The Portland daily press., 1874-06-06

| Time OF depression resulting from war; failure
oI crops, or any other cause, by keeping al
ways In the hands of the people large supply
| OF the precious metals
with all small transactions conducted in
coin, many millions of it would be kept in con-
slant use and of course prevented from leaving
the country. Undoubtedly proper currency
VIII always drive the better one of circulation,
With paper and legal teneer and discount
soid ana silver become articles of merchandise
as much as wheat and cotton, the surplus will
ma the best market it eau. With small bills
IN circulation there is no use for coin except to
Keep it in the vaults of banks 10 redeem circu-
iati0n. During periods of great speculation
ana ana apparent prosperity there is little demand
ior. coin, aud then it will flow out to market
where 1t can be made to earn something which
1t cannot do while lying idle. Gold like any,
thing else when not needed becomes surplus,
ana IKE every other surplus it seeks market
when 1t can find one by giving active employ
meht 10 CON- However, its presence can, it
seems, be secured and the panics and depres-
sions which have occurred periodically in times
OF specie payments if they cannot be wholly
prevented, can at least be greatly mitigated.
indeed, question whether it wOnld have been
found necessary to depart from the standard of
specie in the trying days which gave birth to
the present legal tender act had the country
taken the ground of small bills. Again,
wonld provide an excess of revenue over cur
rent expenditures. l would do this by rigid
economy and by taxation which taxation can
De best borne. Increased revenue would work
constant reduction of interest and would pro-
viue coin to meet the demands in the treasury
l, ior the redemption of its notes thereby dmin-
lshIng the amount of bonus needed for that
purpose, all taxes after redemption begins
should be paid in coin or U. S. notes. This
would force redemption with national banks.
with measures like these, or measures which
a1 woaia work out such results, 1 see no danger in
aathorlzlng free banking without limit.
Postal Committee.
Inc Postoffce Committee agreed to report an
amen dment to the method of adjusting salaries
OF postmasters The committee also agreed to
report bill to insure the better execution of
mali contracts. 1t provides among other things
that before the bond of bidder Is approved it
must be shown the sureties are owners of real
estate worth sum double the amount of the
bond. 1t any regular contraction shall fail or
refuse to perform service, the Postmaster
General shall proceed to contract with the next
lowest bidder, unless the bid be considered tco
high, and in such event the Postmaster Gener-
al may contract with any of the next lowest
bidders. Temporary contracts may be made
in certain cases for not exceeding six months
until letting OF the route car take place.
Nominations.
The President has sent the following nomina-
tions to the Senate: James l. Cook, of Penn,
for consul at Seville; I'd Lieut. Robt G. Arm
strong to be 1st Lieut., and 1st Lieut.. john L.
Johnston to be Captain in the army; Commo-
uOlC Odo. 1e. W U6 near AQmlral,
Capts. Geo. II. Cooper and George H. Preble to
be C0mmodOres; Commanders Ralph Chandler
and w. w. Queen to be Captains; Lieut. Com
manders E. L. Walker and VIM. Whitehead
to be commanders; Masters E.. S. Rine and
Chas, Seymour to be Lieutenants.
Hostile Indians.
Dispatches from Gen. Stanley and the In
dian agent at Cheyenne agency show that the
Indians are no longer controllable by their
agent and have taken the war path in for
midabe numbers. The alleged pretext of their
excursion, namely to attack the Rees, is simply
a subterfuge. Every white man on the frontier
is an object of their hostility.
enne agency, May Path, reports the number
which left the agency at about 400. They are
unlikely to be influenced by soft words and you
had better use powder andIlead at once.
Gen. Custer, in a telegram from Fort Abra-
ham Lincoln May 29th, says:-"Unless the war
party developes itself or we can discover its
whereabouts, nothing decisive can be accom-
pshed. / do not deem it prudent to push nv
opportunity to make strike here. During my
absence propose to keep scouts on the alert
and allow the war party time to get here if this
is their objective point or to pass US on their
way to BerthOld. Should the latter be their
object, then to move the cavalry up the valley
OF the Heart river, examining the latter closely
until we discover the trail This will place us
between the Indians and their reservation and
think can overhaul them before they can
reach Rees."
Gen. Custar will take ten days rations and
one company of infantry, the latter to guard ii
the wagons whenever it becomes necessary for
the cavalry to move rapidly. l-.
The Oregon Election.
The Democrats were quite eIated at the
Worlds special which says that the Democrats
had carried the State of Oregon by 1000 major
ity. The Associated Press despatch was re-
ceved later, which indicated Republican sue
cess, and that report is generally accepted.
The Worlds despatch was to egraphed from
ance Of being later than Monday nights des-
patches, which is not the case.
Various Matters.
The Internal Revenue receipts to-day were
$328,2l7
The Attorney General has decided that ire
spective of time or places of marriage or resi-
dence of the parties, a white woman married to
citizen of this country is to be taken and
deemed a citizen of the United States
In two hours session of the Cabinet to-day,
there were no intimations of any important
business.
Representative Luttrell made further argu-
ment before the House Committee on the Paci-
nc hallr0ad to day. urging an investigation in
to the affairs of the Central Pacific Railroad
and contract and finance companies
The bill passed by the Senate amendatory of
the act relating to the survey of lands granted
the Northern Pacific Railway Co., proposes to
release said company from the requirement
that it shall pay the cost of surveying and con-
veying said lands
Abstract of the Reciprocity Treaty.
NEW YORK, Juue The Tribune's Wash
ington correspondent gives an outline of the
proposed reciprocity treaty now before the
Senate, the propositions OF which are under
stood to be substantially as follows:
First, the abandonment on the part of
Great Britain and of Canada of all claim for
OmOQnSatIOn account of the Concession of
the United States by the treaty of Washington
of the privilege of the 'in-shore fisheries"
Second, the free admission to interchange of
all the United States and the British Provinces.
Third, the reciprocal free admission of the
manufactured products of the two countries,
specifically enumeratve.
Fourth, Thu Welland & St. Lawrence canal
to be built by the Dominion.
Fifth, Conghnawaga canal to be built by the
Dominion.
Sixth, American and Canadian bnlt vessels
may carry cargos and passengers from any
point on the great lakes and river st. Lawrence
to any other such port. ~ I'D
Seventh, All canals on either side of the
boundary to be open under the same coalitions
til the citizens of the two countries -@ .''
Eegth, Lake Michigan to be open to Cana
dians as the st. Lawrence has been to Ameri-
cans. -H3.4-aoga
Ninth, Canadians may purchase American
vessels and register them as Canadian; Ameri-
cans may purchase aud register Candian built
vessels in like manner.
Tenth, Joint commission to regulate naviga-
tion of the st. Clair Lake and river
Eleventh, Joiut commission for the propoga-
tion of fish.
Twelfth, Joint commission for the regula-
tion and maintenance of light houses. 5lt
Thirteenth, Joint commission for regulating
the interchange of traffic at custom houses on
the line. ls.4y
Fourteenth, The treaty to continue twenty
one years. .9 s4 e-s4 .-tfl -l.i,ta..5
Forty Third Congress-First Session.
4i9
ntf SIX t., SENATE s--'. ..ta,- ,5