, 1873-12-03

IutltunA. U7uH,17D
petlkuus ........................ 3U48O,0Ut
rubo works. 81, 1G8,2 ,237
Postal service. 81! 'SR3
rer1nanent in,rrovameuts ............. 10o.esg0
Interest Oil puallc lclt...... ......... 077B3,0e0
1Mtcrest gu Pacific Hallway bouds.. 587 80
Total, aslo. .1oa.7 73o
nEFuapINa THE runI1o nEpT.
Under the arrangement nadu by my iInmcdlate
predecessor III Isuuary Last ts refnudlng Of tho pub
progressing In pccisels the Tanc 'aner as previous
negotiations wera conducted. Subscriptions nnye
beSn mails 10 lilo now pur cont funded loan to tho
fayt ns Bui,Herpos lnuturp to ille relenptivn Of
equal amount Of 52os hasing Per cei't interest IN
areat nrsiu a a1 Ii ayent o seSS s aeova sard uner
tue first orticlo Of tho Trcaty Of Washington
haye been used to redeem 50 iar tho ousaton.l-
an.l anlount cq,a TO tho debt reeo1cd hns been
invested III per cont boua Of Tim funded ioau, and
rsiary Of stao in srust BE- held subject 10 to future
dsposstion Of Congress- aecoEing to tho provisions OF
oye hs ss @e aush aa arcd sro M vo
boen thus effected snco january aat conversion of
dob., herring per- Ct, cent interest, into The now
psf 5 erea % IL s Of l S 4a an ho 3S wos
amount cenyorsl ~ THIS lcaa sluce .l9 ros ras-
rsScing ths an,,ual intorent Charge s. yha
credit Of Tho United States has ot stood higher since
tho coso Of tic rebesiun than 1t does Ut ho present
cent debt lower rate Of toreat eau 10 still further
continued.
nHyEauEs IND xsr.MAgxs. .
On account of The alterations III fG tariff 3aWs, et-
feeiea by tho acts Of May anl June 9, 1877, adding
len and cofee ad Other articles to thu free ist and
rsrovaI % Of = ssnsiesans ] Ia anoan.@ Interval reyenao
taxatfon the receipts hive fet oil for tho year tls-
Ing june 10, 1914, much below tloao OF previous
years, as WA ateipNteA- aiucc the close Of tAat
year, the recent financial an commercial crisis
has cauacd M additional md unexpected dlMinuton lon
Of Ocobcr md now but Is gratifying to mud that,
in this period os greatest comnsrcial embarrassment,
tho receipts III con from customs have been greater
tuan tho proporltonntu amount required for tho same
period to lneet tho interest tho public deb aud at
other expenditures which payable in coin. For the
much iarser tha, ordinary c,irrensy receips, VIII
out aalo of Gold Tho rcyenneo haso already fallen
oa sufficiently to mako Il important a'i1 Aeces-
psiaons snA expenditures foS the future, a1sd should
there not DO rovyal OF busnoss at carly dAJ, and
increase in receipts over thnse OF the past two-aud-a
half months, additional means will bo required to
meet expenses. shonld nuci DO tho casc, recon-
DO the loaBt burlon4o1no Upon the people and the s
Of tno country, rather than resort to narrowing
money and incrca4ng tic public daht. In the estt-
natcs for thu noxt niue mouths, rs well as for tue
dcrangc,nens has boon somewhat takol. into
s full effect future reSones e or o
estimate when aud to Wlat extent thcy Will be restored
IT, MT H hsS wSc nr aSo @ s sa9
few months Congress Will 10 better abo 10 take into
account and to Judge Of than 1t Is possible to do at
this tfme In any orent, earnestly commend every
bible, to Ito ond that tho economy viich tue people,
ness a4s 10 nke may bo
aud encouraged BY thu Government through their put
Lie Beryant1.
rnE nANHs, TIE s1aANo1An oa1s,s. AND THE oun-
MEEcy.
