Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-12-10

than the interest on the public debt and
other coin expenditures; recommends econ
omv and reduction in appropriations, and il
the effects Of the arrangement in business
should continue and make it necessary, to
provide additional taxation rather than re.
sort to borrowing and increasing the public
debt. The operations under the rcfunding
act for the year ending December 81, 1874
make a saving Of sl000,000. Recon-.
mcuds that action be taken before January
next for the payment Of the 500, 900 600
loan of 1865.
The Secretary condemns the practice OF
paying interest on deposits as tending to
circulate currency in the largo cities where
it is used largely in loans to spectators,
whose operations tend directly to increase
the annually recurring striugency IN the
money market, and tending to derange busi-
ness generally. The Secretary alludes to
the prevailing sentiment that more elias
ticity should be given to the volume Of the
currency, and earnestly commcuds to the
wisdom Of Congress a careful consideration
of the subject, and that in such inquiry
further initiation Of irrcdeemable paper cur.
roncy should be avoided md permanent re-
turn to the sound basis OF specie payments
be kept in view.
He regards any large augmentation Of
legal tender notes 10 time Of peace, as a de-
parture from the declaration Of public policy
and pledge Of public faith to the national
creditors, made 10 au act Of June 80, 1851
that the amount of such notes should never
,-.--, eioo,ooc,vuU, as well as from that
more solemn pledge contained in the FIRST
act Of the For,y-frst Congress, to make
provision, at the earliest practical period,
for the redemption Of United States notes
10 coin.
He refers to the uncertainty in public
opinion as TO the right or policy Of issuing
the S4l.000,000 called the reserved, and
recommends the exact status thereof be
fixed by Congress lie opposes the issue
OF any part OF the same to initiate the cur
rency, aud suggests it to be held for reserve
under restrictions The Secretary also rec.
ommends changes in the law authorizing
the national bank notes to be replaced a;
there are practical difficulties in carrying
cut the purpose Of Congress under the
present law.
\ thorough revision Of the custom.
laws is recommend. The tonnage tax
should be repealed and new laws regarding
enrolment and license Of vessels should b'
made so far as they effect canal boats anc
similar craft employed chiefly on the water
of the States. The reorganization of Gus
toms districts on the Atlantic coast, an,
various changes in the laws respecting GU
navigation are recommended The Secre
tary details what has been done in the mat
ter Of the Louisville and Portland Cana
and suggests further legislation
WAR DEPARTMENT
The annual report Of the Secretary
War shows that the estimates for this d,
partment for the ensuing year ending un'
1874, were $50, S26.37S, while the apprc
pFiation was s32,91797l. Experienc
shows the estimates were necessary. II
says that large list Of expenses are in
cluded in the appropriation which shout
not be classed as military such as Freed
mems hospital, signal stations at Ii h
houses, etc lie recommends law author
izing the appointment of a historian O
the rebellion. Gen Sherman states tn
force Of the army to be $685. cavalry
artillery and infantry, and 1870 non.com
batan,s, the whole aggregating 30 sos, O
49j less than tho number, 10000, limitc
by law. In the active regiments the nun
Der of men sick and on necessary deta
about the posts will fully equal % pc
cent. so that the actual strength for mil
tary service does not exceed 1862 men.
THE NAvY.
The report Of the Navy Departmer
shows that there are now in the navy 10
vessels, carrying exclusive of howitzers,
267 guns, a reduction since the last annui
report by sale and otherwise, of thrice
vessels. OF this number there are at pr,
sent in commission for the sea service, di
tributed on the several foreign stations au
on our own coast, iorty-six vessels, carryir
l07 guns The cruising or active force
the navy, as these may be called, and whic
is controlled by the appropriations mad,
and the seamen authorized by law, is abou
the same as last year lie urges the n,
cessity Of yearly providing for the built
ing Of certain number Of tons 10 ord,
to keep the navy in an efficient condition
THE CURRENCY.
The report of the Comptroller of Gu
rency says the present financial crisis ma
in a great degree, be attributed to the il
innate relations of the banks in the city
New York with the transactions of the stoc
board. The unity of action among leadin
banks of the great cities will do more
reform the abuses than any congression
enactments, II, however, the banks a
dsincined to unite for such purpose, Il
legislation Of Congress will be such as W
induce associations outside the city of Ne
York 10 retain ia their vaults such funds
are not needed at the commercial center {
purposes Of legitimate business.
TuE INTERIOR.
The business Of the general land off
exhibits material increase in all
branches during the last fiscal year. Du
ing that time there were disposed out Of Il
public lands l3036G acres, being
amount greater by 1868 acres thu
was disposed Of the preceding year. {
the amount disposed Of, l,626, 266 acr
were sold for cash; 2l4,940 acres we
located with military land warrants;
1852 acres were taken for homestead
653,4iG acres were located with agrict
tural college scrip; 6,0S3,526 were GER
fed by railroads. 1856 acres we
granted to wagon roads 23S ,54S acres we
approved to States as swamp lands 1875
6ol acres were certified for agricutur
colleges, common schools, universities al
seminaries; l90,775 acres were approve
to States for internal improvements; II
222 acres we're located with Indian scri
The cash receipts during the same tim
were s3,40s,5 l5 90, being $3.50, 1850
excess of the receipts Of the previous yea
During the year 50,4sS,l32 acres of pu
lie lands were surveyed-an increase ov
the amount surveyed the previous year
1857 1913 acres and added to the area pr
yiously surveyed, aggregates 616,544 81
acres which have been surveyed, leayil
l,2lS,443,505 acres of the public Ian
still unsurveyed,
The increased and steadily increase
facilities for reaching our unoccupied pu
lie domain, and for the transportation
surplus products, enlarges the availab
field for desirable homestead locations, III
H.. .