The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1871-12-14


moderate decrease IN the rates Of duties
upon these products, Whose cost will be
by these charges While
as the consequence of legislation
could be more disastrous to the public
than policy which should
destroy or seriously disturb the manu-
featuring interests of the country, il IS
still possible by wise moderate charges
adapted to the condition Of business and
labor to reduce the rates of duties with
benefit to every class of the people
THE CURRENCY.
The average premium on gold for the
year 1868 was 80 81 per cent. for the
year 1869 it was 1886 per cent. premium;
for the year 1870 it was Il 80 per cent.
premium Sand, for the first eleven months
of the year 1871, it was 121 per cent.
premium The val1e of the paper cur
rency of the country during the years 1860
and 1870 was apparently appreciated by
the increased use of paper money in the
South, but chiefly by the establishment
of the credit of the United States upon
uniform basis. On the lst of January,
1871, the last named fact was fully accom-
DllSuGu, anu SlUCS Gudb bIulC JIG LDI1hO
citation of the paper currency has been
due wholly to the increased demand for
it in the business affairs of the country
The difference between the value of the
paper at the present, and it's value on the
lst of December, 1870 may be attributed
to the latter cause,and furnishes the best
means which the country has yet had for
ascertaining the quantity Of paper cur
rency Which can be used, and it's value
kept at par with gold. The result of this
list concurs with what seems to me to be
the best opinion upon the subject, that
the amount ofpaper money in circulation
is still great that it cannot be maintain
ed in value at par with coin. There
are two modes of relief One is to produce
the volume of currepcy,as was recommend
ed by me in my annual report, submitted
to Congress in December, 1869. The
other mode is to await the growth OF the
country and the increasing demands OF
business, which in time will produce the
desired result. The chief means of secur-
ing the end sought, without reduct On
in the volumes of currency, would be Use
use of paper money, upon the Pacific
coast. With this object in view, steps
have already been taken by the Depart
ment for the purpose OF ascertalning
whether it is practicable to substitute
paper to coin, and [ have reason to an
ticipate that a change may be made i'll
the laws relating to national banks tend
ing to the result, which will not affect
unfavorably the geneal character of the
system.
It is my duty to call the attention of
Congress to the Importance of abolishlng
the system of shares in moieties, as far as
it affects revenue officers and other per.
sons officially connected with the Govern
ment. This measure was recommended
in my last annual report. A statement
was submitted to Congress showing the
amount received by officers of customs,
together with bill increasing their sal
aries without any increase of appropria-
tions from the treasury, the sum now paid
from moieties being quite sufficient to
place the entire force upon satisfactory
footing. In regard to pay during the last
fiscal year, the office of Collector and Sur
veyor of the Port of New York each re
ceivedlfrom moieties the sum of $40, 215 so,
and the Naval Office the sum of $48,-
1859. In most of the cases officers do
not perform special services emitting
them to the amounts granted, and import
ers and others, whose acts are made the
subject of Investigation, complain, and,
think, with just reason, that the agents
of the Government have pecuniary inte-
rest in procuring those charged with vio-
lations of the law. The Government
RS foi o1o,s nd "a
the good faith of its officers for the per
torrance of their duty. One of the diff.
culties which the department has to meet
frequently is that custom officers have an
interest in proceedings for the discovery
Of fraud, the settlement of cases or the
prosecution of them, which is different
from the real interest of the Government
and as necessary result the conduct of
such officers is open to suspicion, both on
the part of those who are punished by
them and the good that they ostensibly
represent. It may be deemed expedisnt
to leave the law as it now stands in re-
gard to informers who are not officers,
making it a penal offence for any officer
to enter into an arrangement with an in
former for any share of the proceeds of
the information, and giving to the in
former perpetual right of action for the
recovery of any money or other valuable
thing paid or given to an officer engaged
in the discovery or prosecution of fraud
or wrong against the Government.
The report of the Comptroller of the
Currency shows that one hundred and
forty-five banks have been organized I'm,
der the act approved July 10, 1871, prov
ing for the issue of $54,0O0,OO0 of addi-
tional bank circulation, and that the sum
of $22, 333, 300 has been issued. Byvirtue
of the act the Treasury. has redeemed
$22,230,O00 of the per cent. certificates
then in circulation, leaving the sum of
700 400 000 4nAn I'll tax "a