Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-16

Department considered to be its duty make the purchase
Upon looking into these estimates and comparing them with
means, III found that there would be balance Of
So "a in the treasury the LIST Of July ls49, and
balance of S5040,542 the LIST Of July, 1850. There
also at that date by the latest returns copy of which
hereto annexed, marked t. s94 AZ in specie in the
several repositories the credit Of the Treasurer of the United
Staes after deducng all drafts unpaid and outstanding and
since the purchase of this stock there remained by the latest
marked above SO, 66, TAG 80 in SPECIE subject to
the draft Of the Treasurer after deducng all the drafts unpaid
and outstanding Under these circumstances il resolved
make the purchase to the amount OF $500 900 thus using
part Of the premium obtained the loans by this Depart
ment in qudang to that extent the debt incurred, and by
the rise Of the stock since this purchase had il been delayed
until the present PERIOD the Government would have been
compelled to pay much higher price. II essential TO
unless by largely advancing the pemium that the
purchase should be made by confidential agent and drec
tons for the purchase accordingly given Mr. G. W. Law
renee, collector OF New York, in whom the whole community
which he resides justly repose unbounded confidence and
who had executed every trust with fidelity.
full statement Of all the details of purchase, which was
made at the lowest market rates. is being prepared and will
be placed promptly before the Committee of Ways and Means
Of the House and of Finance Of the Senate.
That the debt should be lqudaed rapidly the
in the treasury will permit the running of in
eres will not it is presumed, be doubted but the Govern
ment should have its option to purchase any of its Stocks
lessen the premium which would be compelled pay
and the purchase should be very gradual and progressive for
lift forced too rapidly the premium would become exorb
an In view Of the uncertainty which attends all cacua
of accuing revenue it will probably be regarded
udcous make any further purchase until period succeed
ing the LIST July next when estimates both receipts and
expenditures will be tested by results and when it will be
known with certainty what will be at the disposal Of
the Department 10 reduce the public Indebtedness As
evidence Of the progress of the country wealth and credit
may be useful the sales Of the Government stock
and treasury notes during and Immediately succeeding the
Of 1912 with similar sales during and Immediately
ceeding the with Mexico BY the report of the Com
tee Of Ways and Means of the House of Representatives Of
Inf that
of the Of 1872 for eighty million of dollars in stock and
treasury notes. the Government obtained but S34 000 000
after deductng discounts and deprecaons being loss Of
S46 600 upon its transactions whereas the loans Of
the last with Mexico this Department obtained for forty
nine millions of dollars borrowed on stock and treasury
notes. $40 $751; 49, including premium of $685. 80;
upon these transactions having obtained 39
for forty mine millions Of stock and treasury notes. sold by
this Department for loans growing out of the with Mex
co than received for eighty millions of stock and
sury sold during and Immediately succeeding the
with Great Bran-spece being required by under the
constitutional treasury and paid in for the stock and treasury
notes sold. These statements not made with view to
deprecate my distinguished predecessors in this Department
by whom those loans negotiated The great services
rendered by them well known and appreciated by the
country, and by more fully than by the present IN
cumben of this Department. who has had opportunity of
observing all the difficulties by which they surrounded
and how impossible for any Secretary, under those cir
cumstances have made the negotiation better terms
than effected by them but the facts stated most
OF the WONDERFUL advance OIL the wealth.
the country and of the Government credit.
The survey under the charge of the superintendent
Professor A. D. Bache, making great and rapid progress
During the past year six sections of the coast the Atlantic
and Gulf of Mexico have been under survey and the
aons, drawings and engravngs of charts have kept pace
with the eldwork Within the period six shoals
have been discovered and made known the eastern coast
and in Chesapeake Bay Important suggestions in re-
gard the places for lighthouses and buoys have been de-
rived from the coast survey reports.
is ia on in
cipe it is shown in letter from the superintendent that the
land wo costs less than the maximum paid for the survey
(conduc@ with much economy Of the public lands
In reviewing the progress of this work for the past four
years the result is most striking part of the operations
has been carried from the Southwest part Of Rhode Island
into Mane and the whole land work has been completed
from Point Judith to Cape Cod, covering very indented
The photography has passed Nantucket and both the
land and work Of Boston habor has been completed
Much work Of vercaton and filling up has been done be-
tween Point Judith and Cape May. Delaware Bay has
been finished and the chart Of the bay and river published
The Chesapeake has been anguated south Of the Virginia
ne and both this and the outer coast will be Manipulated IN
from three years from the present time. The topogra
ply of this section which commenced in 1884, is adj
vancing completion and, except the shoe work. one
third of the photography is finished
The shores Of Abemare Sound and most of its tributaries
have been surveyed the trianguaon extending also
Croaon and Roanoke Sounds and the photography is greatly
advanced.
general reconnaissance has been made Of part Of the
Of South Carolina, Georgia, Florida Alabama, Missis
pp and Texas and the operations founded upon this have
been commenced in South Carolina and Texas. In Ala
bama Mississippi and Louisiana the tangulaons have adj
vanced nearly from Mobile TO Lake Borgne The opogra-
ply Of the shores Of Mississippi SOUND and Of the adjacent
islands, has been nearly completed, and the photography Of
the Mobile Bay and part OF Mississippi SOUND and
Of Cat and Ship Island harbo and their approaches has
been finished The survey Of Gaveson-upper and lower
bay-has made considerable progress -Four base lines have
been measured Massachusetts,, Maryland, North Carolina,
and Alabama and others have been laid for
ment. Two of the base lines were measured with most
useful apparatus, combining features the invention Of
the Superintendent Forty astronomical stations have been
occupied in Name New Hampshire, Massachusetts, Rhode
Island Connecticut, New York, Pennsylvania, Delaware,
Maryland, North Carolina, South Carolina Alabama, Misss
sippi and Texas, part Of which observations made
with new and improved instruments Magnetic observations
have been made with the instruments recently introduced
apon the survey eighyhree stations While improved
geodetc instruments have been introduced upon the work.
the principles of the modern mathematics have been extended
every part of its results The electromagnetic telegraph
has been used for determining the difference Of longitude of
cardinal points in the work, and with degree Of precision
not hitherto attained by other methods The Gulf stream has
been explored far south section at Cape Hat
eras and the law Of the temperature ascertained
Twenty four sheets Of chart remarkable for their arrange
en accuracy and style Of execution, have been published
and distributed literary and scientific institutions home
and abroad and placed with agents for SALE prices merely
covering the Of printing and paper Ten sheets are
various stages of progress Of engraving While the scale
Of operations has been enlarged 70 embrace the whole extern
of the United States and to afford the benefits Of
every part Of the rapidly possible the economy
of the work has steadily advanced the augmented sxpend