The Portland daily press., 1873-11-25
WASHINGTON.
The CURRENCY QUESTION.
Report of the Comptroller Of the
Currency.



Decided p slicy with the Comanches.
WASHINGTON, Nov. M.-The Commissioner
of Indian Affairs to-day sent the following tel
egram to the U. S. Indian Agent at Fort Sill,
Indian Territory:
Issue no more annuities to the Comanches.
The demand for five raiders and murderers IS
not RENTED, ard If not complied with in ten
days after the receipt of this despatch you VIII
stop their ratiOns entirely, and it they still re-
fuse, they will be handed over to the military.
If you are unable to act as agent during mill
tary operations you can be relieved Temporarily
on application. Assure the Indians the dov-
eminent is in earnest and that arrangements
are already being made to compel the Conan
ches to do right
cy contains an exhaustive rehearsal of the sys
tenn of free banking from the year 1878 to the
establishment of the system OF national cur
rency now in vogue. Among other items IN
this lengthy document, is statement that the
funded debt of the United States to-day is for
ty times greater than the debt in 1860, and the
national bank notes and legal tender notes now
are twenty times greater than the circulation
of free banks in all the States of the Union in
1860. The amount of national bank notes now
authorized to be issued is 1854 600 OOO, and the
amount of legal tender notes 1855, O00, 600.
After discussing the merits of the banking
system which have prevailed, and referring to
the. fact that all free banks were based upon
the redemption of the principal, the COmptrol-
Ter concludes as follows: In order to insure the
prompt redemption of the national bank notes.
the amount issued must be so much increased
that the notes will be, say at Is of per cent.
discount, aud this would probably not be &C
compllshed until an addition was made to the
present circulation of 500, 000, 900. The same
result would follow from a reduction OF the
volume of legal tender notes simultaneously
with the increase of the issues of bank notes,
but Congress has SO frequently refused to d.
minish the amount OF legal tender notes that
the Comptroller is of the opinion that any gen.
eral system of free banking authorized with re-
demption, must be postponed until the resump-
ton of specie payment.
The Comptroller, in order to avoid any mis-
apprehension of views upon this subject desires
to state that he is not an advocate of any per-
manent system of currency usually known as
irredeemable currency. He believes, however,
that the people Of this country ought not and
will not submit to the high rates OF exchange
prevailing previous to the war. and that an
amendment to the national currency act which
shall result in restoring the high rates OF ex-
change will also result in the downfall of sys
tenn Of banking which, it is believed, will yet
become the most satisfactory OF any system
ever established.
During the past year, as far as his Observa-
ton has extended, the national bank notes have
been rarely at any perceptible discount for le-
gal tender no es. and during the late panic no
distinction was made by the people between
the legal tender notes of the United States and
the national bank notes. Both were boarded
alike as the thing most desirable of all Others
to hold and it is probable that when specie
payments should be resumed that the faith Of
the people will be SO we'll established II the
safety of the currency of the banks that nc
such gen. raj system of redemption will be re-
CURED as was required OF the unsafe currency
issued by the different States previous to the
war
If the circulation should become redundant,
as is sometimes the case with silver coinage, il
will only be necessary to present the surplus to
the agencies IN the city of New York, where
more than two-thirdS of the circulation is now
redeemable, in order to restore the equilibrium
for it is to be hoped that previous to the return
to specie payments some system will be adopt
ed which will give abundant elasticity to the
currency without mourning the expense and
burden of general redemption, and without
the loss resulting from the high rates of ex
change which have always prevailed und er
such system.
Naval Orders.
Commander Lull is ordered to temporary
duty in command of the torpedo sGation at
Newport r. l.; Master Hobson to the Despatch
Pay Director Emery to duty as inspector OF
provisions at Boston navy yard; Lieut.. Smith
Is detached from ordnance duty at Boston navy
yard. aud is ordered TO Key West for duty as
inspector of ordnance; Pay Director Davis from
duty as inspector OF provisions at Boston navy
yard aud ordered 10 the flag ship of the North
Atlantic station, and also as fleet paymaster Of
that station; Paymaster Brown from the navy
yard at Portsmouth and ordered to the Penta.
Treasury Balances.
The following are the Treasury balances to.
day currency, $2,427 1926; special deposit OF
legal tenders for redemption of certificates of
deposit, $17, 395.O00 coin, $S2 49, 107, including
coin certificates $29, 022. 000 outstanding legal
tenders, 1854, 1865, 631.
Naval Contracts.
A contract was awarded to day for the en-
gnes Of the new sloop-of- war at the Brooklyn
navy yard at $3.50, 900. Contracts were also
concluded to repair the iron-clads Nantucket,
Lehigh, Pasaic, Jason, WyandO and Nahant
also for the engines for the Tennessee and a
torpedo boat, besides two other engines. Con-
tracts for two new sloops-Of-war were also
made to-day, to cost $50S,OOO. The aggregate
amount of contracts for the above repairs, en-
gines, &C., is 81, $4,000.