The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-03

ington for work done in front of the
public reservations, and for the embel.
iishment or the pnbfic" buildings and
4 1gt9u1ds. He tavoxa action to give
greater 6cldt and success to the Totyssry.
anoe OF the centennial anniversary Of
American independence In regard to
OWL service, he says he will: earry ont
the rules during his term7of office, but
suggests that there should be direct ao-
tlon OF Congress to make the system
binding on his SUCCESSORS, SO as to se-
cure to tho public service q practical
method OF obtaining faithful and effi-
cien' officers and employees. The read
ing IT the message WAS completed at
2.5( having occupied one hour and ten
J minutes.
The Treasury report suys that neces-
slty exists for a new issue of national
bank notes. The Secretary exonerates
Assistant Treasurer Hilhouse from ne
glect of duty in the stamp division of
Lhe Assistant Treasurer Of New York.
The Secretary again recommends the
passage OF bill to amend aud consoli-
date the navigation and customs collect.
ling laws OF the United States. AS the
leading pursuits of the country are now
stronger than ever before. in the posses
zion OF adequate capital and supply of
inteiiigent iaborers, there may be O mo-
deratc reduction, from time to time, in
tue rate of duties. as the diminishing
expenses OF Government shall permit,
without either alarming capital or in
1nfing labor. He says tho circulation of
| tile banks should be fixed and limited,
and that the power to change the volume
OF paper in circulation within the limits
established by law should remain in the
Treasury Department.. "A degree of hexi.
blllty In tho volume Of currency is essen
tial for two reasons-Hrst, the business
OF the department cannot be transacted
properly If limit is fixed. and the
power to raise the circulation nbove or
reduce 1t below that limit is denied; &C.
condiy, there is necessity, every au-
tnmn, for moving the crops without de-
lay from the South and West to tho SEQ
board. that they may be on hand for
export and consumption as wnnted.
The problem is to find way of in
| cseasing tho currency for moving the
crops, and diminishing it at onco when
TINT work is done. This iE necessary
work, and inasmuoh as it cannot be con-
hded to the banks, the power should be
reposed in the Treasury Department.
Believing that the country is not pre-
pared to sustain tho policy of coutrnc-
ton, the Secretary considers tho means
by which the value of onr currency NAV
be improved. The basis of O policy of
improvement must be found in q sturdy
refuaal to add to the paper circulation,
until 1t Is OF tho same value essentially
es com. This being accepted as the set.
Lied purpose Of tho country, there can
be no permanent increase of the differ
ence between paper and coin; and an op-
portunity will be given for the influence
OF nat raj cnuses, tending, upon tho
Whole, to better financial condition.
All Legislation limited in it's operation to
the paper issnes of the Government,
whether bearing interest or not, and
which III its effects shall tend to diminish
the market value of coin, will be found,
upon analysis, to contain O plnn tcr con.
tracting the volume of paper currency;
and all legislation STD limited, which does
not contain such plan. will prove in
ef1ectua!. The Secretary, without pro-
ceedlng to tho discussion of the general
snolece OF resnming specie payments,
thinks all will have been gained that il
Of value when tho Treasury shall be pre-
pared to pay the demand notes OF the
Government in com, and the banks
shall be prepared to pay their notes
either in coin or legal tender notes; and
then our good fortune will clearly ap-
pear in this. that our paper currency is
not exclusively of national bank notes,
! nor exclusively of United States notes.
NORFOLK, December 2.-The steamer
General Sedgewick, from New Orleans
Tor New York, was towed heru. She lost
her propeller wheel off Hatteras.
| RALEIGH. N. c.. December 2.-The
conservatives made no nomination this
morning. Pool 58. Divided among
seventy gentlemen, 1O7. The Conserya.
tive caucus, this evening, mado no nomi-
nation. General Scales had plurality.
The friends OF Vance aud Merrimon have
withdrawn them.
CiiAss.EsToss, December 9. The
Charleston Exchange was opened for
business o.day. under its new oonsttu-
tion, and in it's new building. A board
OF directors, chiefly composed of leading
cotton merchants, with William Ravenel
as President, was elected. The Ex-
change will include in its operations
transactions in cotton for future deli
very.
MONTGOMERY, Ala, December g.