, 1872-12-18

| HAb pe60. 6aTtu EuC8 uftA NJ
| lars in reduced interest. The annual saving
from that negotiation amounts to two millions
| Of dollars, with interest annually accrulng and
| compounding thereon during the term OF the debt
Tho Secretary considered this the best plan that
could be desired involving the least cost to- the
| Government. while it did not Interfere with or
/ in the least derange the ordinary. operations Of
.lnonied or commercial interests. ....,
mir. Cooke said be had little to add to the Sec
retary's statement. He would refer, however,
| to tie fact that when the Government was a
+ borrower at high rates Of interest, all other
| borrowers as q rule were -obliged to pay. still
|. higher rates. The lower the Government rate,
the better it was for industrial and commercial
enterprises Of all kinds. His firm conviction was
that the attempt to sellthe new 5per cents, ndto
retain the proceeds Of such Eales, in gold; until
tho called s per cents could be brought in would
create . drain Of money from its ordinary chan
| ncs which would speedily check sales, and thus
| et1octually deprive the Government Of means to
redeem the 5-20s. By the plan recommended
| by the Secretary, this difficulty, as shown BY
experience, would be avoided, and the conver-
sion into new bonds would be effected without
/ the slightest monetary or commercial disturb
ances. "---:
TIE OCTOBER aaEENBAcK ISSUE.
The Secretary Of the Treasury, to-day; for
| warded to the House Of Representatives the fol-
lowing letter in reply to the resolution Of Dec.
8, asking the Secretary to inform the House
under what law authority is given the Secretary
Of the Treasury to make an increased issue Of
legal tender notes, asTas done in October last
and go forth:
/ i have to say that the amount OF United States
notes in circulation Increased in October last upon
the order Of Assistant secretary Richardson then
Treasury, in The Of about S goo 800 oysr the
amount outstanding when the act Of Feb 1868, be-
the Of IL the nns
try, then suffering from large deays for currency
in mGS as om thG sout9 dRa I'D
country to to have warranted the issue, upon
the ground of public policy. The authority for issue
H. 1862, chapter 142 and March s. 1868, chapter rs:
At the December term, 1861 Of the Supreme Court Of
opinion Of the Court in the case Of Bank Super
yisora aeyenth vol Wallace 26th p s3id the act Of
aS ae t ss oi o S
1e62 added another s60 600 to the circulation re-
serving however, 700 t9r the reasmRon Eden o;
necessary for that purpose under the act March 9,
1885, another issue Of 600 authorized, in
al $3.50 900 600, and contemplating permanent clrcu-
lation until the resumption Of payment in coin OF
S4O0 D00, 600.
the view again expressed by thu Chief Jus-
tice IN the Of Veil Bank Fenno, 8 vol Val
laee 5s7 This opinion is in accordance With the u1i-
practice Of he Department well since the act Of
4th February, 1862 as previous thereto.
B ha a
effect upon the power Of the Department to reissue
notes in heE sead aga ~ e fr9m the
that IL provided that in lieu of any Of said notes
any other United states notea, returned to tie
sued an equal amount Of United stales notes. such as
are authorized by this act Previous to the 4th of
notes - were held il the. Office OF
| tho Treasurer at Washington, a surplus
fund IN excess OF the sa5e 900 reported in sreu!a
upon the Treasury: and that pracuce has ever since
been continued. Notes not printed for any special
Oh the LIST Of March, 1869, there were outstanding
600 Of per cent certificates, payable in legal
was the only mems at the command Of the Govern
ent for meeting any call on account Of this liability.
From ta surplus the Issue Of October last was made
and all new notes put in circulation are drawn from
(sgnedl GEORGE s. boutwell,, Secretary.
! - - e. - TIE SUPREME COURT .
will adjourn from the 10th inst. to the 9Th Of
January. ..........
ooNsU1AR NOMINATION.
! The President nominated Enoch jacobs, Of
| Ohio, Consul to Montevideo.
LETTER-cARRIEB BTsTEM.
| Tho House Committee on Post Offices and
Post Roads hare agreed to recommend the estab-
lshment Of the 1etter-carrier system in all cities
of 10000 population
GREAT WESTERN CANAL.
The House Committee on Commerce, to-day,
heard the argument on the question Of the
Atlantic and Great Western Canal to unite the
Mississippi with. the Atlantic: The Committee
will report the bill at an early day to carry the
project into effect.
TEE CABINET SESSION,
to-day, WAS attended by all tbs members, except
ing Secretaries .Robeson ond Delano. General
Cowan represented the Interior Department.
| The session did not last more than two hours,
| and there was nothing Of unusual interest con-
| sidered.
= PARTIAL PAYMENT OF POSTAGE: '''
The: House Committee On Post oflcen and
Post Roads, to-day, agreed to report B. bill, do
claring the true intent and meaning of Sections
$50, ISL and 162 of the Post Office Act, passed
at the last session. are that where one full rate
postage has been paid on mail matter, it ellall be
| unpaid rate to be collected on its delivery; and
that no double rate Of postage shall be- col
lected when such partial prepayment has been
| made
! ~'----- NATIONAL CURRENCY.
| Previous to the distribution Of tho S354, ,000,-
| 600 Of National Bank notes provided By law, the
| National Banks, IN few instances, wore
| authorized in the Eastern md Middle
| States and currency issued upon condition that
! the circulating notes Of the banks which have
closed business should first be returned to the
| Treasury Department for destruction. Tho
! whole amount of National Bank currency having
| rency will hereafter decline to organize banks
| in States which are in excess, thus giving
| States which are deficient in the distribution OF
currency the privilege Of returning notes of
pose, organizing banks in accordance With
| the spirit of Law. $50.
| SIGNAL SERVICE.
| Arrangements have been made between the
| Post Office md War Departments BY which one
| or moro Of the daily weather reports issued by
| the Signal Office will be furnished daily to all
| Post Offices that can be reached. from the sew
eral points distribution daily by mail AS these
reports are designed for the benefit Of the agri-
cultural as well as the commercial interests Of
| the country, the Postmaster General instructs
all PoRtmasters receiving them to put them i'm
mediately in frames, supplied for the purpose