The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1860-12-06

| act provided for the Issuing of stock for a..
fn.ernn. mot exceeding S2i,0O0,o00 at rate of
| in'clesI NOT exceeding per tum ner an =
| NUN, ana TO be reimbursed within n perio,l
| not oeyoha twenty years and not less than
yen years" 1t was the policy of the de part.
| ineht 10 negotiate this loan for such amounts
| and At such times as would place the monav
| In the treasury to meet these treasury notes as
| they should fall due. To have negotiated the
~ mnoie amount thereoi, or any portion in ad-
| vance, as The notes falling due would have
| sunlec'ed the government to the unnecessary
| payment OF interest during the time the money
would nave remained in the vaults of the
| treasury uncalled for. There was no power
IN me department TO call in the treasury notes
until they became due. Besides the with
oraWat OF such an amount OF specie from the
pubic would nave been attended with the
most injurious effects upon the financial
| operations OF the country. For these rea-
sons' go negotiation OF any portion OF the
ioan was attempted until the 8th day Of
| september, 1860, when proposals were in :
| vited for ten millions Of the loan. which
| was ample to meet all the treasury notes
that wonld fall due before January /. 1851
! Inc rate of interest was fixed al five per
centum per annum, under the conviction that
| Inc loan could be readily negotiated at that
| Tate 1oT at that time the five per cent. stock
OF the United States was selling in the mar
| Key ut Il premium OF three per cent The re-
suit realized this just expectation, and the
! "hoie amount offered was taken either at Da r
or small premium. Before, however the
| time had arrived for paymept on the mart n {
| the bidders, the financial crisis to which
| nave already referred came. Some of the bid =
| dsrs promptly complied with their proposals
ana others We're willing to do so, if required
| by Inc department, though il would be at q
| considerable sacrifice. Under these circum.
stances, an additional term of thirty DAYS was
| gwen TO all bidders who would deposit one
| half OF the amount OF their bids within the
| time originally prescribed. Most of the hid
ders aYaled themselves of this extension. and
| nade thelr deposits accordingly on or before
| the ga november, 1850. A portion, however
IL 4 thapa fha
| thirty days has been offered, on condition thai
| they would increase their forfeit deposit OF
| one per cent. 10 five per cent. To this propo-
| sitlon no response has yet been received -
| The amount of the loan awarded to this las I
class of bidders is SI.UgguuO
| The question presents Itself what action
shail De !ahen IN reference to the stock which
| may be thus forfeited There is 10 power in
| the department, rs the law now stands to meet
| the case. 1t is recommended that Congress
| should Immediately authorize the depar tinen I
| TO dispose of this stock upon the best possible
terms, holding the detaulting bidders res DO usi-
| bic for the difference between their bids and
| the amount tor which the stock can no " be n e.
| gotiated. The necessities of the Treasury de-
| mand prompt action on this subject Notonly
| are the treasury notes past due rapidly coming
| in for redemption, but, as already stated, those
| not due are being paid in tor customs, thereby
| withdrawing from tho regular operation OF
the government its principal source Of re-
| venue.
To meet the remaining outstanding treasury
| e.
| golated eleven millions of the stock author
| lied by the act of j une ~, 1860. The state
| ment just made OF the difficulties attending
| the payment for the stock already sold, in
| connection with the fact that capitalists
| IN the present condition of the country
seem unwilling to invest in United States
| stock at par, renders it almost certain that
| this remaining eleven millions cannot now
| DE negotiated upon terms acceptable TO the
| government. The condition of the Treasury
is such that no serious delay can be INDUCED.
