The Portland daily press., 1873-07-25

PROVISIONS OF THE LAW AUTHORIZING THE
NEW LoAN-THE REQUIREMENTS OF THE ACT.
With regard to the statement that the gold
balances of the Treasury should be increased
by the proceeds of any sales of new bonds it
may be said that any such increase would be
direct violation of law. The law authorizing
the new loan specifically provides that at no
time shall the bonds be issued in manner
which shall increase the public debt To hold
the proceeds of sales of new bonds in the
Treasury without investing them in called bonds
or other obligations of the government would
be direct violation of the law. The Treasury
Department so construes the act that all issues
of new bonds must be accompanied by sue Ii
corresponding purchases of other evidences of
public Indebtedness as will keen the outstand-
ing public debt at its legal limit. Consequently
the proceeds of any sales Of new bonds which
may have been made cannot appear as gol d
balances in the Treasury, but have been or
must be invested in called bonds. 1t may also
he stated that the Syndicate did not contract
to purchase and pay for $50 1000 900 of the new
loan on June l. The time of payment under
the contract runs until about Dec. 10Th. Under
the law it can make no difference IN the coin
balances of the Treasury, whether the Syndi-
fve-twenties, or in c)in, or partly in both. The
debt statement of July 81 will contain record
of 100000 of the bonds of the new loan II
should not be forgotten that this debt state
ment purpOrts only to represent the condition
of the Treasury as it appears on the books of
the Treasury; accounts which have not been
adjusted on the books do not appear as adjust
ed in the statement. The increase in the
amount of coin between June l and July /,
was due to the presence of some $14, 1000, 900 of
coin certificates
ANEW PRECEDENT IN SHIPS LICENSES
A new precedent in the matter of licenses to
vessels has just been established by the Treas
ury Department. A license for the steamer
Golden Gate, purchased at sale under drec-
ton of Register in Bankruptcy, was recently
refused upon the application of Mr.. john Nc
KAY, because the bill of sale had been lost or
mis-laid, and the Register declined to give a
copy of it, but in its stead furnished the owner
with q certificate for record. The Collector of
Customs, OF New York, in reporting the matter
to the Treasury Department, having stated that
ti.eso seemed to be no danger of prejudice from
accepting the less formal and full document,
the Treasury Department has authorized the
Collector to accept the certificate and to issue
license to the vessel, and to-day forwarded "a
letter to that effect This is the first case of
the kind ever presented.
INSTRUCTIONS TO INTERNAL REVENUE CoLLEC-
TORS iJ
The Commissioner of Internal revenue viii
soon forward to collectors of internal revenue
special circular designed to facilitate the collec
ton of taxes. In that circular collectors are to
be enioined to look into special taxes, to pro-
vide for the more efficient collection of the tax
upon distilled spirits, and to correct the irregu-
larities in bank returns. Regarding the latter
the special instruction is given carefully to
scrutinize the last bank returns, and in cases
where the assessments seem too low, it is order
ed that new assessment be made
M THE NEW REVENUE SYSTEM
A Supervising agent of the Internal Revenue
tour of the New England States, forwards
long report here, from which it appears that all
the Internal Revenue Collectors in New Eng
land represent that the new consolidated law is
working well and that the collections under it
are greater than ever before. ersfs,ti