The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-05

tfeu, thY0nt6no0 om0ATr0Mmo00
bukress Of he country these estimates bon Of expend
turs and reoeipss would Be submitted 10 Congress Win
confidence mat they would not vary very far from
II n impossble 70 anticipate the effects wbicn this
threatened revusion will produce upon the business oI
The country Ths absence OF all The ordinary causes Tor
,ush state OF thn leaves data which ~ make
calculations all the elements OF prosperity are 10 exist
sn,e-sbundant crops with remunessuve proes 'nohoy
dca,e more than increase 10 trade ana oas
The causes which have suddenly Arrestei tns
tide Of prosperity must looked for outside OF the IMAM
and commercial operations Of the country they are Of
political character, and therefore ~ depenoent lot
srse, apUn ,.v ss w BE- the extent Of
their influence II. - some suppose they are mercy
temporary and w soon pass away then there wia De no
for the already existing In consequence
Of them IL 90 the other hand the eject should prove
more permanent, the fact win be made manifest during
the present sess'on a. and 10 time for such
will provide the necessary means 10 carry the
operations OF the government and preserve the public
Already HIS tbs Treasury been seriously affected
by there causes Tho receipts from customs for the last
lev days have greatly fallen or ana the limited
amount received composed each day OF an increased
proportion OF Treasury notes. not vet due rue ndcA
tions sre such w at least, for the present, con
uuue be the not only Du &c conseq us1ce OF
bidcers for the late loan 10 comply with the
OF their bid portion OF the ordinary revenues has
been Withdrawn from the ordinary sources OF expendi
tuIe meet the pigment Of Treasury notes past due and
tie interest thereon This condition OF things demands
the st,en. on OF Congress- It's early action
will be required enable the department to carry on the
operations OF The government ano at the same Time pre-
serve uuiriIaired the public credit,
lhe permanent public debt on June 80 1890, was
t79 2e3 cs ADD the outstanding Treasury notes at
that date amounted 10 $40 800 800
BY Tie sot 0, June 20, 1890 provision was made for
the redemption Of Treasury notes and nent OF the In
trts thereon This provided for The issuing OF stock
for sn amount not exceeding twenty one million dol
lars Mt rate OF interest not excee ling sx per centum
per and to be reimbursed within period not be
You'd twenty and less than Ten II was
The policy Of the Ntment 10 negotiate this loan for
such amounts and at such times a. would place the
a., ~ Txaa natos
a. they should fall dse To have negotiated the whole
amount thereof, or any portion, in advance Of
the notes fsutng due would have subjected the govern
inert 70 the unnecessary payments OF interest during
the time the money would have remained Ia tue vans OF
The Treasury un allied Tor inere was no yer "a the
iue Besides the wi hdfawxi OF such An amount or
specie from the public would have been attended with
the furious ELECTS upon the financial operations OF
the country For these reasors, negotiation OF any
portion Of the loan ate npsed until the s.h day Of
september 1880 wien proposals were invited for ten
miIiors Of the Iosp, which WIS ample meet all the
n easury notes that woad fall quo before 1861.
The rate Of ateresi fixed Ave per per
mum, under the conviction that the loan could
be readily negotiated at that rate, Tor at that
time the i've per cent stok OF the United States
,Sse psr seu. The result re.inss sals I luss .9
pectaton, and the whole amount onerod taken
time had arrived for pay uens on the part Of the bidders
the financial CRISIS, 70 which have already REFERRED
proposas and others we're Wiling 70 do TO- required BY
the department, though II would be NJ considerable
eaNbnce Under these crcum6 ance1, additional term
OF thirty days was given TO al itders who would deposit
one ba,f Of the amount OF their bids within the time
orie naly prescribed Most Of the bidders awaited them
eelves OF this enson aud mate their deposits accord
irgy before the 22i No Der, 1850 portion,
however, faied I, do So and 70 then the additional
thry day has been offered condition they would
increase their forfeit dsps or per cent 70 I've per
cent 10 this proposition no resonse has 40 yet been re-
ceived The smonns Of he loan awarded 70 tins last
The question presents ITSELF what action be taken
in reference to the stock which may be nus forfstsd
Thnvn a. In fha d0pnr thn Ii
stAnds, 70 meet the 10 recommended that Con
srefs shoul Immediately authorize the department. TO
log the oelanlps bidders responsible for the difference
between their bids and the amocat for which the stock
demand prom, action on this subject Not only are toe
Treasury notes past due rapidly comiag In for
redep pon but, % already stased those not due are
being paid In for customs, thereby Withdrawing
from the regular operations OF the government It's prn
cipsl source or revenue.
