New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-09

of paying interest, except upon balances
due from one bank to another, IL q means
by which large amounts of capital arc di-
rected from extreme portions Of the country
to commercial and financial centres, and
iniure business severely. The province Of
the bank is to loan money, and it's proper
duty is, by loans and discounts, to facilitate
and develop business in the neighborhood Of
its location. As matter of fact. under the
present system, banks are agencies by which
capital is gathered and sent away to distant
cities, there to be loaned on call and used
for speculative purposes.
Complaints are made from all parts of the
country that bills on national banks are
worn and defaced to such an extent as to
be no longer fit for circulation. As many
new banks are soon to be organized under
Congress, l respectfully recommend that
an appropriation be made and author
ity given to issue new bills upon
such paper and in such form as may be
Designated by the Secretary of the Treasury.
The Comptroller of the Currency, in his
report in 1869, recommended the establish
ment of an agency in New York, under the
control of the national banks, for the re-
demption of their issue. The substance of
this Recommendation seems to me not only
proper but necessary. The expense should
be borne by the banks.
THE BANKING SYSTEM.
Coupled with this Recommendation, take
this occasion to say that the banking sys-
aged and to answer reasonably the purpose
for which it was established. 1t is no doubt
true that treasury notes representing an
equal amount of the puQlic debt without
interest are the most economical circulation
of the government, but it should be consid-
cred that the banking institutions of the
country are agencies by which the business
is established and fostered. Upon the
whole, the system of banking should be ex-
tended only for the purpose of meeting the
demands Of business; but when the demands
are urged, concessions should be made upon
the ground that the prosperity of business
is moro important than the mere saving of
interest arising from the circulation of treas
ury notes excluding redeposits.
GOLD AND SILVER.
The amount of gold and silver deposited
at the mints and thier several branches dur
ing the last fiscal year was $50, 4O6, 788 10;
the coinage for the year was 24,636, oil,
and the value of gold and silver bars
stamped was $8,748,852 81.
MINIS AND COINAGE.
1 respectfully ask the attention of Con-
gress to the bill prepared in this depart
ment and submitted at the last session, and
to the accompanying report relative to
mints and the coinage system Of the
country. The bill was prepared with great
care, and has since been submitted to the
criticism of q large number of practical and
ished BY the authority of Congress. Dur
ing the year several branch mints and assay
Offices have been visited and examined by
Mr.. Knox and DR.. Lindermann. The
assay Office at Boise City, Idaho, is nearly
completed, and will require a small apprO-
priatiOn for the commencement Of business.
Provision should be made for the redemp-
ton Of bronze and other tokens issued by
the government. The report of the Com
1869 has been printed since the close Of the
session of July last, and that for the year
1870 will be made during the winter.
Without undertaking to specify the
means by which it is to he accomplished, l
can not Overstate the importance of such
legislation as will secure the revival Of
American commerce.
LIGHTHOUSES.
The report of the lighthouse board sets
forth in detail the difficulties which have
arisen in that branch of the public service
From the operation of the fifth section of
the act Of July IL, 1870, making appropria-
uOAb AVf A0SlSAdtlSc anu cAcCutito cApcuScS
of the government for the year ending June
30, 1871, the legislation asked for bY said
board seemed to me to be necessary.
OUR COMMERCE.
The continuance of the depression
a matter of national importance. The pro-
portion of American vessels engaged in
foreign trade has not increased relatively
during the year, although there has been an
actual increase in entries of American ves-
sells at the ports Of the United States,
amounting in the aggregate to 13O, 900 tons.
The total tonnage engaged in foreign trade,
entered at all Of the ports Of the United
States, has increased from 5.5S3, 600 tons in
ton Of American tonnage remaining the
same as in 1870, at thirty-three per cent.
COAST SURVEY.
The report of the Superintendent of the
Coast Survey gives brief but satisfactory
last surveying year.
On the first day of October last regula-
lions were issued concerning the transpor-
tati0n of merchandise from ports of impOr-
tation to certain other ports in the United
States without appraisement or liquidation
Of duties at the port Of arrival, agreeable to
the provisions Of the act to reduce internal
tax an, and for ether purposes, approved July
transmitted to Congress.
In many cases the regulations are strin-
gent, but when the railroad companies shall
have given the bonds required, and import
ing merchants in interior cities shall have
made arrangements for the importation of
goods upon the basis of the act, am salts
fed that no serious difficulties will arise
either with the railways, merchants or the
government. Without doubt the act in
creases the opportunity for the introduction
of foreign goods in the country in violation
of the revenue law. but the examination
which have given the subject in prepare
ton of regulations leads me to think that
business can be safely conducted.
The appropriation for expenses in col
lectmg customs revenue, under the act ap-
proved May 81, 1866, is at the rate Of
$4,000, 900 annually. in addition to such sums
as maybe received from fines and penalties,
fixtures and for from storage, carriage, dray-
age and labor. Experience has shown that
this amount is insufficient, and deficiency
appropriation will be needed at each session
Of Congress until the permanent appropri-
alton is increased. Ihave instituted care
full supervision in the Treasury Department,
over this branch Of expenditures, and agents
are employed investigating the expenses of
the customhOuses in the country, for the
purpose OF aSc0rtalnnS WnoCnor q IcuuC-
ton in the number Of employees and salaries
is practicable. By this means some saving
win be effected, but it will in that event be
to reduce the expenses within
the appropriation.
From 1858 to 1866 permanent appropria-
ton was made at the rate Of 50, GOO, 900 per
annum in addition to the receipts before
as applicable to this branch of
the service.
RECEIPTS OF CUSTOMS.