Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-12-11

our ricD ana AiSNS 80
may be sufficient for purposes OF clrculatlOn'
It is unreasoBa able to expect return to asound
currency IS long as the government ana o&nks,
by continuing to issue irredeemable notes, HI the
channels of circul alton with deprecated paper.
Notwithstanding coinage by our mlnts SINCE
1849 Of eight hundred and seve1ty-four millions
of dollars the people sre now stranger 10 the
currency which was designed for their Use and
benefit, and specimens OF the precious Inetaj
bearing the national device are seldom seen, e1-
cest when produced to Crafty the 81 eAclteo
by their novelty II DEPRECATED paper is to be
continued as the permanent currency OF the counc
try and all our coin is to become mere article OF
traffic and speculation, to the enhancemeht IN
price of all that is ndispep sable to the comfort
of the people, it would be wise economy to sool-
ish our ints, thus saving the nation the care and
expense incident t. such estab lshInents, ana let
ali our precious me ais be exported IN bullion
/ The time has come, however, when the govern
ment and national banks should be required to
take the most efficient steps and make sill neces-
sary arrangements for resur ptlon OF specie
payments. Let specie payments once be earnest
~ inaugurated by the government and hanks
and the value Of the paper circulation would d.
rectly approximate specie standard
Specie payments having been resumed by the
govern aud banks, all notes or bills OF paper
issued bv either of less denomination than
twenty dollars should, by law, be excluded from
circulation. so that the people may have the BEN
eft and convenience Of gold and silver curren,
| cy, which in all their business transactions Will
be uniform in value at home and abroad. Every
man of property Or industry; every man who de-
sires to preserve what he honestly possesses IS
TO OBTAIN what ne can honestly earn, IdS uI 6Ct
interest in maintaining a safe circulating medi-
um such q medium as shall be real and suhstan-
tial, not liable to ylbrate with
opinions not subject to be blown up Or blown
down by the breath Of speculation, but to be
made stable and secure A discr&ered currency
IL one of the greatest political evils. 1t under
mines the virtues Necessary for the support Of the
social system, anu encourages propensltles de-
structlve of It's happiness; = wars against indus
try, frugality AID economy, and ii fosters the
evil spirits Of extravaganza and speculation. it
IA
most gifted Statesmen that Of all the contrivances
for cheating the laboriDg classes of mankind,
none has been more efectuai than That
which deudes them with paper money This is
the most etfectual Of inVt ntlOGs to fertlZe the
rich mans fields hy the sweat OF the poor mau s
brow. Ordinary tyrsnny oppression, excessive
taxation, bear lightly on t g happint g. Of the
mass Of the community, compared nj; h 3 fra utn-
lent currency, and TIE TObOeres committed by
deprecated paper Our own history has record
ed for instruction e0Ough and moro than
enough of the demorelizi9g ttndency-the Inju
tice and intolerable oppression on the vrtuous
and wei, disposed. by a degraded paper currel-
cy authorized by Law, any wGE
countenanced by the government. It Ia one o
| the most successful devices il limos of peace or
war of expansions or revulslons, to complsh
the transfer OF ali the precious metals from the
great mass of the people into the hands Of the
few, where they boarded IN secret places or
deposited under bolts and bars, while the people
are lett to endure all the Inconvenience. sacrtce
and demonstration resulting from the use OF de-
pTecisted and worthless paper,
) The Secretary OF the Interior, ia his report,
gives valuable information in reference to the in
terests confded - the supervision OF his depart
ment md reviews the operations OF the
land Office pension office patent office and Indian
bureau. During the fiscal year ending june
30th, 1868, 6,65570o Of public land were
dispoeed OF. The entire caeh receipts of the
general land Office for the same oeriod were
81, 632, 745, being greater by 1921 1888 than the
smount realized from the same sources during
the previous year. The entries under the home
stead law cover 2,32S 923 acres, nearly one
June 21st, 1866, which applies only to
the States of Alabama, Mississippi, Louisiana,
Arkansas and Florida.
