The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1874-12-15

them, as well as to myself, it will be a
source Of modification it it is to be thrust
aside. But repeat that it is impossible
20 carry this system to successful issue
without the general approval and assist.
snce, and positive law to support it.
have stated three elements OF pros.
perity to the nation, capital, labor--skill-
ed and unskiled-and the products Of the
soil still remain with us, To direct en-
ployment of these is problem deserving
Of the most serious attention Of Congress.
1t employment can be given to all labor
offering itself, prosperity necessarily fol.
lows. l have expressed the opinion, and
repeat it, that the first requisite to the
accomplishment Of this end is the substi.
tuition Of a sound currency in place Of one
of Auctusting value. This secured there
arc many interests that might be fostered
to the great profit of both labor and cap.
ital. How to induce capital to employ
labor is the question.
The subject Of cheap transportation has
occupied the attention Of Congress. Much
new light on this question will without
dcub. DO given by the committee appoint.
ed by the last Congress to investigate and
report upon this subject A revival Of
ship building and particularly of iron
ship building is OF vast Importance to our
national prosperity. The United States
is now paying over 500, 900 900 per an.
mum for freights and passage on foreign
ships to DO carried abroad and expended
on employment and support Of other PEG.
Piles beyond fair percentage of what
should 20 to foreign vessels, estimating on
tonnage and travel of each respectively.
1t is to be regretted that this disparity in
the carrying trade exists, and to correct
it would be willing to see great do.
parture from the usual course of the gov.
ernment in supporting what might usual.
ly be termed private enterprise. l would
not suggest as a remedy direct subsidy to
American steamship lines, but l would
suggest the direct offer of ample compen.
saton for carrying mails between the At.
lantic seaboard cities aud the continent,
on Ameican owned and American built
steamers, and would extend this literally
to vessels carrying mails to South Ameri-
can states and to Mexico, and would pur.
sue the same policy from orr Pacific sea.
ports to foreign seaports on the Pacific
1t might be demanded that vessels built
for this service come up to standard fix.
cd by legislation on tonnage, speed and
all other qualities looking to the possibil
ity Of the government requiring them at
some time for war purposes The right
also, of taking possession Of them in such
an emergency should be guarded. | offer
these suggestions believing them worthy
Of consideration in all seriousness affecting
to all sections and all interests alike. If
anything can be done to direct the coun-
try into course Of general prosperity no
one will be more ready than | to second
the plan.
Forwarded herewith will he found the
report Of the commissioners appointed un.
der act Of Congress, approved June Goth,
1874, to wind up the affairs Of the dis.
trct government. 1t will be seen from
the report, the net debt Of the District Of
Columbia, less securities on hand and av.
ailable is: Bonded debt issued prior to
July l, 1874, $780, 4043 1865 bonds
act of Congress June 20, 1874, s2,0SS,.
1873 certificates of board Of audit,
S4,77O,558.45 total, sl5,772,667,61 !;
less special improvement assessments
chargeable to private property in excess
OF any demands against such assessments,
al,6l4.054.37; less Chesapeake and Ohio
canal bonds, $4,000 and Washington
and Alexandria railroad bonds bonds &c..
600. In the hands of the commissioners
Of the sinking fund, Sl,74S, 064.37 leav.
ing the actual debt less said assets, 3d..
994,61324. In addition to this there
are claims preferred against the govern.
ment Of the district amounting. in the es.
'imated aggregate as reported by theboard
Of audit, to s3,l47,7S7 AS, of which the
greater part will probably be rejected.
This sum can with DO more propriety be
included 10 that account of the district
government, than can thousands Of claims
against the general government be includ.
ed as portion of the national debt. But
the aggregate sum thus stated includes
something more than the funded debt.
chargeable exclusively to tho District of
Columbia. The act of Congress of Jupe
2S,1S74. contemplates the apportionment
between the United States government
and the District Of Columbia in respect
Of the payment of the principal and inter.
est Of 1856 bonds. Therefore in comput.
ing with precision the bonded debt of the
district the aggregate sums above stated
as respects the 1865 bonds now issued the
outstanding certificates Of the board of
audit, and the unadjusted claims pending
before the board, should be reduced to the
extent Of the amount to be apporti5ned
to the Uoited States government as indi.
Gated in the act Of Congress of June 20,
1874. especially invite your attention
to the recommendations of the commits.
sioDeTs Of the sinking fund relative to the
ambiguity Of the act of June co. The
interest on district bonds and the eonsol.
idation Of the Indebtedness of the district.
feel much indebted to the gentlemen
who consented to leave their private af.
fairs and come from distance to attend
to the business Of this district. and for
the able and satisfactory manner in which
it has been conducted, | am sure their
services will be equally appreciated by the
entire country.
In accordance with section three of the
act approved June %. 1874, appointed
the board to make survey of the mouth
Of the Mississippi river with view to de.
tsrmine the best method of obtaining and