Year: 1873

SCCEctHTY xSICm8FOsOn'b cln0uCIa1 ErO-


grarnme Tor July.


Secretary Richardson has directed the Assistant
Treasurer at New York to give notice that during
the month OF July he VIII sell one million gold on
the first, second, fourth and fifth Thursdays each,
and one and hall million on the third Thursday,
and that he VIII purchase half million bonds on
the third Wednesday OF the moLth. In all, he will
sell $5, SOC, 900 gold and buy S500.0oO bonds.


The financial programme announced for July by
the Secretary of the Treasury creates some sur
prise, as the purchase OF bonds Is so dispropor-
toned by the sale OF gold. July begins new


fiscal year, when the appropriations OF the last
Congress became available, and for weeks
past the Secretary has been accommodating
currency reserve with which to meet
the demands that may be made on the
Treasury after tomorrow. 1t understood
last week that whatever the sale OF gold might be
the purchase OF bonds would be very small. The
first programme was to sell $4,000 600 and pur-
chase s1,o00,ooo OF bonds, but 1t was changed on
account OF the large currency balance IN the
Treasury at the close OF business yesterday. The
Secretary expects to have during July currency
balance of $lo,Ooo,OOo. which viii enable the De-
partment to meet every demand without using any
portion Of the $44, ,OOO, 900 reserve.


The Payment Of the Geneva Award.


Gentlemen connected with the financial opera
tions OF our government are fully acquainted with
the measures Of the British government Tor paying
the Geneva award; and while they are indisposed
to communicate the particulars do not deny the
general correctness of the accounts heretofore
published tnat the money is to be realized in this
country by the presentation OF nve.twenty bonds
to the amount Of fifteen and half millions Of dol
lars. There several ways in which this govern
ment could be satisfied. One by the procuring OF gold
certificates and another by certificate OF deposit
showing that that amount OF coin is In the Treasury
OF tke government subject to the order OF the
United States. The Secretary of State, on re-
Ceivjng this an equivalent Tor the money, could
formally transfer it to the Treasury Department.
without the needless risk and trouble OF paying the
money itself, In bulk, at the Department OF State
Many persons claiming their shares of the award
have not, it appears, yet learned that Congress,
the last session, passed an act providing that the
money shall be used to redeem, so far as 1t may,
the public debt Of the United States, by being in
vested in the five per cent registered bonds, to be
held subject to the future disposition OF Congress.


A Proclamation by the President.


The Presidents proclamation has been pre-
pared to be issued on the 1sS OF July, announcing
the going into effect on that day OF articles from
IS to 25 inclusive OF the Treaty OF Washington the
necessary legislation having been adopted on the
Imperial Parliament Of Great Britain, the Legisla-
ture OF Canada and Prince Edwards island on the
one side, and by the Congress of the United States
on the other.


Boutwell, Working to Secure the Massn-


chusetts G0vernOrship for Butler.


The arrival here late last evening OF Senator
Boutwell,, In company with Secretary Richardson,
has given rise to much speculation. II is well
known among the friends Of both Senator Boutwell,
and General Butler that the latter to have all OF
the Senator's influence when he again entered the
field for the gubernatorial nomination To this
end II Is said Mr.. Boutwell, visits Washington to
secure the Treasury and Post Office Department
influence in Massachusetts,. The Custom House,
Internal Revenue and Postal service, and the large
force employed by the government In the con-
struction OF public buildings in the State, it is
pected will give Mr. Butler the strength necessary
to make his nomination certain.


The Expira ton OF the Frankfng Privi-


Iegc-Reforms Proposed by the POST


mnster General.


Tomorrow promises to be q sort Of jubilee day at
the Post once Department, which, despite hot
weather and fearful eruption Of the surrounding
streets due to lowering Of grades, has been q
scene Of great activity for the past week or two
The franking privilege expires at midnight, and the
Postmaster General is indisposed to give the an
cient abuse an hours grace that If any franked
packages are put into the Post ONCE here on Tues
day morning they are likely to go without ceremony
to the waste the dead letter ONCE, accord
ing to the nature Of their contents. Mr.. Creswe
is In ustiaable state OF elation at his victory
the privilege to which Congress clung as long
as it could with any show OF respect for
public opinion, but he is conscious OF weghty
responsibility growing out of his pledges OF what
he would do for the postal service OF the country If
Congress would take away the incubus of the
frank. After all, the expense Of transporting
franked packages was not the main, but only an
incidental complaint Of the Postmaster General
against the franking system The waste and
extravagance In printing thousands upon thou
sands OF costly documents every year that the
recipients did not for enough to pay bare cost
OF either printing or postage was not q matter
within the proper cognizance OF the Postmaster
the subject was not lost to sight in
consequence Of his abstention. But he
did complain grievously that it was impossible to
have the mails as swiftly and surely carried and
distributed as the true interests Of the public
quired, while a system lasted under which, with
out warning or regularity, tons OF matter were
liable to be thrown on the postal service at any
time deranging existing plans and contracts, and
inducing In persons employed in transporting
asserting and delivering the mails, dangerous
disrespect for much Of the matter passing through
their hands. One OF the most powerful restraints
OF late years upon serious abuses OF the franking
privilege, except such as were due to political
campaigns, was the belief possessed by persons
who had Congressional franks at command that
ranked packages were not treated as care
fully as those which were postpaid. Expe-
rience, however, has proved that open packages
at low rates Of postage have suffered through the
indifference Of the postal employees to all but closed
letters and packages. 1t is now the intention OF
the Postmaster General to make the transmission
and delivery OF newspapers, books, pamphlets,
samples and other large low rated mailable matter
as swift and certain as that OF the higher rated
sealed matter, while every effort win at the same
time be used to Simplify and shorten the routes
and processes by which the mails are carried and
delivered. Already the force OF letter carriers has
been increased at every tree delivery Office which