Year: 1860

stock OF the United states was seIiin i, tha ke
premium OF three per cent The u realized this just
either at par or er'a premium. Before wcver. The
TIM had arrived for payment the part OF the bidders
the financial crisis to which have already referred came
Some OF the bidders promptly implied with their pro
posalS; and others willing do So if required nv
the Department, though it would De considerable
sacrifice nder these circumstances, additional term
OF thirty days given to all bidders who would depo.
sit one hall OF the amount Of their bids within time
originally prescribed Most OF the bidders avaiIcd them
selves OF this extension and made their deposits accord
nsly on or before the 22d November 1860. portion
however, failed to do do, and TO them, the additional
thirty days has been offered on condition that they
would increase their forfeit deposit OF one per cent
10 hVe per 10 this proposition no response has
as yet been received The Of the loan awarded
to this last class Of bidders, is 81 ,O99 oDO.


The question presents itself What action shall ba taken
IN reference to the stoc6 which may be forfeited >
There IS no power in the department. the law now
stnds 10 meet the case. 1t is recommended that Con
gress should Immediately authorize the department to
dispose of this stock upon the possible terms holding
he deauitinE bidders responsible for the difference be-
tween their bids and the which the stock can
now be negotiated The necessities the Treasury de
mand prompt action this subject Not onIy are tha
treasury notes past due rapidly coming for redemption
put as already stated those due being pad in for
customs, thereby Withdrawing from the regular oner
tons OF the government its principal of revenue


Inc particulars in regard to the negotiation of loan
ported TO Congress by the third section of the act are
contained in the statement marked No. As


10 meet the remaining outstanding treasury notes and
interest thereon there is yet be negotiated eleven mil


lions OF the stock authorized by the o. 1860
The statement just made of the difficulties attending the
payment Tor the stock already sold, in connection with
the fact that capitalists in the present condition of the
country seem unwilling to invest IN United States stock
at par, renders it almost certain this remaining
eleven millions cannot be negotiated upon terms ac
cepa6e to the government The econdition Treasu
~ Is sucil that no serious delay be INDUCED.
- 90 ocn eLo d repeal OF SO much OF the act of
June ~ 1860 as authorizes the issuing this additional
eleven millions of stock and that authority be given for


oi treasury notes to the same amount to be
negotiated at such rates will the confidence
oI me country TO create that confidence, recommend
that the public lands be Internationally pledged for the
ultimate redemption of all the treasury which it
may become necessary issue make this recomm men
dation OF substituting treasury notes for stock the more
readily from the conviction that there should always ex
St IN the department TO issue treasury notes for


amount, under the direction of the President
meet unforeseen contingencies. 1t is power which can
never be abused, as the amount realized from
sucH source can only he used to meet lawful demands
upon the Treasury. No Secretary of the Treasury
a,Te or resident would ever exercise it, except
compeiled TO DO so by the eXigences of the public
service On the other hand it would enable the govern
ment to meet without embarrassment those sudden revn
sons to which the country is always liable and which
/ cannot always be anticipated.


have already stated that provision should be made a
once to relieve the Treasury from its present embrras
ments, produced by the causes referred TO- To do tI
Congress should authorize the issuing Of an additional
amount of treasury notes not less than ten millions Of
dollars. With these means the department will be ena
hled to meet all lawful demands upon it for
the present. The extent of the inaucial crisis
through which the country is passing cannot now
be determined and until it is better known no pocv
be recommended of permanent character


NO change in the revenue laws be made in time ia


meet .ese 4'hcniteS and if it could, the
would produce the same results under any laws that
II


upon such poceithcr with view to meet existing diff
cuties or for the purpose providing for the payment of
any portion OF the public debit only them for
subject. " ~


The attention Of Congress again called to the bill for
the REVISION and consolidation Of the revenue laws ure
pared by the Department and submitted at the rt ses
sion OF the last Congress- in compliance with resolution
OF the House of Representatives The importance OF
adopting the changes and notifications contained in this
measure canaot be too strongly urged upon the con
tion OF Congress They would facilitate the oneratnns
reconcile sigr,s
OF law, and greatly reduce the expenditure in this
port the Department has already reduced the expense Of
collecting the revenue from customs and with the aid
which the passage Of this law would afford s further
public service.


