Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-01

fair reduction in the public debt, notwith.
standing the revenues of the month have
been comparatively very light. The Treasury
disbursements for the usual expenses OF
Government for the month ending to-day
have been below the average expenses for
the last three or four months.
Postal Pay.
The Contract Bureau of the Post Office
Department viii tomorrow deliver to con-
tractors, or their agents, drafts on the
United States Treasury amounting to near
" three million dollars, in payment for
postal services during the qua ter ended to-
day. A
Spinner Docking Unearned Interest.
Treasurer Spinner will respond to the re.
Quest of the National banks for the payment
of interest on thsir new five per cent. regis.
tered bonds iI the treasury as security tor
circulation and public deposits, By sending
them checks for the amount OF Interest due
on the 1st of November on such bonds, less
rebate at six per cent per annum.
Greens and Shinnies.
An official statement shows that the
United States currency of all kinds, out
standing at this date, is $402, 2,923, ,O39.
Secretary Richardson TO the New
York Produce Exchange.
The Secretary of the Treasury has ad-
dressed the following letter to Franklin Ed
son, President of the New York Produce
Exchange:
TreasWru Department, Washington, ID.
c.. Sept. 30.-Sir: Your letter of the 18th
| inst, concerning two resolutions of the New
York Produce Exchange, has been received
and the subject matter fully considered.
The resolutions are as follows:
GWhereas, the critical condition of the
| commercial interests of the country require
immediate relief by removal of the block
| in foreign exchange, therefore, be it
oResoIved, that we respectfully suggest
TO the Secretary Of the Treasury the fol-
lowing plans for relief in this extraordinary
emergency:
81. That currency be Immediately issued
| to the banks or bankers, upon Satisfactory
evidence that gold has been placed upon
specisl deposit In the Bank Of England, by
their correspondent in London to the
credit of the United States, to be used
solely in purchasing co nmercisl bills OF ex-
change.
"2. That the President of the United
| States and the Secretary of the Treasury
are respectfully requested to orcer the I'M
mediate prepayment OF the outstanding
loan Of the United States due January ISL,
| 1874"
While the Government is desirous Of
doing all in its power to relieve the present
unsettled condition Of business affairs, rs
has already been announced by the Presi-
dent, it is constrained in all its acts to keep
within the letter aud spirit Of the laws
which the officers of the Government are
sworn to support, and they cannot go be-
Eond the authority which Congress has con-
ferred upon them.
Your first resolution presents difficulties
which cannot be overcome. 1t Is not sup
posed you desire to exchange coin in Eng
land for the United States ia New YORK al
par. If your PROPOSE ion is for the Govern,
mentto purchase gold in England to be paid
for in United States notes at the eurrent
market rate in New York, it would involve
the Government in the business OF import
ing and speculating in gold, since the Treas
ury has no use for coin beyond its ordinary
receipts, and would be obliged to sell the
coin so purchased at price greater or lest
than was paid for it. II your Ohject is Il
induce the Treasury Department t.
loan United States notes to tht
banks in New York upon pledges OF
deposit in London of gold, it is asking th'
Secretary of the Treasury to loan the none.
of the United States upon collateral securi
ty. for which there is no authority in law
If the Secretary of the Treasury can loaI
notes upon pledge Of coin he can LOAF
them upon pledge of other property in hi:
discretion, as he has recently been requeste'
: to do, which would be an extraordinar
power as well as most dangerous bushes
| TO engage in, and which my judgment woul
deter me from undertaking as Secretary Q
the Treasury even if by any stretch OF cor
strcution might net find it absolutely pro
: hibited by lsw.gs1The objections slread
mentioned to your first resolution are so IN
superable and conclusive, that it is unnece'
safy for me to refer to the many practic'
difficulties which would arise if an atteml
should be made to comply with your II
quest.
Your second resolution calls for the pa
: ment at once of the loan of 1858, or t.
! bonds commonly called the nves OF lo14
. Upon thorough investigation am OF To
opinion that Congress has not conferre
upon the Secretary of the Treasury II
power to comply with your request in thi
particular, and in this opinion the law on
GERS of the Government concur. Und
. these circumstances you will perceive tn
: while have great respect for the gentl
: men comprising the New York Produ
Exchange, aLn compelled by my views
A the law and of duty, to respectfully declil
y to adopt thu measures which your resol
tions propose. l have the honor to
= very respectfully, VIM. A. RICHARDSON,
= Secretary of the Treasur
4 International.
= The Department of State has been
formed by Gen. Shenck that the Nation
). Association of Science of London has
:, fered a prize of $500 to the person vi
|, shall write the most able essay on the f
= lowing subject: In what way ought an
!, ternational Assembly to be constituted I
g the formation of q code of public Intern
D tional law, and what ought TO be the pri
Y ciples on which such code should be forr
l. ed? The Association invites the compe
J. ton of Americans for the prize. The essi
- is to be sent to the Association on or befo
the 1st of June, 1874.
d A Cabinet Meeting.
+ Secretary Fish returned to the city B
l. day and had an interview with the Pre:
r dent. There was meeting of the Cabin
I! | ST noon, WHICH was oStCu-CO W OOSAOOcAAA ~
q Fish, DeIano aud Richardson, Postmast
II General Cresswell aud Attorneg Gener
o Williams. Nothing beyond routine busine
IS was considered.
The Talk of an Extra Session.
q Special to the Cincinnati Commercial.
v WASHINGTON, Sept. 2S.-The talk of
4 extra session of Congress, so far as this G
/. is concerned, is the merest gossip OF 1T
a responsible hotel and newspaper OH
;, loungers. The idea has never once be
~ either seriously entertained or discussed
# official circles. There has not been pro
n inent member of either House OF Congrt
h here this summer, save Gen. Garfield, W
ns came to look after his private matters, a.
d he has but little faith IN the efhcacy oi
"a move of this character. So far as the
"a ministration is concerned it is inclined
think an extra session would be especls
ID inimicsl to the Republican party, and, Ii
E. Martin Van Buren's extra session after
+ panic of 1887, might result in electing
,e opposition President as one OF the con
s, quences.
3 Florida Senatorial Corruption.
Evidence of the increasing strength OF t
)" oppositioD to Senator ConOver, OF Flori'
ir has been received here. Positive chars