Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-05

the treasurer OF the United states.
In this connection, l also recommend an In
crease Of the salary Of the supervising sur,
gson OF the marine hospitals. think II my
duty to speak Of the act creating the depart
ment Of justice, by which the solicitor OF the
treasury and the solicitor OF the internal rev
enue office are made Officers Of that depart
ment. The proper and essential duty Of tbs
solicitors is 70 give advice TO the secretary and
bureau officers upon questions which arise in
the daily business of the department
Under existing systems the attorney gen
eral Is made nomtRally responsible, while 10
fact he ought TO be exempt from all responsl,
btity for advice given by these officers, that
upon reference to him OF questions which
may have been previously considered oy
them he may be free to advise or reverse theil
action These officers should receive theiI
appointments through the treasury depart
ment, and be responsible TO Its head. 1t is q
fundamental error In the administration e
place in any of the departments officers de
irving their appointment from another de-
partment- Should the attorney general trans
as 1t appears has been ooRtempiated by the
act, this department would be deprived sub
ssantlally OF fthetr services. Earnestly recon-
mend the restoration Of these Officers TO theiT
former positions In the treasury.
THE EXAMINATION
Of pe1ons designated for clerical service. and
Tor promotion IN the treasury department. hAs
been continued with beneficial results, and
the examination Il even more exRcting in the
requirement. that At the date OF my last annual
report, means will be taksn to extend the sys-
tenn with such modification IS the difference
OF the duties may suggest, but with equal EN-
houses ana 10 other branches OF the public
service under the control OF this department.
On the Atn 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 20
THE NATIONAL LOAN.
Under the act approved July IA, 1870, and the
condition upon which the subscription would
be received were also made known large mum
oers OF bankers, both In this country and in
Europe, were authorized to receive Eubserip-
tons. The nrIt preference was given TO sub
seri5ers-tae nve per cent. bonds-within the
limit OF SZ0O, ,OUOyU0O. On the hrst OF August the
subscriptions amounted 70 so, ,77oys50, chiefly
by the national banks.
Under date Of July Il, ISL, dispatch was
received from Hon. A n. Richardson, assist
ant secretary OF the treasury, then in London,
stating that certain banksn Of Europe pro-
posed taking the remainder Of the s2D0.OOO,O00
This proposition was considered and modified,
and early in August an agreement made with
Jay COOKE q Coz representing bankeu in
Europe aid IN the United Statsa, By the terms
of the agreement the parties reprssantsd by
Aessn. Jay Cooks 4 Co., had the night TO sub
scribe for the remainder OF the 0OyO0O0o0 OF
said bonds by giving notice thereof At any
time previous to the lst OF April next, by sub
sertbing for tl0,00o,0c0 ~ once and for an aver
age OF At least t5Iooo.00O Of bonds per month
dqsing az aI TIE intsTSeniDs tine sG6jscs % The
sixty days from the 18th day Of August.
BY the act astAbnahing lae
NATIONAL BANKING SYSTEM,
the secrs AIRY OF the treasury was authorised
10 make them depositors OF any pablo
the act aufhoriIing the rsfundinS Of the ns-
tional debt, directed the secretary of the
treasury 70 give three months notics Of the
might be specified ana called In for payment
IN the same act Il was provided that the
money held for the new bonds should be
used oniy in payments Of bonds outstAnd-
ing, known a. nve-tWenty bonds. The
htaIute prcceede3 on the idea that the
Holders OF nve-twenty bends should re-
cetvs three months int est on their
bonds after the notice should be given by the
government. As this notice could be given
safely upon the subscription already made or
secured, the general or necessary result even
IN case the money were paid into or held in
the treasury Of the United States, Would be q
loss Of interest for three months. on the Ist
Of August last the demand for the new bonds
mad almost ceased, but by the agreement re-
fsrred to, the necessary loss to the COVE nmeut
incident TO the refunding of the public debt,
was made the means OF securing subscriptions
to the amount Of about $50 90. The banks.
or those represented by the banks, derived an
advantage In the use Of the amount Of
these subscriptions for three months,
tbs @ fS1T 1SS5 any any other Loss 70 70
the negotiations Of the loan under the law.
am informed by Judge Richardson, and such
l. my own opinion, that the most serious OBJ
staeie In the way Of negotiating the four and
fouf and half per cent. bonds in Europe is
the 1nadequRcy Of the commissions allowed.
