the prefe- | tion ise blessing and debt a benefit; but it is the duty of ee eran tee cess carsanee of 190i ‘Under the act aul ts in stamps, an ar ‘mencement of the session he had pointed out the incon- ‘The easiest mode doubtiess would be an issuo of tho re- | rence he has heretofore for @ United | public men to extract good from evil whenever it is pos- A considerable addit may be ob- | rangement was made with ver a veniences and dange.s of a circulation of goverument | quired amount im United States notes; but such an tseue, note circulation, even when issued directly | sible. The burdens of taxation may be tened and | tained by removing the limit on temporary sapply of postage stamps to be distributed for use notes, even though convertible into specis, and had | especially im the absonce of proper restrictions on corporate the gove nment, and on the action | even made productive of incidental benefits by wise, and | amount Of these deposits has wwcreased, notwith- ments, It was soon , however, dwelt’ especially on the probability that such a circula- | clreuiation,would, tn the judgment of the Scoretary, be a8 tho goveruinent for and Qnal rode mp- aagrennlel ne ease: intolerable by unwise, legislation. | standing large repayments to tors, The treasury | that dainpe Prepared for postage uses ’ were nob tion weuld uitimately sink into aa irredeemable paper | injurious as it would be casy. ‘Tho addition of go vast a | tion, over the uote circulation of the aumerous and va | In like manner debt, by no means desirable in itself, may, | of the government has been made the sa\ adapted to the purposes of ‘s notes, currency. At that time he expected a continuance of | volume to tho ex! circulation would cont a@ cur- | riously organized and variously ible bank @ now | when circumstances compel nations to moe 1s ples ek ene epee Should the restriction be » | Of equal amounts were therefore ibetituted, and specie payments, and hoped that a banking system | rency, of which the bevetits have thus far ly ous- | existing in the country; and while he now sote forth pander leecpsy Cegmadianc qunder sedis hey even | thore is reason to believe that twenty-five millions may | the Seeretary assumed the chatge of Ly ir would-be authorized which would at once furnish a | weighed the inconvenicnoss, into a positive calamity. Its | more ft heretofore the ground of that preference, | instrumental in the promotion of public and private seou- | be received beyond the maximum now fixed, during the tion and distribation, ‘With utmost efforts it was sound circulating medium and afford a firm support to | consequences would be vast diminution of exports, infla- | he till adheres to the ‘expressed in hig last re- | rity and welfare. year. impossible to pseo with the public demand, for the public credit. Neither the expectation nor the | tion of prices, inorcase of expenditures, augmentation of | port, that a circulation furnished by the ( mparcaged THR DEST CAUSED BY THE RESRLIION. OUR OSIEF RELIANCE TO BE OM LOANS. currency; and, the daily.issue bas bese raid hope, however, had been realized, and a choice was | debt, and, ultimately, disastrous defeat of the very pur- | but YY Organized under a | The rebellion has brought a great See me It ts | But the chief reliance, and the safest, must be upon | increased to $100 and is being extended as fast now to be made boiween a currency farnished by | puses sought to be atiained by it. gonoral act of , 18 to be proferred to either. Such to use part of it in such way thatthe sense | loans. Without any issuse of United Stalos notes ond ticable to twice that amount, the supply is vet Numerous and unconnected banks in various States Toa certain extent. however, und under certain circum- | a ciroulation, - uni characteristics, and | of ite burden may be lost in the experience of incidental | the amount now . it — that Fy doftctent. ‘The whole demand, however, be aud a-currency furnished by the government which | stances, a linited additional issue of States notes | ampiyeecured as to convertibility by national | advantages. The iseue of United States notes is euch a | for the whole amount required for the current! can be | mot as s0on as possible. the government could and would, except in a very MAT iperbage. be sally sahnecan made. ited in the jury, by the associations re- | use; but if exclusive, is hazardous haptic? ios readiy obtwined at fair rates; and it may be confidently ROOMOMY IN PRINTING UNITED STATES NOTES. imp: ‘babic, not to say impossible, contingency, amply ‘The Secretary does not conour in the Opinion enter- | ceiving it, would unite, jt , more elements of security by national bonds Of similar potes to ‘thas before its close the resources of the country With a viow to test the practicability and economy of Wiih these alternatives before | tained by some, whose ability and experience command ness and utility than can im any other. Banking assteietiona ig such ser, 0nd is commeresively be 80 well |, apd the restoration of its ter- and printing Un ited States notes at the depart- ready declared his unhoritating deaorved respect, that the currency of the | A circulation composed exolusively of notes issued di- | safe and permanent; and with this usc may be |, | Fitorial integrity eo well assured, that capitalists will not |: ment, the act of July 11, 1861, the Secretary bas. uiation authorized aud issucd by na- | country, composed of United States notes and notes | rectly by the goverumont, or of such notes and coin, is | for the prosent, and occasionally, as ciroumstances may | hesitate to whatever may be needed for the subse- | contracted for paper, and has authorized the tional authority. But the evli,)toued Sooators and Kepre- 5, iS ot this moment greatiy in ex- ded mainly by two" considerations ; san ewe Ponape taney a a ordinary United States | quent a of small notes as for , cule sentatives who composed the fnancial committess of the | cess of legitimate demands for its employment, | derived from tho facility with which it may be pro in limited amounts, But in order to the advantageous negotiation of foans | stantially like the now su! oat respective houses required no new statement of his views | Much less does. be copcur in another oar) in emergencios, and the its cheapness. No very early day will probably witness the roduotivn | the action of Congress is necessary. age stamps, and indulges the hope that results will com- on this subject. They siw clea ‘ly the necessities created | not, unfrequently expressed, . but d, his i ‘THR OBJECTIONS TO SUCH A SYSTEM. of the Ruble debt to the amount required ai a basis for 4s an important element of facility im ne- | mend his action to the approval of Congress, and by the suspension, and at onco adopted the measure de- | judgment, without due consideration, that‘any actual ox- ‘The principal objections to such a circulation as a per- | secured cireulation. Should no future wars arrest reduc ion, the plan for banking associations has | the necessary modification of the provisions mute mandod by them. Tho Secretary, concurring entirely in | Cees is duc to the issues ot United States notes already in | manent system are, 1st, the facility of excessive expan- | tion ana again demand expenditures be; venue a already considered. Little direct aid is, | to stamps and wing will receive its sanction. ‘their judgment, had no duty to perform except that of | circulation. wiou wher expenditures exceed revenue; 2d, the danger | that will however at ih come, When it shall however, to babes. ste from this plan a Some difficulties | Bbdes hy in practi- giving such information and such aid as they culled (or ‘THR HGH PRICK OF GOLD, ofigrah spd corrupt ppdiare stimulated by facility | arrive debt may bo rotainod on low interest at that | sent, nor very