New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-03
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Tie book Of estimates ready to be laid before Con
gress thoroughly prepared under the immediate super
vision Of Mr. Conant chief fthe warrant division OF
the secrcarys office, whose watchfu industry and
Judgment have made 1t work OF great accuracy, will
prove be Of the utmost committees and
members. Tie several tables which form part OF this
report arnsh details of the Of the Department
REVENUES AND ESTIMATES.
On account Of the alterations in the tariff laws effected
by the acts Of May aud June 6, 1872, adding tea and
coffee aud other articles 10 the free list and the reduc
ton OF duties on other merchandise. well
BY the removal OF a considerable amount o. !GterDal
revenue taxation the receipts have fallen of for the
year ending June 60 1873 much below those of previous
years, anticipated. Since the close OF that
the recent severe financial and commercial crisis has
caused all additional and unexpected dminuon in the
during part OF September and the whole OF
October and November But IL is gratifying to aGd that
IN this period Of the greatest commercial embarrassment
the receipts ia coin FROM customs have been greater
than the prOportionate amount required for tie same
period to meet the interest on the pnbhc debt and al
other expenditures which are payable IN coin F0r the
b isT,'er tban lie ordinary cirredc recaiDts Win
ont the OF gold. The revenues have already fallen
or sufficiently 20 make important and necessary
erese tbe eafest economy in atons and ex-
pendtures for the future. Aud should there not be
revival n business AT early day, ana increase In
The receipts over those Of the past two aud half months
Td,tior5' means will he reonired ~ meet cxpeusas
ShOuld such be the case recommend additional taxa
ton iudicOusly laid 20 be the least burdensome
upon the people and the business the country rather
than a resort % borrowing money and increasing the
In the estimates FOR the next nine months as wen
for the next fiscal year the prooaoe ect OF the imam
cal and business derangement mas Deen somewhat
taken into account hut. as 10 Is yet TOO carry ~ deter
mine s f1 effect upon the future revenues or 90 est
mate Wnen ana 20 wal extent tuty "l DC IesoFt' 70
their former amounts, these estimates are subject 10
future contingencies, which. during the next few
months congress Will De Detler De 20 take INTO iccount
and Judge OF than is possible 10 do no this time In
any event earnestly commend every reduction in the
appropr. lions which may be found possible 70 the end
that he economy which the people, suffering under TIE
posed to make, may shared and encouraged by the
Coy eTnno 1t through their public servants.
RETCNDNG OF TIE PUBLIC DEBT CONTINUED
Under arrangements made by my immediate pre-.
decessor in January last, the refundinz OF the
public debt has been successfully continued, and is
st advancing in precisely the same manner previous
negotiations conducted. subscriptions have been
nude 20 we new l.e per 'lt @ o+ '-e 80 ~
subscriptions mature, TO the redemption OF an equal
amount az hvetweny bonds bearing per cent inter-
est In addition % that amount lie S65UlJDO received
from GreaG Britain m payment Of the Geneva award,
under the rst article Of the Treaty OF Washington have
been used redeem lar the outstanding public debt
bearing per cent interest and an amount equal 70
the debt redeemed has been invested IN Ve Per cent
bonds Of the funded loan and registered bond therefor
has issued 70 the Secretary OF state IN trust TO DO
held subject 10 the future disposition OF congress &C
cordug 10 the provisions OF tine act Of March g. 1S3
the subscriptions above mentioned shall have ma
last of tie debt bearing SIX per cent inter
est into the new tive per cent loan, soJOh0O making
an annual SAVING o. interest 70 tue amour! oi tlotty
And whole amount converted into THIS loan since tue
Inc annual interest charge S0Oo00 The credit Of the
United states has not stood higher since the cio.e
ne rpho lion than t the present time aud 10
believed that the retunding OF the SIX per cent deot at
lower rate OF interest he still further continued.
TIE loan OF 1855.
Under The provisions OF the act Of jane =, 1858,
amended by the act OF March g. 1852 CHAP 81 sec. g.
