New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-12-12


ing limited 10 par Unless their authority should be
given 10 purchase this stock ~ the mar ei rate con
siderable sum must remain in the treasury the fret
OF July next OF these sales which be used Tor
purpose wh-tcver. - soon n ascertsiurd. on
the estimates of the several departments thai he Gov
nn.n h-d The means % purchasc portion nj IT, dc-t
and arrest he Interest the deparrre consierrd q O.
be - duty 30 make the purc base Upon looking into
tte-e ssun.scs and comparing them wifh our means
f. as.'found ttsf there Would boz balance 30 s-ll
GA "A iu fhf IIt sfrs 0r tfc tfti of JUS 1919 sfd
balance 81 IS 0i0 42 u on the hrs' o. July l-l There
W.. sso 50 that date hy The laest return copy of
Airh is hereto annexed. marked J. 6 i3 ~ q iu
specie boo he sevefs depost1rc.. o. the credit of the
t-.a.ur.r OF the United States. after dedncfiue Ill
5rss rnrnd ard outsfandfrg sud since The rurcrssr
of fHis stock there remained by lfes marked
az above g. fi 7ff - n specie subject the drsf'
the treasurer afr dtductng al drafts unpaid End out.
Standing nder those circumstance % Vss resolved
% mako the purchase % the amount Of so0nGO thus
using part Of the premium obtained the loans nv
ts dersrtfnrnt In iou1stng 20 that extent toe Dr.
incurrfd aud by the rise Of the stock since thar par
chase bad been delayed until the present period the
Government would have been compelled g. pay much
higher price u was essential 70 succcts luniess by
largely advancing the premium) that the purchase
should be- made by confidential agent and directions
for the purchase wero accordingly given D. Mr. W
Lawrence, the collector at New York 10 whom tbe
whole community IN which BE- resides justly rep1sc
ulb01nicd confidence. and Who had executed every
trust with fidelity fad statement O all The details az
this purchase. which WAS made ~ the lowest market
rste-. ls beng prepared and VIII Dee placed promptly
before ftc Committee OF Ways and Means the House
end 20 nance of the Senate.
That rhe doh SHOULD be- liquds'ed rapidly n tho
means Of he Treasury viii permit - arrest the
running of interest will not II j. presumed be doubted
tnt Government shOu d have ia option 90 purchase
ans ai it stIckF % lessen the premium which 10
" luld be compelled - pay and the pur haze should be-
.cfy gradual and progressive for II Il forced too
RAPIDLY. the premium would become oxOrbiiant ln
view of the uncertainty which attends III cacu at0ns
OF lccrung revenue % viii probably not be regarded
Iu5cious 20 make any farther purchase until period
succeeding fhe q q jolly next Vim estimate bntu
al 10 receipts aud expenditure will Dee tesbd Ly r.
suits and when Il will BE- known with certainty what
means viii be- ~ the disposal Of the Department o.
reduce the public Indebtedness A. an evidence of the
progress Of the country in wealth and credit ID may boz
usetll the sales Of the Government sock
and Treasury Notes during aud diacly succeeding
tbo Loan OF 1919 with similar sales during and mmed
~ y succeeding the War with Mexico p, the Report
the Committee 4 Ways and Means Of the House oi
Representative of Congress Of the 18th of April 1890
II appears that for the Loans Of the War Of $40 for
S-gOOO 600 ia stock and Treasury Notes the G0vern-
counts and depreciation being loss Of $4,000 900 upon
he transactions whereas ia the Loans Of the last War
with Mexico. this Department obtained tor ei9gOOOl
borrowed stock and Treasury Notes, SfA.j555l 30
including premium Of ~5JjJll 81 upon those trsusac
lions having obtained SlJ55j5l 80 more for 1000
900 Of stock and Treasury Notes sold by this Depart
ment Tor Loans growing cut Of the War with Mexico
tnan was received for SsOOO0O 900 Of stock and Treas
ury Notes sold during and immediately succeeding tho
War with Great Britain. specie being secured by me
under the constitutional treasury and paid the stock
aud Treasury Notes sold. TIL 81 statements not
made with y view % deprecate my distinguished pre-
dccessors In THE Department by whom those losns
were negotiated The great services rendered by
them are well known and appreciated by tho country.