much, perhaps, during the noxt yoar. cal execution of the act of last session directing the and he could supply. ‘ It is true that gold commands a premium ia notes; in pansfon; 3, thé dangér of fraud in management | Smount,or some othor scourity for ciroulation may be | operation of assooiations under it must, at | monthly instead of quarterly rendition of disbursing TUE RAMISSION OF $50,000,000 IN NOTES. other words, that to purohase a given amount of and supervision ; 4th, the impossibility of providing it in darian gr, papel She yage surrlies of 2 Fee first, be restricted mainly to in United States | officers’ accounts, sod then direct transmission to the An emission of $50,000,00@had been authorized by Con- | greater amount in notes is required. But it ia also true | su‘licient amounts for the wants of the people whenever | may ret el jon wnadvi Bold and | notes in bonds, issuing a ciroulation basdd on these | accounting Officers of the Treasury, without preliminary 1861, not with the design of | that, on the suspension of specie payments and tho sub. | expenditures are reduced to equality with revenue or | the absolute representatives and oquivalents, doHur for | bonds and transacting ordinary business. As tho notes | examination by the chiefs of the administrative bureaus; difioul making good any diflerencos vice. Of these notes $33,46: he time of the suspension. prosented for paymout had been promptly redcemadl in colo, After the suspension an additional emission of $10,000 000 was authorized on the 12th of jast lebruary. Both those issues, amounting together to $60,060,000, were made receivabie for all public dues, including customs. It now bocame the duty of Congress not merely to pro- Vide the means of meeting the vast demands on tho ‘Treasury, but to create agcurrency with which, unti! tha close of the war at jeast, loaus and taxes might bo paid to the government, debts to individuals discharged and tho business of the country tiansacted. Nothing less would — the need of the time. duty Congress partially performed by authorizing Gn emission of $90,000,000 in United States notes, in addi- tion to the $60,000,000 previously authorized, making $150,000,000 in ail. The $90,000,000 last issued were mac reccivabie for all natioual loans and dues, except customs, ment of which was required in specie or notes of the two issues. THE SECOND ISSUE OF $150,000,000. At a later period of the session, in view of the with- Grawal of the sixty millions receivable for duties from circulation, and of the expediency of providing a perma. Bent resource for meeting all demands upon temporary deposits in the Treasury, Congress authorized a further fesue of $150,000,000, of which , however, $50,000,000 were to be reserved from issue until actually required for pay- ment of deposits. THE 1-8US OF POSTAGE STAMrS. At a still later date Congress, upon the recommondation the: tary, authorized the use of postage and reve- sue stamps as a fractional curzency, preterring this expe- dient to metallic tokens or coins reduced in vaiue below existing ards, These Vhrious acts, taken together, authorized the emis- gion 9 two hundred and fifty millions of dollars i‘i Uuiied States notes, and a further emission of fifty millions, if ‘needed, for the payment of deposits. Of these emissions the sixty millions receivabie for customs were not avail able as circulation, but might be replaced, as paid in, by notes ofthe new issues which were thus availab'c, $9 that in the enda total circulation of two hundred and ‘Afty millions might be reached, and, in an improbable contingency, increased by fi‘ty tnillions more. An emis- sion of fractional currency, as just stated, was also aut! he AMvUNtE Ob- INTEREST ON TEMPORAY DEPOSITS. In aid of these provisions for public payments the Se. recommended, and , by different en: Meats, suthorized,tthe receipt on temporary deposit, at an interest not excceding five por cent, of such suis as might be offered, not exceeding, in the whole, one hun- dred millions ef dollars, and the payment to such credi- tors as might choose to receive them of certilicates of indebtednees, payable in one year and bearing per cent intercst. gress also authorized the issue of na- onal-bonds to the amount of five hundre: millions of dollars, into which the United states notes issved might be converted at the will of the holder. It was provided that these bonds should carry an interest 0° six per cont in specie, and be redeemable a'ter five and payable in twenty years. They bave ved the name of five- twenties or five tweuty sixes. SUCCESSFUL OPERATION OF THESS MMASURES. ‘These measures have worked well. Their results have More than fulliiled the anticijations of the Secretary. Had Other urgeut demands on the attention of Congress per- mitted the consideration and adoption of the si czestions which the Secretary ventured to subinit in favov of au- therizing the formation, under a proper general law, of banking associations, issuing only unitorm notes prepared and furnished by the national government, and of t:npos ing a reasonable tax on the circulation of cther institn- tions, ‘no financial necessity would, perhaps, now demand ‘additional legis!ation for the current year, except such as experience might suggest for the perfecting of measures already sanctioned. THE PRACTICAL WORKING OF THE LAWS. A short statement will exhibit tho practical workings of tho laws actually enacted ‘To the Ist day of July, 1962, $57,926,116 57 had beew received and were remaining ou deposit. United 8 Botes to the amount of $158,091 were it circulation “$49,881,979 e tificares of indebtedness; and $208,345.201 86 had b paid in cash. Not a single requisition trom Mout upon the Treasury remained unausw audited and settled claim on tho guvernment quartermaster’s check for supplics rexched the Treasury, had been mei iu the ‘Troasury a balance ot $13,043,546 $1, The reverses of June, J ni August affected, of course, injuriously this financial condition, The vast ex- Ppouditures required by the large increase of the army, authorized by Congress aud directed by the President, made exbausting demands on all avajlaole resources. The measures of Congress, however, enable: the secretary to provide, if not fuily, yet almost fully, for the coustantly increasing disbursements. The actual payments, other than for principal of public devt, during U ing ou the 30th September, were’ $11,084,446 7 the amnth of October they wore $49,243,546 04; an - jag tho month of November $59,347,077 34; while the accum@lution of requisititns beyond resources amvunted to less than the fourth of the aggregate of these sums— namely, to $44 354,701 22. THR CREAT SOURCES OF FURTHER SUEPLIES Tt Yemaius to consider what ‘urther resources for satiefying the debt now existing in the form og requisitions, and meeting other present and pro=pective demands upon the Treasury may be pro- viled onder existing legislation, and what additional mea sures may be beveticially adopted for the improvement of the revenue and for the sure establishment of the public credit, by the discharge, with the greatest possible promptitude and punctuality, of all public obligations. The whole power to borrow money under the act of Jul; 1861, 0 authorize a natiMnal loan, is now exhausted. The only important laws under which means for meeting de- mands on the Treasury can be had are those enacted or modified by Congress at its last session. Those are of two general classes—namely , those which provide revenue from duties and taxes, and those which authorize the obtaining of money by loans in various 1@ purpose oft | ments of the banking corporations. corporate notes increased during the year ending on the | stitution for coin of United Stites notes, convertible i six per cent specic bonds as the legal standard ctuations of mere