Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-19
BIZ NAIL.
From the Washington Chronicle.l
Treasury Matters.

!
From the Washington Chronicle.l
Treasury maGters.
| General Spinner, in his report, re-
views substantially his recommends.
| lions of last year. He proposes that
congress shall authorize the Issue of 8
| low rate convertible bond, to be ex-
changed at any time at the option oi
the holder for United States notes. He
carries his suggestion further than last
year, and recommends that provision
may be made for the exchange of some
Of the outstanding five and six per cent
gold bonds, at the option of the holder,
into the proposed low-rate incontro.
vertible bonds. This, he argues, would
do much to reduce the interest on the
public debt, and would make the inter.
est payable in national currency to the
people at home and not in gold to for.
eigners. BE would fix the interest al
3.65 for the use Of one hundred dollars
per annum, on the ground that one cent
g day would render such a bond very
popular with the common people, on
account OF the ease Of the computation
Of interest.
Currency.
The comptroller of the currency be-
Iieves the national banking interest Of
the country is stronger now than ever
before, and viii so state in bis report to
! congress. There is more money in the
hands of the banks, he thinks, than
there is any use for, and what money is
| loaned out is at q very small rate of in
terest; not over three per cent. In re-
ference to legislation in the coming
Democratic congress, affecting the ma
tional banking system, Mr.. Knox be-
lieves that congress will be as far off
from agreeing upon the subject as its
predecessor, as Democratic views of this
subject are very diversified.
Internal ReVenue.
The commissioner OF internal revenue
will, in his coming annual report, re-
new his request to congress for a more
definite law on some of the minor rules
of practice of his office; such, for in
stance, as what series of papers are liza
BILE to check stamp. The law relative
to this matter, aud kindred subjects, is
constantly leading the department into
| litigatiOns. The commissioner will not
ask for any increase of the tax on whis-
ky and tobacco, and he will have no
| important recommendation to make
requiring new legislation.
POsfOmce-
POstmaster-G General Jewell will issue
| instructions to postmasters throughout
the country, in very short time, in ex-
| PLANTATION Of their duties under the new
postal law, in carrying out that section
of it in reference to the receipt OF news
papers, periodicals, etc., and afiixing of
the new stamp gotten up for such mail
matter. Postmaster General Jewel is
now engaged in the preparation Of his
annual report. 1t has been stated that
he is opposed TO the proposed postal-tel-
egram system. This assertion is prema-
ture, as he has not determined what po-
sition he will take on the subject. The
system has succeeded in other countries,
and it might be made successful here.
Bureau of Justice.
The question submitted by the secre-
tary OF war whether, under existing
laws, the rights of property in the arms
issued for ar ming the militia Of the
| United States is vested in the State au-
thorities, with power to dispose Of them
by sale or otherwise, without accounting
| to the United States. was suggested by
facts connected with the quota of arms
due under the statutes relating to the
arming Of the militia of the State of
Virginia. 1t appears that the governor
OF that State made a requisitiOn upon
the chief Of ordnance for about two
thousand three hundred aud seven re-
vOlVers, to be drawn as portion of said
quota. To meet these acquisitions the
latter officer in July last gave to an
agent of the State an ord -r upon the
manufacturers for that number OF revolt
vers, 10 be delivered within q short
period thereafter. Upon receiving
these orders the agent, acting upon the
directions Of the governor, proceeded
10 New York, and in behalf OF the State
entered into contract with certain par
ties for camp equipage. II was
agreed that the contractors should
receive in payment for the
camp equipage furnished the
State under the contracts and as
signment Of aforesaid ORDERS and that
the delivery of the arms by the manu-
faeturer should be made according to
them. But the chief OF ordnance hav-
ing information Of this transaction, and
conceiving that the right of the State to
make such disposition of the arms in
tended for the use OF the militia thereof
was not entirely free from doubt direct
ed that the delivery OF the TeYolvers in
said order be withheld until that point
is decided. The determination of that
point has been thought to depend ON
the solution of the question referred to
the attorney general. After quoting the
laws in force which provide for the fur
nishiDg Of arms 10 the militia by thegen-
eral government, as contained In the va
rious sections OF the revised statutes, the
attorney-general says: "In no one of
1
provision which expressly vests the
property in the arms after their distri-
| button IN the States absolutely, nor do
! 1 find anything therein upon which
such q change OF oWnership re-
suits by necessary implication" For
| the purpose OF getting at the intent ard
| meaning of the existing laws with ref
| erepce to that point, the Gttorney-gen-
eral reeurs TO the earlier legislation on
| the subject of arming the militia, par
tIouIarfy TO that part OF it from which
! the proyisions Of the revised statutes
have been taken, and after full review
| Of the various sets of congress from July
6. I79s, down to the present time, con-
cludes that in, contemplation OF those
provisions, the arms transmitted to the
States Hereunder are to be held by them
pointed out therein; that they become,
strictly speaking, Interested With moth
ing more than a qualified property il
suoh arms, AID flat they cannot. as q
matter OF right, spd without thereby in
terfsrlng with regulations Of Congress on
q subject over which It's authority Is ne
cessarily paramount, make any disposl-
ton or use Of such arms which
defeats the purpose referred to,
though, y this should be done,
there would seem 70 b nc
remedy without further legislation
by congress; and the official opinion Il