The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-12-12

treasurer, alter deducng all drafts unpaid ana out
standing. Under these circumstances IT was resolved to
make the purchase to the amount OF S500OOO thus using
part OF the premium obtained on the loans by THIS de
parlment In iqudang 10 that extent the debt incurred
and by the rise OF the stock this purchase, ad 1t
been delayed until the present PERIOD the government
would have been compelled to pay much higher price
II was essential 10 success (uness by largely advancing
the premlum) that the purchase should be made by con-
denta agent and directions for the purchase were &C.
cordngy given TO Mr. c. w Lawrence, the collector
OF New York, in whom the whole community in which
he resides Justly epose unbounded confidence, and who
had executed every trust with fl iey. full statement
OF all the details of this purchase which made at the
lowest market rates. 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 lquidated rapidly the
means OF the treasury will permit, TO arrest the
running OF interest, Will not It Is presumed be doubted
But the government should have its option TO purchase
any OF its stocks, to lessen the premium which 1t
would be compelled to pay, and the purchase should be
very gradual and progressive; for if forced
rapidly, the premium would become exobltant La view
of the uncertainty which attends all calculations of
cruing revenue, it will probably not be regarded judi
cious to make any further purchase until period
ceedng the si July next when estimates both to
cepts and eypen tures will be tested by results, and
when it will be known with certainty what means will
be at the disposal OF the department to redeem the public
Indebtedness As evidence of the progress of the
country in wealth and credit may be useful to contrast
the sales OF the government stock and treasury notes
during and Immediately succeeding the OF 1872 with
similar sales during an Immediately succeeding the war
with Mexico BY the report of the Committee of Ways
and Means of the House of Representatives of Congress
OF the 18th OF April, 1880, appears that for the loans
OF the of 1912 for eighty millions of dollars in stock
and treasury notes, the government obtained but thirty
four millions of dollars, after deucny discounts and de-
precautions being loss OF forty SIX millions OF dollars upon
its Transactions whereas IN the loans of the last with
Mexico, this department obtained for forty nine millions
OF dollars borrowed on stock and treasury notes. 55,
5l 49, including premium OF $5J5,5ll 80 upon these
transactions, having obtained $55j5 more for forty mine
millions Of stock and treasury notes sold by this depart
men for loans growing OF the with Mexico, than
m pf liry
notes sold during and Immediately succeeding the
with Great Britain specie being required by me under
the constitutional treasury and paid IN for the stock and
treasury notes sold These statements not mide with
view to depreclae my distinguished predecessors IN this
department by whom these loans negotiated The
great services rendered by them well known and ap
pecatel by the country, and by fully than
by the present incumbent OF this department who has
had opportunity of observing all the difficulties by
which they were surrounded and how impossible it was
for any Secretary under those circumstances, to have
made the negotiation better terms than effected by
them but the facts 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 supenend
eDt, Prof A. D. Bache. is making great and rapid prog
During the past year six sections OF the coast on
the Atlantic aud Gulf OF Mexico have been under
vey and the computations drawings, and enaavings OF
charts have kept pace with the field work: Within the
same period, six new shoals have been discovered and
made known the coast and in Chesapeake
bay Important suggestions IN regard to the places for
lighthouses and buoys have been derived from the coast
survey reports.
While this work is conducted on the highest scientific
principles, it is shown in letter from the supernend
ent, 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 is most striking part OF the ope
raons has been carried from the southwest part of Rhode
Island into Maine, and the whole land work has been
completed from Point Judith to Cape Cod, covering a
very indented coast the photography has passed Nan
tucke and both the land AMI water work of Boston har
Dor has been completed Much work of vehcation 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 Chesapeake has been
trianguated south of the Virginia line, and both this and
the outer coast will be trianguatei in from two to three
years from the present time. The topography of this
section, which commenced in 1914, is advancing to
completion and except the otsh work, one-,hrd
of the photography is finished. The shores of Abe
marie sound and most of its tributaries have been
survcyed the trlanguatlon extending also over Croa-
| tan and Roanoke sounds and the photography is
greatly advanced A general reconnaissance has been
Florida Alabama, Mississippi and Texas and the opera
tons founded upon this have been commenced in South
Carolina and Texas In Alabama, Mississippi, and Lou
isiana, the trangulatons have advanced nearly from
Mobile to lake Borgne the topography of the shores OF
Mississippi sound, and OF the adjacent islands has been
nearly npeted and the photography of the entrance to
Mobile bay and part OF Mississippi sound and of Cat
and Ship Island harbos, 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 and Alabama, and too others have been laid
tor measurement Two OF the base lines were measur ed
with most useful apparatus combining new features the
invention OF the superintendent. Forty Astronomical
stations have been occupied in Maine, New Hampshire
MassaChuS ets Rhode Island Connecticut, New York
Pennsy lvania, Delaware, Maryland, North Carolina
South Carolina Alabama Mississippi, and Texas, par
Oh which observations made with and i'm
proved instruments. Magnetic observations have been
made, with the instruments recently introduced upon the
survey, at eighty three stations. While improved geo
detic instruments have been introduced upon the work
The principles OF the modern mathematics have been
tended every part of its results The electro
telegraph has been used for determining the difference OF
longitude of cardinal points in the work. and with de-
of precision not hitherto aainable by other methods
The Gulf stream has been explored far south
ton it at Cape Haeras, and the law of the
temperature ascertaIned.
Twenty four sheets of chart, remarkable for their
rangement, accuracy and style of execution have been
published and distributed to literary AMI scientific nsu
tons home and abroad and placed with agents for sale
AT prices merely covering the cost OF printing and paper
Ten sheets in various stages of progress OF
craving. While the scale OF operations has been
aged 10 embrace the whole extensive coast of the Uni
ted States and to afford the benefits OF IT to every part OF
the coast rapidly possible, the economy OF the work
has steadily aivanced, the augmented expenditures re-
CURED falling much below the Increase OF work done.
While much that is emnently useful to and
navigation and TO foreign and coiswise trade has
been accomplished by this great work. ii has we'd the
commendation of men of science in Europe and America
and advanced the scientific character of the country.
On the Pacific, where this department has already car
ried the work. and where it will be useful in obtain
ing information and publishing charts of western
coast have ntrused 10 it the location of the buoys, and
the selection of sites for light houses in Oregon. The
department has proceeded 10 carry into the
appropriations for lighthouses, light boats buoys, bea
cons. &c Ii has also carried the laws into effect pro