" hen the circular Of the 18th OF February last
was Issued, one or two
LEADING EUROPEAN BANKERS
declined to act as agents, and am pc suaded
that others who accepted agencies failed to
give that attention to the business which
would have been bestowed upon It had the
commissions corresponded more nearly to
those usGAlly received by them for the reGulA-
ton Of pubic loans. The
CREDIT OF THE COUNTRY
Is fairly established In every financial center
OF Europe and the bonds Of the United States
can be negotiated at their market value in q
larger number Of cities than the bonds Of any
other country In the world. Under these cir
cumstances think 1t my duty to advise such
an allowance for commissions upOA the four
and four and a half per cent. bonds as will Sc
cure the negotiation OF them with the least
possible delay. It needs no analysis Of the
tty Will be greatly promoted by this proceed
lngs even though the COMMISSIONS should
seem TO be unnecessarily large. also recon-
mend that authority be given for the payment
INTEREST IN LONDON.
This can be done without great riEk to the
Returns for the fiscal year 1870, show that
the
OCEAN COMMERCE
Of the United States is passing rapidly into the
hands Of foreign merchants and shipbuilders.
In TIE year 1855, nearly u per cent. OF the for
sign commerce Of this country was in Ameri-
can ships; in 1884 It had fallen to IS per cent:
IN 1858 to "A per cent, and in ISL 1t Is reported
1t less than s. per cent. The loss OF tbs ship
ping OF the United states is due chiefly 70 two
First-The destruction Of American vessels
by rebel cruisers curing theswAr; and,
Secondly the substitution of iron steam
hips for the transportation OF freight and
upon the ocean In place OF sailing
Vssels and steamships built Of wood.
hips had ACQUIRED considersble proncieney.
and since that period the art has been carried
10 higher perfection In Great Britain than In
any other part Of the world. It Is stated that
he superiority OF British mRchinery, and the
of the business by British mechRn-
cs, give an advantage over American ship
builders equal at least 70 ten per cent upon
the cost OF construction. They possess sdmi-
rable advantages in the cost OF labor, the cost
Of iron, coal and other material, and IN the
rate of interest upon the capital employed,
equal 70 about twenty per cent. more; so that
he difference In favor Of British Ahip-builders
d at least thirty per cent.
In considering the means for the restoration
of ocean commerce, two facts must be Ac-
first-That 1t is useless TO attempt arsvival
with wooden ships; and,
Second-That iron ships moved by sails can
not compete with iron ships propelled by
steam;
Hence, the only practical way for oonsiders-
steamships be established in the country; II
70, by what meanEf The trans-ocean steam
srs you'd employ about six million tons OF
II eHcn VesSSi ~. maze a1 o9I one round
and Imports has already reached the sum
Of nearly tllo,0Ogo, and during the
annually. The annual returns FOR frsisht
rhe history Of the los Of our commercs, as
InoSa y & 10 me re-. sthS1s Ie Ssn, Ts1asIs
0n the part Of the government the entire for
sign trade Of the country would soon pass into
ra 81 ou IN n;,sd dns & 1I 1ns
by foreign merchants and shfp-builders car
ries vito II the monopoly Of ship-buildtng for
he entire world and, as oonse9uenee, the
Ieas adjacent thereto viii be carried on In
English. built steamers. An alteration Of the
w aw by which foreign built vessels may may
will furnish no adequate relief. On
he contrary, the change would stimulate
hip building m England: me prospect OF
ate shtp-building In England. Ths prospect
1f establishing Is on this continent would di-
ninish In proportion 70 The prosperity OF the
view Of the fact Of our extension OF coast upon
he Atlantic and Pacific oceans, and our posi-
Jon with refersnce % Europe and Asia, the
" " hich does not look to the establishment
and continuance Of ship-building In the
United States. sneouIAgemSnt Of our seamen
md merchants, and the control Of 70 much 1t
east Of the oommerca Of the world - Is de-
lived from the export OF our products and the
Importation OF articles required tor dsmsstic
THE REMOVAL OF DUTIES
zpon foreign articles, ased In the conEtruc-
Ion of iron steam Ehipa, or the allowance OF
\ drawback equal 70 the amount Of duties
paid, VIII not, in the exiaking condition
of things, sscure the re. establishment Of the
business, bat were 1t otherwise. the removal
Df duties, or the allowance Of drawback,
raises practical questions Of great diflculty;
v hile any concession by an Indirect process
Ia likely, In the snd. 70 prove unnecessarily
expensive to The country. Several OF the
existing lfnea Of European steamers were es.
tAnlisbed by all Of government subaidios
They are stul snsoursEed by toe same means,