speculation. Tho ignorat fears of fureign investors in national and Stato bonds aud other American securities, nnd the timid alarms of nume- Tous nervous individuals ih our own country, prompted large sacrifices upon evidences of public and corporate in- debtedness in our markets, and large purchases of coin for remittance abroad or hoarding at home. Taking ad- vantage of these and other circumstances tending to an advance of gold, speculators employed alt the arts of the market to stimulate that tendency and carry tt to the highest point. This point was reached on the T5th day of October. Gold gold in tho market at a premium of 375, per eont. ‘That this remarkable rise is not due wholly, or evea in groatest part, to the increase of the curroucy, is esta- blished beyoud reasonable doubt by considerations now lo be stated. REASONS FOR THIS GREAT RISE IN GOLD. First—Tue whole quantity of circulation did not, at the time, greatly, if at all, exceed the legitimate demauds of payments, On the Ist day of November, 1861, the circu- lation of United States notes, including credits to disburs- ing ofllcers and to the ‘Treasurer of tho United States, was $15,140,000. On the Ist day of November, 1862, it was, with like inclusions, $210,104,000. Of corporate notes, on the Ist of Noveinber, 1861, the circulation in the loyal States was, according to the best estimates, $130,000,000; on the Ist of November, 1862, it_was $467,- 000,000." The coin in circulation, including the com in bauks, was probably not less, on ‘the Ist of November. 1361, than $210,000,000. On the Ist of Novembor, 186: the cvin had been practically demonotized and withdrawn from use as Currency or as a basis for currency, and is therefore not estimated. The aggregate circulation, therefore, of the loyal States, at the first date, was $355,140,000, and at the second ouly $377,104,000. ‘Sccondly—The whole, or nearly the whole, increase in the volume of the currency which has taken place was, it 1s believed, togitimately demanded by the changed cun- dition of the country in the year between tho two dates, ‘The activity in business which, at tho close of that year, had taken the place of the geueral stagnation which marked its begiauing, and the military and naval prepa- rations and movements which had vastly augmented the pumber and amounts of paymonts to be made in money, lave, it is believed, logitimately demanded nearly or quite the whole of it. DECREASR IN THE PRICK OFARTXLES OF CONEUMPTION. That such is the case may be reasonably inferred from the fact that the prices of many of the most important articles of consumption have decliwed or not materially advanced during the year. Wheat, quoted at $133 to $1 45 per bushel on the Ist of November, 1861, was quoted at $1 45 to$l 50 on the Ist of November, 1862. Prime mess pork, on the Ist of November, 1861, was quoted at $15 to $16 50 per barrel, and on the Ist of No- vember, 1862, at $12 50 to $13. Corn sold on the 1syor November, 1861, at 62 to 63 cents per bushel, and on the 1st of November, 1862, at Tl to 73 cents. A ‘comparison ‘between (he prices of hay, beef and some other staples of domestic produce at the two dates exhibits similar con- ditions of actual depression in price or moderate rise. Thirdiy—It is, perhaps, still more conclusive againgt the theory of great redundancy that, on the 15th day of Octo- ber, when the aggregate actual circulation, nitional and corporate, was ubout $360,000,000, the premium on gold was 3744; whereas, on the 29th day of November, when the circulation had increased by more than millious, the premium on gold was 29 to 30 per cent. But if tho fact of considerable redundancy in circulation be conceiled, it by no means follows that it ts the circula- tion of United States notes which is redundant. TSE LAW FIXING PAYMENTS IN UNITRD STATES NOTES AND COIN. it must be remembered that the law confines national payments? and receipts to coin and notes of the United States. Of navy, ail officers of all departments, must observo and en- force’this law. For all payments to be made in behalf of the United States, in case of inability to obtain coin, United States notes must be issued. It is, indoed, the duty of the legislature to see that the purchasing power of these notes is kept as nearly as possible gqual to the purchasing power which gold would have had if specie yuymouts had been maintained; bat the issue and use of the notes is unavoidable, and yernment can resort to borrowing only’ whe has become suflicienUy large to warrant a just expectation that loans of the notes can be had from those who hold or can obtain them at rates not less advan- tageous than tho-e of coin loans before suspe: diliculty which the tal 450 found in obtaining United States notes with which to meet their engagements to the TreasuryMis very iustrac- tive on this head. It points, indeed, directly to the con clusion that loans of United States notes, in suilicient amounts to meet the disbursements of the ‘government, could not now be obtained at rates which « due regard to the interests of the taxpayers would permit the Secr Whatever may be 8 camnot, then, be successfully malatained that the circulation of United States notes is ex When extended to the limits authorized by exist it will be no larger than the wants of the people und the government imperatively demaud. & WHAT 18 THY CAUSK OF THE DEPRECIATION OF THE CIRCULA- m if there be a considerable real depreciation of the eirculation—which is by uo means admitted—what has caused the redun- daucy and the depreciation? The cause of all that exists is easily found in the state Ist of November , 1862, from $140.000,000 to $167 000.000. During the same’ time the volume of deposits, which | answer very many of the purposes of circulation, had | swelled from $264,000,000 to $344,000,000. The greater portion of this increase took place within the last seven — ‘The augmentation of deposits always accompanies in- | vo of clr Together they stimulate loans, crease of circulation. and are, ip (arn, stimulated by the desire of the interest derived from loans. As might have been anticipated, Joana aad deposits. r vember , 1861, they had grown to $677,000,000 on the 1st From $007,000,000 on the Ist day of No- of value, gold became an article of merchandise, subject to tho erdi- nary fluctuations of supply and demand, and to the extra- Up to that date every note | ordinary ( 8 of the treasury, ollicers of the army and | oo. The | of tho recent loan of $13,615. | Jot the aggregate ssive. claws | 10x. considerable redundancy, then; if there be The circulation of creased, though not equally, with the circulation below it. ‘Vheso objections aro all serious. The last requires some elucidation. It will be oasily underetood, howover, if it be considered that a government issuing a credit circulation canaot eupply , in auy givon period, au amount of currency greater than tho excess of its disbursements over its re colpts. To that amount it may creato @ debt in small precisely the way in which tho oxisting currency of United Statos notes is euppliod. ‘That portion of the ox- the issue of those notes. Debt in this form has been sub siituted for various dobts in other forms. Whenever, there.ore, the country shall be restored to @ heaithy nor: mal condition, and receipts exceed expenditures, the sup- ply of United’ States notes will be arrested, and must progressively dimiaish, Whatever domand may be made for their redemption fn coin must hasten this diminution ; ditions, necessari!y implies disbursoment, and the revo- for ‘that purposo. There ‘is, then, no mode in which a currency ip United States votes can be permanently main- taiwed, excopt by loaus of them, when not required for - disbursement, Gu deposits of coin, or pledge of securities, or in some other way. This would convert the