The New York herald., 1870-10-10

made 1t ground OF new assault upon the admins
tration.
The Funded Debt-CircuIar Of tho Secretary
Of tho Treasury.
The Secretary OF the Treasury has just issued the
following circular with reference TO the funded loan
Of the United States OF 1880, 1883 and lsoo:--
TREASURY DEPARTMENT,
WASHINGTON, u. c., Oct 3, 1870
The secretary OF the Treasury, Ia anticipation OF
proposal to be issued by him for subscriptions To
The national loan, under the act approved July H.
1870 eniled "An act 10 authorize the refunding OF
the national debt" gives notice OF the terms and
CONDITIONS on which such proposal Will be issued
namely
Ftrsf-Bonds to the amount or 5000 900, ,ooO paya-
BILE III the pleasure OF tne United States after ten
years from tile date OF their issue, and bearing IN
terest payable semi.annuaIy In coin at the rate Of
i've per cent per annum.
Second-Bonds TO the amount or $500 900, ,OOo pay.
able ut the pleasure OF the United States after fteen
years from the date o their Issue, and bearing IN
tcrest, payable semannuay, In coin at the rate Of
four and nalf per cent per annum
able ut the pleasure of the United states Alter thirty
years rom the date OF their ISSUE and bearing inte
resi- payable seml-annually in coin, ut the rate Of
Banks and responsible bankers will be designated
for the negotiation OF the loan and paid commission
upon the amounts negotiated by them respectively.
Subscribers 10 the loan will have preference In the
following order, namely
Frsf-Subscrib0rs l0r equal amounts OF the first
and third classes OF bonds
Second-Subscribers ior equal amounts OF each
DEMONSTRATIONS for Ave per cent bonds accord
ing 10 the per cent Of premium offered ut par In
the order OF the date or subscribing.
Wnen subscription II made subscribers will he
required to deposit two per cent OF the amount
thereof, 10 be accounted Tor by the government
made either in coin or in bonds Of the Unsed s States es
known AZ nve-twenty bonds at their par value. The
demption Of hvetIenty bonds the Bonds a. viii VIII be
regstered OF issued with coupons az may be desired
by the subscribers, aud in denominations Of $40,
Sh.OO0 Tna IN.
teres VIII be payable In the United states at the
office Of the Treasurer any Assistant Treasurer
bonds OF the several classes aforesaid and the inter-
est thereon are exempt from the payment OF all
taxes or dues OF the United States well as taxa
ton In any FORM by or under State, municipal or
local authority After maturity the bonds last issued
w be- be- rsa %v % oy CLASSES and
GEO. >. BOUTWELL,, Secretary.
Postal improvements.
ON the ist instant the Post 0nce Department nut
into operation the distribution system between De-
troit AMI Chicago, Q distance OF $50 miles, and Is
now preparing to extend u between st, Louis and
Cleveland, a distance OF $40 miles. The duties or
The mali clerks these lines OF railroad travel are
the same those Northern lines Not only are
the way mails promptly delivered, but letters are
assorted ana punched and placed In the way OF
reaching taer destination without lying over in any
post ONCE.
Applicants for Retirement.
Numerous applications have been made by persons
attached TO the army to he put upon the retired list
account OF physical innrmites, but some or them
failed 10 be ordered before the medical boards
for the purpose OF examination, the reason
being that there were only l2O vacancies on the list
ana the number OF applicants is far excess The
military board 10 meet this city on the nth inst
will have nothing to do with the examination or
officers to be dropped from the army because OF
nhyefc al N bnfl lnro her rpogn
Gersnau Rejoicing at tho Neutrality Pro-
cIamation.
The Germans OF this city have heretofore COM
planned of the conduct OF French armed vessels In
our waters towards the Prussan shipping, but they
arc now rejoicing over the recent neutrality pro-
camatlon.
Conveyance Of Land Without Valuable Con.
siderntion.
A person purchased certain real estate Ia 1862
At the time Of The purchase he engaged in open
and active hostility to the government In order to
avoid confIscaion Of his property by the United
States account OF such hostility, he caused the
property to be conveyed to his father.in-law, who
was In open and active hostility to the govern
ment, and who took the conveyance with full know
ledge OF the purpose for which It made TO him.
After the termination Of the rebellion, and when IL
was found THAT the lands would not b8 con6scated
the iather-in-law conveyed the property TO his
in-law without valuable consideration. The Acting
Commissioner OF Internal Revenue decides that this
conveyance c0nfers taxable succession upon the
son-in-aw, for the reason that the conveyance
to the father, made for the purpose above
mentioned, hostile TO public policy; that both
parties were IN equal fault; that the rule OF law
that "when the parties are equally In wrong, the
condition OF the posscssor Is the Deter.r appes in
this case; that inasInuch AS the law leaves the
parties I'm equal fault just where It nnds them and
gives no relief by an action which requires aid fron
Illegal contract In Its support. the title " the
father-ln-aw was good against the SON and
his heirs; tnat the conveyance OF tho authoritarian
therefore purely voluntary, and being ~ volun.
tary conveyance, made without valuable cOylsiuera-
tion. must sbc held ana taken TO confer upon tho
grantee succession" al provided IN sevaon l32 OF
the act of June 80, 1864, as amended.
Tho Newly Discovered Seal Ftsaerics.
The Collector or san Francisco ielesc apis secre.
tary Boutwell, that he has thoroughly investigated
The case OF the ship which recently arrived there
with H. 900 seal skins on board, which n was
asserted, were secured on an unknown island in
the 0kotsk sea, near Kamtchatka, and find that III,
statement was undoubtedly srle. The eyidenc,
the coast OF Alaska, as was,Tuspectcd. The vessc
will, therefore, e released.
New Natio,AvI Banks.
During the last week .certncates were issued.
authorizing the focwuug national banks 10 com
mence business The H.rs. National Bank OF s,er
Ing H., with capital OF 100000, John l.. Miller
President; w. A. sanborn, Cashier Tho
Citizens National Bank OF Alexandria, va;
capital si25,oOo; r. II. Miller, President; W. H.
Lambert, Cashiey.
The following annie ns M W heen authorized Il