Year: 1874




remaining in the custody of the govern
ment from and after the expiration Of on,
year from the passage of this act. Ant
all bonds of any banking association or
ganized under either Of the acts hereby
repealed, remaining in the possession D
the government at the expiration Of two
years from the passage Of this act, shall b.
forfeited to the United States, and the
Board of management of the Currency
and Revenue shall cancel all such bonds
and redeem the then outstanding circulat-
ing notes Of any such association in the
Treasury certificates or lawful money
authorized to be issued by this act.


do not on this occasion propose to en-
ter upon the discussion of the question OF
reorganization of the Treasury Depart
ment further than to point out some Of the
more prominent defects Of the present sys-
tenn. which | think the plan presented
would correct or remove. The subject is
presented more with the view to directing
general public attention to it, and particu-
larly Of inviting to it the attention Of those
more able and better qualified to treat it
I'm all its bearings and relations to govern
ment and business interests of the nation
than l claim to be, than with the hope
that the plan proposed is the best that can
be devised for the attainment of the object
IN view. Among the objections to the
present system is that with each change Of
administration (Which may happen every
four years. there is a change Of the chief
officers and of the E1ost Of the working
force of the department, and not unfre-
quently of the financial policy Of the
government. The chief officer and heads
Of departments are usually selected more
on account of their partizan zeal and in
tiuence than with reference to their quail
hcatlons for the discharge Of the duties Of
the positions. The doubt and uncertain
ties thus created in reference to the inan-
cial policy Of the government is among if
it is not the prime cause Of the gambling
In gold, stocks, and the wild and useless
speculations which have proved 50 detri-
mental to all legitimate business. In this
state OF doubt and uncertainty, capitalists
are afraid to invest their means in enter
prises that would otherwise be profitable
to themselves and beneficial to society.
lest they should be jeopardized by some
sudden and unaccountable change in the
administration Of the national finances.
hence they prefer to employ them in sys-
TEN OF gambling where they feel they are
under their own control


Again, the change in the working force
is both injurious and expensive. 1t re-
qulres certain educational process to fit
the commonest clerk for the discharge Of
his duties, and when there is a general
change, such as usually takes place with
change Of administration, it not only re-
quires a much larger force than if none
but skilled and competent persons we're
employed, but there is liability to loss re-
sIlting from incompetency and dishonesty
whether the board should consist Of the
number OF members named, OF of a greater
or less number, is matter Of opinion
would, however, say that is is not ra-
tended that the whole number should re-
main permanently at the capital one of
their number should supervise the collec-
ton OF duties at New York, as well as at
other important points, and a portion of
them should be employed in inspecting
and directing the business in other locali-
ties. Much, very much, remains to be said
upon this, as | believe, highly important
subject, but | shall not trespass upon your
indulgence at present. ! may, however,
with your permission, add something at
future time


ITO BE CONTINUED