Treasury into government bank, with all its hazards and mis. chiefs. If these reasonings be sound, tittle room can remain for doubt that the evils certain to arise (rom such a scheme of currency, if adopted aa a pormanent system, greatly overbalance the temporary though not inconsiderable advantages offered by it. THY RESULTS TO MK RXPRCTED FROM BANKING ASSOCIATIONS, It remains to be considered what results may be rea- sonably expected from an act authorizing the organiza tion of banking associations, such as the Secretary pro- posed in his last report. ‘The ceniral tdea of the proposed measure is the estab- lishment of one sound, uniform circulation, of equal value throughout the country, upon the foundation of national credit combined with private capital. Si.ch a currency, it is believed, can be secured through banking associations orgauized under national legisl2- jon. PROPOSITION 70 MAKE THEM VOLUNTARY. It is proposed that these associations be entirely volun. tary. Any persous, desirous of employing real capital in sufficient amounts, can, if the plan be adopted ,.unite to- gether under proper articles, and, having contributed the requisite capital, can invest such part of it, not less than afixed minimum, in Uniled states bonds, and, having deposited these ‘bouds with the proper ‘officer of the Uniied States. in Teceive United States notes in sueh dovominations 28 inay be desired, and omploy them as money in diecounts and exchanges. The stockholders of any existing banks can, in like manper, organize under the act, and'transfer, by such degrees as may be fund convenient, the capital of the old to the uso of the new associations. The notes thus put into circulation will be payable, until resumption, in United States notes, and after resumption in ‘specie, by the association which issues them on demand, ‘and if not go paid will be redeemablo at the Treasury of the United States fvom the procesds of the bonds pledged in secu- rity. Im the practical working of tho plan, if sanc- tioued by Congress, redemptia at one or more of the groat commercial centres wiil probably be provided for by all the associations which circulate the notes, and, in case any associ tion shall tailin such redemption, the Treasurer of tho United states will probabty, under dis- creuiouary authority, pay the notes aud caacel the public debt held as security. ‘THE ORKDIT OF SUCH A CIRCULATION. iticnlt to conce.ve of a note circulation which will combiae higher local and general credit than this. Alter a few years no other circulation would be used, nor could the issues of the national circulation be easily in- creasod beyond the logitimate demands of business. Every dollar of circulation would represent real capital, actually invested in national stocks, and the total amount: issued could always be easily and quickly a-certained from the books of the Treasury. These circumstances, if they might not wholly remove the temptation to exces- sive issues, would cortainly reduce it to the lowest poiut, while the iorm of the notes, the uniformity of devices, the signatures of national ofliccrs, and the imprint of the na- tional seal aut cating the declaration borne on cach that it is secured by bouds which represeut the faith and capital of (he whole country, could not fail to inake every It seem | note as good ix any part of the world as the best known | and beat esteemed ional securities. The Secreta already mentioned the support to public credit which may be expected from the proposed associations. ‘The importauce of this point may excuse some additional ob-ervations. IHS £HOCRITY NERDED BY LAW OF CONGRESS, The organization proposed, if sanctioned by Congress, would require within a very few years, for deposit as | security for cirentation, bonds of the United States to an amount uot less than $250,000,000. It may well be ex- pected, inde: i rmity in credit and vi portation, will be lixely to be used more exten ively than uny hitherto issued, that the demand for bonds will largely overpass this limit, Should Congress see dt to restrict the privilege of deposit to the bonds known as five twenties, authorized by the act of last seasion, tho demand would probably absorb all of that description already issued and inake large room for more. A steady market for the bonds would thos be established and the negotiations of ther greatly facilitated. But it is not in immediate resulis that the value o support would be ouly or chieily seen, There are alway hoiders who desire to sel! securities of whatever kind. “If buyers are few or uncertain, the market v cline. But the plan proposed would create a ¢ demand, equalling and often excoeding the supply, instant Thos generally ata rate somewhat above those of bonds of equal credit but not available to bankivg associations. It is not easy to appreciate the full benefits of such coudi ng to 9 government obliged to borrow. ‘Another advantage to be derived from such associations would. be found in the conyeuient agencies which they would furvish for the deposit of public moueys. NO INTERFERENCE WITH THE INDEPENDENT TREASURY. The Secretary does not propose to interfere with the independent Treasury. It may be advanntageously re- tained with the agsistant treasuries already established in dollar, of gold in whore. But these generation, i THE VARIOUS SOURCES OF NATIONAL POWER. The Secretary forbears extended argument on the con- of the suggested system. It is proposed row money; as an notes, and these notes may be used as curreucy. This ig | agency of the power to collect and disburse taxcs, and as an exorcise of the power to regulate commerce, and of OF the tirst two penditure not met by revenue or loans has beon met by | sources of power nothing need be said. The argument relating to them was long since exhausted and is well kuown, Of the other two there is not room nor does it ress can prescribe the atitutionalit, ag an auxiliary to the power to the power to regulate the value of coin. seom needful to say much. If Congr atructure, equipment and management of vescels to navi gate rivers flowing between or 4 regulation of commerce, may asaurodly deter. mine what currency shall be employed in the interchange and there can be no reissue; for reiasye, under the con- | of their commodities, which is the very essence of com- ho have agreed in little olse have nue, uson the supposition, supplies more than ts needed | concurred in tho opinion that the power to regulate coin is, in substance and effect, a powor to regulate currency, and that tho iramers of the constitution go intended. It ough while . Congress confines its regulation to weight, fineness, shapo and device, banks and individuals may issue notes for currency in competition with coin. But it is difiicult to comceive by what proce foe logic the merce. Statesmen wi may well on be admitted that unquestioned power to regulate coin can from the power to maintain or restore its circulation, by excluding from currency all private ‘or corporate substi- tutes which affect its value, whonever Congress shall see tit to exercise that power for that purp pose. ‘Tho recommendations, now submitted, of the limitea issue of United States notes as a wise expedient for the present timo, and as an ocoasional expodiout in future times, and of the organization of banking associations to supply circulation secured by national bouds and converti- bie al 8 into United States notes, and, alter resump- tion of specic payments, into coin, are prompted by no favor to excessive issues of any description of crodit monoy. 