The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-12-01

them to the name of 'battery'' whether they
have guns or not, and it might be as well to ask
a modification OF law SO as to read 'battery or
company 1or artlliery regiments to correspond
with the words troop or company used for
cavalry in the same act. The foregoing does
does not apply to 81 second lieutenants recently
appointed from civil life now under orders to
join regiments
enclose the annual report of the division
and department commanders, copies of which
have been submitted to you as received The
military divisions embrace the whole area of
the United States, and these reports include
acts of all regular army, leaving nothing to be
added by way of history of events during the
past year.
No part of the army is under my immedote
control, and existing army regulations devolve
on the Secretary of War the actual command
OF the military peace establishment and all re-
spOnsbility thereof so that forbear making
any further recommendations or report
Very respectfully. your obd't servant
w. L. SHERMAN, General.
The Comptroller of the Currency ON the
Panic.
The Report of the Comptroller of Currency
rehearses the panic of September last and saws
the present financial crisis may in a great de-
gree, be attributed to the intimate relations in
the banks in tina city of New York with the
transactions OF the stock board. More than
one-four b. and in many instance nearly one
third of the bills receivable of the banks since
loans to brokers and members of the stock
board, which transactions have a tendency to
impede and unsettle instead of facilitating legi-
innate interests of the whole country Previous
to the war the stock board is said to have con-
sisted of one hundred and fifty members
and its organic principle was strictly commits
sion business under a stringent and conserya
tive constitution and bylaws The close of the
war found the membership of the stock board
increased to eleven hundred, and composed of
m 70 of fha -
whom congregated inWall street. adopting for
rule of business the motto of Horace-"make
money; make it honestly if you can; at all
events make money"
The law of the State of New York, which has
been retained on the statute book since 1913, re-
stricting operations of the stock board un-
fortunately was repealed in 1853 so that
its members aud manapulators were enabled 10
increase operations 70 a gigantic scale. The
quotations of the stock board are known 10 ba
frequently hctions of speculation aud yet these
hctions control the business aud commerce Of
this country, and their influence is not confined
TO this country but extends 10 other countries
and seriously impairs our credit with foreign
nations.
The fictitious debts of railroads ane other cor
porstions which they have bOlStercd up and
which have obtained quotations in London and
Other markets of the world, have now been re-
duced 70 more proper valuation or stricken
from the list Whether Congress OF the legis
lature of New York may not re-enact a law
reviying similar restriction with great benefit
to true business Interests OF all parties, Is re-
form are nronosed In o,5es rba, ,hs las-.,o -
the crisis may moi he Iox, ami oth.rs ~ Ia
hereafter 10 c,m,nit simila5 errors w ""
The unifv Of arfion aronns, lsad;n, h.nL. .,
the great cities will do more TO reform the
unless snch cornorat,ans sbsII nn;,s ana ;rs -
upon legitimate methods of CONDUCTING hnxi
ness, the laws Of Congress in reference thereto
Will be likely soon 10 become imperative.
cacn enactments VIII be observed In their true
spirit by the tew while the many evsde them
aud thus invite repetition OF similar disas-
ters
IL, however, the banks are dsinclined TO
unite Tor such a purpose, the legislation of
congress with be such as will induce associa-
uens outside oil the city OF New fork TO retain
ih their vaults such funds as are not needed at
the commercial center for purposes of legitimate
business;
Inc following statement has been prepared
showing the whole amount OF national bank
currency, legal tender and fractional CURRENCY
issued up to Oct. 18th, and Nov. 1~t, 1S73:-
National bank currency Oct. 18th. $3.50, 049,-
056; Nov. LIST $3.50, 80, SS4; legal tender notes.
Oct. 18th. $3.50, 566, $685. Nov. list, $3.50, 952 206
fractional currency Oct 18th, S46.699, 1871; Nov
1st S47, SIC, 40. Total Oct 18th $3.50, 315, 135;
Nov. 1st. $3.50, 161, 239. Deducts amounts held
by the treasury and by the banks Oct. 18th
Sill, 496,97 and Nov. LIST, SIPS, ,729, which
will leave upaccounted for Oct. 18th, $3.50, 818,-
13S and ov. LIST, 1851, 40, 582. After making
allowance for the currency held by the State
and saving banks, trust companies and private
bankers, there are lrrger accounts than can be
supposed to have been in the pockets of men or
the tills of small dealers, but it may be left to
the ingenious in such matters to divine what
portion thereof was hoardedjby the tmid, the
ignorant or the cOnvetous.
Report of the Secretarx of,bs Navx
wAsE1NcroN Nov aO-Tbe Seeretarv Of tho
Nav in his renort 70 The ProsJena so y, .no
Tbere arc now II The novn lex rossaIs y, say;
arnlns;ue how,zars 5e7 10 VESSELS uadryn;s,
s;noa tho ,ost nnmai' ranort IS 81 - .S
,';So "f th;rtaa,, ,aSsaI " s@'u %nu Osne
49,, ,f thasa ,aSsoiS 'snosta 20
than iron .cIads and tn1S carrv;nS SSs onns 90
;,; ~ aI 900 80 so 90 ing o-9 guns, 20
1o1 a,,ns anJ Ok t,ss ISL e.
frn;Ghr anu 80 Gs .i; LUZ navy yalu anu
rrasan, ,s nuoer scere are az
present III COMMISSION Ior Tue sea service, dis
VI .uo Se 1 ss:.ons 90 ano on
The ",;s;nar ~ oot;na NJ Guns.
these NAV he calIoJ and which 4; nnntnniIs3, as
the ACKNOWLEDGEMENTS made anJ tho saomaa, ~
tborized Nv law is abont the same 90 last vear
The nIaces Of tbosa W seals which haua b..ar
nut ont Of comm;sS;on sv;tb;m a. 800 49,. 49,
months from the exniraton Of Their S Cruises or
for other causes. having heen snnnl;ed nv co,o.
missionino and sending IN sea Observation-Disclosures ~ H.
number of others The list will show . forco
slightly decreased in numbers by the sales of
vessels which yera ,yh;Ia mo r+o;uo st 80 VI
onlv a source If exnensa and hos somswh,t
weakened our strenotn nv the condemnat;.','
and LAYING up of several of onr white oak crn;s.
ers. which have reached the limit Of tha;r
cruising life and can no LONGER he nsed with
safety on the seas. MANY of Che shins now On
the navy list and which serve to swell the MN
Der to the figures above given. are far from he
ing such as are really needed. and their trne
condition, which has often been officioIIv rem.
resented to Congress. can he fnlIv understood
and appreciated Inv reference ro morris Of tba
hureans In the maanwh;1o bowaSpu VS. ~ M zig
been ENGAGED in renairno s;x of onr i've i've o
crn;sna shns who'll 70 no "a y, vGa ivy oan
of forwardness at tha savor.I SSages
are ali of moderate Sc and nonc - thar, snes
GENTLY advanced to he Of nraSan, s w" hui thar,
are ajonted IN the "nts IL ',n us.' ou' sney
and viii in !. fau ,nnnths odd u,o,ou;oms navy