The prevailing practice. not only Of National Danks
hut Of Stae Datka aud Irlrato bankers Of payinK I'LL
tercs ou deposits attracts currency from Ill paris Of
the country 70 lArga eltfes eapecay to Now York ths
ss f for tue yes w
whese, Nc: being Required by the deads Of legitimate
hghee 5 rat q s ares thsn hat i paG to deaostoss
and are used In speculation Every year at Thu GSaso
Ehen The demand se 'q from tho Yet apd South for
portation Of their agricultural products.
hn hsrnEsy Il y y a' tie oss
,neet ills deinand Until this ycar though annually
creating embarrassment. ills denand hau beer
NOR, nor anticipating ia usual a,.tnmn stsingsncy, tho
Treasury Department sold gold while e ,uArkot price
vas high, currency abundant, ind bonds for eae In
goa In the Treasury and thereby accumulated about
s14,oooooo Of currency with the Wow Of using tho
tho purchase q bonds for tha sinEng fund ri lines
during tho autumn aud winter when they could be
bought q = prise not aGoye 1't ~ par IN gold, Or
stances should require. Thta year thoro 1Sas great
damuud for currency to pay for tho heavy crops Of
offered ready market. Tho suspension Of certain
large baukiughouscs the first Of which occurred on
s aa SsFae 1S ~ IT to the
eral. Suddenly there began rapid ca!l!ngn OF do
aaud loane, and very general run Oh the banks for
manifested In United statea notes. and even III M
| tional Dauk notcs, aud they wero drawn wherever
s2 a. nueh willy a. coin was over hoaraed IN times oi
financial distress when that the circulating med!
um q tho country. r. The banks found tholl,evss
inaiy searee, and tho bu.tneea q tho country
hinsa, grsat prossurs as brought to besr upon the
Treasury Department to afford relief by tho issuo Of
a + ah NJ; Ne a5es ors Gp
no measure Of relief would bo adc1uato that did not
place at tho eervlce Of tho anhs Of that city
uo aaae to-
to those banks that amount Of uotes ss loan upon
ample coliaesals, ana for whcl the Certificates Of ii
This proposition was decltnod it being clearly mol
parment. under any provisions II law thus to employ
the public money. Exchange on Europe having talle
s!raost unsaisbo In Tho market to Tia oabaTrass-
nunt OF our foreign and domestic trade. appllca-
made tho e Secretary e. te
pMnrohsss M OF oschange Tho Treasury department
having OCCASION to do this for & own use. md nj
ltC4aA1kY 4uuAa ~ Hha
pslled to decline thlu proposition, which, II accepted
would have put the Department III thu position Of be
coming eAor In o1change- position c1early incon
.istent with is duties subsequently the Now Yor! M :!
Produce Exchango madeA proposition to accomplish
the san.y result ii dHureft form, and also zeqlest
ed, ~ otlcrs had bofore TINT tho Secretary Hhonlt
pay ut pnco tiB $50 00 loan OF 1913. The Cham
bsr os comueree O. Charleston @ p peonsa r,t for tn
With It ct that paint exohunge on Nav York to al'
t.!oas engaged IN Forwarding tho cotton crop to h
market. The Executive Delartnuns of the Govern
nent was an1ioua to do everything n ts power unde
The law, and with due rogard ta tue {roeeon Of 1h!
l|,s panic, and to prevent tIsaater to te lslti1nat
co,n,nercia a,ll industrial tntoreats Of tho country
hut 1t WIS found i,aposnlu 10 eIor relief ~ any
tile ,nany forxus iu which hss leliet'was sakstl.
was decided, therefore. to alot td only practicable
tuurss which 1se.ea to he opvn to 1.-THE p'sshss
coutlition OF thu Treasury would allow. ind thua Re
lease considerable amount Of currency from It
yuults, Purchases 1T hondH were counlnnce1 OIL th
morning of sopt, ~, unl continued until t1ie 2!th
wl1en 1t bUoa,ne evident tint thp alnolan
Offering for p,lrcllkap waA increasing to extent he
you'd t6s lower Of tie Treasury 70 accept oM.l tll
5,trchulrg was closed attor t1l!s to the amount o
about *1 QUO had beI!l tmght, aud Wlthol.t tic a