The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1867-12-14

fPue moS0 iMpoT1ssat AsAoAAS VA SoAASOA sho ~
/ vorts sccompsaying the Prssident's Message TO
Congress:
POSTMASTER-GENERAL.
The Postmaster-G Generals report shows that
during the past elk years the department has
paid from $l50,0OO 70 $500, 900 a year in gold to
the British Government for the transportation
of our mails over and above the receipts. This
amount We we're compelled to pay by an old
postal treaty, which expires in January next,
and which the Postmaster General has refused
to continue. Another important portion of the
report relates to the large reduction made on the
price per letter or paper of our foreign mail,
which is due to the exertions of Mr.. Randall,
who declined to continue the arrangements with
the Cunard line, to which was paid "a cents
single letter, payable in gold; the Postmaster
General deeming the price exorbitant, and with
view to having all the arrangements perfected
by the time of the expiration of the treaty re-
ferred to above advertised for proposals to carry
tho mails. The owners of the Cunard line posi-
lively refused to hid, bat, to their establishment
two other lines entered into contract, agreeing
to transport all foreign matters at Is cents an
ounce, making the cost per letter five cents b:
books, papers and other printed matter at cents
per pound, payable in currency, giving three
mails per week, Tuesdays, Thursdays and Satur-
days This fact, and that OF the positive refusal
to continue the old treaty under which this
Government was paying the British Government
$2UO.OOO In gold, caused an excited discussion in
the British Parliament, and considerable com
ment in the English papers. The Postmaster
General stood firm, and refused all offers that did
not comply with the contract entered into by the
two New York companies; and, as a result Of his
frmness the Cunard line, through its agent, &C.
cepted the same terms, agreeing to transport one
mail week, Wednesdays, at the same rates
The report shows that treaties of great advan-
tage to us have been made with al the other
civilized foreign countries, with the exception of
France, which declined the terms proposed by
the Postmaster-General, in reference to mails
passing through their territory to points beyond
Such refusal docs not interfere in the least with
their delivery, as the department has arrange
ments so perfected that mails can be delivered in
any portion OF Europe without passing through
France, only six hours later than if they we're
transported through that country. A large num-
Dor OF new routes are to be opened, which viii
materially increase the expenses of the depart
ment, say about $250,000 for 1868, and necessi-
tate small appropriation for the coming year
TREASURER.
The Treasurer's report refers to the reports of
the different Treasury Bureaus drawing from
them facts and figures in support of the views
advocated in his own report, and celebrating up
on them at length. Mr.. McCulloch alludes TO
his earlier reports, going back to the time of his
nomination; also to the reports of Secretaries
Chase and Fessenden, in support of his views of
the policy OF continuing to contract mt the rate
of four millions per month"; as provided by law
He shows that there were months when he could
have contracted the above amount, but refrained
from doing so because he did not think it neces-
sary or expedient. He takes strong ground
against expansion, which, to use his own lam
guage, would be rum, and lead to reputation.
The views of General Butler and Mr. Stevens
and Others are commented on, and the tendency
and results OF the different finance schemes, if
carried out, are enlarged upon and contrasted
He interprets the law in reference to the FIVE
twenties, as binding the country to their pay
ment in coin, principal and interest and believes
If the policy looking to their redemption in cur
rency shall be adopted, the effect will be disas-
treus. lie states that he has sufficient gold in
| the Treasury to meet the demands on the Gov
ernment. and keep tho market in check. He
gives his reasons for not selling more gold. En-
desyorng 70 bring resumption in that way, the
speculators would tomorrow buy up all the gold
he could Offer, and then easily control the market
and make the premium higher than it ever has
been. He believes the Tribune policy of resump-
ton would lead to an immediate crash in busi-
ness, (which he hopes TO avoid. He comments At
length on the internal Revenue Commissioner
report, and gives, his opinion that if the Internal
Revenus Department and the Treasury had sole
| control Of the system, the taxes would be fully
collected and an end put 70 the fraud and cor
| ruption.
COMPTROLLER OF THE CURRENCY.
The following is an extract from the report of
the Comptroller Of the Currency relative to the
failure d National banks since the organization
Of tho first National bank, on June 20, 1862
| Up % Octeber I, 1857, ten National Banking
Associations have failed. Their aggregate CAPT.
tal Il $l 900 Their aggregate liabilities and
ciroulatiss 800; deposits and other liabil-
tiles to ne public, 372, 100. Total $4560, 100
The circulation will be paid in full, 30 that the
public win suffer no loss from that source, and
the bonds deposited - security for the same
should b applied 10 the payment Of general
creditors. A careful estimate of the assets leads
to the conclusion that they will realize a sum
sufficient TO pay 70 per cent to creditors leaving
the total ultimate loss sustained by the public
through their failure about 100000. The
failures Of National banks which have thus far
occurred may, in every instance, be directly
traced to the dishonesty or incompetency Of the
| bank officials and the hsbitual violation eli the
plainest provisions Of the law under which they
were organised. The Government deposits are
not included in the above mentioned item of de-
posits and other liabilities to the public. The
only loss to the Government will result from the
failure Of the Merchants National Bank OF
Washington which has been investigated by a
Congressional Committee The estimate Of the
total of ultimate loss sustained by the people
does not include amounts which may be derived
from stockholders Oh personal liability.
If1LrS ,yOurnm Of He1HL il about No rood