, 1873-04-01
... WASHINGTON.
Tho, Financial Policy Of Sccre-
tary Richardson.
Important Decision by the
Supreme Court Of the
United States.
Postmaster General Creswe1l to
Make a Tour Of Postal
= Inspection.
The Pacific Railroads and the Govern
ment to Appeal to the ST.
- preWe Court. r.. -.

THE TREASURY POLICY.
WASHINGTON, D. G. MARCH, 81.-The naw Scc-
rotary of tho Treasury. Judge Richardson, gavo
the first intimation Of what his policy with ro-
gard to tho sale OF gold and tho purchase Of
bonds is to be, yesterday, when ho Issued his
programme for the month OF April. His predo-
cossor, Senator Boutwell,, was in tho habit Of
making his purchase Of bonds about equal to His
salcs Of gold. 1t Is understood, howoyor, that q
necessity exihts for this policy. which waB rn-
known under Boutwolls Administration, or at
loast 1t had no oxiatonco until last full. At that
tino certain amount Of $44 100000 of currency
roscrvo was put in circulation. 1t has mover
been entirely replaced, Tho action Of Congress
this question, WAS sufficiently explicit to Indi-
cato that further drafts upon tho reserve would
provoke! positive legislation. According to the
last public debt Btatemont, there was about
stood that tho purpose Of Secretary Richardson
Is to ropaco this at the earliest timo poasi~
bio. To do go, ho will, Of course, bo compelled
to; soll as mucli gold aB ho can spare to
help meet the curront expenses Of tho Govern
ment, and purchase le9a amount of bonds.
Thts policy will necessarily lead to contraction,
but tint appentB to bo tho policy for the present.
at least Of tho Administration. Some persons
will, perhaps, be surprised to learn thnt during
the last year contraction has been carried on by
the Treasury Department to tho o1tont Of
93,000,000. ThiR Las boon done mainly by tho
redemption Of tho Per cent certificates, and
through the operation Of the law redistrib-
tth ntting a,,, tho National Bank Currency. Il is
Of the Secretary Of tho Troaaury Inns marked
effect upon tho monetary interests of the coun-
try. Judge Richardson is Of the opinion that it
is not his orders to buy bonds Or sell gold that
money market in Europe aud the amount Of i'm
ports.
TIE PACIFIC RAILnoApB.
The amount Of money which will DO withheld
eneo with tie recent act Of Congress, viii reach
from $1,000, 900 to 81 100000 annually. This
is on tho transportation account It is
the purpose Of the companies interested
of 9; tho Government to withhold this money to
;'ojay = PGasiblo. fhey iere to l,s7e dscsics' @
from the Supreme Court Of the United States In
aoom confident that tho action Of Congress will
not be sustained by tho Supromo Court. Tho
Secretary Of tho Treasury is Of n different opn-
ion. At all events till thore is decision by tic
be suspended.
DuRELL AND nusTEED.
It is mentioned hero, in connection with the
administration OF those eminent juriBts, DureIl.
all tho proceedings in bankruptcy which have
been had in their respective courts, not ono cont
Of dividends has ever yet been made to creditors.
It is auggeRted that tho contingent fund Of thoao
courts must be enormous.
SUPREME COURT DECISIONS.
In the case Of Olcutt rs. tho Fond d,l Lao Com
misBioners, which came up on appeal from tho
United States Court in WISCONSIN, The Supreme
Court decided to-day in favor OF tho Commits
sionera. In this case tho plaintiff resisted
" the payment Of taxes, asaeuaed BY reason
Of county subscription to railroad. Tho
ground taken, was TINT tho Legislature Of TINT
State in passing an act to authorize this sub
eeriptlon violated the clause of the constitution
which provides TINT private property ehall only
he taken for public. usos. Tho Court held that
rnilroad was public use, In the use of the above
clause that tho aot Of the Legislature was con-
aeBBed.
In tho State Of Kansas against the Kansas Pa
clflc Railroad, imposing taxes on the land grant
Of the latter corporation, tho Court held that
tho State had no right to make such assessment
Tie decision was based on tho restrictions IN
tho act Of Congress- making the grant Of land
whereby the road was liable to perform several
conditions precedent before the legal title would
rest.
rTt1 }ha 4ssncfnt.d Torss.1