The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-09


some measure to many banks in other cities
The recommendation OF the Comptroller thar all
national banks be pronibed by law from certifying
checks which are not drawn upon deposits actually
existing at the time the checks certified 10 be
| good is heartily concurred in.
The Secretary has long entertained the opinion
that the practice or paying interest deposits
tending az t does, 10 Keep the banks constantly ex
tended ia their discountSs inudicious and unsafe
He therefore approves or the recommendation OF the
COMPTROLLER that national banks be prohibited from
paying interest on bank or individual balances
The Secretary also agrees with the Comptroller In
his recommendation that authority be given TO him
to call upon the banks for reports days to be fixed
by himself II reserve Is necessary IL should be
kept constantly on hand, and the business OF the
ton OF the banks for the quarterly reports.
The views OF the Secretary In regard TO the neces
sity OF central redeeming agency for the national
banks have been frequently presented and It Is not
necessary for HIM 10 repeat them.
There are other suggestion in the Comptroller's
report deserving the attention or Congress which
the Secretary lacks the time TO consider. There is
one subject however not discussed by the Comp
froer, to which the Secretary invites special atten
ton.
Although the national banking system should be
relieved from the limitation now imposed upon the
aggregate amount OF notes that may be issued this
cannOS safely be done as long the suspension OF
specie payments continues. Nevertheless, measures
should at once be adopted to remedy far as prac
tcabe, the inequality which exists in the dlsrribu
ton OF the circulation As the government has, by
the tax upon the notes OF State banks deprived the
States or the power OF furnishing facilities to their
citizens. it obviously just that states which
thus deprived of these facilities, which do not
WIN Otner states the Dement'S tne
national banking system, should be supplied with
both banks and notes. There are two modes by
which this may be accomplished. One by reducing
the circulation OF the banks OF large capital only
the other by limiting the amount OF notes 10 be fur
nished TO all the banks-say to seventy per cent OF
their respective capitals The latter mode Is prefer
able, as by 1t no discrimination would be made be-
tween tue banks and all would be strengthened by
reduction Of their liabilities and by release OF
part OF their means now deposited with the Trea-
surer which would be OF material service to them in
the preparation they must make Tor a return 10
specie payments. Ii redeeming agency should be
established, the reduction OF the circulation Of the
existing banks could be affected as rapidly as new
banks can be organized In the Western and Southern
States where they are needed.
The new Territory of Alaska has been the object Of
much attention during the past year, but Its distance,
and the uncertainty and inlrequency OF communica-
ton with 1t, and our imperfect knowledge OF its condi
tlon have somewhat embarrassed the department. IN
organizing therein satisfactory revenue system.
Under the authority OF the act Of the asG session,
the administration, by special agency (Which in the
absence OF the regular machinery was OF necessity
resorted toy, has been superseded by the appoint
ment OF collector to reside at Stka, who left for his
post Ia September last and has probably. ere TINS,
entered upon the discharge OF his duties.
A gentleman from this department accompanied
him TO assist in establishing the collection service on
proper foundation, and In perfecting arrange
ments for the prevention of smuggling
Recognizing also the vast importance OF reliable in
formation On matters not immel iately connected
with these objects, bat having nevertheless most
important bearing upon them more or less direct,
another agent long familiar with that country, was,
at the same time despatched with directions to apply
himself TO the ascerrainment OF its natural resources,
the inducements and probable channels OF trade and
the needs commerce In the way OF lights and other
aids to navigation lie was also particularly en-
trusted with supervision OF the fur interests and
the enforcement OF the law prohibiting the killing or
the most valuable fur-bearing animals.
The existence of coal at numerous points has been
known for years, and some or the beds were worked
by the Russians with Indifferent success None,
however, has been hitherto procured on the North
American Pacific coast equal to that from the Nanal
raised IRON considerable depth Ia not OF superior
quality The officers OF the cutters were therefore
INSTRUCTED to explore the coast as lar practicable,
the quality OF coal in the Territory. A nun.
Der OF localities producing coal were wished,
including the abandoned Russian mines, but
ut none did the ourcroppings exhibit any
natterlng promise except on the coast OF Cooks
Sitka, were found upon the cliffs numerous parallel
veins extending many miles along the shore. Some
81 the coal taken from them proved to be superior to
that from the Nanaimo mines. The Indications are
that the supply Is abundant and the quality fair.
The protection OF the fur-bearing animals Is mat
quence OF information received last spring the cap
tain OF the Wayanda was directed to VISIT early
| sea, where the fur seal chiefly abounds. ON his
arrival Ut st. Paul's and st. Georges Islands he
hunting the animals indiscriminatey and In trafic
with the natives In ardent spirits and other
natives complained that the reckless and unskilfu
movements OF the new hunters had already driven
| the animals from some OF their usual haunts. The
captain OF the cutter instituted such measures
felt authorized to institute for the maintenance OF
the peace and the protection Of the animals from
The preservation or these animals by the observ-
ance OF strict regulations In hunting them, is not
only O matter Of the highest Importance in an
economical view but matter OF life or death to the
nRtvcs. Hitherto seals have been hunted under the
| by the natives, who are trained nom children to
that occupation, and derive from 1t their clothing
aud subsistence. They have been governed by exact
and stringent rules as to the time OF hunting, and
the number and kind OF seals to be TAKEN II Is
commended that these rules be continued by legal
MFR ant taftv Iar, s,x<
absolutely the killing OF the fur seal and otter be
repealed, as starvation OF the people would result
from Its strict enforcement. The natives with the
exception OF the Indians In the southern part Of
Territory who are fierce and warlike are gentle,
harmless race, easy to govern but OF great enter.
prise and daring in the pursuit OF game, many OF
them passing annually In their skin canoes from the
mainland and Aieutan Islands to the islands OF st.
Paul and ST. George distance OF about one hun
dred and lfty miles, through q strong sea- and
tur0ing with the proceeds OF their hunt.
The seals are extremely timid and cautious. They
approach their accustomed grounds each year with
the greatest circumspection, sending advance par
ties TO b reSonnoitre aud st once lGrsaEng places
visitors. They have been In this way driven from
point to point, and have taken refuge In these re-
mote islands, whence, II they now driven, they
must resort to the Asiatc coast. There can be no
doubt that, without proper regulations for hunting,
these valuable animals, and the more valuable but
less numerous sea offers, a very profitable trade
| Will soon be entirely destroyed.
The United States cannot OF course administer
such q trade as q government monopoly, and the
only alternative seems to be to grant the exclusive
privilege OF taking these animals to responsible
company for series OF years, limiting the number
OF skins TO be taken annually by stringent provisions
A royalty or tax might be imposed upon each skin
taken. and revenue be thus secured sufficient to
pay large part Of the expenses OF the Territory.
Our relations with the Hudson Bay Company and
the regulation Of the transit of merchandise between
their interior trading posts and the seac0ast by way
OF Skine river will. doubtless require early atten-
ton; but at present the Secretary In not sufficiently
advised to oHcr any recommendations upon the
subject.
The recent political changes IN Spain, and the in
dicatlons OF more liberal commercial policy on her
part, before the revolution took place, add force
| the remarks and recommendation OF the Secretary
hts last report In regard TO our commercial rea-
tions with that country. lie again strongly recon-
mends the repeal OF the acts OF July IL, 1892 and
June So 1884, that Spanish vessels may be subject
to general laws which ample TO afford pro-
lection against unfriendy spanish legislation. and
are free from the innuinerable difficulties OF adj
mnstration which exist under these special enact
IL aullIa