Mower County transcript., 1871-12-21
NUMBER 81.
tho Treasurer Of the United States In tits connec-
ton also recommend an incrense of the salary of
tho Supervising Surgeons of marine hospitals

the 1st of August the subscriptions amounted t
$50, 775, ,s50, chiefly Ivy the national banks. Undc
from Hon. VIM. 4 Richardson, Assistant secre
tary OF the Treasury, then in London, stating tia
certain bankers in Europe were prepared to TAX
the remainder of the two hundred millions of fiv
was considered, was modified, and; early in Au
gust, an agreement was made will Jay Cooke
Co., representing bankers in Europe and the Uni
ted States. BY the terms Of the agreement % tn tn
right to subscribe for the remainder Of the 500.
O00, oou of the said bonds, by giving notise here
any time previous to the first of April, by subsC ID
ing for SO 10000 at once and for an average of
least S. 0O0 900 of the bonds per month during tn
intervening time. subject to the night OF natona
banks to subscribe for $50 900 900 within sixty day
from the 25th day OF August; It was also agree,
the national banks, and the certificates of deposi
heretofore issued by said banks to the Secretary
the Treasury, bonds = be lodged with the treasure
OF the company for me amount OF the deposit b
1871, it was announced that national banks making
or obtaining subscriptions payable in coin woul,
be designated by the Secretary OF the Treasury a
repositories of public money on the usual condt
tion of placing in the hands of the Treasurer O
the United States bonds of the United States 10
security OF such deposits, and that q: the com
mencement of each month notice would BIZ gl.s,
OF the REDEMPTION OF an amount OF bonds equal tt
the amount Of subscriptions in coin for the pre-
CcdinS month, the ntercst to cease IN ninety day.
from the date of such notes 1t was also stated il
the circular that as the bonds called should mature
proport;onatsly. 1t was further agreed that eact
subscriber to tho loan should receive US commits
sion whatever might remain Of the half Of Ono pei
cent. allowed by law upon the two hundred mil
bonds for engraving, printing, advertising dcliv-
cry, and all other expenses of the same. Under
this agreement the books were opened in this coun
try and in Europe, and by the last of August sub
riptin <1,t fop In f1rk
offered. On the lst of September public notice was
given that certain $50 bonds to the amount of one
hundred millions OF dollars of the issue of 1862
specified by number as far as practicable, accord
ing to the provisions of the act of July IA, 1870
would be paid on the LIST of December, and th Al
the interest wou'd cease on that date. Of the
bonds SO called more than $50. 600 are now ir
the @ aa OF the OF which amount
der have been received or deposited in exchange
for five per cent. bonds.
Previous to September, per cent bonds to The
amount of S6l, ,l39 $50 had been issued and paymen
made therefor. The work Of delivering the bonds
subscribed f0f at that date is now going on under
such circumstances az to leave no doubt that thu
whole business will be concluded in . brief periol
of time. BY the act establishing the national bank
thorized to make them repositories of any public
moneys except receipts from customs; and the &C
authorizing the refunding OF the national debt di
rected the Secretary of the Treasury to give three
months notice of payment of any bonds which il
such notice might be specified and called for pay
ment. In the same act it was provided that the
money received for the new bonds should be use6
only in payment of bonds outstanding known
as 500 bonds. The statute proceeded
upon the idea that the holders of 500 bonds should
receive three months interest upon their bonds
As this notice could be given safely upon subscrp
tions already made or secured, the general neces
sary result, even in the money were paid into
and held in the Treasury of the United States wOuli
August last the demand for new bonds had nearl,
ceased, but by the agreement referred to the Gov
incidcnt to the refunding of the public
debt was made the means of securing subscriptions
lions Of dollars. The banks, or those represented
by the banks, derived advantage in the use of the
amount of the subscriptions for three months. Blu,
this was without other loss to the Government thar
what was incident to the negotiations of the loan
under the law:
am Informed by Judge Richardson, and it is my
