Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-12-04

s uueis1ahuihg9 Was it not that Will
into bonds, or paid in lawful money tba hnnd
!, in coin2 "oii "s in'eres'
Was not this the understanding If tho con
sress which passed the loan b;lls and of tb,
peopie who furnished the money? Did an,
} eaoer 'ao OF the House or of the Senate, prio
u' ,oo4' In the exhaustive discussion of thes,
'iis' ever intimate that the bonds to be issuef
! accoruance with their provisions might b,
i'aid, when redeemable in a deprecated cur
rehcy Was there a single subscriber t,
rWe-twenty bonds or to seven and three
> tehtn notes, which by their terms were con
Vertble into bonds, who did not believe and
who was not given to understand bv tbr
agents of the Government that both princin,l
ind interest of these bonds were payahle in
coin? P"' "o'' III
Does any one suppose the people of the
| United States, self-sacrifcing as they were in
support of the Govern ment, would have SOLD
their stocks, their lands, the products of the r
'arms, OF their factories and of their shors.
ana invested the proceeds in five twenty
| bonds, and seven-thirty notes convertible int
such bonds, if they had understood that these
bonds were to be redeemed, after five wears
| from their respective dates, in u currency of
he value OF which they could form no reli
able estimate? Would the Secretary of the
Treasury, or would Congress, when the f,t,
OF the nation was trembling in the balance
and when failure to raise money for the
support of the Federal army would have been
success to the rebellion and ruin to the Union
cause, have dared to attempt the experiment
of raising money on bonds redeemable at the
pleasure of the Government after five wears
III currency the convertible value of which
m'Sht not depend upon the solvencv of the
government but upon the amount in circu-
lation?
No such understanding existed, and FORUM
ateiy no such experiment was tried Bonds |
were negotiated, with definite understand |
ing that they were payable in coin, and seven |
ana three-tenths notes, with an equally definite
understanding that they were convertible at |
me option OF the holder, into bonds of SINH |
lar character or payable in lawful money.
these contracts were made in good faith on
both sides. A part of them when the Gov
ernment was in imminent peril and needed
money to preserve its existence; the balance
when its necessities were scarcely less urgent
for the payment of its just obligations to con-
tractors and the gallant men by whom the
nation has been saved
Good faith and public honor, which to a
nation are of priceless worth, require that
these contracts should be complied with in the
spirit in which they were made The holders
Of our bonds at home and abroad, who under
stand the character of the people of the United
states, and the greatness of the national re-
sources, ought not to need an insurance that
'hey will be so complied with.
THE WAR DEPARTMENT.
The report of the Secretary of War ad in
sr'"' exhibits the operations of the army, and
he several bureaus of the War Department.
The aggregate strength of the military
,l5.
The total estimate for military appropria-
ions is $77, 124, 707,' including the deficien-
y IN last years appropriation of $l3,6O0,-
'oo. The payments at the Treasury, on
account of the service of the War Depart
nent, from January to October 20, 1867, a
,eriod of ten months, amounted to $lO9. .sO7,-
100
The expenses of the military establishment.
IS we'll as the numbers of the army, are now
hree times as great as they have ever been
n time of peace, while discretionary power
vested in the Executive to add millions to
ms expenditure by an increase of the army
o the maximum strength allowed by law.
THE INTERIOR DEPARTMENT.
The comprehensive report of the Secretary
4 the Interior furnishes interesting Informs
Ion In reference to the important branches
# the public service connected with his de-
artment.
INDIAN AFT AIRS.
Inc msnacins attitude OF some warlike hands of
bs ta district of country tetween
ora territory, has required the presenc- of a large
, ary force that region ins'iy ted BY real
ny committed acts OF barbarous siolence Don en-
? ants I'd our frontier esta tabishments but gen.
raj Ildlan war has been provdentially avertei.
he he Commis sioners. u rder the act of July 90
~ Msre Invested with full power to adjust exist
dI. AMI select for them reservations reno e from
ayeled r,utes between the Mississippi and Pa,Hc.
fhey entered withoot deav upon the execution
their trust but have not yet made any tficiai re-
rTt OF their proceedi gs.
Ii IL of vita in sOrtance that distant territo-
es should be exempt from Indian outbreaks and
'af To-, cons rn,tion of the Pacific Railroad an OBJ
ct ot natio al mportance should not be interrupt
These ahject, as well the material interests and
IN be most eff.ctua lv secured by conc sntratins
ZEN ZEN upon portions of country set apart for their
gnways and encroaching white settlements.
THE PACIFIC RAILWAY.
Nince the comm of the second session of
le Thirty niath Congress. FIVE hundred and len
he and the branch of the Pac Fl, Rail ay. The
ne fr IN Omaha is rapidly approa hing the e 4ste n
ase of the Rocky unit ms, whi the terminus of
le list section constr cted of the road in Cal for
IA, re ,epted ny the Government th- oath ol Uc-
bsr last; was hut eleven miles distant fir ,m the
lmmi OF the Sierra Nevada The remarkable e.
.sy evince by tue compinies offers the rongest
taat the comp eti IN Of the road from Sac
TUE PUBLIC LANDS.
During the last fiscal ,ear 7OII ia acres of pub
lana were disposed OF. and the receipts from
lles an tees exceeded by half mill, n Of dollars
ie sum reallzsL from those sources during the pre-
sding year.
PENSIONS.
The amount paid pensioners. including the ex
( thou.a Id four hundred and eighty-two names
Tere added to the roll. The entire numher ofI
en.ioLers on the sOth Of june last, was one nun
f0ur hrrrH
-Venty -four,
Eleven thousand six hundred and fifty-fve pat
ntS and renewals were 'ssueJ curing the yt ar end
,g September 80, 1867 and at that date tue bal
nee in the Treasury to the credit of the pa ent
md was $2o6 SUI
THE NAVY.
The report Of the Secretary of the Navy states
lat We have seven squadruns active an Judi
ously engased under efficient and anle comma1d
RS IN protecting the rsons anu "TopeIty of Amer
an cnizens maintaining the dignity and power of
ne Governmeat, and In promo lng The commerce
~ bus ness interests Of our counJrymen in every
art OF the world.
Of two nnndred and thirty-eight We sells COM
osing the navy of the Uni ed States fit y-six car
yang five hundrs and seven guns are in the squad
N service. Dn iLg the year the number OF yes
bis in commi, sion mas been reduced twelve, and
here a'e thirteen less on squadron duty than there
eye at the nate ot the last report.
|, ,rge number of vessels were commenced aad
course cf construction, when the war ter nina ed
nd az hough Cong ess as made the necessary ao
for their completion, the depart nent
as either suspended work upon them or limited
IL completion OF steam vessels so as to meet con
acts for machinery made with private establish
ZEN g.
The total expenditures of the Navy Department
" the f-cal year end ng June 80. 1861. were ssi-
4 oil. No approp. .iations have been made or re-
uired since the close of the fOI the construc
on and repair of vessels for ste IN machinery, ord
nee, provisions and clothing. fu. l. hemp Is. The
alancs under tsese several heads having been
1t should also be state1. to the credit of the De-
a tine t. that be Sdes king no appropriations tor
le above objects tor the last two years
ie Secretary Of the NAVY. on the 3Oth OF
eptember la t, in accJrdaace VITA the
81 OF May 1880, requested the secretary of the
reasury IN c.rry In he suruus fund tho sup, al