Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-12-17

about the LIST OF January, mil
lions AS portion of that may have been bullion sum
quite equallpg ii exceeding the of twenty
millions probably consists of the of specie in active
circnlaon which has been mewha increased hr
out the country during the last years. that the
mining II bills in circulation under dollars in the
whole Union which arc chief i'm sc ven States and hch
probably do not exceed six Millions with
drawn, would require TO supply their places one
third Of the addition which has been made in the last two
years. to the national stock of the precious metals. The
specie, hand in banks, will in this way, ought
soon bear larger proportion TO their notes in circulation
and the security aud real usefulness of all banking in
situations TO the community be thus greatly augmented.
The specie in active ciTcuation thus increased by
GLIDING small notes, will constitute while retained
the country great and safe reliance for banks de-
pend (besdcs what belongs TO them in their vaus
whenever anunfavorabe of exchange abroad or
panic athome should cause an unusual demand for spe
cic TO be shipped abroad to meet balance of trade
against to be used in circulation at home by those
whose confidence, from real imaginary causes may
Tor time, become diminished in the security of banks
When the further suppression of small notes extending
TO all under ten dollars in amount shall be deemed adj.
visa5lc by Congress and the States doubt enter
tanned that sufficient specie can and will be readily found
TO supply their place, in connection with what
lists in the country The proportion of specie bank
notes in circulation will not then be great il in
all the most commercial nations in Europe. (See Table
OF Circulation, in Sup. Rcpt lS3i) How much further
it may be deemed feasible 60 with fair prospect of
advantage TO the community and currency, can be
better settled at that time than al the present. Under
It's new valuation, the coinage of gold the mint,
from the LIST of August 1884, to the LIST of November
1888, has been 50 4Tl sos, treble the
supposed to have been coined in any previous pc
what lessened the last six months by several causes of
which important has BEEN the desire provide
more quarter eagles and full supply of silver change
TO meet the increasing demand in several States, from
the withdrawal of small notes from circulation The
coinage of silver has been extended in the first eight
months of this year. To over eight and a third millions
of pieces, which is believed 10 be much beyond the
number in the portion of any preceding year
The building OF the three branch mns aud the procu
ring OF their appropriate machinery, authorised by the
act of the Sd of March last devoved by the Pres
dent Of the United States this Department. and has
been prosecuted with all practicable despatch.
The estimates and views of the Director on that sub
ect as well as on other improvements connected with
this important and increasing establishment, WILL with
It's whole operations the year, and the details
the progress made in the buildings and machinery
be seasonaby presented in separate communication
and this Department does not this OCCASION deem il
necessary to invite special any thing further
connected with either the Mint coinage EXCEPT
the several recom,ne ndaons relating to them which
were contained in its last annual report The
sons then assigned for closing, by special of Con-
gress, the concerns of the Sinking Fund and of the
connexion of the Government after the third of March
next with the United States Bank on the subject of both
the National Debt and of Pensions allowed previous TO
1885, apply now win increased force Ii is considered
that nothing need be added TO the suggestions then made
on these points, the subject of the seizure of the
dividends due the United States by the Bank its claim
Tor damages what called the Bill of EXCHANGE on
the Government of France
AS Congress has never yet given its sanction to
that claim, or made any appropriation for its payment
Is very desirable that in its final proceedings
the affairs OF the Government with the Bank some special
direction should be included that subject as well as
the interests ofthe United States in the Bank the ensu
ing two years, by any public officer direction
proper Also in 1912, concerning the receipt of the
bills OF the Bank forpublic Dues after the third March
next and on the disposition investment of the interest
OF the United States in its capital Stock whenever paid
over TO the Treasury Some explicit action of Congress
on the subject the above claim for damages is very
desirable in another view, enable this Depat-
ment of the receipt of any part of the French in
demnity, to decide correctly whether the dividends
seized by the Bank should any event. be considered
the loss of the United States should be deducted from
tho mt yaA H. H..
in whose behalf the business transactng in which
the demand Tor damages originated and whose credit
ne present act OF Congress requires shall be paid into the
treasury, only tine nett proceeds ofeach nstalment
VII. Miscellaneous sugjects
In the course of the past year, the Department has
at various ports discontinued as not
compensation of few This has enabled il to augment
the number and compensation at other points
where the increase of business appeared to demand il
though not in all places TO the extent desired From
the diminished temptation to smuggling, under our re-
duced tariff this Department has felt justified in lessen
ing the number OF revenue cutters two, oneenth of
the whole the number of boats three and the number
OF officers and men over fifty, making hereafter an
nua saving in these respects of about $50 600 After
full inquiry all has been effected this subject which
the public interests appear TO justify the expenses
OF collection in this and other particulars should be
considered in reference to the gross, and not as is
sometimes inadvertently done, the n revenue; the for
being the amount which the establish
ment must actually ASSESS and the difference between
them being in part paid for other objects than the
mere expenses of collection; such bountes on the
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RESPONSIVENESS OF those expenses it must be that
certain number of officers cutters boats &C. eo,al TO
the collection Of large cannot be dispensed with
at many places, If any revenue however small is to he
collected else there would be adequate So C Iritv
against illicit trade, and means of furnishing proper
entries, clearances and other papers, those ENGAGED
in navigation, though their trade may be almost excIu-
slyely, in the present large amount of free goods or i'm
our widely extended coasting- business In comput-
ing the rate per cenum for collecting the revenue il
must also be remembered that the is larger as the
amount collected dimnishes, and smaller it in
censes, though the whole actual expense of collection
per annum remains the Furthermore the neces-
sary cost of collecting thirty millions of dollars at the
same ports obviously need be but little than 10 col
Iec half that sum- though the per cenagc in one case
VIII be double what is in the other This Department
since the reduction of the whole duties TO be collected
IN 1885, and the corresponding decrease the induce
mens to smuggle has endeavored reduce the whole
actual expenses, and has in degree
in though the whole cost of collection may still con-
sttue larger per centage than former periods
as the whole amount of revenue is much essened.
Thus from 1870 TO 1884, that cost though small in IL
SELL rose IN some OF those years, to than per
cent on small revenue, to about the same az in ls33
and a. and which is quite per cent lower than the
average IN England, and 4 per cenum lower than in
France But, in most intermediate years reasons be-
fore stated and others too obvious for recital the cost of
collecting revenue from customs as well as lands
has seldom Exceeded ~ per cent and from The laer
is now probably not half that Besides the expla-
nations already gwen this subject, il is hoped that
the new expenses will ere long eease which have recent
y been imposed the collection Of the revenue bv the
necessary preparations for making and the actual
iacure OF useful and important standard weights and
measures, and uniform sets thereof, for all the custom
houses in the United States.
In addition TO the recommendations in the last annual
report as TO lighthouses it may be observed that this
Department. during The recess of Congress, deemed il
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