On the 3Oth of June, 1868, ono hundred and
sixty nine Thousand Elk hundred and fOrty-three
names were borne on the pension rolls and dn-
ring the year ending on that day the tots amount
paid for pensions, including the expenses OF DIS
Oursemsnt s2+ 010,9 1872, being s. 39l O25 great
| er than that expended for ike purposes during
tho preceding year.
During the Year ending the 3osh Of September
ceeded the receipts by one hundre" alIi
seveny.one dollars. and Including al issues
and designs, fourteen thousand ooe hundred and
| hfty-three patents were issued.
| Treaties with various Indian tribes have been
concluded and will be submitted 10 the %cuato
for its constitutional action. l cordially sanction
the stipQiation5 which provide or rrserYlHS lands
for various trib ii. where they may be encouraged
to abandon their ..Jmadlc habits and engaG IL
agricultural and Industrial pSIsus. This policy
inau gur= ted many years eiucc, has met with sig
nal success whenever it has been pursued III good
faith SD With becoming Iiberaity by tue .tlted
States. The Lecesslty for eXten'.ins 1t as tar az
practicable i'll our relations with the aDol.g!cal
population is greater how III IA at any prccadlnG
period. Whilst we furnish subsls"t nee and III
strucJiOns to The indians, and guarantee the un-
disturbed enjoyment Of their treaty rights, we
should habtualy insist upon the faithful observ-
ance of their agreement to remain within the re-
| spective reservations. This is the only mode by
which collisions with other tribes and with the
whites can be avoided ard the safety of our from
tier settlements secured.
The companies constructing the railway from
Omaha to Sacramento have been most energeCI~
cay engaged in prosecuting The work anu it Is
believed thai the line WAL be competed DelJre
the expiration Of the next fiscal year. The six per
cent. bonds issued to these companies @mounteG
on the 5th instant, SAL 1897 600, and additional
work mad b. en- performed to the extent OF So 200
600. The Secretary Of the Interior III August last
Invited my attention to the report of govern
ment Director of the Union Pacific Railroad Com
pany, WAC mad been specially instructed to ez-
anime the location, construction and equipme ut
OF their road. submitted, for the opinion OF the
Attorney General, cert ain questions in regard to
the authority of the executive which arose upon
this report, aud those which had, from time to
time, been presented by the connleeioner APP
pointed to inspect each successive section OF the
work. After carefully considering the Law OF the
case he affirmed the right Of the executive to or
der, il necessary, thorough revision Of the en-
TIRE road commissioners were thereupon APP
pointed to examine this and other lines, and have
recently submitted statement of their investiga-
tion OF which the report of the Secretary of the
Interior furnishes specific Information,
The report of the Secretary Of War contains in
formation Of interest and importance respecting
the several bureaus of the war department and the
: operations Of the army. The strength OF our
military force on the 30th Of September last was
48 600 mon, and it is computed that by the ist OF
j January next this number will be decreased TO
43 ,000 1t is the opinion of the Secretary of War
that within the next year considerable dlminu-
ton of the infantry fOrca may be- made without
detriment to the interests Of the country. And i'll
! view of the great expense attending the military
peace establishment. and the absolute necessity
| of retrenchment, whenever it can b3 applied, 1t
is hoped that Congress will sanction the reduc-
ton which his report recommends.
= While in 1850, sixteen thousand three hu1dred
men cost the nation SIC, 900, the sum OF $685.
G82 600 is estimated necessary for the support
Of the army during the fiscal yeer ending June
3Oth, 1870 The estimates Of the war department
tor the last two fiscal years were, for 1867, $780,
814 46l, and fer 1853, s25 205 500. The actual ex-
penditures during the same periods were, resoec-
, lively: $95.2!4,4l5, $l25 GAG, CHS. The esti-
mate submitted il December las: for the
f fiscal year ending June goth, 1869, was
s77,124.707. The expenditures for the first
} quarter ending the Goth, of September last
were s27,2l9,117, and the Secretary of the
, Treasury gives $685. 600 the amount which
will probably be required during the remaining
t three quarters if there should be reduction OF
the army, making Its aggregate cost for the year
10 inc ofS mo e.