Year: 1875

Washington, Jan. 1.-THE Presi-
dent has signed the bill for the re-
sumption OF specie payments.


The subcommittee which went to
New Orleans las made its report to
the full special committee on the
Southern States. 1t is signed by all
the members of the subcommittee.
II is undecided whether the report
shall be made public or the full COM
mittee start for New Orleans. The
chances are in favor of the latter
course.


The message OF the President. on
finance was sent to the Senate to-day
with his approval OF the Senate bill
for the resumption of specie pay
ments. He calls the attention of
Congress to the necessity for an in
crease OF the revenue to carry out the
obligation OF adding TO the sinking
fund annually one per cent. OF the
public debt, and the promise ofthe bill
to redeem eighty million dollars
of the legal tenders, and sug-
gcsts the restoration of the duty on
tea and coffee, and the repeal Of the
ten per cent. reduction on certain arti-
cles, by the act of June 6, 1877 He
next calls attention to the necessity
OF preventing the purchasing OF sill
yer for expectation. aud the con-
sequent enhancement of the pre-
MUM. aud suggests that the Secretary
of the Treasury lie authorized to re-
deem the legal tenders with gold when
presented in sums Of not less than one
hundred dollars, or any multiple there
of, at a premium for gold of ten per
cent less interest, at a rate of two aud 4
half per cent. per annum from Janua-
~ l, 1873, to the date Of putting this law
into operation and diminishing the
premium at the same rate, till the final
resumption changing the rate of
premium demanded from time to
time as interest amounts to one quar-
ter of one per cent The President
suggests the rate OF interest mentioned,
because it would bring the currency at
par with gold, at the date fixed by law
for final resumption. He believes the
ten per cent premium on gold will in
sure the retention of silver in the
country for change. He says the pro-
visions of the third section of the act
will prevent combinations being made
TO exhaust the treasury OF coin. With
such a law it is presumable that no
gold would be called for not required
for legitimate business purposes, and
If large amounts of coin should be
drawn from the Treasury, correspond
ingly large amounts of currency
would be withdrawn from cir
culation, thus causing a sufficient
stringency IL currency to stop the
outward flow of coin. The advanta-
pes of a currency OF n fixed and
known value would also be reached.
In my opinion. by the enactment of
such a law, business and the indus
tries would revive, and the beginning
of prosperity on firm basis would be
reached. The President says that other
means should be probably devised for
increasing the revenue, and that
in Or,ler to carry out the first section
Ol lne act, anO.HeT mint becomes a ne
cessity, as the present facilities for
coinage are insufficient, and i'm view
Of the fact that large proportion of
the change will be required in the
Mississippi Valley and that most of
the bullion comes from the west, he
thinks the question of establishing a
mint at Chicago. St Louis, or Omaha,
should he considered.


During the Pacific Mail inyestiga-
ton to-day, James G. Berrett. Ex-
Mayor of Washington, testified to
having received as counsel ten thou
sand dollars in. all from Albert and
Irwin, of which he gave sam Ward
four thousand, and gave his brother
Joseph II. Berrett three thousand,
and kept three thousand himself He
talked to several members of Congress
about the subsidy, Swami, of Mary
land. among others. Sam Ward cor
roborated Berret's testimony, and gave
a graphie and amusing description of
the lobby business in Washington,