the writings-6-第32章

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them　a　legal　tender　for　other　debts；　has　made　them　an　universal

currency；　and　has　satisfied；　partially　at　least；　and　for　the　time；

the　long…felt　want　of　an　uniform　circulating　medium；　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　interests　concerned　should　ever　be

kept　in　view。　　Fluctuations　in　the　value　of　currency　are　always

injurious；　and　to　reduce　these　fluctuations　to　the　lowest　possible

point　will　always　be　a　leading　purpose　in　wise　legislation。

Convertibility；　prompt　and　certain　convertibility；　into　coin　is

generally　acknowledged　to　be　the　best　and　surest　safeguard　against

them；　and　it　is　extremely　doubtful　whether　a　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；　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？



I　know　of　none　which　promises　so　certain　results　and　is　at　the　same

time　so　unobjectionable　as　the　organization　of　banking　associations；

under　a　general　act　of　Congress；　well　guarded　in　its　provisions。　　To

such　associations　the　government　might　furnish　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　appearance　and　security　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

compensate　the　United　States　for　the　preparation　and　distribution　of

the　notes　and　a　general　supervision　of　the　system；　and　would　lighten

the　burden　of　that　part　of　the　public　debt　employed　as　securities。

The　public　credit；　moreover；　would　be　greatly　improved　and　the

negotiation　of　new　loans　greatly　facilitated　by　the　steady　market

demand　for　government　bonds　which　the　adoption　of　the　proposed　system

would　create。



It　is　an　additional　recommendation　of　the　measure；　of　considerable

weight；　in　my　judgment；　that　it　would　reconcile　as　far　as　possible

all　existing　interests　by　the　opportunity　offered　to　existing

institutions　to　reorganize　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　all　sources；　including　loans　and

