The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-09

separate itself from the Union, with its political
condition unsettled, and its industry in great
degree paralyzed; and while also the other two
thirds were slowly recovering from the drain
upon their productive labor and resources-a ne
eessary accompaniment of gigantic aud pro-
tracted war.
II is also recommended that the Secretary be
authorized to issue $500, 900, 900 of bonds $780,
O000C0 of which shall mature annually; the first
S50,OCO,0 900 to be payable, principal and interest,"
In lawful money, the principal aud interest of the
rest in coD and also such further amount of bonds
as may be necessary to take up the outstanding
six per cents and the non-interest bearing debt
payable in coin thirty years after date, and re-
deemable Mt any time after ten years at the plea
sure of the government, the interest to be paid
sen-annually in coin, and in no case to exceed
the rate of five per cent; provided that the Sc
cretary may, in his discretion, make the principal
and interest of $500 600 600 of these bonds paya-
bic at such city or cities in Europe he may
deem best
The fact that according to the recommends
ton, $50, ,000 900 of the bonds to be issued to
become due each year for ten consecutive years
Cat the expiration of which time all of the bonds
would be under the control of the governmenD
would insure an annual reduction OF 500 900
of the public debt, and impart q credit to the
other bonds which would insure the negotiation
OF them on favorable terms.
OF the expedency of an issue of bonds cores
ponding, to some extent, in amount with those
held in Europe, the interest and principal OF
which shall be paid in the countries where they
are to he negotiated, there be but little doubt
In recommending the issue of bonds bearing
lower rate of interest, to be exchanged for the
outstanding six per cents, the Secretary must
not be understood as having changed his opinion
in regard to the expcdiency or the wisdom of the
recommendation in his last report
That the act of NJ rch 3, 1863 be amended as to
authorize the Secretary OF the Treasury to issue elk
per cent. god-bearing bonds, to he known the
sUdated debt Of the United States, having twenty
years rum and redeemabe, if may be thought ad
vsable an earlier dayto be exchanged at par for any
and all her obligations of the government, one-sxh
part oil interest on which, i'll lieu oi all other taxes
at each payment shall be reserved by the
government and paid over to The States according to
population"
He refers to what he then said in advocacy of
that recommendation, as an expression of his
well-cOnsdered opinions at the present time, and
and he is only prevented from repeating the re-
commehdatiCn, by the fact that it met with little
approval ut the last session, and has not grown
into favor since. He sincerely hopes that the
future history of the debt will vndicate the wis
dom of those who are unable to approve the pro-
position.
COAST SURVEYS.
The progress of the coast survey has been satis-
factory, and commensurate with the appropria-
tions, as will be seen from the annual report of
tina Superintendent Of that work. During the
past year surveys have been in progress in the fol-
lowing localities, named in geographical order,
viZ:-On the coast of Maine, in Penobscot bay
and on the islands lying within its entrance; on
the shores of Sc. Georges and Medoniak rivers;
in Muscougus bay; on the estuaries of Quolog
bay and in the vicinity of Portland; completing
all the in-shore work between the Penobscot and
Cape Elizabeth. In Massachusetts, between
Barnstable and Monomay completing the survey
Of Cape Cod In Rhode Island, on the western
part of Narragansett bay. In New York, at Ron
dout and in the bay of New York In New Jcr-
sey, on the coast near the head of Barnegat bay.
In Maryland and Virginia, on the Potomac river
and the southern part of Chesapeake bay. In
North Carolina in Pamlico sound and on its west
ern shore, including Neuse and Bay rivers, and
off the coast north of Hatteras. 1t South Caro-
lima, on the estuaries of Port Royal Sound. In
Georgia. on st. Catharines, Doboy and st. An
drew's sounds; in the Florida straits and in the
bay between the keys and main shore of Florida.
On the coast between Pensacola and Mobile en-
frances. At the puoe.. ~ ~ 'i0 -hi'Si'''i anu III
"~-s anu III Sa}oTnia Surveying
parties have been at work the coast between
Buenavcntura and Santa Barbara, at Point Sal,
and on the peninsula OF San francisco. In
Oregon, on Yaquinna bay, Columbia and Ueha-
leur rivers. In Washington Territory. on Fuca
straits and in Puget sound,
In the Coast Survey Office, forty-eight charts
have been entirely or partially engraved during
the year, of which nineteen have been published.
Regular observations of the tides at seven princi-
pal stations have been kept up, and tide tables,
for all parts of the United States, for. the en-
suing year, have been published. A new edition
Of the Directory or Coast Pilot for the western
coast has been prepared, and a preliminary guide
for the navigation OF the northwestern coast has
been compiled.
This brief glance at the operations of the Coast
Survey during the past year shows the great
scope of that work, which has justly earned q
large measure of public favor. Its Importance to
the commerce and navigation of the country are
now well understood nor can its incidental con-
trbutons to science fail to be appreciated by the
representatives of the people. The work should
be pressed steadily forward, with means sufficient
for the most effective working of the existing
organization, so that it may embrace at no dis
tant period, the whole of our extended coast line
within its operations, including the principal
| haTbors in our newy-acquired Territory of
| Alaska.
RESUME.
| In concluding this communication, it may not
be inappropriate for the Secretary, in few brief
words, toreyiew some points in the general policy
OF the administration OF the Treasury for the past
| four years.
| The following statement published in the last
| Treasury rcport-eXhibits the condition OF the
| Treasury on the 1st OF April, 1867
lunGed DEBT .Sl 100 56l, "a so
| Matured debt. $40, l2109
Temporarily loan certificates. 52,452, 1928 20
Certificates of Indebtedness. III, ,T90,0 20
lnerest-heaunI InOtes.............. b26, o2, $4,000
Suspended unpaid requsitions.. ia, 256, 54S 93
United States notes, legal tenders 433 1850 $4,000
Fractional currency. ................ 24,254 094 OF
| $2.423, ,437, ,0O2Is
Cash in the Treasury. ............ S56,4Sl, 1924 "a
Total So, 1865 s55, OF "a
| By this statament it appears that, with
| $56,4S1 ,924'S4 in the Treasury there were re-
QUESTIONS waiting for payment Cthe delay in the
| payment of which was greatly discrediting the
| goyernment) to the amount of $11I, ,256, 54S'93,
that there were $52 452, ,328'29 of temporary loan
| certificates liable to be presented in from ten to
thirty days notice, and $171, ,790, 600 of certlf-
| Gates of Indebtedness which had been issued tO