The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-11-12
WASHINGTON.

w ASHlNG1VNe
WASHINGTON, Nov. 11.-Baron de Santan
nacht, the newly appointed Minister of Por
tugal to the United States, was to-day pre-
sented to the President by Secretary Fish
The usual diplomatic courtesies were ex
changed
| Treasurer Spinner, in his annual report
says constant complaints have been made
and are being made, that tn laws made to
restrain the issuing and circulation of notes,
other than those authorized by act Of Con
gress, are evaded in large sections Of the
country, and in many localities they are ut
terly disregarded.
He says the latter is particularly true OF
the South, and particularly so in tho States OF
Georgia and Alabama Most Of these viola
tions of law are by municipalities and by
manufacturing companies. Says he: II can
speak of this evil from personal experience
and observation. In certain localities the
entire circulation consists of such local issues
| that are put upon everybody in change, and
unless used in the place of issue are worthless
to the holder. This is particularly true of
the fractional currency.
For this there has never hsen the poor ex-
| cuse that there was not currency enough,
as the amount authorized by law has never
been issued from the Treasury, being restrict
ed by the issue and circulation, in violation OF
law, of this Legitimate and almost worthless
currency. Now that banking under the Ma
tional system is measurably Free that excuse
will not hold. As to the issue of notes Of one
dollar and upward, by the Act of March 26,
1867, it is enacted "that every National bank
ing association, State bank, or banker, or as
sociation, shall pay tax of 10 per centum on
the amount of notes paid out by Them
This 6ooo po0oh tho of
the evil. The law should be SO amended and
changed as to compel the payment Of the tax
by municipalities, companies or individuals
who make the original issues Of such I'M
authorized circulating notes. Bankers and
business men in the South assured me that
even such q tax would not prevent the issue Of
this kind of currency, and that the only ef-
fectual way to abolish the nuisance would be
| to declare the issuing Of any kind of obliga-
ton, with view to its circulation as money,
misdemeanor punishable by fine or impris-
onment, or both, by any court having cog
niZaice thereof.
Charges of conspiracy to defraud the GUS
toms were made to-day before the United
States Commissioner against w. J. Pollock,
of the importing firm of w. J. Pollock l. Co.,
and Rawson Van Vaulkenburg and his son,
the Custom-H House cartman. The specific
charge is that Van vaulkenburg, at the in.
stance of Pollock, substituted for four cases
of rich silks, while on their way from the
wharf to the store for appraisal, four othel
cases bearing similar marks but containing in
ferior goods on which there were lower rates
of duty. Polocks bail was fixed at $50, OOO
and Van Vaulkenburgs at $4,000.
WAsH1NGToN, Nov. 11.-PostmasterG General
Jewell is now engaged in the preparation OF
his annual report. It has been stated that he
is opposed to the proposed postal telegraph
system. This assertion il premature, as he
on the subject. The system has succeeded in
other countries, aud it might be made sue
cessful here, but there are circumstances, he
thinks, which make the acquisition of estab-
lished lines matter of doubtful wisdom and
the construction Of new ones would be unad.
visable.
As to the subject Of postal savings banks,
the Postmaster General don't favor such an
aggressive movement on the banking and
financial institutions of the people, These
subjects will not, it is likely, be treated in the
report.
The receipts and expenditures and internal
administration Of the Department will be con-
sidered at length.
The Postmaster General is evidently amazed
At the $1,000, 600 deficiency this year. The
expenditure OF 49,, GOO, 900 against receipts Of
$25, OOO, 900. He will recommend either re-
trenchment in expenses or an increase in post.
age.
He thinks there are extravagancies in many
branches which he will endeavor to suggest
remedies for. The Postmaster General, it
should be understood, does not advocate high
rates of postage; he does not believe in at
tempting to raise a revenue from the service,
but he does think that it is poor 6nanceerine
for the Government to make up such large de-
fciencies. If reduction OF expenses viii
cover the excess this would be preferred, bu
As the cost of transportation is constantly
going up, it cannot be seen how much aid Cal
be expected from that quarter. The repor
will be one Of unusual interest and impor
lance as it strikes out on new path.