balance　from　the　preceding　year；　for　the　fiscal　year　ending　on　the

30th　June；　1862；　were　583；885；247。06；　of　which　sum　49；056；397。62

were　derived　from　customs；　1；795；331。73　from　the　direct　tax；　from

public　lands；　152；203。77；　from　miscellaneous　sources；　931；787。64；

from　loans　in　all　forms；　529；692；460。50。　　　The　remainder；

2；257；065。80；　was　the　balance　from　last　year。



The　disbursements　during　the　same　period　were：　　For　congressional；

executive；　and　judicial　purposes；　5；939；009。29；　for　foreign

intercourse；　1；339；710。35；　for　miscellaneous　expenses；　including　the

mints；　loans；　post…office　deficiencies；　collection　of　revenue；　and

other　like　charges；　14；129；771。50；　for　expenses　under　the　Interior

Department；　3；102；985。52；　under　the　War　Department；　394；368；407。36；

under　the　Navy　Department；　42；674；569。69；　for　interest　on　public

debt；　13；190；324。45；　and　for　payment　of　public　debt；　including

reimbursement　of　temporary　loan　and　redemptions；　96；096；922。09；

making　an　aggregate　of　570；841；700。25；　and　leaving　a　balance　in　the

treasury　on　the　1st　day　of　July；　1862；　of　13；043；546。81。



It　should　be　observed　that　the　sum　of　96；096；922。09；　expended　for

reimbursements　and　redemption　of　public　debt；　being　included　also　in

the　loans　made；　may　be　properly　deducted　both　from　receipts　and

expenditures；　leaving　the　actual　receipts　for　the　year

487；788；324。97；　and　the　expenditures　474；744；778。16。



Other　information　on　the　subject　of　the　finances　will　be　found　in　the

report　of　the　Secretary　of　the　Treasury；　to　whose　statements　and

views　I　invite　your　most　candid　and　considerate　attention。



The　reports　of　the　Secretaries　of　War　and　of　the　Navy　are　herewith

transmitted。　　These　reports；　though　lengthy；　are　scarcely　more　than

brief　abstracts　of　the　very　numerous　and　extensive　transactions　and

operations　conducted　through　those　departments。　　Nor　could　I　give　a

summary　of　them　here　upon　any　principle　which　would　admit　of　its

being　much　shorter　than　the　reports　themselves。　　I　therefore　content

myself　with　laying　the　reports　before　you　and　asking　your　attention

to　them。



It　gives　me　pleasure　to　report　a　decided　improvement　in　the　financial

condition　of　the　Post…Office　Department　as　compared　with　several

preceding　years。　　The　receipts　for　the　fiscal　year　1861　amounted　to

8；349；296。40；　which　embraced　the　revenue　from　all　the　States　of　the

Union　for　three　quarters　of　that　year。　　Notwithstanding　the　cessation

of　revenue　from　the　so…called　seceded　States　during　the　last　fiscal

year；　the　increase　of　the　correspondence　of　the　loyal　States　has　been

sufficient　to　produce　a　revenue　during　the　same　year　of

8；299；820。90；　being　only　50；000　less　than　was　derived　from　all　the

States　of　the　Union　during　the　previous　year。　　The　expenditures　show

a　still　more　favorable　result。　　The　amount　expended　in　1861　was

13；606；759。11。　　For　the　last　year　the　amount　has　been　reduced　to

11；125；364。13；　showing　a　decrease　of　about　2；481；000　in　the

expenditures　as　compared　with　the　preceding　year；　and　about

3；750；000　as　compared　with　the　fiscal　year　1860。　　The　deficiency　in

the　department　for　the　previous　year　was　4；551；966。98。　　For　the　last

fiscal　year　it　was　reduced　to　2；112；814。57。　　These　favorable　results

are　in　part　owing　to　the　cessation　of　mail　service　in　the

insurrectionary　States　and　in　part　to　a　careful　review　of　all

expenditures　in　that　department　in　the　interest　of　economy。　　The

efficiency　of　the　postal　service；　it　is　believed；　has　also　been　much

improved。　　The　Postmaster…General　has　also　opened　a　correspondence

through　the　Department　of　State　with　foreign　governments　proposing　a

convention　of　postal　representatives　for　the　purpose　of　simplifying

the　rates　of　foreign　postage　and　to　expedite　the　foreign　mails。　　This

proposition；　equally　important　to　our　adopted　citizens　and　to　the

commercial　interests　of　this　country；　has　been　favorably　entertained

and　agreed　to　by　all　the　governments　from　whom　replies　have　been

received。



I　ask　the　attention　of　Congress　to　the　suggestions　of　the

Postmaster…General　in　his　report　respecting　the　further　legislation

required；　in　his　opinion；　for　the　benefit　of　the　postal　service。



The　Secretary　of　the　Interior　reports　as　follows　in　regard　to　the

public　lands：



〃The　public　lands　have　ceased　to　be　a　source　of　revenue。　　From　the

1st　July；　1861；　to　the　3oth　September；　1862；　the　entire　cash　receipts

from　the　sale　of　lands　were　137；476。2a　sum　much　less　than　the

expenses　of　our　land　system　during　the　same　period。　　　The　homestead

law；　which　will　take　effect　on　the　1st　of　January　next；　offers　such

inducements　to　settlers　that　sales　for　cash　cannot　be　expected　to　an

extent　sufficient　to　meet　the　expenses　of　the　General　Land　Office　and

the　cost　of　surveying　and　bringing　the　land　into　market。〃



The　discrepancy　between　the　sum　here　stated　as　arising　from　the　sales

of　the　public　lands　and　the　sum　derived　from　the　same　source　as

reported　from　the　Treasury　Department　arises；　as　I　understand；　from

the　fact　that　the　periods　of　time；　though　apparently　were　not　really

coincident　at　the　beginning　point；　the　Treasury　report　including　a

considerable　sum　now　which　had　previously　been　reported　from　the

Interior；　sufficiently　large　to　greatly　overreach　the　sum　derived

from　the　three　months　now　reported　up