Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-12-16

an excess of product over net export:
of S433, 00O, 900. There are in the
Treasury SlO3, 4O7, 9s5; in coin in cir
culation in the States on the Pacific
coast about forty millions, and q few
millions in the National and othel
banks; in all less than one hundred
and sixty millions. Taking into con
~sideration the specie in the country
prior to 1919, and that produced since
1867, and we have more than three
hundred millions not accounted fol
by expectation or by the returns Of
the Treasury, and therefore, most
probably, remaining in the country,
These are important facts, and show
how completely the inferior currency
will supercede the better, forcing il
from circulation among the masses,
and causing it to be exported, as q
mere article of trade, to add to the
money capital of foreign lands.
The time has come when the Gov
eminent and national banks should
be required to take the most efficient
steps and make all necessary arrange
ments for resumption of specie pay
ments. Let specie payments once be
earnestly inaugurated by the govern
ment and banks, and the value of the
paper circulation would directly APP
prOXimate toa specie standard. Specie
payments having been resumed by
the government and the banks, all
notes or bills of paper issued by eth
er, of a less denomination than twen-
ty dollars, should by law be excluded
from circulation, so that the people
may have the benefit and convenience
of a gold and silver currency, which
in all their business transactions will
be uniform in value at home and
abroad.
INTERIOR DEPARTMENT MATTERS.
During the year ending June 80,
last, a fraction over six and one half
millions acres of public lands were
disposed of. There were also about
two and one-fourth millions acres en-
tered under the Homestead law.
The number of names on the pen
sion rolls is I69, 643. Amount paid for
pensions, including disbursing eX-
penses, S24. Ol0, 932. The Pacific rail
way, from Omaha to Sacramento, it is
believed, will be finished by June
next.
LL1h An URINE
The strength of our military force,
on the 30th of September last, was
fortv-eight thousand men, and it is
computed that by the first. of January
next. this number willbe decreased to
fortv-three thousand men. 1t is the
opinion of the Secretary of War, that
within the next year a considerable
diminutioD of the infantry force may
be made, without detriment to the
interestO of the country.
THE NAVY OFFICE.
A considerable reduction of the
force has been effected. There are
forty-two vessels carrying four hun
bred and eleven guns in the six squad
rons which are established in differ
emit parts of the world. The actual
cruising force thirty-five vessels, car
Fving three hundred. and fifty-siX
guns. The total number of vessels in
the navy is two hundred and six,
mounting seventeen hundred and
forty-three guns. Eighty-one vessels
of every description are in use, armed
with six hundred and ninety-siX guns.
The number of enlisted men in the
service, including apprentices, has
been reduced to eight thousand five
hundred. An increase of navy yard
facilities is recommended as a measure
which will, in the event of wal be
promotive of economy and security.
THE POST OFFICE.
The ordinary postal revenue for the
fiscal year was SIC, 292, 600, and the to-
tai expenditures, SD, 7S0, 592, an excess
of expenditures o. S6,437, 99l. The
causes of this large excess of expendi-
lures over revenue were the restora-
tion of service in the late insurgent
States, and the putting into operation
of new service established by acts OF
Congress, which amounted, within
the last two e and a half, to about
A. 700 miles; equal 10 more than one
third of the whole amount of the ser
vice at the close of the war. New
postal conventions with Great Brit
tain, North Germany, Belgium, the
Netherlands, Switzerland and Italy,
respectively, have been carried into
effect and have resulted in a reduce
rate of international postage and en-
Iarged mail facilities with European
countries.
CENTRAL AND SOUTH AMERICA.
Our relations with these countrie!
| are represented as cordial, save Para
| quay, where our minister, Mr.. Wash
burne, and the President of that ma
ton. got into a quarrel. Our new
| minister, Mr., Mcmahon, backed by
sufficient naval force, is expected
will untangle the existing compiled
| ton in q satisfactory way.
Negotiations are pending for thu
| survey and construction of a ship ca
nal across the isthmus of Darien un
der the auspices of the United States
WHY ALASKA WAS PURCHASED.
Alaska was acquired with the view
of extending national jurisdiction anC
republican principles in the Amerl
can hemisphere.
The President favOrs the acquisition
by purchase or voluntary annexation
of all the adjacent States, Islands
municipalities and powers we can COB
Bile up, and THINKS American prinei
ples are comprehensive enough {
bind the civilized world into one ma
tionality,
TREATIES.
Important treaties have been ratifi
ed between our government and NOrtl
Germany and Bavaria for regul2tin
the rights of n~aturaliZed citizens
Similar treaties have been entered in
TO with Belgium, Wurtemburg, Gran
Duchies of Baden and Hesse Darn
stadt. Negotiations for similar treat
les are in progress with Spain, ltal
and Turkey.
UNSETTLED QUESTIONS WITH ENG
LAND.
These are the mutual rights of mai
uralized citizens, the boundary que:
ton involving the title to the islam
of San Juan, on the Pacific coast, an
mutual claims arising since the yea
1858, of the citizens and subjects of tn
two countries for injuries and deprt
dations committed under the authOri
ty of their respective government
Negotiations upon these subjects al
pending, and | am not without hop
of being able to lay before the Senat
for its consideration during the pre-:
ent session, protocols calculated
bring TO an end these justly eXcitin
and long existing controversies.
he WOULD TISKER TPE CONSTITUTION
The President recommends the 70
lowing amendment to the COnstiti
ton:
LIST. For an election Of PresideI
and Vice President by q direct Yot
of the people, instead of through til
agency of electors, and making thel
ineligible for reelection to q Sc on