The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-06-23

printed pages, made In pursuance OF law giving by re-
port from the Register the Secretary the receipts
and expenditures for the fiscal year ending 3oth June,
1s47 This information to these treasury notes, cih
me names, is given IN detail IN pages l6, IS, 49, ~ 49,
H. us, ll6, Ill., lis, 49, 1872. 1t Is most extraorna
~ that the committee should have assumed to investigate
this subject and yet have examined this important
report required by the resolution OF 3Oh December l79l
and the act OF goth August 1872 containing the very IN
formation which the Secretary charged with withhold
ing The committee say:
''But in submitted in the annual report of
the Secretary in other communication TO Congress
from the department. that has come TO the knowledge OF the
committee is there account OF the amount OF treasury
notes reimbursed by the payment OF s ce at the Treasury
except as far il may be ascerained by comparison OF the
above slaenens and even them Tor reasons already sta
ted. the correct amount could not be discovered"
This statement OF the committee illustrates how entire
ly they have misunderstood the whole subject They
charge the Secretary with making imperfect and incorrect
statements his report of the amount of treasury notes
by the paymentof specie at the Treasury
when, IN fact no such statement had been made perfect
or imperfect because not single one of these notes
issued under this act had been reimbursed by the pay
ment of specie at the Treasury"
Continuing the same erroneous view of the subject
the committee say 1.-The law requires statement, not
only OF the amount of such notes purchased, but of
whom and at what time purchased In regard to those
latter requirements, to whom the notes were pur
chased Of, and at what time purchased the committee
find no indication whatever"
The committee enormously supposed they had found
the report statements (Which they assert to be in
coecD OF the amount OF these notes thus purchased
but object that they do find the date of the purchase
and the names ''whom the notes purchased Of" 1t
would have been difficult to have gratfed the committee
with these and dates, not single of these
treasury notes had been purchased from any The
committee complain that no statement is given of the
OF these treasury notes. with the date OF such
reissue" Now, not single note had been ressued in
lieu of any note issued under this act under either form
of redemption, whether in specie or for lands customs
SC. and such notes having been reissued it inn
possible to give any statement OF them without classifying
the record
The committee specify four different heads as to these
treasury notes. under which they say the Secretary OF the
Treasury should have given information to Congress, as
follows:
Those that redeemed by the payment of specie
" Those received in the payment of customs
.Those received in the payment of public lands; and
"Those that were funded
Now, under each Of these three last heads the nfor
nation given separately in the tables appended to the
report of the Secretary but it is strange that the
mee should have expected any return at present. under
the first OF these specifications as to treasury notes that
were redeemed by the payment of specie" These reasu
notes edeemable in specie only two years after
their date and therefore could not be redeemed sooner
than two years after the date of their issue and
were issued until February, ls47 and consequently none
could be "redeemed in specie" until February, lS49
Treasury notes have only been paid to public creditors
when not above par, and never sold without advertise
men except when not above par and at par, although
the amount deposited might have been according to the
wants of the treasury necessarily later dates and those
treasury notes sold upon advertisement all sold
a premium to the highest bidder as shown by table g.
The committee take no exception to these sales, but
we think it is here proper to say (what is without ex-
ample in any preceding war here abroad) that the
Secretary of the Treasury at period of this has
sold any of these treasury notes stock, except for
specie at above par On the contrary he has realized
aggregate premium of about 100000 above par the
treasury notes and stock sold by him. whereas during the
last of 1872 with much smaller armies and expend-
tures the then Secretary of the Treasury for the expen
ses of that war of 1872 obtained for eighty millions of
dollars of stock and treasury notes, equivalent in
specie of but thrtyfour millions of dollars-beng loss
of forysx millions OF dollars to the government accord
ing to the report to Congress Of the Committee OF Ways
and Means of the House OF Representatives of the 18th
of April, $780, That committee say:
"The government borrowed during the short period of
the eighty millions of dollars average discount
of fifteen per cent giving certificates Of stock amounting
daa OF doa ban IN exchange Tor mil
In this statement treasury notes are considered stock at
lars" &c.
The committee add
But the of sixtyeght millions of dollars received
by the government was in depreciated currency not
than onehalf valuable that in which stock
given in exchange for it has been and will be redeemed
This efecation the committee estimate at thirty
four millions OF dollars, and make the total lost to
the government from depreciation and discount the
sale of eighty millions of dollars of stock and treasury
notes by the then Secretary, "fortysix millions of dol
ars leaving, realized in SPECIE its equivalent but
thirty -four millions of dollars for eighty millions of stock
and treasury notes.
Such the loss to the treasury of forty six millions
OF dollars, as stated by the committee in $780, upon the
loans made and treasury notes issued Tor the expenditures
during the of 1912 But how stands the case now
Inc present Secretary OF the treasury has been author
lied to borrow upon stocks and treasury rate of
interest never higher than six per cent the aggregate of
fory-nine millions of dollars OF which has been
sold below par, and for specie, and than three
fourhs of it above par for SPECIE at aggregate pre-
MUM of about 100000 Thus for forty nine millions |
of dollars of stock and treasury notes authorized during
the Mexican and issued at interest varying from
mill to six per cent the present Secretary of the
Treasury has obtained in specie $l9,600OOO whilst a
most worthy, abe and distinguished predecessor during
the last of 1912, obtained but thirty four millions in
SPECIE its equivalent, for eighty millions of stock and
treasury notes, according to the report of 1880 before
quoted Thus the present Secretary of the Treas |
ury, for the expenses of the Mexican war, has OBJ
tanned $l5,600,O00 more for forty nine millions of
stock and treasury notes than his predecessor during
the of 1912, when reputation was unknown OBJ |
lions of stock and treasury notes. So great was the
of the treasury during the of 1912,
that of the most able and distinguished financiers
in this Union left the Treasury Department in the midst
Of this embarrassment, being unable arrest the i'm
nense losses that were constantly occurring the gov
eminent
We intend imply no censure or dsparagement of the
acknowledged ability and worth of the great and venera
bic still surviving, then at the head of the Treasury
Department and who has recently reviewed the present
condition of the treasury, and spoken in high praise of
the skill and ability of the present Secretary but the
comparison between the transactions of the treasury du
ring the war of 1912 and of 1916, we have thought |
proper to present. in consequence of the assault Of the
committee upon the skill in figures of the present Secre
some Of the tables of others attached to the report OF
the Secretary. We will further add, that whilst the
losses by defaults which occurred during, and growing
out OF the war OF 1872 amounted to hundreds Of thou
sands OF dollars, not solitary default has occurred in
The Treasury Department proper during the entire pc