Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-30

EIsTn4S Co. snd not psTsousy % either ts RruPsis
lsepert Of the secretary Of the Treasury
ON the state Of the Finances.
lcoSeIrszDl
The operations Of the independent treasury yys
Ten haVs been conducted daing the Last Escal year
With the usual suesess. Another years expsr snes
confirms the opinions expressed On this subject il
ny former annusl rep9Ti. am vel satisfied that
the Ehol,s1 restraint witch ihe collection OF the
government dues in soecie e1erts he operation
Of our present btnking system. esnributed in ne
small degree TO mitigste The disasters Of the lats
Fevusien. The opportunity which itafforded at an
early period Of relieving the financial smbarrsss>
menls Of the country BY The policy Of redesming
portion OF the public debt and furnishing the
try thereby with the specie used in It's TedemPtisp,
was amended with the haPpiest results Il is dfi-
cult b estimate the extent Of the relief which
thus afforded, though believe that the intelligent
judgment Of business men eou6urs in aeeSrdiug %
is the most beneficial Effects The adoption Of
smila- system By the different States, as suggested
ia ny last rspoI would JFd additional 10
the country against the ruHous fleets Of over bank
iug, and consequent dsrangsmeEt Of the currency
remedy 50 simple and just for sn evil 90 great,
must commend itself TO the favorable consideration
Of those to whom he subiee, is entrused.
The attention Of Congress is again called 10 the
provisions o. the act Of March g. 1857, ea the sub
iect Of deposits BY the disbursing agents Of the
government y.
In my last report stated in general terms that II
was impractiesble ts execute the law according to
its literal requirements and the reasons we're brief
lv set forth The objects which tha act sought to
accomplish meet the entire approval Of The derars-
menf, and il has been carried out to the utmost
tent that vas practicable. few iilustrsions va
show the impossibiiiy Of executing the law - q
now stands. By its provisions puTser in the nzFg
would be required to deposit the funds placed IN hts
hands for The payment Of the officers and crew Of
vessel, in one OF the public repositories, and he
could only draw it out BY draft IN favor of the
person 10 whom he desired TO make payment. a
vessel on foreign station Is not unireqneniiy ao-
sent two and three years and whilst thus absent the
purser would have 10 psy the officers ard men By
drafts q public depository in the United States
He would also have 10 pay an Oiher expenses which
exceed the sun Of twenty dollars, BY similar arafs
in favor Of the person 10 whom the payment vas 10
be made. discussing sgeni in The ludlsa Depart
ment would be required to pay the Indians their
auuuisies by similar drafts Tbs disbursing agents
Of the army would have to settle Wiih the officers
an men OF the army, az their distant posts, in the
same manner A collector Of the port Of Easip0rt,
in the sta'e Of Maine would have to transport the
funds with which he is to pay the employees cf the
government at his port 10 Boston, or some other
place where there ia a public depository, a0d there
give drafts on the public depository to each person
to whom the payment is to &c made.
These cases illustrate the impossibility of ex-
ecuiiuq the Law as it now stands on the atute
book There are serious and almost insurmounta-
be difficulties in the way Of executing it., even in
the immediate neighborhOod Of pablo depository.
Take for illustration, case which, can be brought
within the person observation Of members Of Con
gress. There are paid monthly in Washington City
more than thousand persons. This Law requires
that each Of these persons should receive drsit
from the disbursiug agent Who settles vita him and
= A. az a.
would be occupied By the Treasurer il identifying
the applicants and the number Of additional clerks
which would be required TO keep The necessary
books independent Of the unusual responsibility
which would be put upon the Treasurer Of identify
ing 50 many persons, render the execution Of the
laW even in this case impraeticabe. For al this
additional trouble and difficulty there is no eomPen
saiiug advantage ever the present mode Of making
such payments which has been found By practice
both safe ard expsdient Il scarcely Be neoesa-
n 70 point out all the difficulties which exist Con-
eress is again referred the circular regulations
which were adopted BY the department. on this sub
iect and the Recommendation Of amending the law,
as suggested in my last report, is rePesied-
The report Of the Director Of the Mist is here
with transmitted, marked 9. Il appears that the
amount Of bullion received 81 The several establish
ments during the fiscal year eudiDg June 81, 1883.
was S5l ,494,Sll 20 in gold, and S9.l99 954 g. in
silver; and that the coinage during he same period
D
in silver, and S284, 900 in cents.
The Director recommends that the law be SO
amended IS to make silver lsgal tender to the ex-
tent Of ffiy hundred d0ilsrs- l an not aware
of any serious complaint against the law as II row
stands aud can thereforehO urgent necessity for
g change.
He also recommends the issuing Of mint esrtih
Gates 70 depositoFs, for low as hty dollars
| PAYABLE to bearer with view Of erestag a sound
paper currency. This suggestion doss not meet the
/ appreciation Of the dsparmsnt. have many objeo-
tcus 10 the proposition but do not deem it neeessa
~ to enter upon the discussion, feel quite conh>
dent there will be no serious disposition on the part
/ Of Congress 20 give It favorable confederation.
The operations Of the Mint during last the fiscal yesr
have been conducted With energy and ability By the
officers in charge Of this important branch Of the
| public service
The accompanying report Of the engineer IN
charge Of the Bureau Of Construction, will exhibit
the progress Of the various public buildings under
/ the direction Of this department Many Of them
hsva been completed, and are ready 20 Be occupied
for the various purposes for which they we're erect
ed In all Of them as much progress has been made
as was anticipated at the commencement Of che
ye1r No new buildings have been begun since the
/ adjournment tf Congress. In my last report
called the attention Of CeBgtess 10 the fact thst
owing 10 the condition of he treasury, the depart
ment had postponed the building Of portiGn Of The
public works authorized By previous acts Of Con
any period sinos would hsvereGuirsd the borrowing
of the means 70 construct them. The silence Ol
Congress on the subject indicated their approval O
shs policy
The eOnd tion Of the treasury at present e rot
favorable for he construction Of such baiioinRs Al
I time when the necessities Of the goVeFnmfnt de-
maua au increase Of taxation, should not feel jus.
! iifsd in recommending the construction Of such
/ works as are not urgently dsmssded fer the publ,
service Il viii be for Congress to decide, IN pro
sidiDg the necessary for ths next fiscal year
Whsihsr or not they win impose an increased ta1
for such purpose.
The occasion Is an sppropFiats one sgsn to cal
the attention Of Cosgrsss 70 the system q ereetiD,
public buildings. They art refsrrel 70 tables lhos
5,6, 7, 8 and 81 appended to tia enginetrs report
These tables viii show the number 9f public build,
ings eree ed a. different periods, the cost Of tbe
construction, and The necessity which existed fO
their erection. The revenue received e any pOr
indicates the amount Of business which requires
custom house. The amountTeesived at post on q
indicates the necessity Of building Tor that 0lgeol
and the number Of days Of the sitting Of the eour
will shOR the necessity TO- government building
for that object. It will be for Congress 10 say Whsth
- hn- Ia a. ks,sla -