The New York herald., 1864-12-07

vinced that much revenue was not collected through
su iinperec execution OF tue law and more throuSs
wi 1t is hoped remedy these evils In great degfses
and the confident exDectstons of ,hoss who framed
De realzed. In the msaniine. Tort should he
70 perfect r. as far as possible. and no experipen. ~
inotesss It's eieency, OF which there 10 reasonaos
hope OF success, sn5Iid be left untried.
A,srIABLtTY MINERAL LANDS. -
In oonnecton Nth the subject ~ Increased Axauon,
ordinary % - S cs attention
OF Congress 10 public domain, and more especially 70
metals, whcn by policy OF the government has been
reserved TO the natou. lie add little however %
these points 10 what heretofore ab!y set ortn
oy hs predecessor The agricultural region has nrosn
tue operation OF the Homestead law. almost ceased 70
aaTa dil ecu revenue Whatever mght be the op'oa In
0, tie Secretary as 10 the good elects oi TINS Aw,
either In state or national po'ut OF view,
Is not probable that any expression OF ,as,., .nos1
change or notifications. Possibly, had the struggle 10
which the nation IA now engaged peen foreseen or even
apprehended, Congress mignt have deemed u pruusus
not 10 adopt system which renders so largo portion
OF the public domain unavaisbs az basis OF credit
either by OF pledge OF It's proceeds or an nppropra
ton OF these proceeds permanently 10 the creation OF
sinking fund Tor the ultimate reoemptcn Of the paolc
debt In either aspect toat domain might have been
made TO render material aid; but may stli fairy
be questioned whether and TO wba eyten, such ad mas
been afforded the Inducements offered 10 AZ iu,n.
grafton which is daily augmentng the resources and
Of the republic. With regard to s mineral lanos
the question is ,ed from this embarrassment These
the property pstion. and may be disposed
OF as Congress SHAH determine That they should yea
ln,eral advantages derived from individual enter
prise In extracting the precious metals wonia
said that TO sell them absolutely with an un-
eluaet and neXhaustabie OF wealth aDd power,
The control OF which should always remain ia the hands
Of the government. On the other. that all attempts
hitherto /" realize any considerable amount OF revenue
from any system Of rents has proved unsuccessful y
To be hoped that Congress may be abe devise spe
mode bv which these lands may be rade
avaiisbie 70 extsnt In some uss measure proi,or
tonate to their yearly production The qucatpn
s Que involving knowledge OF the supjscs
which the Secretary does not possess. and reurng
"a 1 ~ fpr=f Na
beer unable to besow. The stenon OF Congress- Is IN
ved 20 paper tnat suhiec, prepared by dlreoion
OK the Secretnry which accompanies this report aud VIII
| repay an attentive perusal.
rsrAsLisHassr SINKING rrSp.
The act o Febru4ry 25, 1862 provides that the coin
received Tor duties imports shall after paying interest
bonds and notes be aornprnied to the purchase or
centum Of the public debt. be set apart with its
| accruing n,ercst as a ei-kine tund tue
] SecTetlry might, from time 10 time, direct. All
experence has proved that 70 time OF war, when
expenditures must largely exceed receipts from ordinary
sources and larre borrowed in each year the
attempt establish sinking fund srabv fails II Is,
In act simply borrowinr to lend again For this reason
no attempt TO carry out this provision has yet been made
As the time ~ apnroachinr however when the present
unnatural condition or Affairs expected to ermi
nate is well to consider whether soe legislation post
ponng for time the operation OF tho provision referred
4 to, and designating board OF officers commission
OF the sinking fund.- under proper regulations may
be advsablethe duties to commence at such time
the Secretary of the Treasury designate Such
legislation should at least show that the provision for
sinking fund is not intended to remain dead letter upon
the statute book When shall return, and with II
the power to render that provision effective should any
further aid be necessary the Secretary would respect
| fully suggest whether such income as may be
received from the public domain. from sale or
in the shape Of rents and ROYALTY, may not
| be beneaciay appropriated TO the same purpose.
