The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-12-14
EVENING, DECEMBER IA. 1871.

Ef ENING, ID
eomp.7-a avg an opportunity
= to pursue the .E-i - upon the new
bonds and u=c-iu il. other associa-
= tons shall sucr--t ID their Franchise
, AMI rights
THE REVENUE MARINE SERVICE
employs twenty-five steam vessels
and eight sailing vessels. In addition
: 10 these there are two large steamers
upon the lakes not in commissions and
Two schOOueTs upon the coast con
demned as not tiJ for duty. or the
SIX large steamers upon the lakes four
only are IN commission, and Us the
others are not needed, I have the hon
or to recommend that authority be
given for their sale. During the last
year four iron steamers have been
Dullti three Of 30 tons, and one of $50
tons burden. Under the existing ap-
preparation of 500, 600, the depart
menL Is about to issue proposals for
four small iron prOpelIers, two for the
Pacific and two for the Atlantic coast.
4 further appropriation Of S2JJ,OJO is
needed to enable the department to
carry into effect the recommendation
of the commission whose report was
approved by the department and sub
miJted 10 Congress Nay 2jth, $50
The plan recommended by the COM
nilsson, when fully adopted, will eff
feet reduction Of the expenses in this
branch OF the service Of about $500, 900,
or about 81 percent. Ofthe whole cost.
The changes proposed contemplate
the use Of vessels of less tonnage, and
a consequent reduction of the num-
Der of men employed. The expenses
OF the revenue marine service for the
year ending June 80, 1871, were 81, ,25I, =
9S4 SO, against l, ,I3S, ,393 81 for the pre-
ceding year. Tue first quarter of the
present fiscal year shows a reduction
in expenses Of $50, POI 4, as compared
with the corresponding per cent. IF
the preceding.
TIE EEED OF = MINT BUREAU.
During the Sd session of the Forty
first Congress bill was submitted for
the organization of a Mint Bureau
! The bill passed the Senate, but failed
IN the House Of Representatives,
though not, as l am informed, from
any objections TO the principles upon
which IL was framed I urgently rec
ommend the passage of a similar bill
at the present session of Congress. All
the mints and assay offices are nom
/ inally in charge OF the Treasury De-
| partment, but there is not, by author
| ity OF law, any person in the depart
menJ who, by virtue OF his office, is
supposed to be informed upon the sub
| ject, and no one whom the Secretary
Ofthe Treasury can officially rely on for
/ information or advice in the manage
ment of this important branch of the
/ public business.
OUR INTERNAL COMMERCE.
It is estimated that the internal
commerce OF the country IS fifteen
times as great Is our external COM
merce, but the statistics are not trust
worthy or complete, and respectful
| ly recommend that provision he made
for obtaining such returns as will
show fully the trade OF the country
upon those diverse canals, lakes and
railways.
The Secretary recommends the
raising of the salaries of the Bureau
officers and efualizing them.
PLACING THE FIVE PER CENT. LOAN.
On the 2Sth of February last public
notice was given that on the 9Th of
the following March books would be
opened in this country and in Europe
for subscriptions to the national loan
under the act approved July If, 1870,
and the condition on which the sub
scriptions would be received were also
made known. A large number of
bankers, both in this country and in
Europe, were authorized to receive
subscriptions. The first preference
was given to subscribers to the per
cent. bonds within the limit of $780,
0O0000. On the lst of August the
subscription amounted to S65, 775, $50,
chiefly by National Banks. Under
date of July II, 1871, q dispatch was
received from the Hon. w. 4. Rich
ardsOn, Assistant Secretary of the
-Treasurv, then in London, stating that
I irtain bankers of Europe proposed to
take the remainder of 300 millions of
5 per cents. upon certain conditions. /
This proposition was considered and /
modified, and early in August au
agreement was made with Jay Cooke |
& Co., representing bankers in Eu- 1
rope and the United States. BY the I
terms of the agreement the parties /
represented by Messrs. Jay Cooke & /
Co, had the right TO subscribe for the /
remainder of the 200 hundred mil
lion of the said bonds, by giving no |
Gce thereof at any time previous to I
the first of April next, by subscribing /.
for 10 millions at once, and for an av- 4
erage of ut least millions OfdOllaIs of 4
bonds per month during the interven- /
ing time, subject to the right of the I
national banks to subscribe for fifty .
million dollars within sixty days from I
the 25th day of August. IL was also .
agreed That the subscription should all 1
be made through the national banks, +
and certificates of deposit heretofore /
issued by said banks to the Secretary .
of the Treasury, bonds to be lodged .
with the Treasury of the company for .
the amount of the deposit. BY a .
printed circular issued on the 10th of /
August, 1871, it was announced that I.
national banks making or obtaining .
subscriptions payable in coin would /
be designated by the Secretary of the .
Treasury as repositories Ofpublic mon I
ey, on the usual conditions of placing
in the hands of the Treasurer of the .
United States, bonds of the United .
States for the security Of such depos-
its; and that, at the commencement .
of each month, notice would be given .
of the redemption of an amount of
bonds equal II the amount of sub
scriptiOn in coin for the preceding
month, interest to cease in ninety
days from the date Of such notes. II .
was also stated in the circular that as
the bonds called should mature, the .
deposits would be drawn from the sew
eral banks prOpOrtiOnstely It was /
further agreed that the subscriber to I
the loan should receives Is commission
whatever might remain of the half Of
one per cent. allowed by law upon the .
2JO millions, after paying the cost Of .
the paper for the bonds, for engraving .
printing, advertising, delivery, aud .
all other expenses Of the same. IN I
der this agreement the books were .
opened in this country and in Europe, 4
and by the last of August subscrip- .
tiOns were obtained for the entire .
amount offered. On the 1st of Sep .
tember public notice was given that
certain $50 bonds, t. the amount Of
100 millions Of dollars, Of the issue Of .
1862, specified ny number as far as .
practicable, according to the prOvis .
ions of the act Of July II, 1870, would .
be paid on the Ist Of DsmJer, and that .
the interest would cease that day. or
the bonds, 50 called, more than 50
million dollars are now in the posses .
sion of the department, of which
amount l. million dollars have been
paid in coin, and the remainder have
been received or deposited in eX-
change for the five per cent. bonds
Previous to September per cent. I.
bonds to the amount of SG2, l39, SOL hid F.
been issued aud payment made there F.
for The work Of delivering the bonds F.
subscribed for at that date is now go F..
ing on, and under such circumstances
as TO leave nc doubt that the whole
business will be concluded in a brief
period of time. By the act establish
ing the national banking system the
II fin. fT-.s.-trr.r~ Nu-.s.s