Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-12-08

payment OF the interest and the principal of the
debt The amount suggested was 81 %. .NN0, 900.
As the debt is considerably smaller than its
maxim um was estimated NJ, the amount TO be
so applied annually might now safely be fixed
at 81 5,Oytta, according TO the estimate already
made in this report.
The subject of the currency in which the five
twenty bonds may be paid-agitated tor some
lime past-was freely discussed during the
recent political canvass, and made question
unon which parties. TO some extent, were
divided. The premature and unfortunate agi-
tation and discussion of this question have
been damaging TO the credit of the Government,
both at home and abroad, by exciting appre-
tensions that the good faith OF the nation might
not be maintained, and have thus prevented
cur bonds from advancing in price, they
otherwise would have advanced, after it was
perceived that the ma ximum OF the debt had
been reached, and have rendered funding az a
low rate OF interest too unpromisIEg 10 be
un6ertak ken.
Without intending to criticise the lnaction of
Congress in regard 10 a matter of so great I'M
portance, the Secretary dees not hesitate u say
tnat, II MS re- Communications had b, IN adopted,
the public debt would have been much less
than it il; and that the reduction of the rate of
interest would ere this have been in rapid pro-
STess The Secretary does not ,hink II necess.
afy 10 discuss the question in this report. HIS
OPINIONS upon 1t are well known To Congress
and the people. They were definitely presented
IN his report fer l-57, and they remain un.
charged. He begs leave merely 10 suggest, rs
n has subs tanrially done before, that alleyla.
tiun OF the burden of the public debt TO be OBJ
=
nCt III threats of rep pudiation-not in a further
issue OF irredeemable notes-not IL arguments
addressed TO the fears oftbe hondholders but in a
clear and explicit declaration by Congress,
that the national faith, in letter ard spirit
shall he inviolably main tained-that the bonds
OF the United States, intended To be negotiated
abroad, a. we'll as at home, are TO be paid
VIII, Il the time OF payment arrives-in that cur
renCy which is alone recognized as moEey in
the dealings of nation with nation. Let Con-
gress say this promptly, and there can b. but
Al Ia do rhaTs st..aa - h.
Will so advance that within the next two years.
the interest on the larger portion OF the debt
ell De reduced 10 a satisfactory rate He there
fore earnestly recommends thai il be declared.
without delay, by Joint resolution, that the
principal OF all bonds of the United States Is
to he pad in com.
II is also recommended that tha Secretary be
authorized 10 issue S50,UE,O,U of bonds.
>5o,uUu.C0i of which shall maturc annually;
the first SJC,1U0,OGO to be payable, principal and
Interest, In lawful money-the principal and
interest of the rest in coin; and also such fur
tber amount of bonds as may be necessary to
take up the outstanding SIX per cents and the
on-interest bearlng dent, payable in coin
tbiity years after date. and redsemable at any
Time after ten years At the pleasure OF the Gov
ernmeEi-the interest TO be paid semI-anuually
ia coin, and in no case 10 exceed the late OF
five per cent; provided that the SECRETARY NAV,
In his discTe ION, make the principal and in
terest OF S5I0,OC00G0 CT these bonds PAYABLE a,
such city OF cities IN Europe as he may deem
best.
Tie fact that, according to the recommsuda
tiou, 500. hCHO OF the bonds 10 be issued re TO
DcLC.n, Cuc ea-n CLr for ten consecutive wears
(at me r'TirIuOn Of which time all OF IN.
Donr- "CU4G b. uHCer the control of the Gov
TLrntL-) Wuuid ensure annual reduction
az S5C,uUl,uOO of the public debt, and impart n
crt GIl 10 the other bonds which would eu>ur,
the negotiation of them on favorable terms
OF the expedIency OF an issue OF bonds cor
rtspOnaiua, TO some extent, amount with
thosr heid IN Europe--the interest and priu-
opal OF which shall De paid III the counrrI.s
wneIe they .ie TO be negUIiated-there can be
but little doubt
The following is statement OF the pubIir
debt Oh the Isl Of July, 1866:
Debt telring com IntcTest-..... -, nS3W3,6iI s.
Debt n-lrIng currency interest. la6,2yS 30 a.
