Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1854-12-06

there was due TO other banks S50322, 1862, and 10.
gethsr Sil3,200, 10. making an increase Of Sl12,-
600 pa with specie ia their vaults in 1850 and
1871 Of $fe,07l ,04S, aud in 1883 and 1854 OF
/ 1888, being an increase of $l0739 POS.
! These tables exhibit bank circulation Of $2Oi-
$50 POO, against the S241 100000 ofgold and silver
in the country. The independent treasury Of The
United States, receiving aad paying for the fiscal
year 1854 more Than $4,000 900 ia the current coin
has kept up the demand for il, and prevented the
large bank circulation from obtaining the mastery,
and driving the constitutional currency from the
country. In our table of exports we find an in
crease in the export of coin over the previous
year, but not exceeding the produce of our mines.
| his increase may be, in part, accounted for by
| the large redemption of the public debt held
abroad, and the bank circulation, large part Of
which was IN small notes circulated at discount
in places remote from the issuing bank, and forcing
the better currency Of gold and silver out Of the
| market.
The United States having placed her receipts
and expenditures upon the constitutional currency
OF gold and silver, il is in the power of the States
by prohibiting the banks from issuing and crculat.
| ing notes OF a small denomination, and by making
the constitutional currency the basis Of their own
receipts and expenditures, TO give the victory in
| all time 10 the constitutional currency, keep a
suficiency in the country for all the purposes OF
| circulating medium, and prevent the evils and
losses that always attend an inferior currency.
The disorder now felt in money matters grow out
OF the failure of many of these banks, and the
Icurtailment of the circulation and discounts Of
others, which, in the last six months, must have
reached forty or fifty millions of dollars; and in
part out Of the effects produced by the large inn
4 ports, and IN part out of the w.nt of confidence
between lender and borrower. 1t cannot be attr-
buted TO the shipment of gold and silver, which is
nothing but consequence growing out of these
causes.
! The Independent treasury has been admins
tered IN strict accordance with the provisions Of
the law, IN all respects, stated in my former
port There has been found no difficulty in its
| operation, nor in complying with any of the pro-
visions OF the law. The opening the Treasurer's
Office at Washington, and the Offices of the several
assistant treasurers and public depositaries, as
| places OF deposite for the discussing agents ofthe
| government, has been attended with signal sue
cess, and resulted in great advantage TO the ex-
ecutive departments and the disbursing agents.
The table, 80, which accompanies this report
| shows the growth Of the deposite system; the
number OF disbursing agents who deposte, with
The places and amount of deposte at different
| periods. II will be seen that in September these
deposes exceeded SO, 100000; whilst all disbuls-
ing agents who could have not awaited themselves
Iofthe privilege, and many discussing agents could
not do so, because there were moi depositaries
convenient 10 their location. The returns ofthese
deposites furnish the means of ascertaining the
operations OF disbursing agents, and whether the
funds are kept in readiness to meet the appropria-
hons; whilst, upon the removal, resignation, or
death OF discussing agent, the amount on depos-
i lie passes at once into the United States treasury
and 10 the credit ofthe depostor, without the pro-
crastination caused by having TO wait settlement
| by the agent or administrator; and can at once
4 be applied 10 the purposes Of the appropriation
through another agent. The money thus on de-
poste Is as safe and secure as that in the treasury
and is without risk 10 the deposition; and il is
right The government, and not the disbursng agent,
1 ha nj fha I'll -
public money until actually dsbursed Ii is 10 be
| regretted that all disbursing agents conveniently
situated, have not availed themselves Of the right
10 deposte, because il furnishes cause OF mstrust
as TO strict compliance with the law, both in
spect 10 the deposte and use of the public money
and does not give the United States the benefit OF
! romptly obtaining the amount not disbursed upon
the removal, resignation, or death of the ncum-
| bent. Ht
| The work on the coast survey continues TO
make good progress, and the means appear 20
| have been carefully and economically used. II
| the work shall have the continued support Of
| Congress for a few years more, the fullest and
| most reliable knowledge will be obtained of our
extensive coast, and OF all our harbors, TO the
great advantage of our navigation and commerce.
The work is recommended TO the consideration OF
Congress- with the belief that no more convenient
time will be found for It's continuance and compile
lion, nor more able corps OF officers 10 which il
can be confded.
The report Of the Light house Board, No. 81
also accompanies this report, and is referred to
for the detailed operations for the past year. The
business has been promptly and faithfully attended
TO in all its branches, and the system made as
efficient as the time and means would allow
and il 10 recommended 20 the continued favor Of
Congress- in order that increased facilities may be
given navigation in all its branches and connec-
lions.
Under the appropriation Of 5000 for continu-
ing the system of protecting human life from
shipwreck on the New Jersey coast, and $4,000
appropriated without specification, (which the de-
partment has thought advisable 10 expend on the
coast Of Long lsland,1 Mr.. S. @. Durham was APP
pointed for the New Jersey coast, and Mr.. J. N.
Shellinger for the Long Island coast with insruc-
tons to examine existing stations, and report
what would be needed 10 put them in a perfect
state and TO select intermediate stations so as 10
make the stations each coast FIVE instead of
| ten miles apart. Both these agents have reported,
and are now employed in building the houses at
the new stations, and providing the articles re-
quired for them and the old ones, and the addi-
tional boats have been built and are being ship
ped 10 the new stations.
Under the appropriation Of Sl250O for locating
boats at different points on Lake Michigan, TWEEN
tythree boats have been purchased and sent 10
the places indicated in the act. Boats for the two
remaining points will be purchased and sent so
soon as persons can be found to take the proper
care of them; for which purpose The necessary
inquiries are now being instituted.
The late melancholy disaster to the ship IL New
Era" has shown the inadequscy Of the mortars
heretofore used for throwing lines 10 vessels in
distress and establishing communication be-
tween the wreck and the shore Experiments are
now being made, with view Of providing NOR
tar mounted, and capable OF throwing a ball and
line the requisite distance The appropriations
will not be sufficient TO place all the stations in
an entirely effective condition.
The report, Ne. as, from Captain A. II. Bow.
man, OF the engineer corps in charge Of the con.
slructon OF cuslom-houses, marine hos pitfalls, &c. |
which accompanies this, gives information I'M de.
tail OF all that has been done towards the compile
ton OF those under the direction Of this Depart.
ment since the date Of my last report, and OF the
working Of the system Of operations, and affords |
all necessary information upon that subject. The
attention OF Congress is particularly called TO that
part Of the report which relates TO the custom |
house being built at New Orleans. Il satisfacto- |
riy appears that the foundation upon which that |
custom house is being built is not suesceni 6or |
the weight and character OF the snperstrncture as
specified in The plan according 10 which Congress
ho al n 10 hn h,,ilf III 49,