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but more friendly sentiments than have heretofore existed are
believed to be entertained by these neighbors； whose safety and
progress are so intimately connected with our own。 This statement
especially applies to Mexico； Nicaragua； Costa Rica； Honduras； Peru；
and Chile。
The commission under the convention with the Republic of New Granada
closed its session without having audited and passed upon all the
claims which were submitted to it。 A proposition is pending to
revive the convention； that it may be able to do more complete
justice。 The joint commission between the United States and the
Republic of Costa Rica has completed its labors and submitted its
report。
I have favored the project for connecting the United States with
Europe by an Atlantic telegraph； and a similar project to extend the
telegraph from San Francisco to connect by a Pacific telegraph with
the line which is being extended across the Russian Empire。
The Territories of the United States； with unimportant exceptions；
have remained undisturbed by the civil war； and they are exhibiting
such evidence of prosperity as justifies an expectation that some of
them will soon be in a condition to be organized as States and be
constitutionally admitted into the Federal Union。
The immense mineral resources of some of those Territories ought to
be developed as rapidly as possible。 Every step in that direction
would have a tendency to improve the revenues of the government and
diminish the burdens of the people。 It is worthy of your serious
consideration whether some extraordinary measures to promote that end
cannot be adopted。 The means which suggests itself as most likely to
be effective is a scientific exploration of the mineral regions in
those Territories with a view to the publication of its results at
home and in foreign countriesresults which cannot fail to be
auspicious。
The condition of the finances win claim your most diligent
consideration。 The vast expenditures incident to the military and
naval operations required for the suppression of the rebellion have
hitherto been met with a promptitude 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 as to the best modes of providing the necessary revenue
without injury to business and with the least possible burdens upon
labor。
The suspension of specie payments by the banks soon after the
commencement of your last session made large issues of United States
notes unavoidable。 In no other way could the payment of troops and
the satisfaction of other just demands be so economically or so well
provided for。 The judicious legislation of Congress； securing the
receivability of these notes for loans and internal duties and making
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；7