The then Of the Treasury contracted loan Of
$4,000 oCO part Of which registered bonds we've IT,
sued redeemable NJ the pleasure Of the United States
t any time after the expiration Of Is years after the st
OIL Any 70.
part. coupon bonds were issued payable an any I'm.
aff- fc Isl dav OF January 1874. presentation aud
surrender Vi the certificate Treasury OF the United
states' II viii be perceived thai the two classes Of
of payment after Jan I, 1874, out ! am unable
70 discover, either from The act Itself or
from the records Of the Department that any
difference in the contracts was intended, and
It IL presumed that the variation language OF the Two
classes Of bonds was Wholly accl4eut A. since lhe pa
sage Of The act ol June So 1864 authorizing The secretary
of the Treasury 90 registered bonds ~ any loan In
exchange t0rcOupon bonus 81 tBe sabe Io' tle COUPON
bonds G TINS Oau Jo the amount Ci auOu SiJjOV nave
been exchaneed into the REGISTERED bonus, ana l1e
amount OF elen ellse nov Outs'Auals - wv -.
tered and ss745cocoucon u - undersIood taat some
aoe on tc LIST Of January ne1 OF az any le after ust
date their option. Applications have been made TO
bonds Tor ye per bonds OF the funded iOan which
exchange the Secretary vi The Treasury has nov no au-
tn0rily 70 permit No appropriation has been made,
either Ingthe act aulAolling tle oaA OK ~ any sun
sequont act for ne payment Of Tie r[4c,pa ana no
the 20 tAe time Oi pay heut OF etDcr
OF bonds The attention Of Conress = thus caiiea
IN relation thereto may be taken. The day OF
January next. Congress mdy deem vi Use ana JG5t'
TIIE BANKS AND IHE PANIC.
The prevailing practice, not only OF National banks
bur OF STATE bauks private bankers of paying inter
est on deposits attracts currency from al parts OF the
country 10 the large cities and especially 10 NewYOrk,
the great financial center At OF the year when
there Is comparatively little Tor currency else where,
immeuse balances accumulate ia New York, where not
beng required by the demands OF legitimate and ord.
nary business they are cali at higher rate OF
Id
speculation. Every year, AT the season When the Qe
I1aDd ser IN from the West south for currency % be
used In payment for ana transportation of their agrc
tua products, there occurs stnngenoy IA the money
MS remand Until this yeif thouch annually creating
enbs rassment this demand has been met without
serious diHicuity During the pact summer an
ucIpating the usual Autumn sITinsehey, TIE
ket price was high currency ABUNDANT ana
bonus for sale IA LAe insThet we're scarce,
and while a surplus OF gold IN the Treasury,
and thereby accumulated aDoUt sl4OOCOO OF currency
with view OF using the same VI sdch part thereol as
o. gnt necessary ia the purchase OF bOhds LOT the
sEking and at times during the Autumn aud Winter
they could be bought at pflee not ABOVE par ID
gold, or III meeting demands upon Tue AFeusu!, do sT
cumstances should require. -
rms year there was great demand for curfency TO
winch European countries offered ready market.
The SUSPENSION OF certain ,HsG S1 d n of 1S hS.
alarmed the people as TO the afe OF tanks and bank
rapid calling of demand loscs and very general riu
on the banks Tor the wlfadrawa OF deposits. Entlre
even in National oank notes. and they we're drawn
wherever they could be obtained ana were largely
boarded mncb avidty as coin was ever hoarded
ia mec OF financial distress when that was the crcu
lat:e mediuIn OF country. The banks found item
encx In Circulation Became exceedingly scarce
aud the OF the country became greatly einbar
raised this condition Of things, great pressure was
brought 10 upon the Treasury Department 10 AFFORD
relief by the issue OF United States LOtes The nrst APP
phcation came from number OF senueine . IN SeS
YORK suggesting that measure OF relief would be
ADEQUATE Iat did place at the service OF the banks
an mai CITY so OOG United States notes. and asking
mat the Assistant Treasurer al NeW-1ork should De
Authorized 10 those banks that amount OF notes
a. a oln upou pledge OF Clearing house certncales
secured BIZ ample cOllateras, ana for when ceruncdr