Evening star. [volume] (Washington, D.C.) 1854-1972, 1870-12-05

Will he considerably larger than appears from |
hs IN ~ - % 7s37 is the estimate for
pubnc works. The appropriations for these |
objects for the present year are les tnin
81 zoo coo, and IL i reasonable 70 presume tht.
the appTOpr a .Ons for the next year Will not
much exceed that amount.
Tits believed also, that the eStimstes Inaue Dy
the several Departments, Tor the dherelt
braucLesof the public service, are iot the max
mum amounts which VIII be Ielulred' unser
any Circumstances. II such - the case, the 9
III reHain on the goth OF June, 1sI2, uneNpsnd-
"a balances to be covered into the Treasury.
N nav therefore, be reasonably anticipated
an, fss total reduction of the public debt dur
inc AZ newt FISCAL year, including payments on
account of the sinking fund, will will be about
n is noticeable fact that the estimated ex-
pendituTes for the next fiscal year, including
payments on account OF the sinking fIrd, and
for the interest on the public debt, are so nearly
equal to the receipts as TO Justify and demand
the greatest caution in dealing with the reye-
Eues and business Of the country. Ii is aPPar-
ent that a disaster, or even a serious check to
business. would reduce the revenues below GU
necessary expenditures.
Its apparent. also, that TIE prosperous CO.
ditOn of the country is largely due to the revenue
system inaugurated during the war, by which
manufactures and the mech snic arts have been
extended and established. This policy. cannot
now be rashly abandoned. or suddenly and rad.-
cally changed without grea: injury to business
ana labor, and serious consequent losses Of reye-
Tie war in Europe has rendered il impracsi-
cable 20 refund the national debt, a. authorized
y y
the paper has been manufactured, and the
preparation OF the plates has been so far ai-
yaBced that whenever a favorable opportunity
arises the loan nav be offered and the bonds
delivered without delay.
Inasmuch a. the war in Europe, and the con-
sCQuent deUAnd for money, make it doubtful
whether the tour and the IOur and ha'f per
cent. bonds Will be taken. it seems to me wise to
authorize the issHe of three hundred millions
additional OF bonds bearing interest at the rate
OF i've per cent. The Interest can be paid quar-
terfy without inconvenience, and / therefore
respectfully recommend that the loan act be so
modihed that the payment of interest may be
made quarterly instead of semi-annuaIIy.
should these recommendations he approved by
Congress, II is OF greas importance that act 4
authorizing the changes be passed without
lay. so.
During the year ending September 50 60;
The national banks paid in interest thu sum
Sc ,ise, I,2.Se. 1t is estimated that ofrtiss
.wo millions were paid to private inc in,s-
cannot doubt that the practice OF n1s henL
est, except upon balances due brae ama~t
20 sbo.t g., is a means by whict nss aliounls
OF espit.l are diverted from ,src;ai IA pV,
none o. IN. country TO the Cousins SenerasIv
The province Of bank iss snd diao oney; anu
proper duty is, by l6ess i'm tn nes-hS "
sood Of its iors,on matter OF fact, under
the present system, By and 80 s"e,es s oS wnieh
,spt S;,,.s sse1s teGe loaned en- cali and USED
foT speculative puinly thu c,--or,, ,.,. |
IN fhe T-ess1Tv As been unusually, and for |
immediate p,rt res unnecessarily large.
The act ofIy ", 1870. authorizing an in
r,ease OF n-nAl bank notes, imposed upon |
the SecYe,a or the Treasury the duty of pro-
,Idiug for redemption OF equal amounts OF |
,1dee per c; in the reSenues. 10th OF
coin and crency, made IL my duty TO reserve |
asum sufent TO enable the Department to
ordinary cans. Happily, the financial condi- |
ton OF country has rot been unfavorably |
zneetety the Accommodations in the Treasury.