53 MQW SPECIE PAYMENTS MAY BE RESUMED. On tho contrary, it is the Secretary's firm belief that by no other path can the resumption of specie payments bo 0 surely reached and 80 certainly maintained. United States notes, receivable for bouds bearing a secure specie interest, are next best to notes convertible into coin. The circnlation of banking associations organized under a general act of Congress, secured by such bonds, can be most surely ani safely main- tained at the point of certain convertibility coin. It, temporarily, these associations redeem their issues with United States notes resumption of specie pay- ments will not thereby be delayed or endangered, but hastened and secured; for just as seon as victory shall re- store peace the ample revenue already secured by wise logislation will enable the government, through advanta- geous purchases of specie, to replace at once large amounts, and, at no distant day, the whole of this circu- lation by coin, without detriment to any interest; but, on the contrary, with great and manifest benoit to all inte- rests. ‘The Secretary recommends, therofore, no mere paper money schome, bat, on ihe contrary, a series of mea- sures looking to @ safe and gradual return to gold and sil- ver as the ouly pormauent basis, standard and measure of values recognized by the coustitution, between which aud an irredeemable paper currency, ag ho be!ivves, the choice is now to be made. ‘Tok GRKAT ELEMENTS OF OUR NATIONAL STRENGTH. No country possesses the true elements of a higher eI States. ‘the government is less costiy than that of most other great Powers. The expenditures of the current fiscal year, oxcliding those of the War and Navy departments, can hardly equal those of the last year, which amounted t $24,511,476 66, Estimati at double the expenditures the last year before the re bellion, they would fur the current year, had the war ended before jast midsummer, as was anticipated at the Gate of the last report, amount to the sum of $55 ,845,- 824 48. The interest on the public debt is for the current year estimated at $25,041,532 07, and will not probably go over that sum. The whole expenditures of the gov- ernment for the current year, on the supposition of peace, would, therefore, net exceed — $10,571,842 21. This ‘aggregate mvet be increased hereafter by the addition of interest on the loans of the current and future years and by peusions, the precise amount of which cannot be foresven. Esumate the tor- mer at fifty and the latter at ten miilions a year, and the tota! annual expenditures in peace will reach, omitting fractions, to $165,000,000. The expenditures of Great 31, 1862, were aceording to uring the year ending March 438,682; those of France for 1882. Freveh official estimates, will rerch $421 823,900, and the apnual expenses of iussia, according to the best accessi ble information, do not {all short « £ $240,000 000, pro YOR REVENUE MADE HY CONGRESS. To meet our annual exp-nditures, and to assure beyond contingency the punctual discharge of the interest of the public debt, and the creation of a sinking fund for its duction, Congress has provided a revenue from cust ins even now reaching nearly soventy millions a yetr, anda revenue from iuternal duties which will not, proba! fal! short of one bundred and fivty millions a year. Withont reckoning any other resources than those already provided, th excecd the expendi sum may be used for ovr Leary to hoy nd, hati contr pew ex! jon, peseciod f of 1864, and the Publi debt reach the uttnost limit now revenue, therefore, will annual), es by fifty-five milli whic! the reduction ol to mid. than three per cent. : MINERAL WEALTH OF THB UNITED STATES, But the American republic possesses immense eee the gold bearing region of the United Statos stretehes through near eighteen deg-ces of latitude—from British Columbia on the north to Mexico on the south—and through more ees of longitude—from the eastern de- ocky Mountains to the Paciig Ocean. It incindes two States, California and Oregon; four entire which have not yet been called into contribution. than twenty d clivities of the Territories, Utah, Nevada, New Mexico and ington rough different States he into credit—no country, in ordinary times, can maintam a higher standard of currency and payment than the Unitod those of these departments vr he pub. Tf, then, the war shall be continued, shall icipated of seventeen hun- dred and fifty miilions of dollars, the excess of revenue asteady uniformity in price would be maintained, and | will reduce that debt during the first year of peace more reeeived for the bonds cannot be reissued without injue rious inflation of the circulation, thoy must necessarily be withdrawn and cancelled. The gate circulation of government United States notes withdrawn will be re- by the amount of national ciroulation furuished to the associations. Tho immediate advantage to the go- vernme:t will be found in the markot created for bonds and the support thereby givon to the national credit. ‘The more general advantages which have been described must attend the gradual organization of banking associa- tions, and will only be fully apparont whon the national circulation furnished to them shall become the establish- ed and sole note circulation of the country. Other legislation is therefore needed. ‘TB ACTS OF CONGRESS AUTHORIZING BONDS. I The act of last session authorized the Secre- tary to issue bonds of the United States, al. ready often mentioned as five-twentics, to the amount of five hundred millious of doliars, and to dispose, of them for coin or United States notes ut the market” value thereof, In tho same act auth issue $150 ,000,000 in United States not was afterwards enlarged to $250,000, and it was fa vided that any holder of such notes to the amount of fifty dollars, or any multiplo of filty, might oxchange thom for five-twenty bonds at par. ‘The effect of these provisions was to make negotiations of cousiderable amounts impossible; for considerable amounts are seldom taken, except with a view to resales at a profit, and resa‘es at any profit are impcssible under the law. Negotiations below taurket value are not allowed, and if not allowed the taker of the bonds can expect no advance, unless a market value considerably below par shall become established. The act makes advance above par impossiblo, by authorizing conversion of United States Rotes into bonds at that rate. RECOMMENDATION TO RECEAL THEM. The Secretary respectfully recommends tho repeal of both these provisions. The first imposes, it is bolioved, a restriction which Congress did not intend; and the second has been followed by the inconvenionces which wore feared rather than by the benetits which were ox- pocted. Convertibility by exchange at will is of little or no advantage to the holder of the notes; for the clauses which secure their receivability for all loans make them practically convertible. Wherever the volume of notes reaches a point at which loans can be eflected at rates fair to the country and desirable to takers, loans will, of oe be made, and ample opportunities ior conversion offered. Should Congress, however, be of opinion that these clavses should be setained, it will be necessary to provide for other loans, ut rates more favorable to the holders than convertibility into five-twenties. This can be done either by authorizing bonds at longer time, or by increas- ing the rates of interest offered. The Secretary cannot recommend either course except as an alternative to no provision at all. ‘IK PREFERENCE FOR SEVEN-THDRTY BONDS. As such an aiternative b® would prefer the issue of 7.30 three years bonds, convertible into five-twenty sixes at or before maturity, and of smalier notes bearing an inte- reat of 3.65 per ceut, as proposed in his first report. A discretionary power may, perhaps, be advantageous- ly conferred on the Secretary, to be eercised as exixen- ies may require or allow. He des not covet the respon. stb ities belonging to such a power, b.t would not shrink ity was given to whiten authority from such exercise of it as,in his best