The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-10

2726 persons, receiving total amount Of. $34 o3I
There has been during the year an increase on tue
pension list OF 24S persons, calling lor $27.202.
PRIZES AND PENSION FUND.
In my annual report for 1865 the proceeds OF the
sale q Prizes captured CURING se war anu acJun
given. Since that date most OF the cases then in
court have been determined. and upon the lst Of
November Of the present year the gross proceeds Of
such sales, as far as returned, amounted to
$2 3444 expenses as far as returned 81, S 0o0s
net proceeds S23 ,627.
during the year the naval pension fund has been
increased 81, 600 coo, making total az the present.
The act Of April %, 1900, provided sthat all moneys
accrung or which have already accrued to tho
United States from the sale OF prizes shall be and re-
and half pay. should the same be hereafter granted
to the officers and seamen who may be emitted tQ
receive the same Ia ,ne rev1son 81 sne r.a tei w
provision was reenacted, and subsequently, upon
the recommendation of this department the secre-
tary OF the Navy trustee OF the fund.- was author
ICED to invest it in registered securities Of the United
States which war DONE at the same rate OF interest,"
SIX per cent IN gold. The statute also provides that
II the income OF the fund Is more than sucient 10f
the Of ~ nr the az
Tort OF the disabled officers seamen and marlnes.
In making this my annual report anu s,asing Ing
trustee to present the foregoing extracts from tie
statutes pledgng the public faith that the money
arising from the sale Of prizes snail be and Tor ever
remain funa for the payment Of naval pensions
and for the investment IN registered Donds
bearing interest m gold It y daica lt TO to
interest to three per cent in currency, with the
pledged faith previously given, which involves tue
national honor. Had this loan been made TO states
or individuals on the terms specified the contracS
would have been literally fulfilled. This lund DC.
longs unquestionably to the oiilcers seamen an0
marines OF the navy, wh0 by their courage. activity
and enterprise, stimulated by tho pledged faith o.
the government, captured the prizes rom the awaits
OF which the fund is derived. The income at thg
reduced rate OF lnterest-lcss than Is pad by tnG
government for any other loan and payable IN what
Is called ''awfu. money! instead OF coin, which is
always lawful, and which was originally 81 eclfed
when the loan was made-may be sufficient to meet
the necessary disbursements Tor the pensions NJ the
rates now established But had not the income Deen
reduced over atty per cent by the act OF July la3t
the rate OF naval pensions might be increased and
should lave felt IL q duty to renew my recommend.
alton for revision or the naval pension laws ZOE
that purpose at the present session OF Congress.
/ cannot in justice 10 the distinguished naval
officers who have rendered invaluable service to the
country and ty their galantry contributed largely
to this fund, omit again calling attention to the acs
that the present pension laws make no provision for
pensions for tue families OF the admiral, vice al.
miral rear adnirals, colamodores and other grades
OF the line and stan, and again urging that suitable
provision be made in each OF these cases.
EXPENSES AND ESTIMATES
The available resources for the fiscal year