Vermont daily transcript. [volume] (St. Albans, Vt.) 1868-1870, 1868-12-09
The Department Reports.
The TREASURY.

Secretary McCullOch's report congra-
tulates the country on the good Condi-
ton of its finances, and that no i'll effect
has been experienced on account of a
redundant currency. He believes thai
revised tariff and modified revenue
laws would tend to a resumption of spe-
Gle payments but he is opposed to any
legislation as to the time of the resump-
ton. The report shows that up to date
$S27, 620 $50 seven-thirty bonds have
been funded into five-twen.y bonds,
leaving on December only So, 363, $50
seven-thirty notes outstanding. All the
compound interest notes which became
due between June 10, 1867, and October
Is, 1868, have not been redeemed, but
many have been exchanged for 3 per
cent. certificates, This policy of fu i'd
ing was regarded as tending strongly
toward resumption of specie payments.
Mr.. McCullOch's views as to the con-
traction of the paper CT culation are I'M
changed. The Secretary estimates the
expenses of the fiscal year ending June
30, 1870, at $3.50, 900 900, which wou be
increased in event Of an Indian war.
The war Department this year will not
require as much for bOunties as last.
The annual interest on the public debt
was about $40, 900. The estimates
of the Navy Department are $50, 00O, 900
less than last year. The internal re-
venue this fiscal year will amount to
$l20, 600, 900. The debt from November
l, 1867, to December l, 1868, has been re-
duced about $27 900, 900. The Secretary
again recon- nends the reorganization
of the Department Bureaus. x
THE NAVY.
The report of Secretary Welles shows
the present naval force, the different
thereto, the injury and destruction Of
vessels by earthquakes, the reduction of
force in Navy Yards, speaks of the sur
vey Of the North Pacific, the iron ciads,
the League Island, and contains the
amount Of expenses for the past fiscal
year and estimates for the next. "
1t also has chapters devoted to the re-
ports of the several bureaus of the de-
partment.
One of the most interesting features of
the rel ort is the account of the extended
tOuro OF Admiral Farragut.
The exhibit of the naval force shows
2O6 vessels, carrying 1,743 guns. OF
these vessels, As are in squadron service,
3 in special and lake service, ! appren-
tice ship, 10 practice vessels, 6 receiv-
ing ships, 10 Tor officers quarters, tugs,
&C., So iron clads laid up, iron elads
unfinished, Is steam sloops not COM
pleted, line-of-battle ships not COM
pleted, and other vessels laid up fitting
Tor sea and for sale. Ofthese vessels, 35
are first, 81 second, rs third, and Ss
fourth class.
The organization of the squadrons re-
mains essentially the same as when the
last annual report was made,
Some changes of commanding officers
and of vessels have taken place, and
the fRros OF each squadron has, in con-
sequence of the limited number of sea-
men allowed by the act of the 18th June
last, been necessarily reduced,
The Secretary states that the navy has
done all it could for the protection of
our commerce and ship Interests with
the limited number of vessels employed,
and that throughout Europe the rights
of American citizens are respected; and
wherever the flag has been carried by
the navy, the privileges to which they