The New York herald., 1874-11-12
HERALD THURSDAY L. B74TRIrIE SHEET

Ianu, wnhe tne 1anfng on In tne Gus
toms duties seems to have been caused
solely BY the panic that occurred early
in the fiscal year and made Itself lelt to the end.
The people In consequence OF the stringency In
the money market became more economical In
their expenditure for foreign goods. Tne expen.
ditures, exclusive OF those on account OF the pub
lie debt, as compared with the year before have
been decreased $l.Sje.652 Commendable as the
retrenchment Il, II Is believed IL viii be still
Treasurer says
By many members of Congress and by other persons
who have not looked into the matter is supposed that
crease IN the receipts ana expenditures necessarily
for public % tbs 81 o aHas
ss suG has hesn ar ro beng the an on he con-
for the collection and disbursement OF the public reve
labor in his ONCE by various acts OF Congress- says
among other things
ah minds Of Issued BY the United
creased and continue to be
must be assorted by series as we'll as as oy
the work OF redemption and destruction is necessarily
wes a' Sn se sna Kinds fs The
ren kinds ha eae a to nDw e nere are snS
thus increasing this kind OF nearly tnrecfold
ne Expresses the opinion that in the employ
ment OF clerks and others more discretion In the
matter OF remuneration should be gwen to the
heads OF departments.
AZ. nonstant complains have been and are being made
that the laws made TO restrain the issuing crcula
non OF notes oher than those authorized by acts OF the
regarded.
whicn IL Is enacted ''that every national banking
association, State bank or banker or assoc ia lOn
shall pay tax OF ten per centum on tue amou mt
oI notcs OF any town, city or municipal corpora
tl0n PAID out by them.n He says:-
Tp @ sans m does not reach the root of the evil
and business men at the South me that even
currency and al The only ereeua i's Way y to % aso e
n1ande would be @ declare The Issuing OF any kina Of
mlsdemeanor ms, M punishable BY fine or Imprisonment or
poth ny any Court having cognizance tn ereof
speaking on the subject OF theft OF unsigned
notes, the Treasurer says
ssSa aud so Ds s Be Why the
through their fault their ansirned notes get o
circulation Thai they eventually cannot avoid this
he;ds the bangs rsce,p! tor the notes United
&c
the banks shall return the notes for he redemption
amount ot rnlIed States noes i only question
these notes shall attach once Or some future time
unaer these circumstances 1t is believed thar public
interest Of the banks themselves The passage
that have been or that may herea delivered
TO- and receipted e lor by bank in the same manner
tlonal bank notes now by law redeemed.
After recitlng The workings Of the National Bank
Noe Redemption Agency. the Treasurer says:-
There should be stringent provision in the law to
t, ap to esn Aye
law Tesara n % n rsaepo1 as was therein
failed TO redeem its NOES in lawful money OF the
ho the ss 20 &c Of n e e
up" the &C MSomproler OF The Currency with the concur
apaoa spessl 2 - assnt viii view eio,ins tSs ssn
~ the It's
ta at the Of e % Hha
abolished BY the law mat created the treasury
and penalties that existed for the non.redempon Of the
the old % il of e
enr new Sner e the new sa s
only 50 BY mpc'on t is therefore recon- N mended I
refusal OF BANK 70 iedson it, originating notes at is
m IL nas s e e as %es o or
%ant Of l11d ~ to redeem the same At the
any 'sns rs Tn in s The
iuna any "a smoani IN excess % OF The eve per
re as pSrt OF the reserve fund reaured Dy
ina! %ended as to % provide 'tga sna
hs @ Assnacy na G nod Of
other such unit, thoy may be cxchan nged
tor crcalston MAJ be PAID out At the rreasary ani
the kind that s unit destroyed and replaced BY
Some bank officers affect to believe they need not re
Teesme but THIS not I in @ accord
with the law, and II IL the redenDtons could not
possibly be made five per centum deposit and be-
sides iiallowed there would be double issue Of
for the amount beyond the securities deposed 10 pre-
vent trouble from this the future IL recon-
mended that the law further amended as
to direct the Comptroller of the Currency with the
concurrence OF the secretary OF the Treasury,
plant OF the treasurer ct the United states that ma
dempdon fund good after being notified do so to
appoint special agent to examine into the affairs OF
such deauitlns bank and the report OF said agent II
the circumstances warrant u appoint receiver in the
manner as Is now provided in the national
bank refusing. on demand, to redeem its circulating
nnfns