Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-12-10

policy is to look in the present revision Of the
tariff to their gradual redemption, conmcnc
ing with the next fiscal year. To carry ou'
this policv, Congress should provide for the
raising Of such amount Of revenue Is will ena
bic the department 10 redeem portion OF them
and, at the same time extend for one year the
provision of the act Of December 2%. ls37. AL
thorizing the REISSUE OF such portion Of them
4, the mean, of the government will not enable
us TO redeem BY this course we shall grad
ually discharge this part OF the public debt
without, placing upon the people an onerous
additional burden in the unnecessary !ncrca>t
ri their taNcS.
The operations Of the independent treasury
system have been conducted during the last
fiscal wear with the usual success Another
wears experience confirms the opinions cN
pressed on this subject in my former ann'ia
report. am we'll satisfied that the whole
some restraint which the collection OF the GOV
eminent dues in specie cxcrt> over the opera
ton ri our present banking system. con
trihutcd in no small degree 10 mitigate tho
disasters ii the late rcvu>ion. The OPP
portunity which it afforded al an early pcri''
Of relieving the financial cmbarraSSmcnts 81
lIIc iiit l'bi'NN VI i''N'N'''''- - -
ton Of The public debt. and furnishing the
country thereby with The specie used in IL re-
dcinp;ion, was attended with the happicSt TT
sukS. 1t is difficult To- estimate the extent OF
the relic. which w;l> thu, afforded. though
believe that the intclligcn Judgment Of brl>i'
ness men concur, in according 10 it the most
beneficial effects. The adoption ri 4 similar
system BY the different STATES a suggested in
mv last report. would afford additional protcr'
ton 10 Tie country against the ruinou> effects
Of oycr banking. and consequent dcTangcmrn;
Of the cnrrr..y. ! remedy ~ simple and just
t.,r an evil - great must commend Itself To Tie
favorable consideration of those 20 whom thc
subject is entrusted.
The attention o: .Ic>s i again called 10
the provisions Of the act of March :. 10. on
III. >uhe.; Of deposits by the di,bur>inS
agents Of the Government
In my ll>t rcpor, stated in general terms
that il wa, imprac,icablc 10 execute the law
according /" it, literal requirements, aad the
reason, We're briefly sr' forth The objects
winch the act >on.ii; 10 accomplish NEE; the
entire approval OF TIM Department. and il has
been carried out 10 the utmost extent that WAS
practicable \ few illustrations will show the
i,npo>>ibi!ity Of executing the law ~ IL now
stand, l:v lis provisions ptr>er in the navy
would br required To deposit the funds placed
in his hands ior the payment ot the officers
and crew of vessel. in orr o, the public
drpositorirS, and hc could only draw 1t ont
BY ,irait in favor OF the person to whom
he desired to make payment \ vessel on
foreign station j. absent not untrcJucntly
for two and three wears. and whilst thus
absent the purScr would have 10 pay the
officers and men hy drafts Oh public dcpcsi-
tory in the United States. lie would also have
10 pay all other expense. which exceeded the
sun oi twenty dollars. by similar drafts in
favor oil the person 10 whom the payment was
Ia be made. y i>burSing agent in the Indian
Department would be required 10 pay the In.
dams their annuitic> by similar drafts. The
diSburSim: agents oi the army would have To-
settle with the officers and men Of the army.
al their distant posts. in the >;Iluc manner y
collector 81 the port Of PASSPORT. in the State
Of Maine would have 10 transport the funds
with which he is t" pay The EMPLOYEES Of the
Government at his port 10 Boston or some other
place where there i public depository, ana
there give drafts on the public depository L"
each person to whom the payment Is to be
made These eases illustrate the impo>>iblty
Of cXecuins the aw a. II now stands an the
statute book Tncrc are serious and almost
inSur;nounrahlc diliicultir, in the WAY oi cNccu-
ting 1t, even in the immediate ncighborhood Of
= public depository. Take, for illustration q
case which can he brought within the personal
observation Of member, of Congress There
are paid monthly in Washington city, more
than thousand persons. This law requires
that each Of these persons should receive
draft from the discussing agent who settles
with him. and present it at the Trca>lrers
office The time that would bc occupied by
the Treasurer in identifying the applicants, and
the number of additional clerks which would
be required to keep the necessary books indie
pendent Of the Unusual responsibility which
would be put upon the Treasurer Of identify
Ing so many persons, render the execution OF
the law. even in this ease, impractirabr. For
all this additional trouble and difficulty there
is no compromising advantage over tho present
mode Of making such payments, which ha,
been found BY practice both safe and cXpedi-
cnt Ii can scarcely DC necessary 10 point out
all the difficulties which exist. Congress is
again referred 10 the circular regulations which
were adopted by the department on thi, sub
jcct. and the recommendation Of amending the
law. rs suggested in my la>; report, is repeat
cd.
The report Of the Director Of the Mint is
herewith transmitted. marked nine. Ii appears
that the amount Of bullion received at the >..Y
cral mint establishment, during the fiscal year
ending June 80. ISIS. WAS 81. 1881 >? in
gold, and :9.lg?,9ji g. in sil"cr and that
the coinage during the same period amounted
10 So, $50, 500 - in gold. and SS.2d&.2>1 :.
in silver, ard $a#4, ooo in cents.
The director recommends that the law be 50
amended as to make silver legal tender to the
extent Of fifty or one hundred dollars. am
not aware Of any serious complaint agains, the
las as it now stands. and can see, Therefore, 40
urgent necessity toI a change.
lie also recommends the issuing Of mint GER
titicatcS to dcposi;or> for Sims a, low As fifty
dollars, payable to bearer with view Of crca-
tin. sound paper currency. This suggestion
doe, not meet the approval oil the department.
| have many objections to the proposition, but
do not deem j; Necessary TO enter upon the d..
c,lssion. as feel quite confident there will lie
no serious disposition OH the part Of Congress
to give it favorable consideration The opera.
tons Of the Mint, during the last fiscal year.
have been conducted with energy and ability.
by the officers in charge Of this important
branch OF the public service.
The accompanying report If the engineer IN
charge Of the Bureau "f Construction. viii cX'
hbit the progress Of the various public build
ings under the direction Of this department. .
Many Of them have been completed, and are
ready to b. occupied Tor the various purpose
for which they were erected. In all Of them,
as much progress has been made az was an
ticipatcd a, the commencement of the year. 80
No new buildings have hccn begun since the
adjournment Of Congress. In my last report
called the attention Of Congress 10 the iart.
that owing 10 tho condition Of the treasury the
department, had postponed the building Of
portion Of tho public works authorised by
previous acts Of Congress. To have com.
incncrd them at that time. o. at any period
since, would have required the borrowing O;
the means 70 construct them. The silence OF
4 -on1rc.c IN rho slhi,ct indicated ;iC;- m.