Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1862-12-11

cent. and payment to creditors who liked Of
debt certificates at one year and per sent.
Congress authorized bonds to the amount of
5000 0O0, COO, convertible at will of holder
to United States notes; bonds at per cent.
specie, and redeemubIe after IS years. They
are called hve-twenties or Eve twenty sxes
The .good results have excocded the Secre
tory' expectations. The Secretary express
es regret that his recommendation in regard
to general banking law, &c., were not
carried out. lst July, SIS, 900, 600 on de
post. United States Notes issued, Sl5S,.
Wo, 1000; $4,000, 600 paid in certificates of
debt; $2OS,OO0, 900 10 cash Every call on
the Treasury answered, and all army busi-
ness with it promptly executed. Balance
IN Treasury, $i3 900 90 Notwithstand-
ing the unexpected demands on the Treas.
uIy, arising from army reverses, the Secre.
tary has provided for constantly increasing
disbursements, Payments during quarter
ending September 80, other than for the
principal of public debt, were s 1000, 900;
October, $40, ,01J,0J0; November, $50. O0U,.
OOW. All acquisitions beyond resources.
only $4Y, ,O00,U 900. Power to borrow or ret
loans under act of July, 1861, is exhausted.
Secretary considers financial laws. He does
not iavor the issue OF Treasury Notes to pay
SIG, OO0. 0UD as needed A hmite i.,ue
under certain restrictions might answer. =
The Secretary does not believe the present
paper issues redundant. Stoppago os specie
payments, and fears of Ignorant pcople
abroad throwing stocks into the market,
caused gold to be an object of speculation,
till 1t reached 37s per cent The Secretary
treats of the cause of the rise; not to be at
trlbuted mainly to increa of currency. -
The cause Of redundancy in the increase of
corporate notes., He recommends a u. s.
Bank circulation, and the reduction of the
back note circulation He renews the prop
osltlon to lay a moderate tax on corporate
circulation, aud considers it the best means
OF gradual reduction and substitution. The
Secretary believes in a sound circulation OF
uniform value, through banking association.
organized under national legislation He
discusses che national resources lands,
mines, 40, and is hopeful of the future. =
Ihe mode of obtaining thehnew bans i.
handled. Certain restrictions in the act
authorizing the issue of bonds, he advises to
be taken off. The bullion received at the
Mint last financial year was $45, 5,OO0, 900. =
Amount coined--gold, $45, 900, 900; silver
near SO, 900, 900, etc. Total coinage, $65,
0OO,Q 900 Bullion deposited at Assay Office
~ T., $26,000. In San Francisco gold
deposlte in branch mint, SIG, ,00J, 0JO; silver
$749,OO0. The Secretary recommends IT, al
the present demonetization of gold may be
well availed of, for the pnrI ose of TAXI .
one considerable step toward having un fun
weights, measures and coins He recon-
menus that the half eagle be made equal tC
the gold sovereign of Great Britain. He
discusses the trade between the loyal and dis
loyal States; Custom frauds; the necessity o.
~ Y: Assistant Collector;the requirement,
Of the N. Y. Custom House building; the ad
lnlnistraton Of the hospital fund; the issue o
stamp currency; the printing and engraving
of Treasury notes; the labors ofthe Bureaus
the property destroyed through miitar,
service; the'appointments OF certain depu
ties the inspection of steamboats,; the rev
enue cutter service; praises the coal survey
gances at maps and charts and lighthouses
then concludes without any peroration.
The report is written with clearness
force, and elegance of all papers emanatn.
from the distinguished Secretary of the
Treasury.