own opinion; that the most serious obstacle in the
way of negotiating the four and four and one-half
per cent. bonds in Europe is the inadequacy of the
commissions allowed. When the circular of the
2Sth Of February last was issued, two leading
European bankers declined to act as agents, and /
lm persuaded that others who accepted the agency
failed to give that attention to the business which
would have been bestowed upon 1t had the co,nmis
sions correspondent more nearly with those
public loans. The credit Of the country Is partly
Eu1ope and the every bonda Of tho sen'fs United
States can be negotiated ut their market
lnyother country in the world. Under these cir
I think it my duty to advise such an
allowance for commissions upon the 4 and ~ per
,ent. bonds will secure the negotiation of them
WITH the least possible delay. 1t needs no analysis
he subject to show that the interests of the country
will be greatly promoted by the proceeding even
hough the commissions should seem to be unnec-
sssarily large Also, recommend that authority be
1f S.ok4
This be done without the least risk to the gov
TnmeAt
Ocean Commerce,
The fos the Of Of that
pidy passing into the hands Of foreign merchants
ind sheer tbo H &
Try was in American ships In 1854 had fallen to
I ssPs;isa e s.s sS:s
cent, Tbe los Of the shpping Of the United States
American Vessels SS robei cruisers during tho war
md second by the substitution b Of Iron steamshps
built Of wood; When the war opened English build:
s s:
to higher tee sd B9 9hsa than III in
Of the business By British mechanics give an .dvan.
taee over American shpbuders equal at least to ten
sess additional advantages in the cost Of labor the
cost Of iron coal and other materials and In the ia
n' s1s 9f@of
commerce. two facts must be accepted first that it
is useless to attempt to revive It with wooden ships
The trans-oceanic commsIee Of tho United States
# each Vessel made but ono round voyage in yeas
Tho value of our exports and imports has already
eeed teen hundred H Of dosrs annuay
of the loss of our commerce. shown in the
efficient action on the part of the Government, the
entire foreign trade Of the country would soon
trade between the United States and Earope BY for
eign and shp.builders carries With it the
sSe the
Of the Pacific Indian and seas adjacent thercto will
ton Of the law BY which foreign built vessels may be
admitted to American reeistery will furnish no ade:
pfe.peo
establishing It in this continent would diminish in
M to the q S in the ship
sive coast upon the Atlantic and Pacific oceans and
our position, With reference to Eas9pe and Asia, the
which does not look TO tho establishment and con:
tinuanoe Of peoilding in the United States, the
of the world is derived from the export OF
for domestic consumption, The removal Of duties
upon foreign articles used in the of iron
the amount Of duties paid, viii not. in the existing
sd;ss E Ps bs
necessarily extensive to the country Several Of the
S lines Of
couraged BY the same MEANS and It Is unreasonable
and
@ g ~ ni
whole subject, prepared to advise the passage Of
the foreign trade American built, first tclss. steam
@ 81 n AMI annns 5I pay%cns PsI,od q yea
Of M Pc. ton The subsidy sneHld be
other practical method Of restoring our commerce,
to i Be the @ost ecient and
with this plan. y will be wise to consider whethsr
Of sns s.
report Of the 1853 They should also DO reautEed
steamers built i wood Pc continued saeee,sfnlI
County hut any effort regain position
be ofectual, thatin Comparatively short period our
land and that shall not only have the aid Of the
best machinery now in use anywhere. but that i'm
pUrtant improvements will be made calculated Il
place the country in q position Of superiority. w
shall also be made to test practically tho quality
ing is represented bett than that used In Grea
Britain. If i should appear as cl.imcd that AmeEi
used in Eng land, an advantage will be secured, no
only in tho diminished cost Of the vessels but also
equal dimensions over those constructed with infcri
or materials, Accepting rs truth cstablished =
experience that tho commerce OF the worl
Is TO be carried In iron Steamships must considc
and decide whether the United State shall disapnoa
from the list of maritime nations, or whether by
determined and practical effort she shall regain tn
position which she occupied previous to the latc re
bcllion. -
(SiRned] GEO. s. BOUTWELL,,
Secretary of the Treasury.