In this connection the attention of Congress is called to
the condition Of the revenue marine service With thn
gAcepon OF tle Harriet Lane, there but sail
vessels employed in the service. Steam are so
rapidly supPlanlins sail vessels in the commercial bust
ness o the country that The present sail vessels Of the
revenue service, however well adapted to a former
state Of things, becoming almost useless for the uur
poses 1or winch they are employed have before repre-
Scnted to Congress that this service could b, transferred
to the Navy Department with benefit the public inter
ISL ana entertain that opinion still If this should
be done the policy should at all be adopted of sub
SttutIng as rapidly possible for the sail yes
ses now used. 1t is due tn the officers cmDoycd in
this branch of hc service to saw that their nav
does not correspond with the compensation paid to officers
engaged in similar and less aborious duties In th hill
already referred increase Of their paw was recon-
mende and, in my opinion, it should be promptly car
req out as an act Of simple justice to worthy class


In each of my former annual reports called the aten
tion of Congress to the provisions of the net Of Ir
1887, on the subject Of deposits by the dsbursn agents
Of the government. The mposshility Of executing those
provisions been so fully discussed il, osa ro,ort.
that deem it unnecessary at this to do more than
to refer to the subject, and the recommendations
of former reports Congress- should ,ot ,,er,it - j -
stand upon the statute books which cannot he executed
when, by few simple notifications the objects Of The
law can be fully Effected and the public interest protect


The report Of the Director OF the Mint herewith trans
i ,Ttea narked NO: y 1t appears that the amount Of
ring the fiscal year ending 80 1860 was so G73
i922l in gold and S5.l52 Is in silver and that
the coinage during the period was 293 35
in cents


The report of the acting engineer in charge Of the Ru
reau of Construction is herewith submitted It furnishes
u details Of the progress of the public buildings
of construction.


The policy adopted by the Department in reference to
works of this character and presented former reports
to Congress, has heen continued during the past


MY views IN reference to these works, and especially
the subject marine hospitals have been so often rr
upon Congress, that it is deemed unnecessary do
at this time than say that each years observation and
experience confirm and strengthen former convictions
Accompanying the report of this officer will be found the
action OF the Department under the act Of March s. 1857
authorizing the analysis Of iron 1t viii be found
to be an instructive document this great material in
terest OF our country.


On the 10th of Feb 1857 Congress passed Joint reso
luton authorizing the Secctary the Treasury to cause
inquiry to be made by two competent commissioners
into processes and means claimed have been discover
ed by T. Barclay for preventing abrasion counterfeit
ing and deterioration of the coins oF ba Tt4e ts ;,
Under the authority of this law Professor Henry Vehake
and X. +. Rogers appointed to such commits
sioners. On the 22d June 1850 an additional appropra.
ton OF $1,000 made carry joint resolution
OF 1897 herewith communicate the report Of these com
mssioners and the action Of Department on the sub
ject If the objects which Dr. Barclay proposes to ac-
copsh can he Effected it is difficult to estimate the adj
vantage which would be derived by the government and


e puohc from his discovery The experiments already
made nave been attended with such results to induce
the opinion that it will prove entirely successful Such is
the strong conviction ofmy mind to that
do not hesitate to recommend sufficient appropriation
made to test fully the pactcablity of the measure and
at the same time to compensate Dr. Barclay literally
his discovery There should placed under the control
OF the Secretary OF the Treasury for this purpose
of 100000.


Congress last session authorized the apnontmen
of delegates to represent this government in the Inter
national Statistical Congress which met in London in
July last had two occasions called attention of
Congress to the Importance Of establishing uniform
standards of weights and measures, uniform unit of
currency, and uniform mode of preparing and keeping
commercial statistics among the commercial countries Of
the world 1t was with view to these results that the
authority given for the appointment of delegates
to this international Congress Its action was
therefore, looked to with much interest, and the
most beneficial results anticipated from
il regret to say that these expectations were all
disappointed and from cause which it is not the pro
vince OF this report discuss The Hon. A. r. /. ng
street of South Carolina the only delegate from the
Onited states who took his seat in the Congress here
with submit his report showing the his with
drawa herefrom the first day OF its session 1t is only
necessary to say that the withdrawal of Judge Long
street from the Congress, and his refusal return to
its deliberations received the entire approval Of his gov
ernment


The report of the Superintendent Of the Coast Sur
yey presenting the operations Of this service for the
last tsca! year, will be submitted to Congress at early
day.


The accompanying reports from the various bureaus Of
the Department, marked from a to L. contain a de-
tailed statement oftheir operations during last fiscal
year


The general operations OF the Treasury Department
since my last annual report have been of the salts
factory character The country had gradually recovered
from the revulsion of 1857 and its healthy and prosper
Gus condition felt in the relief thereby afforded to the
public finances Until within a short period had conf
IDENTIFY expected to present Congress present
sion gratifying statement of the financial condition
the government. different result however has been
brought about by causes which could be fore
seem and if orseen could not have been by any
action of the Department


All which is respectfully submitted.


HOWELL Conn,
Secretary of the Treasury.
Hon. William Pennington.


Speaker OF the House of Representatives.


REPORT OF


THE POSTMASTER GENERAL


FOR THE YEAR 1850.
Posi- OFFICE DEPARTMENT,