The Morning herald., 1875-12-01

now h Id by the banks, and amounting to
Sc, ,000, 900, to be converted tn.e green
backs, and these, together with sl50, ,0oo,-
600 Of cash reserve, also held By the differ
cnt banks and bankers of the corntry, will
be speedily exchanged for a-65 notes. These
latter notes will be used by every clearing
houec in the country for payment Of bal
ances, and large proportion Of the circu.
alton will then consist Of the new int r
changeable interest:earing notes, so that the
whole authorized issue Of these notes will
soon be in demand, It the amount Of inte-
rest bearing notes be limited to S44 ,00O, 600,
and a reserve Of Is per cent. in legal tender
notes be held in the rreasury, as the amount
of the latter which may be invested IN
United States six per cent. bonds will te
three hundred million dollars. This will
purchase $3.50, ,00O, 600 six per cent. bonds
The amount Of interest saved upon the $780,
00O, 900 Of $40 bonds retired will be S15,-
900, 900, while the interest paid BY the Gov
ernment on the $500, ,O00, 900 OF 3-65 notes
outstanding, will be sl4, 700, the net
saving to the Government being 500, 900,
but through this process the present tax ooil
bank circulation amounting to ss25, ,0o0,-
900, will be lost, 50 that instead Of saving
S400, 600 the Government will he actually
the loser Of SIS yo0o, 900, if, however, the is-
sue Of eos notes shall be increased to that
of legal tenders and National bank notes
combined, the loss in interest to the Govern
ment would be somewhat less than before.
Tobcy-why He Won't Accept. I
WAsurSe TON, D. c., Nov. s0.-The fol.
lowing letter explains itself: 4; lr
El%' WASHINGTON, Nov. 99th, 1875.
Str -In compliance with your reqa a,st, I
have carefully reviewed the grounds Iof my
declination of the Office Of Commisst ,nsr Of
Indian Affairs, as tendored to me in your
communication, received in Boeto, more
than week since. My experis ~ TOR three
years as member Of the Board of Indian
Commissioners, has served to dsepen MY
convictions of tie importance and. practical
character Of your humane and energetic
policy towards the Indian tribes of our
country, and that, the department Of the
government to which you have kindly invi-
ted my services, affords no ordinary oppor,
tunity of usefulness to one whs + in cordial
sympathy with your purposes, and who is
prepared to give that undivided and assidi-
ous attention which shall secure faithful
and efficient administration of the afsirs Of
tho Indian Department in their minatest de-
tan. Such service tho governments and
people emphatically deu.and, and they
ought not and will not bs satisfied with any,
thing less. III ~u " e. E5
To fulal thaDe conditions were to accept
the position, would requirea transfer of
nv residence to Washing on, and oblige me
to seriously prejudice interests, which can
not properly be ds'sgS I'd to sthers at the
present time, I am therefore reluctantly
brou yht to nay or gina1 decision that it is in
compatible with existing duties and 'obliga-
tions to accept the pest ion which you have
offered 10 me: Allow me to express the
sincere hope that you will be able to accom-
plish your well-kl sva purpose Of Obtaining
tho services Of an able and faithful officer
whose established character will bea pledge
that his duties will be fearlessly discharged,
above and beyond AL mere political inau-
ence or Consideration \
have the fullest assdrance ana conf
dencs that such an officer will have the cor
dial and energett: cooperation OF the
Honorable Secretary of tho Interior, and
those working ha,uoniously and in mutual
m patby with the Board oflndian Com
rnissioners under the sanction Of your au-
thority aud influences, will doubtless secure
q continued progress in protecting the rig hts
Of both Indian tribes, and of.the people Of
the unitci States, beg Of you to accept the
assurance of my appreciation Of the conf
dence implied in your invitation, and remain
with great respect yonr obedlent servant,
(sisued,) EDWARD 8. ToBEY,
To the PRESIDENT.
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The Weather To-Day.
H.. - aIs<,U. n,,d Ensiern H1afes binh