| DEFICIENCY PROVIDED ff 4yF
From preceding statements Il appears that, exclusive o'
the receipts ordinary sources the amounts follow
ing be provided vz:For the fiscal year ending
June so 1866, 727 sos II; for the nscai yea year
n' IS 6eues now Ss authorized
balance IN the Treasury July !, 1864. $500 ,o63
aedonaI Id Ho legislation s Of ssso .s viii Be-
observed that this balance is predcaied upon contnren
oss which may not occur, and calculations which , may
closely tho provisions to be made By Congress for
meeting the expenditures o. this and the succeeding
meet theee authorized expenditures II obvious that
to be had to loans which have been already
10 part negotiated The necessities Of former yess have
led to many expedents Is apparent from the diyer-
sitv Of forms which securities present As the debt
increases from year to borrowing becomes more
difficult. the country is with two systems
o. banking and obssruc'ed as tho government Is BY
push its circulation far at all bevond its pres
limit could only be justified ne oy snus ~ ssch
is able to boar, and 70 retain no cheek up.
stock jobong combinations must exercise disastrous
.rsa upI who have heretcoss their
escresry IL not that the opinion OF many per
conversant with financial matters recourse snou
be had foreign markets, and in two acts Of Congre
one o. which is s in force authority bias been giveD 70
negotiate foreign loan. This practicable at &C. ecent M
terms which the Secretary could feel justified ~ 49,"
ing would his opinion. Al the present tme az a"I,. M
existing laws, he ucouslderabe in an
sieyis,on rather than relief our boros ALREADY
considerable amount, been sought for .,;sre6 .nd
strengthened. Communication with grsopss 80 now
SO easy and regular. intei'igonce Int that foreign
ray srs Almost a. "up own doors abrosd
Is felt almost at the moment az WWsr wond mot "A n
Injurious delay. IT., TO ssa ,.,s1 rore,
whole amount OF sales unless srord,,ior ~ No, a. 80
Inducements which on, fnancs advantage N gh be
Had fpp n
ga ned In the power 10 af Iarce snr ~ b
, foreign exchange BY tns sh require. The ross,be
benefit thence to be oouosirg COMMUNICATIONS Th,s
counter balance far 10 conduct domestic war
OF unparalleled mnna A1o y os Sosan ~
aio 70 any ,.o,iDwp insurrectiou BY s strength
Tvs rn.h reence for doubt OF It's entire ability
snu domestic or foreign foe The people of
40 So felt jps, pride in their position
% sns %u.exorld In the Judgment Of the Secretary It
ouu'c we doubted whether the national credit abroad
may &eo strengthened and sustained by the iact that
securities have no, been sought
,oIepspd neither have not found pecuniary I'D.
| u.ige 10 sclt relsnce; but however this may
. Sssh seemed to the Secretary that even II
Hned to attempt the negotiation or foreign losp.
lac time unproptous scd the dilcpucs attending
such negotiation while exchange subject 20 rapid
and violent fluctuations upon any terms appeared
| slmos, insurmountabe whatever risk WAS TO be
incurred must necessarily fall upon the government He
have more fully demonstrated the Inevitably favorable
result OF the contest which tho nation s engaged
which time ne bc,vss 20 be near at hand rather than
venture upon experiment which, IL successful, could
afford but temporary relier, and failure 10 which
mis- be attended with evils Of very character
Believing the country " il will sustain for Q long
time TO come any burden which the Is likely TO i'm
pose the Secretary has deferred undef which
seemed him doubtful " and so questionable
IN iis results. II be added these considerations
that to have the interest on our public debt yaoe vt
home. ard TO rather than TO foreign people,
advantages the value and importance OF which can
hardly be too highly estimated.
GREkvBAf ArroAr.
The whole amount OF rational circulation not bear
Ing interest, exclusive OF fractional currency and
OF notes issued By natonsi banks. 10 limited
to four hundred milons cf dollars 10 slight oc
casopai increase from the fifty millions held In resolve
FOR tho payment of tsmpory dcross ~ i've per cent
interest bearing potcs ttsre outstanding ON the
1st OF November last sl2o ,5Iell0. To considerable
extcnt these notes have been, and will continue to be-