To meet the remaining outstanding Treasury notes and
interest thereon there yet 70 BE- negotiated eleven mil
Beps Of the authorized BY the Of June a. $780,
The statement just made Of the difficulties attending The
payment for tee rtock already sold IN connection with
The fact that capitalists 10 the present condition OF the
n par renders almost G. rtaia tina, TINS Remaining
eleven milieLs caLnu roS be negotiated upon terms
acceptable to the soverrmsrt the coodton Of the
Treasury Ia such that no serious delay be In
duget ] RICO nmend, therefore, q re zeal OF mach
o. the acs Of June Y. 1850, G. authorizes this
stoct, and that suhorit, b given for tho issuing OF
Treasury notes to the sse amount to DC negotiated
To create that copgdasce recommend that the public
srcs be pledged or the utimste redemp
ton Of all the Treasury nocs ~ach Il may become neocs
10 issue. make this Recommendation OF substtut
Inc Treasury notes TOR stock tho readily from the
conviction that there should always exist In the depart
nent power h Issue Treasury notes fo limited 1uat
Ter the decti Of the President 70 unforeseen
contingencies ha pp~er which eau DO abused,
ss the amount res'iztd from suca ouly be
used 70 meet lawful demands upon tho Treasury.
HoSsue,ary Of the Treasury or President would
he n md wnuld hkn
toe government 70 meet vii sout embarrassment those
SUDDEN rsvusons TO which the country always la Die,
ard wsici cannot always be anticipated
have already stated that provision should be made
once - relieve The Treasury from rs present embarrass
Congress should authorize The issuing tf additional
amount Of Treasury roes not less than Ten millions Of
bied 70 meet ali fu demands uoou for The present,
The extent OF the nuanSiA crisis through which The
country 10 now passing cannot now be determined sad
cnti n oestr Known, no policy can be recon neaded
Of . permanent character.
no easree in he revenue can be MAZE 10 time 70
meet these dcolt,es ADD n II ,uld, the
would produce the same results un icr any that
Night be passed II Congress, however, should deter.
eIu,s am ul,ies ., fo The purpose Of providing Tor
the ray mcst Of Any portion or the public debit only
refer them for the wees Of The department, 70 my f,
mer repJrH on that subj Ct
The attention OF oorrress again called 70 The bnl FOR
the revision and consoidst Of the pre-.
pared BY he department and submitted 81 tne a.st
session Of the last Conersss, In compliance with
resolution Of the House II Representatives,
and mod,0oatioLs conta med in this measure
cannot be too strongly urged tbc consideration Of
OpnGrtss They would facilitate operations Of the 90
psriment, reconcile conflicting provisions Of law, aad
greatly reduce The expenditure In this branch The pub
I've service A stated In former report the department
hes already reduced the Of collecting the
from customs and, with the Aid which the pa9ags OF
this law would srd san her and greater reductions
could be made with bsneet 70 the public service.
In this connection, the attention OF Consvs1 IL called
70 the condison OF The reveoue marine service. With
the exception Of the Harriet Lane there
vessels employed In the service STA a vessels 20
rapidly eupplantirg sail vessels In the commercial bust
nees Of the country That the present sail vesss the
revenue service bosever veil sdapted 70 former
Of hpgs are becoDing almost useless FOR the purposes
for which they ere employ 3D. have before represented
70 Oot gress tina. this service could Transferred 70 the
Navy department with benent 70 the pabc interest," and
Isrtsrtsin that opinion stn n this shoud be done
The policy should ~ al events be adopted Of
Al rapidly - possible, steam FOR the sat nov
used due 70 the ofocps upoy cd In this branch of
the revenue strvoe 10 that ,he'r pay cor
respond with the compcnsAos paid 10 engAred IA
similar and Ices hborous dotce Ia tho bill Already re.
ftrred 70 ncfease O. their psy vas recommended sud
In my opinion, should 10 pro nptly carried out AZ
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