Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-11-27


quisitive about the secret order than will
be agreeable to them.
Another important cable has been COM
pleted, by which Australia is brought into
connection with the existing lines. The
link referred to is between Batavia, the
principal city on the Island of Java, and
Port Darwin, on the northern extremity
of Australia.
REPORT OF UNITED STATES TREAS
ITRER.
The annual report of the United States
Treasury shows the condition of the Treasury
as it WAS at the close of the fiscal year, which
ended with June 80, 1871, and is addressed
to the Secretary of the Treasury. He says
in relation to the new loan that, under the
Secretary's commission, he visited during the
past season the principal cities of Great
Britain, Saxony, Baden, Bavaria, Wurtem-
berg, Austria, Bohemia, Switzerland and
France. For the purpose of aiding in the
negotiation of the new loan he called upon
the agents appointed by the government with
a view to ascertaining the steps already taken
by them in regard to its negotiation, and
made to them such suggestions as seemed ex-
pedient to place the subject in favorable
light before the European public. With the
same view he called upon our Ambassadors,
Ministers, Consuls and commercial agents,
and upon many bankers and financial men in
the countries named Through this inter-
course with all kinds of persons who were
well informed upon such subjects, he learned
that the time for placing our new loan was
an unfavorabe one for its success in Euro
pean money markets. 1t was too late and
too soon. Had Congress given the Secretary
authority to negotiate this loan before the
breaking out of the late war that France made
upon Germany it would have been all taken
3 at once at that time, but later the bonds of
, several other governments were in these mar
kets, and were offered at rates much more
favorable to the purchaser than those author
S lied by Congress for the negotiation of our
1 loan. An almost insuperable difficulty in the
way of the negotiation of our loan was the
= low rate of commissions 1t is, however, a
: source of qualification that by the Secretary s
t own act and Judge Richardson's adroit man
agemeDt, all obstacles were removed, and the
loan was disposed of at a day much earlier
s than General Spinner, who had looked over
: the whole ground, had supposed possible. 1t
is therefore not to be wondered at that even
our friends at home should have disbelieved
I in what is now known to be an accomplished
{ fact. The enemies of the government, he
says, are not even now satisfied, and would,
perhaps be equally dissatisfied whether the
loan was or was net taken. The cavilers are
now silenced by the fact known to all we'll in
formed persons that all the five per cent
stocks offered by the Secretary had beer
: taken, and that the government has now none
for sale. Many of our people, he says, OBJ
Ject to making the interest on our loans pay
able in a foreign country, alleging, as a
reason, that it lowers the dignity of our
money transactions. 1t occurs at the borrow
ing Of the money and not with the payment
OF the interest thereon. 1t might be worth
the while of our legislators to go into the
calculation of the commercial value of ma
tional dignity. In the present financial con-
dition OF our country it can i'll afford to pay
| an extra percentage to save itself from an
imaginary loss of national dignity. While
upon the subject it occurs to him that those
Of our people who are so very sensitive on
this subject, and who are SO anxious to sustain
the dignity of the nation abroad, could find
much surer way to carry out their views,
and accomplish their end if they would insist
eign countries, who are commissioned to
look after its interest and sustain its honor
should be paid a compensation upon which
| they could subsist their families and live de-
GENTLY if not respectfully.
| The delays of banks in making their semi
annual returns and the payment of the duty
| referred to in his last annual report have in
creased during the last fiscal year. Most of
the national banks pay the tax due from them
1 mr. Iu xptf hin 10 a.
and treat this requirement as they do other
obligations against their respective institu-
| tons. But there are other banks that have
been careless, if not wilfully ana habitually
| Negligent, in making their returns and pay
ing the duty due from them to the govern
ment. For the protection of the Treasury
against the growing evil he respectfully re-
news the recommendation in his last annual
report, that percentage upon such duty be
added to it for every ten days delay in pay
ment, after the expiration of the one months
| time now allowed by law. Legal enactments
giving authority to his office to add one per
| cent. to the duty due from banks for every
ten days delay after the time fixed by law
| Tor Its payment would seem to be the most
enective measure to insure prompt payments
of the duty. General Spinner concludes his
report as follows Without the least inten-
ton or desire to throw blame upon any other
efiicer, it is due to tie officers of the Treas
ury that the emphatic declaration should be
made that for the defalcation of an officer be-
longing to another department of government
neither this officer nor any one employed in
II Is In any way responsible, as will be clear
~ made to appear should legal investigation
OF the whole matter, which is desired on my
part, ever be made. The fiscal year has
ended without the loss of single cent to the
treasury by the act or by the negligence of
my employee in this office. For this and for
other escapes from loss, / hope / am truly
/ thankful and grateful to that Power that has
now again. as in the past, shielded me from
personal harm and the nation from pecuniary
loss.