judgment, the public good would require. He believes it, however, to upnecessiry. He believes that the time and rate of the five-twenty loan authorized wero judicious!y mined, and he believes that if the suggested changes are made in the law the needed supplies can be obtained through these loans. No prudent iegislator, at a time when the gold in the world is incveasing by'a hindred mithonsa year, and interest must necessarily and soon decline, will consent to impose on the Jaber and basiness of the people a fixed interest of six per ceut on agreat debt, for twenty years, unless the necessity is far more urgent than 1s now believed to exist. The country hs already wit- wl the resulte cf such measures in the payment, in 1856, of more than four and a half millions of dollars for the privilege of paying a debt of less than forty-one mil- Hons, some twelve years averaged time be‘ore it became ry GRYERAL VIRWS OF THE ‘The generai views of the Sect thus briefly summed:— He recommends that whatever amo:nts may be needed beyone the sums supplied by revenue and through other indicated modes be obtained by loans, without increasing tho issue of United States notes beyond the amount fixed by law, unless a clear public exigency shail demand it. He recommends, also, the organization ‘ot banking asso ciations for the improvement of the public credit and for the supply to the people of a safe and uniform ¢ ye he recommends no change in the law providing the negotiation of bonds except tho necessary in- crease of amount and the ropeal of the absolute re- striction to market value and of the clauses authorizing convertibility at will. If Congress shall c neur in those views, the Secretary, though cunscions of the great difficulties which vast, sid den and protracted expenditures impose on him, ventures to hope that he may still be able to maintain the public credit and provide for the public wants, NECESSITY FOR UNIFORM WEIGHTS AND MEASURES. In his last report the Secretary took occasion to invite the attention of Congress to the tmportance of uniform eights, measures and coins, avd to tho worth of the de- cima! s¥stem in the commerce of the world. He now ven\ures to enegest that the present demonetization of gold may welbbe availed of for the purpose of taking One considerable step towards these great ends. I the haif eagle of the Union v9 made of equal weight and fineness with the gold sovercizn of Great iritain, po sensible Injury id possibly arise from the change; while,on the jon of specio payments, its great advantages would be felt in the equalization of ex- changes and the convenience of commerce. This act of the United States, moreover, might be followed by the adoption by Great Britain of the federal decimal divisions of the coin, and thus a most important advance might be secured towards an international coinage, with vaiues decimally expressed. Under the provisions the several acts of Congress relative to trade and cétimerce between the loyai States and those States and paris of states declared wo be in to- surrection, general regulations have been tasued pre. scribing the condition: which that trade and com -ARY. ry may therefore be se e and these ties, though not insuperable, may re- aequire some further legislation for their removal. the reform ght by the act is important, and the pur- pose of accomplishing it should not be relinquished. STATEMENTS OF THE AFFAIRS OF THK DEPARTMENTS. Statements in detail of the operations of tho depart- ment will be found in tho reports of the hoads of the seve- ral bureaus, and to whom the Secret ladly acknow- ledges his obligations (or most faithiul and assiduous labors, by which the mult under his general charge, increased tenfold in cousequence of the insurrection, has been carr oa with a of belicved settloment indispengab!; to the protection of honest creditors, and to the security of the from fraud. These great ob,ects, it is belioved, may also be promoted by a modi of ment of the bureaus, so as to bring all the accounts of each department into ono |, instead of dividing them between or. as is now directed, enue in the labors assigned to it. tors have been appointed in all the districts of the loyal States, and the revenue from the duties imposed by the steadily and rapidly increasing. In the absence of any statutory direotions, ho has assigned the settlement of the accounts of the bureau to the Firth Auditor and Comptroller. The Secretary invites particular attention to the marks of the Third Auditor relative to payments for perty lost or destroyed in the military service. He. respectfully suggests that authority be given to the Gecre- tary to pes commissioners to examine and audit the claims of several States now referred to that office for vine Caverable consideration of ‘Congress ta tf favor real Te3) ‘ul invited to the re juests of the Treasurer and of tho f f ter tur the appointment of a deputy in each of their reaus. Of the necessity for such appointments no doubt si ace the ising inspectors of steamboats, action cf the supervising o collectively as a b6ard, and iudividually in their respeo- tive districts, merits the approval of Congress. Their ro- port, to which the Secretary invites attention, gives evi- dence of the value of their labors. while theComparative iminunity from accidents secured by their vigilance at- tests the wisdom of the act under which their work is prosecuted. ‘i RXAMINATION OF CANDIDATES FOR THU REVENUE SRRVIOS. ‘The regulations directing the examination of applicants for appointment in the revenue cutter service, and mak- ing certificates of competency from the Board of Exami- ners prerequisites to commissions, tend thanifestly to the improvement of the service, and wi'l beadhered to. This service has become an essential arm of the department im tho execition of the laws. Its highest vigor aud acti will especially be required 80 long as the present rates of duty shall be required by the exigencies of country. The Secretary hopes to be abie to place it on @ footing of the utmost eificieucy, without permitting ite al made, The ai cost to exceed appropriations already . demand by other departments for shipwrights mae chinery has not as yet permitted advantageous contracts for the additional revenue™steamers authorized by Con- gress. Carefal specitications, hewever, have been pre- pared, aptl the.work will be proceeded with as soon as practicable. Full details of the Operations ofthe with ‘ull de Coast Survey appear in the report of the Superintendent. ‘The services by which its great value was strikingly illustrated during the earlier months of the rebellion have been continued with undiminished zeal and fidelity to the present time, and its geveral work bas been promoted with as much activity aod success as ee de- mands made upon it by¢he circumstances of the country would allow. Within the year 43,000 copies of maps and charts have been furnished for naval vessels, and 2,000 to captains and = of government transports on their personal appli- cation. Its accustomed vigilant superintendence has been exer- cised by the Lighthouse Board over the lighthouses, light ships, beacons and buoys on thesNorthern and Pactfle coasts, and especial attention has been directed to the restoration of those destroyed by the rebel euemics of the country. Numerous lights and beacons have boon re- established on the coast of the insurgent region, and the ro-establishment cf others will keep pace with the gress of the fleets and armies of the republic, A cont expectation is indulged that along the whole coast will soon shine the old unbroken chain of lights for the guid. ance‘o! the mariner and tue security of commerce, REPORT OF THE WIRKCTOR OF THR MINT. ‘The report of the Director of the Mint contains the usual information relative to the coinage for the past year, and . makes several suggestions, to whieh I respectfully tavite your attention. ‘Tho net amount of bullion reeeived was $45,423,231 OL. The amount veined was: of goid coins, $45,532,386 60; of silver coins, $2,812,401 50; of cent coins, $116,000; of gold barg, $16,144,100. 