Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1847-12-24
TERMS So SO i'm advance.
WHOLE NO.

oiA pei 'eh'' STOCK al par, many of the notes
heretofore oHered at part not having been ia
ken at the date OF my advertisement of the
9th of February last, serious doubts were on
tertained whether the whole of the new loan
could be taken at or above par. 1t had bepn
usual heretofore, with my predecessors. in ad-
vertising for loans, TO emit no sum TO any in
dividuai under $4,000; but with a view to
ensure the largest possible subscription, and
at the best rates, and to difuse the loan az far
as practicable throughout all classes of the
community, bids were authorized to be receiv-
ed by the advertisement as low as the lowest
denomination of treasury notes permitted by
law-namely, fifty dollars It was the duty
of the department to accept nothing but spe-
ce being the first loan ever negotiated in
specie from the foundation of the government
down to that date, and the first loan, except
that of last fall, ever thus negotiated at or a.
bove par during period of war. The mag
nitude of the loan, the fluctuations below par
of the previous stock and notes. the untried,
and, 10 many, alarming restraining operation
of the constitutional treasury, the heavy ex-
penditures of the war, and the requirement of
all the payments from time to time in specie,
were deemed by many as insuperable obsta-
cles to the negotiation of the whole of the
loan at or above par. But under the salutary
provisions of the constitutional treasury, the
credit OF the government was in truth enhan-
ced by receiving and disbursing nothing but
coin thus placing all IFS transactions upon a
basis more sound and entitled TO higher credit
than when it held no specie, had no money in
its own possession, and none even in the
banks to pay its creditors but bank paper
Then, 1t was dependent upon the credit OF the
banks, and was subjected to every tluctuation
which affected their credit. Now, it stands
upon the basis of specie, so as TO be above all
suspicion of discredit, whilst by lis demand
for coin for revenue payments II sustains not
only its own credit, but renders more safe the
credit, and currency, and business OF the whole
Union.
By the act of Congress of Sd March, 1s45,
this department was authorized to select a
plan for the erection of custom house in the
city of New Orleans By the act OF 81 March
1S47, the sum of 100000 was appropriated
towards the erection of the custom-house, or
the Custom house square, or so much thereof
as could be procured by the department AT.
ter some delay, was enabled to obtain ces
sion from the LIST Municipality of New Or
leans of the whole of this square, which mu
: nifcent donation to the government has beer
estimated as of nearly the value of 100000
! Commissioners have been appointed 10 aid il
| carrying the law into effect, and instruction:
!, issued to them, copy OF which is hereto an
neXed. Much time was occupied and grea
attention bestowed in examining the various
plans and estimates submitted. AZ custom
t house is designed exclusively for the transac
ton of business, everything calculated mere
) lTfor ornament or display was rejected, and
, that plan selected which united good taste
, with the greatest economy and the largest ana
best accommodations.
H. building OF such magnitude and impor
lance, it appeared to me necessary, before ex
pending any part of the appropriation, TO pro
cure the best talents that could he obtained t.
| direct the construction of the work and
have, it Is believed, succeeded in securing tht
services Of a gentleman Of high scientific at
) tainments and great practical experience
Upon my application to the War Department
Major William Turnbul!, of the Topographic
cal corps, will, it is hoped, be detailed for thi.
work. The great acqueduct across the Poto
, mac at Georgetown, admitted both in Europe
and in this country to be one of the greatest
works of the age, was constructed under the
direction of this gentleman; and wherever he
is known, the greatest confidence is reposed
, in his talents and worth, and especially in his
udicious and economical expenditure of the
public money. Further estimates and specf
cations will be submitted to Congress at the
earliest practicable period. The thanks o
this department have been already rendered t.
the first municipality of New Orleans, for tht
muniflcent donation of the entire Custom
) house square made by them to the government
In other cities where custom houses have beer
erected, large sums were paid by the govern
] ment merely for the ground but here, the bes
) site in New Orleans, covering an entire square
has been bestowed as a gift and this fact, to
t gether with the great and growing commerc
t Of New Orleans, the lncteased and increasing
I revenues collected there, being the depot 0
e the greatest and richest valley Of the globe
: and destined to surpass in business, wealth
| and population, nearly every Other city, rem
: der it Just and proper that building common
: surate with the future growth and progress o
, New Orleans should be erected, and that
\ should be placed upon an equal footing wit
$ other cities where Congress have paid bot
for the ground and the building; and it vii
!, be the anxious desire of this department, wit
: tie sanction of Congress, to make the buIldin
b a model OF usefulness and economy. The &C
t ton of the departments as to the erection Of othe
: custom houses authorized by Congress, vii
e be made the subject of special report at Il
S early period of the session.
II This department has proceeded, aided b
$ the Fifth Auditor OF the Treasury and tn
}, Chief of the Typographical Bureau, TO carr
. into effect the act Of the 81 of March, 1884,
requiring the Secretary of the Treasury (
d cause certain light ana other publ
= works to be erected, as well as to execute tn
e other duty devovled upon the department
II regard to the lighthouse establishment.
# we would extend our foreign and coastwi:
/ trade, and make our country the depot OF un
e versal commerce, our coast as we'll as lake
Y must be we'll lighted, and the coast surve
e must ascertain and give accurate, minute, ar
h faithful charts of all the points accessible
j. commerce. In my report TO Congress of III
n 9Th August, 1916, our lighthouse system W.
: fully discussed, a comparison instituted b
tween it and the European system, ana til
If refracting or lenticular apparatus strongly II
7, commended TO the adoption OF Congress. 4
If the same time, the department suggested II
l. organization of board attended, with no e.
Ie pense, consisting of the Fifth Auditor, the 81
N perntendent of the Coast Survey, two Office
d of the navy, an officer of the engineers,
J. also OF the Typographical corps, who wou
is combine the information possessed BY no 0,
st individual as regards our coast and navig
lie ton, the location and construction OF the hol
rs ses, the proper apparatus to be employed
E. lighting, as well as to the administrative d.
J. ties appertaining to the system. As the sai'
E. ty OF life as we'll as property IS InVo!Eel
E. the improvement of our lighthouse system