1 recommend, therefore, repeal OF so much
| OF the act OF June ~, 1860 as authorizes the
| issuing OF this additional eleven millions of
| stock, and that authority be given for the is
| suing of treasury notes to the same amount
| TO be negotiated at such rates as will command
| the confidence of the country. To create that
| confidence recommend that the public lands
| be Internationally pledged tor the ultimate
| redemption of all the treasury notes which II
| may become necessary to issue. l make thi.
| recommendation of su bstituting treasury notes
| for stock, the more readily from the conviction
| that there should always exist III the depart
| ment power TO issue treasury notes for linn
| tied amount, under the direction of the Presi-
dent, to meet unforeseen contingencies. 1t is
| power which can never be abused, as the
amount realized from such source can only be
, used to meet lawful demands upon the Treas
| ury. No. Secretary OF the Treasury or Presi-
dent would ever exercise it, except compelled
| 10 do so by the exgencies of the public service
| On the other hand, it would enable the gov
| ernment to meet, without embarrassment
| those sudden revulsIons to which the country
| is always liable, and which cannot always be
| antici pated.
| l have already stated that provision should
| be made at once to relieve the treasury from
| its present embarTassments, produced by the
| causes referred to. To do this Congress should
| authorize the issuing of an additional amount
OF treasury notes, not less than ten millions of
| dollars. With these means the department
| Will be enabled TO meet all lawful demands
| upon II for the present The extent of the
| financial crisis through which the country ia
| now passing cannot now be determined, and
| uhti IL Is better known, no policy be re-
| commended of permanent character
| No change IL the revenue laws can be made
! In time 10 meet these difficulties and if it
| could, the same causes would produce the
| same results under any laws that might be
| passed. IL Congress, however, should deter
! mine upon such polIcy-either with a view
| to meet existing difficulties or for the PURPOSE
| OF PIovlding FOR the payment OF any portion
of the public debit CO only refer them for
| the views OF the Department, tc my former re-
ports on that subject.
| The Secretary again urges the attention of
Congress 10 the import lance of the bill for the
| consolidation of the revenue laws the i'm
provement of the marine service, ubstituting
steam for sailing vessels, and Increasing the
| pay in that department; the progress of pub
| lie buildings and want OF marine hospitals;
and refers also to reports on the analysis OF
iron ores, and on j T. Barclays discovery for
preventing the abrasion and coun terfeiting Of
United States coin. The fact that, in accord
ance with an act of Congress, commissioners
were sent to the International Statistical Con-
gress in London last July, is also referred to-
with the further fact that the Hon. A. B. Long
street. of South Carolina, withdrew therefrorn
on the first day of the session. on account of
the presence of negro as member of the
body. The report of the Judge on the subject
is submit and Secretary Cobb adds
ut is only necessary to say that the with
drawal of Judge Longstreet from the Con-
gress and his refusal TO return to its delibera-
tiors received the entire approval OF his Gov
ernment."
REPORT OF THE POSTMASTER GENERAL
This report shows that on the Both of June,
1860 there were $500 mail routes in opera
ton, extending 2iU 59I miles, OF which q, 1919
Were by railroad II, ,976 by steamboat, 81 ST.
by coach and 1892 by inferior modes. The
total annual transportation OF mails was a.,
IA, ,776 miles of which -, ,G53 7i9 were by rail
road at cost of 1911 per mile; 3,95 ,26S miles
by steamboat, at a cost OF 2O.76 per mile; lS,-
653, ,l6l by coach, at cost of 10 81, and "a AGO.,
59e by inferior modes,,at q cost of about 7.45
per mile.
Compared with the service reported June
30, 1852 there is a decrease of l945S miles n
the length of mail routes Of SIS, ,G2j miles in
the annual transportation, about 9.22 per cent;
and of SG6O,Oi7 in the cost, about per cent.
The aggregate length of railroad routes has
been Increased !, ,il9 miles, and the annual
transportation thereon 3S5 i65 miles about Ia
per cent, 1T cost OF Si05 6S3, or 25 per cent.
The length of steamboat routes is diminished
4, ,233 miles the annual transportation Gl8,69i
miles, about 1853 per cent; and the cost $751;
99l, about % per cent.
On the Soth OF June last there were the
s74 route agents, at Il com pc nsatIon of S3T2 2+0
40 local agents, at a compensation OF 20 479
6i9 mail messengers. .......-.---..... 20S 948
IS railroad baggsge masters IN
charge OF the express mails, at q
compensation oil ) lO0
sl4.767
This amount, added to the cost Of the
June -. s.SOs, ,7Io
Makes the total on the 30th OF June last 81 425 At