Com-linfs are made from all parts of the |
COUNT tat the bills ~ the national banks are
worn nd defaced to suci. an extent as to be no {
long NJ Tor circulation. as many new banks
sreVon 10 be organized undel the law OF the
lac session OF Congress, respectfully recon-
MO- thst an appropriation be made and au-
Sssity gwen for the issue Of new bills, Gpon /
sNn paper and IN such form as NAV be desig- {
mneI ~ Tie Secretary OF the Treasury 4
Ike comptroller OF the Currency, in his re- =
~ az iof IS' recommended the establishment
OF an agency IN the city OF New York und.r
the control OF the national banks, for the re-
VEN PlOh OF their isrues. The substance of mi. |
Ye~o.enuatIOn seems to me not only proper | :
but Necessary. Ihe expense should be borpeb y ;.
the banks. =
Coupled with these recommendations, take q
thls occasion 10 say that the banking system OF | p
me county appears to be well managed, and to S
established. IL is 10 doubt true that Treasury i
noes representing an equal amount OF the &
pubic debt without interest are the most econo- =
mical circulation for the government But II | p
should be cOEsitered that the bankiug institu- n
toIS OF he country are AGENCIES by when bu i q
ness II established ard foste1rt Dpon the i
whole, the system Of 1anking should he ex-
Iehueu OF I0f he purpose Of meeting the
u~Inands of business; but when the demands | ,
Are urgent the cOncesS on should he made mon | :
the ground that the prosperity of business j. /
more ImpOr' ant than the mere saving OF interest
arising from the circulation of Treasury notes. v
and silver deposited at the Mint and is several =
branches, dur ng the last fiscal wear. was So .
40S IS &C. the coinage for the year was S2l 6SG-
OF; ami the value OF gold and silver bars I
STAN az w"S sc.4fS~52 ~. a
IresrectfUlly ak the attention OF Congress to y
the bill prepared IN this Department and sub =
united Il the last session, and 10 the accom- a
Ianylng report, relative 10 the minis and the y
coinage system of the country. The bill was
prepared with care, ard il has since been sub n
united TO the criticism OF a large number OF e
practical and scientific meT, whose views have
been published by authority Of Congress. =
DuIDg the year several branch mints and as
say offices have been visited ard examined by | 2
slr knox and DR.. Lilderman. The assay once q
al bOlse City. Idaho, - nearly completed, and | 4
= VII IelulIe mall appropriation Tor the d
OF business. !.
vision should be made for the redemption | \
d the bronze and other tokens issued by the | /,
iovernmen,.
The report OF the Commissioner OF Mining | Z
Statistics for the wear 1853 has been printed
since the close of the session in July last, ana
that Tor The year 1870 will be made during the 4
winter. The continuance OF the work appears e
to be a matter Of national importance. i
The proportion 81 American vessels engaged |
IL foreign trade has not increased relatively |
daring the year, although there has been an |
ac tual increase IN he entries OF American YES
sells al the ports of the United States amount {
ing, in The aggregate, TO about $50 zoe tons. 4
The total tonnage engaged in the foreign trade | !
entered al all OF the POTIs of the United States !
has increased from 5 .5S} 900 tons in 1859, to 1
,95' 900 tons IN $50, but the proportion OF 3
American tonnage remains As in ls69 at 50 per | :
cent.
without undertaking 20 specify the mean, l.y
which !t j. 10 he accomplished. 4 cannot over
state the Importance OF such legislation as will !
secure the revival OF American commerce.
Tie report Of the Light-HOu>e Board sets |
forth i'm detail the difficulties which nave arisen
An that branch 81 the public service from the | .
operation OF the nth section OF the july q,
T. l>'n, making appropriations for the legi>a- ,
i've anu exec ujiVr expenses OF the Government | ,
Tor the wear ending June 90. 1871. The legisla- |
ton asked iJT by the board seems To me to be |
necessary.
The report OF the Superintendent of the Coast |
Survey gives brief but satisfactory statement |
Of the progress made during the last surveying |
|
On the LIST day OF October last regulations |