aud by no one more fully than by the present incum-
bent Of this Department who has had opportunity of
Observing AL the difficulties by which they were sur
rounded and how impossible 1t was for any Secretary
under those circumstances 70 nave made the Degota
tions ON better terms than effected by them but
toe facts are stated most gratifying proof Of the
wonderful advance of the wealth OF the country and OF
the Government credit
The Coast Survey. under the charge of the Superin
tendent Prot A. ID. Bache is making great and rapid
progress. During the past year six sections OF the
coast on the Atlantic and Gull OF Mexico have been
under survey and the computations, drawings and en-
cravings Of charts have kept pace with the hedwork
Within the same period SIX new shoals have been dis
covered and made known on the eastern coast, and
one IN Chesapeake Bay Important suggestions in re-
gard TO the places for lighthouses and buOys have been
derived from the Coast Survey reports.
While this WORK i. conducted on the highest sce attic
principles IL is shown in letter from the superinien
dent that the land work costs less than the maximum
paid for the survey conducted with much economy
Of the public lands
In reviewing the progress Of this work for the past
four years the result u most striking part Of the
ouraous has been carried from the south west part of
Rhode Island into Maine and the whole land work has
been completed from Point Judith to Cape Cod, cover
ing very ndented coast the photography has passed
Nan
harbor has been completed. Much work Of vcrinca-
lion and filling up has been done between Point Judith
and Cape May. Delaware Bay has been finished, and
the Chart of the Bay and River published The Ches
apeske has been tranguated south Of the Virginia line
aud both this and the outer coast will be trianguleed
In from two TO three years from the present time The
topography of this section which was commenced in
lr44is advancing TO completion, and except the Of
shore work one.third of the photography Is finished
The shores of Albemarle Sound and most of its trbuta
r.s have been surveyed the trisngulaiion extending
also over Croatan and Roanoke Sounds and the hydro
grhphy is greatly advanced. general reconnaissance
of part of the coast Of south Carolina GeOr
gin Florida Alabama Mississippi and Texas ana the ope
raiions founded upon this, have been commenced IN
south Carolina and Texas In Alabama Mississippi and
Louisiana the trianguletions have advanced nearly
from Mobile 10 Lake Borgue the topography Of the
the shores of Mississippi sound and oil the adjacent
islands has been nearly completed, and the hydrogra
ply OF the entrance TO Mobile Bay ana part oil Mssis
sippi Sound and of Cat and ship Island Hsrbors, and
their approaches has been finished The survey OF
Galveston upper and lower bay has made considerable
progress Four base lines have been measured in
Massachusetts Maryland, North Carolina snd Alabama
and two others have been laid out for measurement
Two of the base lines measured with most use
l apparatus combining new features the Invention OF
the Superintendent Forty Astronomical stations have
been occupied in Maine. New Hampshire, Massschu
sett. Rhode Island Connecticut Newl ork, Pennsylva
mia Delaware Maryland North Carolina. south Carroll
ma Alabama Mississippi and Texas, part of which.
observations were made with and improved ins,ru
the instruments recently introduced upon the survey
AZ eighty three stations While improved Geodeuc in
strumenis have been introduced upon the work, the
principles of the modern mathematics have been cX
tended to every part of lis results. The Electro Mag
retc Telegraph has been used for determining the dit
ference ofongtude of cardinal points in the work and
with a degree of precision not hitherto atainsbie by
other methods The Gulf stream has been explored ~
far south as section across II at Cape Isiieras and
the law of the ocean temperature ascerained
Twenty four sheets OF chart remarkable for their ar
rancement accuracy aud style OF execution have been
published and distributed 10 literary and scieniinc IN
stiutions II home and abroad. and placed with agents
for sale At prices merely covering the cost OF printing
and psOer -Four more sheets IN various Stages oil
proSress of engraving While the scale OF operations
has been enlarged 10 embrace the whole extensive
coast of the United States and ~ Afford the benefits OF
every part Of the coast rapidly ss possible lhe
economy OF the work has steadily advanced the aug
mented expenditures required falling mnch below the
increase OF work done.
While so much that Is eminently useful IN commerce
and navigation and TO foreign and cosstwise tSdt
mas been accomplished by this great work II has r.
ceived the Recommendation OF men OF science III
Europe and America and advanced the scienthc char
sctcr 81 the country.
on the Pacific where this Department has sitesdy
carried the work and where II Will be so useful IN on
tanning information and publishing charts Of eur West
eru coast have entrusted 10 II the location OF me
buoys and the selection OF sites for lighthouses IN
Oregon. -
the Department mas proceeded to carry into eSecu