New-York tribune., 1874-12-28

der this fund, and combinations Of naval officers,
lawyers. and others, have tried in vain to get hold
of portion of it, The last case Which seems to bear
upon its face look Of suspicion relates to what is
known as tho Rcd River cotton captured by POrters
fleet on the Red River some time in 1865 The case
was taken to the Southern District Court of Illinois,
and the cotton was adjudged to be lawful prize.
The proceeds, about $4,000, were distributed by
the Fourth Auditor of the Treasury, onchalf going
to the captors and the other half to the Pension
Fund. The Court subsequently,, at period more
than year after the money had been distributed.
reversed its decision and designated the cotton as
"dcrelict," and decided that it was salvage and not
prize money. In of salvage the proceeds go in
full to the captors and an order from the Secretary
of the Navy and the Secretary Of the Interior,
whose signatures are necessary. arc now sought in
order to withdraw from the Pension Fund tho half
of 200 which was covered into that fund when
the case was decided to be one of prize and not
salvage. Thus far the signatures have not been
obtained, but it s understood that both Secretaries
hesitate to sign the document and that one Secre-
tary Delano. some time ago gave Hat refusal when
1t came to him Oh previous OCCASION
A GERMAN EDITOR ON THE SPECIE PAYMENT
QUESTION.
Fl. OstcTberg, the eds.Or of The German american
Economist a financial paper which takes great in
terest in American securities in addressing
letter to Gen. Spinner, United States Treasurer,
says:
Regarding the question OF specie raymentq It is very
gratifying that at least the majority OF the American
people bave to the understanding that 1t ought TO
question Of how it sba lie has Stirred so
many different vew :hat we are tOiaylast as lar lloi
-naney, that we mix politics with finance. If such
not the case practical people as the Americans
carrying out measure which for every day OF delay:
VIII stand as black spot ou Their countrys ad,,s
positive law about 1t during this session and leaves IL
as an open question dullns toe next Presidential cam
paisD, tho credit Of American securities VIII De greatly
impaired III Europe, ana you viii tud many millions OF
bonds come over here from Europe for which gold VIII
now tnas Congress should fix q day when specie pay.
Tens ssa be sss %e be e1 pr"r as
do It," can be OF no practical result whatever. "nat
ton to carry out that law when the time comes
gress passes law that specie payment shall De resumed
say Jny % merely pn,s f ne ~Go eoa ppccnaos the
certainty that nothing Will lie done before july 1876 TO
yo ne cam do Is s dd Rd'
Why cannot We resume specie payments IN three
ears bo s' We rs ueed %S years as to pe it, Aus
ra has prepared for 1t several times but never accom-
doug our utmost to fa into the same MISTAKES
To resume specie payments we must have specie. We
must have mare specie than We DOW hold, ana more nor.
than Will ever be ate TO retain from that fur.
nished 10y our mines as long az spla remains remains
The ouy way to get specie whenever to resume
specie payment is by importing it from any country
probcml We can only get specie by issuing foreign
loan. II negotiate to-day loan o. 4!!V0cCo stti-
not the least doubt but that the be placed at
par II Congress- then, merely the Secretary
or the Treasury specie payment as sOou rs he
holds 25 per cent gold TO the amount OF e"nbacks ad
trdctona currency in circulation, he VIII be able 10 re-
sumo III less IMAM three mODtnS.
MEETING OF THE TRUSTEES OF HOWARD UNI
VERsITY.
r1,n ,oy,; oppro1 noentinp of the trustees OF
Howard University has been held at different days
during the week at the Peoples Bank in this city
The Rev. S. S. Mitchell pastor OF the New-Ycrk
Avenue Presbyterian Church; Judge Richardson OF
tho Court of Claims, and Justice Strong OF the
United States Supreme Court have been added to
the Board of Trustees. Gen. Howards resignation
as President of the University, offered year ago.
has been accepted. to take effect on the election OF
his successor. The notes with mortgages held
by the trustees for property sold two years
ago. and having eight years to run, havo
been turned into ready money and shoit time
notes realizing S0j 000 wi h winch all liabiltcsto to
the FreeGman's Bank and to the German Savings
Bank have been provided for to the entire satsiar-
ton of the creditors With the exception or a lrw
small liabilities, aggrecating S2VOO or So0O, TIE III,
stituton ID now free from debt and has an annual
income from invested funds and productive prop
erty of about $2l.OOO, The larger portions OF me
assets is in educational buildings and nproductiNc
real estate for Which at present there Is no in"HhcI
With the debt at the Frccdlnans Bank DISCHARGED
tIe current annual expenses are eStlnacd at 1IOih
S23OOO to $4,000. For the dciict the trustees arc
ielyIng upon benevolent contributions. line whole
number Of students for the past term is 2 OF whom
1O5 are in the Normal Department.
THE CHESAPEAKE AND OHIO CANAL SURVEY.
The survey of the route for the extension of the
Chesapeake and Ohio Canal to the Ohio River,
which has been in progress under the supervision OF
the War Department since August last, has just
been completed. The engineers have made pre-
liminary location Of the line from Cumberland 10
the Falls of Youghcogheny. The length of the line
is IS miles and it 100 miles to where slack water
is expected to begp,ia CoDnectsville. The summit
If passed at an elevation of 1900 feet above the Cum
berlapd, by tunnel 81 miles long Ten inclined
planes are provided the eastern sde and four on
the western. The estimate made last year Is deemed
to hold goOd-that is S5 09O GOO Tor canal ~ feet
wide and Deep with locks 120 feet by 90 capable Of
passing boats Of 2OO tons.
.-- THE DARIEN SURVEYING EXPEDITION.
Lieut.. Frederick Collins, commanding the United
States Darien Surveying Expedition, leaves Wash
ipgton tomorrow night for New York to muster bis
forces and equip them for the expedition. Ho will
sail from NewYork in the first Pacific Mail steamer
in January for Aspinwal; thence he will proceed
in the United States steamer Canandaigua to the
Atrato.
WASHINGTON NOTES.
WAsHINGToN Dec q, 1874
Tn. internal revenue receipts to the present date for
nocomber are $7Cs41o9 1t is estimated th.. hey Will
he 40 ooo 600 for the entire month, being more than
~ o SC0 over the corresponding month OF last year.
The receipts for the six months ending with Dec. u Will