The New York herald., 1873-12-03
ror interest on Pacific Railway bonds. Ss
For sinking fund 19s

partments iolows:
Legislative. $aSl s05
i,osooa
iarean ' inicrcorse s3T W
Military Mss Sls
naval iJzol gso
a.-os Pensloa, sssoooS
Public works 3 l6e237
sosIs sIsss ss5yIss S,,." " ,Sspl$si Ss$si
neress eress ON faee Rasie q" Hallway bonds s ssS
sinking iund... ...................-... &,9leso3
Total. ...... ssI9,loS75s
The book OF estimates ready to be laid before Con-
% OF M u oan anae hs
Q. the secrearys Office whose wachfu care, industry
w prove 70 be Of the utmost convenience to commit
rho several tables which form part this report fur
hSh details Of a, tue accounts Of The department.
on s a as nd ans p & ar .ddns e se
aStces to he lree list and the redac.
IN Of dutes on Other merchandise as well a. by tho
son ns ke receipts haye fallen of for the ysar ending
expected diputon IN the revenues during part OF sep
ist ssynS 70 md mat IN ,his psrod Of tho tho
iom custom: have been greater than the rroportonSie
amount required for he same period to meet me interest
win be larger than the ordinary currency receipts
1T the as S go he have already
@ as o ss n n Be- ssa
revival business at early day and in
the receipts over those Of the past wo and hall months
Should such be the case recommend addional taxa
po the peopc and The u Of e souny ae
than resort 10 borrowing money and increasing tho
IN me estimates for the next nine months we'll
cal and business derangemen has been somewhat taken
@ the The Do S'o or 10 % hes @
and to wha extent tey van % restored 70 ,hs former
m whs dIr9s r. hs mn ncS lew months a%n s.
In any event, earnestly commend every reduction in
end tlat the economy which Inc people suffering under
disposed 70 maRe may be share and enc ouragea BY the
government throngh their public servants
Under arrangements made by my immediate predeccs.
an 4 aS 3 ppe ss has
e s Were
ve cent funded loan The extent ss4 800 COO and
TO ths redemption M Of an eGua amounS Of vcwenty
addo tx to pSa at aona e so received
rom GIeaf I sran ar IN q q hs Geneva award
been used to redeem lar the outstanding public
debt redeemed has invested in i've per cent
Snds q he Ssd i 9Sa S and bono there
be ned sub ec to The future disPoston o. congres
When me sa6serpiions above mentioned shall hayo
,erest into the new Ave per cent loan, Oooo max
an e &c &C 's o % z,
re & ihs St hass &c
Inc credit of the United States has not stood higher
since the close Of the rebellion Than 1t does at tho present
en rae a Of e c m o. s ng SIX
continued.
e @ e Chap pns Ss as
tlen secretary OF the Treasury c0ntrac cd a loan OF
Tor part l. e r. Which regstered q s bonds
a. any time after he sxpra Of 8 Years alter the Isl
part at aags e
r he M " hy Lay ct S on M ana
viii perceived that the two classes Of bonds differ
Unable sbS q nysss ys
that any difference IN the contracts intended and it
passase he hor1ins ,Ss seere, RE
eaohamge n ot ts bonds o. the same es the
s % he reSsesa soad s ae
amount q each class outstanding is s6,s15oO regis
sSs%' % some holders Of the coupon bonds
s% on
ss
No appropriation has been made, either in the act
he prnsssl " sss,ss s sss
lme sier Glass bonds sA'0' IS . ns
The e Of ,a S hns called to p this Han
thereto may DC taken before ,he ls day Of January
yaE sANEs, ras rlNAsciAL CRISIS AND rne CURRENCY
but Tho n not on OF NJ banks
est on deposits attracts currency from all parts OF the
tne great nane,a centre Al seasons 81 the Year when
there - LYLE use ioT currency esewhere
being required by the demands of legitimate and ord
OF interest than hat paid to deposors and used in
every year. at the season when tho demand sets in
from the West and south or to be used pay
ucts there occurs p sringency in the money market
arising the calling IN OF such loans to meet this de-
Um.il this year though annually creating some cmbar
dass%sn aSSsy TINS demand has been met without serious
During the past summer, anticipating the usual
while me naiket price was high, currency abundant
hr" wn snrpns q so In the an thereby
Of using same or part thereof as might be
essary in the purchase bonds c sinking und 1T
bought AZ prce no. above par IN god, or IN meeting
require
inis year there was great demand for currency to
ihe European countries offered ready market The
Gp on the s s Of se s
e a. o s san sey 81 sre eankI hand and eang
in 81 enand loans and very general thcbanks
HARVESTED in ned states notes and ev2n IN national
Se ann aad g oae With ey a.
ayidity coin ever hoarted in times financial
country The banss found themse"es una5e Is = mee
eSceenqy ana o business Of o oun 6
came greatly embarrassed.
IN tins condition OF things great pressure brought
to the Treasury Depar rellefby
the issue OF uied Stacs notes. hs FIRST application
from number OF gentlemen New York. sug-
gesting that 10 measure OF relief would be adequate
that did place AT the service of tho banks that city
S2O0UJ1 United states notes, skiing that the
sistan at New York should be authorized 10
issue 10 those banks that amount notes
pledge OF Clearing House cor ticate secured ample
coateras and tor which certificates all the banks were
to be jointly and severlly responsible This proposition
dcchned, it being clearly within the duty or the
uhorty OF the Treasury Department under any pro-
visions Of law. thus to employ the public monoy.
Exchange Europe having fallen unusually low
rates and, indeed, having become almost unsaablc
the market the embarrassment of foreign and
nestle trade, applications made Secretary
the treasury TO the money IN the Treasury in the
purchase of exchange The Treasury Department, hay
ing do this for its use no neccs-
sity transferring FUNDS to Europe, compelled
decline tins proposition which, IL accepted would have
nut n postion OF hrc daaIer