Mower County transcript., 1871-12-21

DG llauo Ill Lnc revenue from customs. luls
:: amount. added to the reduction proposed un
der the internal laws, gives total reduction
ii 1856 900, 900.
Reduction of Duties.
In this view, l respectfully recommend t<
the consideration of Congress the reduction
of the duties ON salt to tho extent Of so pei
cent. the duty Of bituminous coal to SO cts PEI
ton, tho reduction of the duty on raw hides
and ekins and the removal OF all duties from
class of articles of other countries which
enter into the arts and manufactures of this
country, and which are not produced in the
) United States, and the revenue fronl%vhich il
inconsiderable. Such a list, with the revenue
derived from each article. is in course of pub
lication. and will be submitted to Congress-.
The removal of duties from large class OF
articles used in manufactures, and tho reduc-
ton of tho duties upon coal, furnish an OppOr-
tunity for a moderate decrease in the rates of
duties upon these products, whose cost will be
diminished by these changes. While nothing,
as the consequence of legislation, could be
more disastrous to the public prosperity than
policy which should destroy or seriously dis
turb the manufacturing interests of the coun-
try, it is still possible, by wise and moderate
changes adapted to the condition of business
.. and labor, to reduce the ratio of duties with
benefit to every class Of people.
Gold :, t,I Currency.
The average premium on gold for the year
1868 was 1854 per cent; for the year 1869 it
!, was 1886 per cent. premium for the year
1870 it was 1888 per cent. premium; and for
the first eleven months Of the year 1871 it was
1901 per cent. per cent. premium. The value
r of the paper currency of the country during
! The years 1859 and 1870 was apparently appre-
| ciated by the increased use of paper money in
the south, ut chiefly by the establishment Of
the credit Of the United States upon firm
; basis. On tho first of January, 1871, the last
named fact was fully onl,lished, and since
that time the appreciation of the paper cur
rency 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 its value on the
first of December 1870, may be attributed to
the latter cause, and furnishes the best means
which the country has yet had for sscertaining
the quantity Of paper currency 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 bost opinion upon the subject,
that the amount of paper money in circulation
is still great, and that it can not be maintain
ed in value at par with coin. There are two
modes of relief. One is to reduce the value of
the currency, as was recommended by me in
my annual rhport submitted TO Co1cfess In
December, 1869. The other mode is to await
the growth of the country and the increasing
demands of business, which, in time, will pro-
duce the desired result. The chief means of
securing the end sought without reduction
in the volume of the currency, would be the
use of paper money upon the Pacific coast.
With this object in view, steps have already
been taken by the department for the purpose
of ascertaining whethorit is practicable to sub
stitute paper for coin, ard have reason to an
ticlpate that change may be made in the laws
relating to national banks tending to that re-
suit which will not affect unfavorably the gen.
eral character Of tho system.
Abolition of Moictics.
4 L. L. -
gress to the Importance Of abolishing the sys-
tenn of shares in moieties far regards
benefits to our revenue officers and 0ther per-
cons officially connected with the Govern
mont This measure was recommended in my
last annual report. A statement was submit
ted to Congress showing the amount received
by officers of customs, together with bill in
creasing their salaries without any increase of
appropriations from the Treasury the sum
now paid for moleties 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 surveyor
of the port of New Yolk each received from
moiotics the sum of $40, 195.49, and the naval
officer the sum of s4S, 195.49 In most Of the
cases the officers do not perform special servi-
ccs emitting them to the amounts granted,
and imposters and others whose acts are
and think with just reason, that the agents
of the Government have pecuniary interest
In prosecuting those charged with violation of
tho law. The Government ought to pay fair
salaries and rely upon the good faith OF its
officers for the performance Of their duty.
! Another Reform Needed.
! One Of the difficulties which the department
has to meet frequently is that custom officers
have an interest in proceedings for the discov.
cry of fraud, the settlement of cases, or the
prosecution of them, which is different from
i xl,o~ :.,Ao E n
necessary result, the conduct of such officers
is open to suspicion both on tho part of those
who are punished by them and the Govern
ment that they ostensbly represent. It may
! be deemed eXpedient to try the law as 1t now
stands in regard to inforn1ers who are not
officers, making it a penal offense for any
officer to enter into an arrangement with an
informer for any share of the proceeds of the
! information, and giving to the informer a per-
petual right of action for the recovery + any
money or other valuable thing paid Or given
to an officer engaged in the discovery or pros
ecution of fraud or legal writ against the
Government
National Bank Circuiation:
The report of the Comptroller of the Cur
rency shows that one hundred and forty-fve
banks have been organized under the act ap-
proved July IL, 1871, providing for the issue of
tifty-four millions of dollars of additional
bank circulation, and that the sum Of s22,-
333 800 has been issue'i. BY virtue of tho
same act, tho Treasury has redeemed $22,-
$50, 900 of the three per cent certificates then
in circulation, leaving the sum OF S23, 400, 600
now outstanding. / take the liberty Of sug-
gesting that it appears to me to be wise TO
leave the distribution Of the circulation au-
thorized by said act as it now stands. Should
the states That have already received their
proportion of the circulation be authorized to
take what remains, only a brief period will
elapse before /. demand will 10 made from
states with a limited Gil ilculation for an in
crease. 1t seems prudent, therefore, to re-
tain the balance of the $5t,000,O QUO for dstrl-
button in these states now having a claim to
it, OH the basis of equality Of apportonment.
Subscriptions TO the Loan.
Tho details of the subscription to the loan
show that tie national banks have, upon tho
whole, acted lberaliy, more than a hundred
!; millions of dollars having been subscribed for
them on their own account. 1t is not unrea-
} sonable to tender to these institutions the op-
} portunity to subscribe for bonds under the
act of July 14th, 1870, to an amount equal, to
the deposits required of them, as security for
circulation, and to compel that, after 80
days, to the extent the offer may be declined
other banking associations may be formed in
the several states where the existing banks
shall have failed to mahe the required sub5crp-
tion, and the circulation transferred from such
banks to the new associations. Tho banks
now organized cannot justly complain, if hav-
ing an opportunity to pursue their business
upon the new bonds, and declining it. other
associations shall succeed to their franchises
and rights.
Engraving and Printing Bank Notes.
The business of the Bureau of Engraving
and Printing has been carried on with dill :
gence during the yeal, and with satisfactory
results. Although some efforts have been
made at counterfeiting the special paper used
by the department, they have not been sue
cessfu', and specimens captured are so crude
as not to excite serious apprehensions as to
ultimate success. Since the first of July,
tured. all of which have been accounted for on
} tho books of the department. I respectfully
recommend that an appropriation be made for
a new Issue OF national bank notes. Those
now i'll use are much worn, and very successful
counterfelts of several denominations have
appeared.
P"hl,c Buildings.
Tho public building used as Custom House,
r Court House and PoHtOf1ice at Chicago, was
destroyed by the great fire, on the 9th of Octo-
Der last. The exterior wallis romaiu, and the
building could be repaired, but, anticipating
the growth of Chicago and the magnitude of
building suitable to the wants of first class
, city. 1t is important that much larger piece
} OF laud should be obtained. either by addition
, to the present lot. Or by llle purchase of an
other site. On the 18th OF October last.
wrote a letter to Governor Palmer, asking him
| to recommend to the Legislature the
} passage of an act granting authority
, to the courts Of the state Of Illinois
) to condemn such land rs might bo required in
tain by purchase at reasonable price, pay
> ment to be made uDon al>nrahal. In every