05; and of silver bars, $418,680 01; making a total coihage of $65,023,658 08, Of the bullion deposited , $26,188,863 ¥, was received as the Assay Oflice Nas York. Of the gold bars $16,004, 168 44, and of silver bars $415,633 57, in value, were stamped at tho same oilice. aoe At the Branch Mint in Sum Francisco the gold deposits: were $16,136,622 96, and the silver deposits ana chases $749,114 14 in value. Tho value of the gold was $15,545,000; of silver coined, $641,700, and of silver bars, $1,278 65. yon after the aathority of the Union was re estab- lished at Now Orleans a special agent was Sys to examine the condition of the Branch Mint im city and its machinery. The machinery proved to have beon greatly Injured, and portions of it were found distributed and secreted in various parts of the city. The portions were collected and replaced in the Mint, and the neces- gary repairs arc in progress. The operations of the Branch Mint, however, have not been, and for the pre- sent, at least, will not be, resumed. By the act of April 24 Jast a branch mint was directed t established at Denver, in the Territory of Colorado, and an appropriation of $75,000 was made to carry the Act into effect. A mint had already been established there Weahi forms. te x of . it, may bo conducted. ‘hia trade ‘The first class are the several act: day of November, 1862. the most important cities, where the customs may be col- | and parts of three other Territories, Colorado, Nebraska | merce, to a limited extent, may jucted. iia tre by individuals engaged in assaying and stamping, on pri- tapering tunis 68 imports, , and iy ‘ihe act to Provide | — ilere isan obvious and sufficient explanation of what- | lectod as now, iu coin or Treasury notes iseued directly | and Dakota. It forms an area of ‘moro than a million ego by omen Salk, eaniien £6 the conees ia vate acconnt, the bullion produced in that region. A com the au. ted to ascertain and report as to at all, probably, fail very short of $10,000,000, ‘ana it must long continue gradually, yet rapidly, to iucrease. If this product pe subjected to a reasonable zeignorage, as Suggested by some, or if, as suggested by others, the mineral lands be subdivided and sold in convenient par- with proper reservations in fayor of the miners low npation of particular localities, a very cousiderablo reventio may doubtless be obtained from this) region | twternal ‘ever undue expansion may have taken place. The Secre- | by the government, but uot firnished to banking aasocia- | of square miles, the whole of which, with comparativel wi mission was’ appoint . The laweor the second class are (1st) the act authoriz- | tary has al Say axpoeunee the opinion that the circula- | tionse lusignificant exreptions, is the property of the nation. te thority of the government has bee re-estabile! 10d BY | the value of this ostablishment and the comparative ex. ° ing the lssueof United States notes, and of six per cent | tion is not greatly redundant, and that no considerable | But, whatever the advantages of such arrangements in | i# rich uot only ia goid, but in silver, copper, spite military oceupancy, No licenses or permite bave been | redioncy of purchasing it or erecting. a.new one; and, Donds of the United States. redeemable after five and | depreciation of currepey bas actually occurred. He | | 2 hacen re in yen ona ata EME | pod nun tes eaten pene ih a ce _ oe a eee ced retiaet ean cant antigo Upon thoi recommendation, the existing mint, wittall ite y 4 c v" ro pation irculation furn: to the | silver during Hi vi ol ry distric ch cecupancy. Under 4 yable in twenty yoars, to the amount of five hundred | thinks it suilicientiy proved, however, that whatever | that the eecured vational circu urnie! e 4 the provisions of the Ofth section of the act of July 13, Oe Sar purchased for $25,000. soe banking associations should be received every where for all other dues than customs, and that these associations will constitate the best and safest depesitaries of the revenues derived’ {rom such receipts. The convenience | and utility to the government of their employment in this | capacity, and often, also, as agente for payments and as | ce distributors of stamps, beed no demonstration. The ne- | depositaries titan surveyors of | e there may be of either is fairly attributable not to the | ions of doliars; (2d) the two acts authorizing the issue pothenY Gaited punter nebay, bak.ts, te isotbase’ o& bank circulation aud deposits. NO LAW FOR INCREASING THE AMOUNT OF THE CIRCULATION OF VRIVATE BANKS. Tt is to be observed that no law compelled, and no public neceasity required, any enlargement of the yo- 1861, special agents have been ap;ointed whose duty has been to carry out the authorized instructions of the de- Partment, and it ia anticipated that the expenses of their agency will bo defrayed from moderate charges for per- mits granted under thetr supervision. The collection of cotton, rice and other abandoned ‘Secretary respectfully tion of Congress the expediency of establishing an office oF branch mint at some convenient point fa ‘Neveds, Territory. aa of which is a submitted to the in. it consi ongress. ane SALMON P, CHASE, Secretary of the Treasury, it of cortificates of indebtedness and the purchase of coin; (34) the act authorizing an additional issue of United States notes; and (4th) the act authorizing payments in stam) | ~ ‘The laws of the first class have been too recently enact- | ed, and their practical operation and results are affected property, and the superintendence of laborers aud planta- yme oth ‘by too large a variety of circumstances, to warrant any | lume of currency by the benks. Ou the contrary, there | cessity for seme 0! [ aS ta hekened aculaes baxeecnae : Behe Ly ange, ; wy i RECEIPTS AND EXPENDITURMS of a the States, positive enactments by which | ports, receivers, tmasters and other oflicers, of whose | without hardstip to the act settiors occupiers, tions, which at the date of my last report were commit 4 Tela amendments toay be. Featred, of the, ‘suount the \anscane Of ole elation Soring suspecsion is yonibit- | Peeponsibility ‘and Guess, in many cages, nothing satis. | OTHER METALS ERSIDRS GOLD. to avents of this department, have since been transferred, For the Fiscal Year Ending June 30, 1862. And there are other mines than those of gold ot silver, | or copper or iron, in the wide territory whieh includes the public lands of the United States, Every acre of the fer- | as more properly belonging to bis department contro! of the Secretary of War. A MRASURE TO PREVENT FRAUD IN THR CUSTOM®. factory can be known, is acknowledged by the provision tO for jon by the Secretary contained in the internal revenue act; and it seems very clear that the public in- ROCEIPTS. ‘The total receipts, including a balance: on hand July 2, revenue which may be expected from them. The year Of $2,267,065 80, were $563,986,247 @8, aa fol- or which will elapse before the next regular session of Von- greece will allow sufficient time for practical tests, and ed, and the principle embodied in them is 80 obvio | Just that well mauaged institutions, when obliged to sus- | pend, almost invariably, without the constraint of any ‘doubtless modifications. tend of augmenting it. Im | terest will be secured far more certainly by the organiza- | tile soil is & mine which only waits for the contact of During the last session the Secretary had the honor to Sieusay provesie that coos toes pend abe either Cbedlence tla princpay a eviction Ke clreulation | tion and