MatuTed bpbt not pre-euted
for payne: t.............. 21,527.3lL &;
DeCU bearing 10 Interest. ........ 400, H. 3l4 3
Total debt. ............2,6}6,2C,.o4p ,.o4p 70
Amount III treasury, COIN. lU1,5Cu-J6I y
currency, 3O,5u5.S5D 81
Amount of debt, less cash in
The following is a sta ement of rec-ip.s am
expenditures ior fhe fiscal year ending june
%, le6e:
Total receipts, exclusive of
loans. -...---......Siu5,6t-,0 ,0-3 =
1O'al expenditures, exclusive Of
LIESIpal Of public debt. ...... s37>,3i0,2Si SG
The following Is statement OF receipts anu
expenditures for the quarter ending Se9tembsr
So l-Gc:
Io,al receipts, exclusive of
..
TotaleXrendit"res, exclusive of
principal OF public debt... Iu5.IjLt-o =
The SECRETARY estimates that, under existing
laws, The receipts and expenditures fuI ta-
guar ters ending June 30, $50, viii BE- as FOL
lows:
heC0ipls ...-..-- -............. S2i6,nW,NOJ 30
L. PebultGrtS Observation-Disclosures. 2Si i,urLUGi o,
The receInts and expenditures unoereNistInq
laws for the fiscal ear ending June 80, 1874
are estlmaIed "a follows:
From customs .. SiG1n'uIny IA
A a. a III.
l-ahu~ 2,EO,tsU UI
scellaneous sources ......... 25.nUO.,0U o.
-
The expenditures ioI The same uerIod, If m
expenses OF the army should be kept up To
hhout the present average, VIII De as follows:
fCr The civil service ............ ~JuOW,irUO Ga
Pensions and Indians ....... 3u,nADpsn 20
War department ......... .5uusIao ga
Navy HepariIn ......... guHt.lEO pn
Interest on public debt. l2-,UuuWrn o.
L4peholtuies .........-.... SIEi,UUl,tOU 90
The Secretary thinks the remedy for the
emeraiiZation in the system OF revenu. col
lection Is To be remedIsd by such amendments
10 the act as Will equalizc the bu rdri.s OF taxa
uon, and IN an elevstiou of the standard OF
gutlIflCat on for revenue offices.
In regard 10 the character of the reyeuua Of
hcers be has only 10 say that there must be a
decided change for the better in this respect II |
me system Is 10 be rescued from It's dt,morsI.
lied condition. After ClletuI reflection the
Secretary has come TO The conc usIon that this |
change would follow the pas age OF the bill
reported by MIR. Jepckes, from the Joint Com.
mittee on RetrenchmeIt and Ref-rm on the
lith Of May last, entitled "a bill 10 regulate
the civil service and promote the efficiency
tnrreef." The Secretary gives 10 this bill his
hearty approval, and refers to the speech |
which was made, upon its Introduction by |
the gentleman who reported il, for ar a bIe and /
lucia exposition OF Its provisions, and for a
truthful and graphic description of the evils
OF the present system Of appointments 10 offic. |
On the fifth day OF October last, the day for |
their regular quarterly reports, the numb.r
Of National Banks was sixteen hundred and
forty-!our, eventeen Of which were in yolun
tary liquidatIon.
Delr Capitt was. iS0,f3i,5il o.
1neiT OlscUunfs.. 6l5S15.1-7 a L
lurii SiiCuidliou. 2t5.6-4,2f4 Ni 1
No. u' .............. o0ieS,21S IA
In no other country was so large a capital
ever invested An banking, under a single sys-
tenn. as Is now in vested in the Nationa, Ranks.
never before were the interests OF a people so
Interwoven with a system of banking, as are
the interests OF the people of the United States
with their National Banking system. 1t is NOT
Strange, therefore. tha. the condition and man. |
agement OF tie National Banks should be. 10 |
tn, II and to their representatives a matter of |
The deepest concern. That the National Bank |
ing system is perfect enc is not asserted by it's |
friends; that il Is a very decided improvement
as far as circulation is regarded, upon the sys |
TENS " hlch II has superseded must be admit |
ted by its opponents.
The Secretary censures the management NJ |
the banks in New York for the practice of car |
tifyipQ the checks of stock and gold hroIar. l