Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-19

] the four per cent. loan to-day amounted tt
| four hundred and ninety thousand thret
hundred dollars.
THE FRAUD COMMITTEE.
Speaker Randall, before leaving for Penn.
sylvania, will complete the selection of the
members of the Louisiana and Florida In
vestigating committee, and Mr.. Sayler will
announce the names Monday.
MEXICAN AFFAIRS.
Information has reached this city that the
adherents of Lerdo N Mexico have abandoned
their efforts to incite a revolution. Our gov
eminent has communicated to Minister Fos-
ter the facts concerning depredations upon
American territory by Indians who cross the
border from Mexico, and Mr.. Foster will in.
form President Diaz.
PATENT OFFICE PATRONAGE.
The receipts of the patent office from Jan.
uary l to May l, 1873, were $263, 1863; ex-
penditures for the same time, exclusive OF
S45, 200 for repairing the models Injured by
fire, 1888, 377; excess of receipts over ex-
penditures, $75, 1886. At this rate the surplus
for the year would be 1866, 755, a much larger
amount than has ever been derived IN a sim
gle year. Last year there was 1921, 900 sur.
plus. The total amount in the treasury tc
the credit of the patent office Is 81, 189, S07.
TREASURY NOTES.
The treasury now holds $34S, $50, $50 in
United States bonds to secure the national
bank circulation, and $13,618, 900 to secure
public deposits. United States bonds de-
posted for circulation for the week ending
to-day, 81 1858, 400; United States bonds held
for circulation withdrawn for the week end.
ing to-day, 1874, 300. National bank circu-
lation outstanding: Currency notes, 1922,
AS, Sal; gold notes. $l,432, 120. internal
revenue receipts, $405. 1897; customs receipts,
into Of of hor
for redemption for the week ending to-day,
as compared with the corresponding period
last year: 1877, sc. 219, 900; 1875 "a, $50, 900;
receipts to-day, $4,000
SHERMAN SPEAKS THROUGH A WASHINGTON
PAPER CONCERNING RESUMPTION.
The Erering Star has an elaborate article
on the resumption of specie payments. and
believes it to have the sanction of the secre-
tary of the treasury. 1t is said there can be
nothing in the way of the secretary having in
the treasury, next January, the amount of
coin for resuming he has calculated
on, namely, two hundred and FIVE
million dollars. With this amount he
can, without difficulty, redeem the outstand-
ing two hundred and eighty-seven million
dollars in greenbacks, and the secretary does
not anticipate that he will be called
upon to redeem more than one
hundred and two millions, but is securing
coin to meet any emergency. 1t is
thought that greenbacks, being redeemed in
gold or silver, will be preferred by the people
to bulky coin. The only thing that keeps
gold above par is, likely, the fact that Gus
toms duties are payable alone in this coin,
and the chances are that the passage of a bill
making greenbacks receivable for such duties
will cause the slight premium to disappear.
The imports are larger than the exports,
making the balance of trade in our favor
The yearly gold payments by the government
for interest on bonds is about ninety million
dollars, which is more than covered by the
receipts from customs, which are not
calculated for use in resumption.
The national banks will also have
to resume; their total circulation
is about $685. 242, 495; deposits, 1861, 575, SIT;
making the total liabilities about $3.50, 816,-
052. Their total cash resources, including
the five per cent. redemption fund in the
treasury, as required by law, are about $780,
201 ,055; every dollar of their notes is Sc
cured by United States bonds to an amount
of at least ten per cent. greater than the
amount OF the notes outstanding. These
bonds are of ready sale and can, in the ordi-
nary course of business, be easily converted
into any kind of money. In banks other than
national, there are deposits of some fifteen
hundred millions. These are private and in
dividual banks, however, and their liabilities
are not In any way connected with the gov
eminent.
Proceedings of the House.
Mr.. Stephens asked to be put upon record
that he was absent, on leave of the house,
yesterday, when the vote was taken on what
is known as the Potter resolution, and was
paired with Mr.. Harris; but for the pair he
would have voted against the resolution as it
stood.
Mr. Ellis, from the committee on elections,
reported resolution declaring that there had
been no fair, free and peaceable election in
the first congressional district Of South Caro-
lima. and that neither Rainey, the sitting
member, nor Richardson, contestant, was
entitled to the seat. He stated that he
would call the resolution up on Thursday
next.
The speaker appointed Sparks. Singleton
and Baker conferees on the Indian approprla-
ton bill.
Mr. Durham, from the conference com nit
tee, on the military academy appropria-
ton bill, reported that the committee had
been unable to agree. A further conference
Penn were appointed conferees.
The speaker laid before the house messages
from the President transmitting a commuui-
cation from the secretary of state in regt I'd
to the fishery commission. Referred
The bill for the election of delegate to
the house from the Indian Territory was
printed and recommitted.
On motion of Mr.. Smith Penn. the senate
amendments to the pension appropriation bill
were non-c~ncurred In, and Smith Penn,
Hewitt N. Y. and Sparks were app United
conferees.
The house then went into committee of the
whole, Mr.. Springer MI in the chair, on
the army appropriation bill.
Mr.. Hewitt n. Y who has charge of the
bill, in his statement said he regarded the
crucial test of craftsmanship to be the reduc-
ton of the burdens of taxation, so that the
hand of labor might reap its reward and
keep it when earned. That idea had been
the pole-star which the committee of appro-
priat1ons had set before it. The reduction of
expenditures in 1877 had been twelve million
dollars.
Mr.. Foster-l beg pardon; the reduction
don't amount to twelve million dollars.
Mr.. Hewitt reafirmed his statement, and
added that the cost of the army in 1860
amounted to fifteen cents per head of the en-
tire population, and In 1877 to ffty-four cents.
That made difference OF between four and
FIVE million dollars. The pending bill effect
ed a saving of 1851 900, and that without
touching the pay OF soldiers or officers, and
without reducing the strength OF the army by
a single musket. The saving was effected on
its administration. On the test of population
the army contained now, as compared with
1860, surplus of GOT officers and 1928 men.
On the test OF army posts now and IN 1861,
| ffty-three of the present posts being useless,
there was asurplus in the strength of the army
He thought there was now no danger of an
Indian war. As to the use of the army to
put down labor strikes, he said it was not in
accordance with republican principles of
government to keep an army to restrain any
person or people from exercising any just
right. If these strikes gave rise to disorders,
it was the duty of the States individually to
repress them. What the government ought
to do was TO organize national militia system
throughout the country. He was in favor of
encouraging rife clubs, for republican
country need never fear disorder when the
people were armed. AS to communism,
which was Haunted before congress as rea-
SON why the army should be increased, that
never had had footing, and never would
have footing in this land, unless congress
should undertake to police the country with a
standing army, when communism would
break out in every town in the country. But
If communism should break out, the Presi-
n orfhr,rs1a-1 ont The v,,sl.kso