employment of associations organized 4s pro- labor 19 pela its B Krengureas si e Rem c pen nite traneatt Ge crate of . vy inten ied by apertins an $49,056,307 s , han by any official selection. that frutiful con! y act, em the | detect avd prevent frauduiest entries cu vs SaI' Tet 64 repealed or reduced in rate at that session, without injury | actually took place after the suspension in December, It | pored tha very important advantage of the preposed | opportunities thus offered to industry shali be understoud | houses, aud he adheres to tho opinion that the provisions ree. ‘ pon De estore ceemey aanret cn) lisse Teche, weroamematiarnl me ak fronts use os | plan bas already been adverted to. It el reccnctle, es by the working millions of Eiropa, it cagnot be doubled | therein embodied are necessary for the protection of the | From direct tax: ++ 1,706,331 73 legal tender, were diverted from tI eome comparatively unit; revenue. That invoices representing fraudulent far as practicable, the interests of existing institutfons portant changes may be ' indi: | bors will seek ‘Ameri ‘useful before present, ‘rene: mate he that great numbers will seek American tomes, in a phe Se sents ener EOI igre ney and > ee eel i Sapper vtioe’| huge of the whole peo} order to avail themselves of the great advantages | tions of merchandise are daily prosevted to t From loans— cotimated receipts n "i a, doubtless r A ee ciation | — cuasars 0 lee with caDnoN. tendered to their acceptance by Americua law. Every | houses is well known, and for the past year the Collector, | Fer 8 yeare 7.30 bonds. 122,097,686 34 ‘The actual and estimated receipts under these | for | tary, prompted, doubtiess, by the Naval OM and Surveyor of New York have en- For 6-20 years 6 per cent bond: Ail changes, however important, should be introduced working man who comes betters the condition of the | the ourrent fiscal year, as already stated, will amount accommodations to business as well as by the expectation proceeded in with careful 4 to nation as well as hisown, He # in many ways,seeu | tertatned suspicions that fraudulent coilusions with iS... 19,990,600 00 Sieg Reveace | aw 1a ein eres pd gs trocosed by the parties inipresied it. toi | Srary ameced sotereahe Rash inne Watton ia ‘ot leon dem aud tare % eo penny Lote iN oo a ie pe | officers employed . oe een ne mined. ie ie etree weds, sence 1,000,700 00 " a ct D . The time has come when | It is diffeult imate the contribution wi! immigra- | sures were taken el o w ne all other sources, exclusive of loans, a8 estimated, will | The Secrotary has already shown that (he cage was far | gerou tiaen eh h ce A beale haes, (a eome tion, properly encouraged by legislation abd administra. | euspicions were well founded. By persistent vigiianes | — cent, at par, tor $50,000,000 roach $18,068,168 47, making ® general sguregate, in- | otherwise with the circulation of United tates poten. & | F clcultiol of A gernand uniformity in ¢ ) ton, wilkmake to revenue; but, directly aad indirectly, | facta were developed which have led to the arrest | 7 per conts.............. 46,908,129 2% ty cad te tt ‘abe. provided. sr eae | Sande ioans ot coke lapesatbte, Loans of oor porate ota bee aeiey cat lonet “pare Of Ube Baaeilt of debt witiont in Wwedonot be reckoned as ods thal tha: eh tay bo ot of several parties and ue spceriainment that 4 ayetem or 2 yonss’ Broarury notes . F n hibit terest, made into moncy, hitherto enjoye! exci.givey by , peeted from metallic ucts « © gol ring | Of fraud has been ly carrie ron 4 q ‘ ‘some form , $608,068 432 02. , | cujecstonable to Ueemnselves, were positively pret i exo demand: st, and must be re. | region - | Years, These inveatizatioss nro now being prosecuted | and Marca 2, 1861........ 14,019,096, a ee ee Sh cates toro | aned guntee nove etroniation, enti fa Foggy kg octet Bos Shere need be Lo sud «ln-tce: there | With such resources at the @laposal_o tho republic, no | Wider the immediate diceetion o: ihe Soliciter of tho Trea: | For 6 day Treaty bere : eaten notes. Prclusive of the contingeming receivable on | to enable the Secretary 19 obtain it from holters by way | weed be no Wurttal interference with | one nved be alarmed lest tho United States may become yaryese of aecertaining he extent of those | under “act of Marek 2 weed lod 4 a0 p and lime tbo lasue of | of loans, was equally inevitable. A prac: limit on its | As yet the United States note circulal 8 the | unable to pay the interest om its debt. or to reduce the | fra ds and bringing the guilty parties to Peary of * m Sresbeets ston te Does. the issue of certifi. | increase is imposed by the judicious legislation of Con. | vacuum caused by the tempo ry ie anal of cole . | pede, ro yf ey hee ind!- Wy eae asl Gr eisai eave erveussl , woatamibeas GnON an Varnary ra y ‘martes A oot the de for inerense 0. he repul nM now ret a fou n . we cates of indebtedness and of fractional currency i# uall- | gress, which makes the notes receivable for loanevand | does, Wot, Pert ty Ti en cee umber, varie: | bith ti uoblor aid higher life, fwice already sho has | ment sow wel preveat hereatter, the frends itherto | March 2, 1801........ 3,800 00 Spiled by legialation. ioe. pall’ | tyrand activity of payments in mouey. There is oppor. | paid off a national debt contracted ‘or the defence of bee | successfully practised. ty | CGF, Jon act of February (an en a eae a O01 ae DUTY DEVOLTING ON THB UNITED erates, Unity, therefore, fur, the wise aid Yevetcial regu. | rights; the obligations of that which she new incurs for | RXVEDTENCY OF AProIMiNo AN ADDIfIoNAL COLLECTOR ByUBL. cv eeeeeecvseess 6 ,H6T 60 ‘The \t Of United States notes, including notes re- Woter ttwes circumstances, the path oF ‘wisdom and | lation of ite substitution for other circulation. The mode | the pore wee of her oxiavence will be not less eacredly + SEW YORK. ink ‘bit ‘For United States no td ceivable Sn ee a in Calan OF | auiy scoms very clear. It leads to the support of a | of substitution, also, may be judiciously adapted to actual | fuislled, ‘The increased and inctoasing labore aad teeponaibili. | July 17 and Ang. 6,186) 4 4. 4) 99 the Grommane . aay Kreg ea" rived States note cireulation, and to the reduction of the | circumstances. Tho Bu i onsults a par. eb tet po RyRy Bet | rey ass ti pe area ee ae ee aig olbeer Ly - a Regs RR wea 000 “i 4 , tion, A comparatively small reduction . It contemplates gradual withdrawal of bank note wi s A ‘ r s p be cutbority to lavus the further sum OF 827,087,800, The ofthe latter will allow ample room {or the whole inorease | firculation, and proposes a United States note Ai aoe Co pe iy Foe ee Gunes aurmaht eee ae pl, 98,090,000 ‘ rout eon A oe snyand eaimat of the former auiborived DY erisicg Ware: nd ne the | furniahes y may participate in ll ‘proportion to tne easy | {ise pelle ‘othe. lowest point ‘with | to perform such other aiid th ay entree oF obruary a, 1603 vig? OAT 10 an tg for the lank dap Df November, is $70,108,600. The | redue ‘the point which adi + | Sat responsivity assumed and tho services performed | justice to le oredivors. + | approved by the Secrtaty Provision | From corti . sum of $80,201,860 may therefore yet be recetved. | however, Paste Reasonable, rates, ‘the Boorse. | by them, The promédtide and sox! with which many 2 faust the \t regourcos and be that hie authentiontio Tawfal |” edness, acta March 1 and of fractional currency has reached the Ce ation of Hane et , 5 | tee existi Hana came t0 the financial supporter | "fo to Gooumont shAll entitie t to the samo effect tu the courta | 47, 1962, donor ne ni . heretofore advised the imposing of «a | the existing institutians cam Ore Ricca in soa Line Laem a0 paw remewe | Ube verincuk be dag Aah Wi Bowe r iar w8 Ue sicture ooo Gogotr, and ant | rend a Cet ar ott