The weekly Butte record., 1867-11-30

HARD MONEY CUERENCY.-The first National
Bank was established upon the war argument Fre
sented by General Hamilton to President Washing.
ton; the second National Bank born of the
war of 1872: and the war with Mexico was conf.
IDENTIFY looked to the trial which to show the
iuadequacy of the hard money currency to its exi
gences, and the necessity OF establishing national
paper currency. The war came; its demands npon
the solid currency not felt in its dmnuton at
home. Government bills were above par, and eve
ry loan W as taken at premium and only obtained
upon a hard competition. The last loan authorized
(winter Of 41-4S) of sixteen millions, brought a
premium of about five hundred thousand dollars;
and one halt the bidders were disappointed and
cbagrinned because they could get no part of it.
The government anxious to pay its loans before
they were due, could only obtain that privilege by
paying a premium upon it, sometimes as high As
twenty per centum-thus actually giving one dol
rupon every five for the five before it was due.
Compare this financial result TO that of the Of
1872, during which the federal government was q
mendicant for loans, and paid suffered loss OF
friy-six millions of dollars to obtain them. We
institute no comparison OF the financial conduct Of
the late war, nor do make this reference to his
tory in any partisan sense, but merely for the pur
pose of giving our readers something to think about
and for the further purpose of expressing the be-
lief that measures might be adopted which won Id
place government securities at par.
AL.sKA.-The ceremony Of transferring Alaska
from Russia TO America. was very brief and TO the
point. Five minutes after the lowering of the Rus
sian flag, the stars and stripes went easily and
gracefully mp, floating free and handsome. The
United States steamers Ossipee and Resaca at the
same time hailed the event by firing salutes. AS
the Russian flag WAS lowered, Captaia PeteSchau-
rolf stepped forward and addressed General Rous-
sesu follows:
General: As Commissioner Of his Imperial Ma.
lesty, the Emperor of Russia. | transfer and
deliver the Territory of Russian America. ceded by
his Majesty to the United States,
Gen. Rousseau said in rasporse, as the American
flag sscended
Captain: As Commissioner on, behalf Of the Uni
ted States Government. receive and accept the
same accordingly
The Alaska scientific expedition srrved there on
there on the 18th ct August and have recently re-
turned 10 San Francisco With regard to minerals
no silver was found: gold is reported the kakuy
river, emptying into Cooks Inlkt in about ititude
60. Copper is reported plenty on Copper river.
The annual collection Of furs is said TO exceed one
millica of dollars in gold value. No hard wood
timber was found of valae but a valuable species
of yellow cedar was found in great abundance and
and of large growth. This wood is valuable for
ship-building, cabinet work and other purposes.
Stka spruce is also very abundant. Almost the
entire country is covered with dense growth of
Nphdgnnm (peat moss,l into which the fees of the
pedestrian sink the depth of ten twelve inches
at every step. Potatoes, iurnips, etc. grow well in
many places after the sphagnum is removed. Val
liable coal deposits were found convenient to ship
ping points kodiack Island, some 700 miles due
west from Sitka. was foand covered with heritage.
and afording abundance of good pasturage.
An extensive Cod bank was found. probably sur
passing in extent and advantages the Banks OF
Newfoundland. Salmon exist in great abundan ce
in Sitka Sound.