Chicago Daily Tribune Newspaper, December 8, 1874, Page 2

2 dato thoreof ; and uubmquunkl{ losrned thit, on that du{. thoy had taken forolble possossion of the State-Ilouso, Troops wera taken by mo to support the exiating and rocoguized State Cov- ormument ; but, boforo the oxpirntion of tho five dryn, tho Insurrectionary movement wwa pruc. tically nbandonad, und the ofiicera of the Siate Qovernmont, with some misor oxceptions, re- wumed their powers aud dntict, ¥ Congldoriny; that the present State Admiulstra- tlon of Lonfsians had been the only Goveromont in that Biato tfor nearly two yooras that 1t has bosn tacitly acknowlodyod and ‘scquiescod in as suct hy Cougrans, sud moro than onco expressly racognized by me,--I rogarded It as my olenr duty, whon legally ealled upon for that putrposa, to provout ita.overthrow by an armod mob, under pretonso of feaud wud irregularity in tho election of 1!}79. I binvo heretofore eallod the nttentiou of Cou- gross Lo this subjeet, stating that, on aceount of the frands and forgories cotomittod nt said olec- tion, anid bocauss it appowrs that the raturus thargof waro novor legally eanvassed, it was im- posaiblo to toll thoreby who wero choseu ; but, from the best sources of [uformatlon st my coni- mand, T liavo always holieved the prosont Slato oflcera revcived o tanjority of tho logal Yo actunlly cast at thnt election. T ropent what sald in 'my special mensnge of Feb, 19, 1878, tbat, in tho event of no actton by Congross, I inuet continue to tecaguiza the Governmont liorsto- fora recognized by mo, INTIMIDATION AT THE SOUTHL. 1 rageat to eny that, with proparations for the lato ni‘ectlnue, ccided indleationy appearcd in somme localitles {u tho Southorn States of deter- minntion by scts of violoves and intimldatton to dapriva cltizona of tho frecdom of the bllot be- Lo of thelr political opinious. Bands of mea, mosked and armed, wado their” appearauco ; White Leagues and other societies woro formod ; Iarge quantities of srmy and sminuuition wore imported and distributed to those organizstions ; snilitacy deille, with monaving demonstrations, wero hald 3 aud, with alf those, murdors onough woro commitiod to nproad forror smong those whoso political action was to ho supprazsed, if vosniblo, by thego intoleraut and erimiual pro- ceodiugs. In somo places, colored Inborors Woro compnlled to vofo sccording lo tho wishes of their employers, under thrents of dischargo if thoy acted othorwisa ; and thero are tao many inatances fu which, when theso thronts wern disregarded, thoy wore romorsoloss- 1y exocuted by thooo by wwhom mado. I under- sinud tbot tho Fifteonth Amendmant to the Con- stitusion was mado to provent this like ctato of things ; and tho act of May 31, 1870, with amend- ments, waa pagsed to onforco ita provimons,— o anjact of tils belng to gnarauteo to all cfty- geun:the right to voto, and to proluct them in 1ho froe enjoymunt of that right. ‘Enjoined by tho Constitution fo take cara that tho lawa bo faithfully executed, and convinced by undoubted ovidence that violutions of said ot had beon cominitied, axd that o wide-spread ond flagrant disregard of it waa cons templated, tho prapor oflicers were instrucied o prosocuto the offendors, And troops wevo &la~ tioned at convenlent peinty to id thoso oticers, of neceseary, in the parformanoa of their official dutiea. £ Conplnints aro made of tlis interforance of Federa) authority : bus, if_sald ameudment and ot do not nrovide for such intorforenco under ;ho cironmstancos ns above atated, then thoy oro without wecuing, force, or offcet, and the wholo eehomo of volored enfranchisement 18 worse than mackery, aud LITTLE BUTTER THAN A CRIME, Possibly Congross may flud it due to truth and Justico to_ascortain, by meaus of n commitioe, ‘whother tho alloged wrougs 10 colorod citizous for politieal purnoses sve real, or tha reports theraof were nianufactured for the oceasion. The whole number of troops in tho States of Louisiana, Alobama, Qeorgin, Florida, South Caroliva, North Carolina, Koutucky, Tennesace, - Arkansas, Miesinsippi, Aarylend, and Vieginia, at the timoof tho etection, woro 4,032, "This embraces tho garricons of all tho forts from tha Delawara to the Gulf of Mexico, ARRANSAS. Another troublo bas arisen in Arkansas, Art, 18 of the Constitution of tho :State, which wag adoptad in 1868, Al upou the approval of which by Congreus tho State was rostored torepresento~ '.gm as one of tho States of tho Union, provides, in offect, that, baforo any amendmtents proposed 10 this Couetitutiou shall bocome a part thereot, thoy aliall ba passed by two succossive Asgem- blies, snd then submitted to and ratifiod by a majority of the clectors of the Btats voting theraan. On the 11th of May, 1874, tho Governor convened aun oxtra sossion of the General Asgombly of the Btate, which, on the 16th day of tha ssme month, passed an act providing for a Convention to framo o new Constitution pursuant to this act ; and, at ao election held on the 30th of June, 1874, the Convontion was spproved, and delagates were chogen thaorate, who sssembled on the 14th of last Jnl{, aud formed o new Con- stitution, the Hehedufo of which provided for thoslectlon of an antire new sot of Stato ofilcors iu a manner contrary 40 tho then existing olec. tion laws of tho Stste. Ou the 18th of October, 1874, this Constltution, as therciu provided, ywas submittad to the peoplo for their approval or re- jection, sud, sccording to tho eloction-roturns, wos spproved by o Jargo majority of thons qualified to vote theroon: and, at tho same clec- tion, pereons wero choaca to fll all the State, county, snd township oficos, The Gov- ernor elocted in 1872 for the term of four years turned over his ofiloo to tho Governor chosen under tho now Couetitution; wheraupan the Lieutenant-Governor, slso elocted in 1872 for o term four years—claiwing to act as Cov- emnor and olleging that eald procecdings by which the now Coustitution was mndo, and n novw ae. of oflicers elected, wero unconstitntion- sl, and illegnl, and void~called Upon me nd pro- vided in Sec. 4, Art. 4, of the Constitution, to protect tho Stato agaivat domestic violence, As Congress is now investigating tho political affairs of Arkanzas, I havo declined to Interfora, The whalo subjout of TXCOUTIVE INTERFERENCE WITI THE AUFAIRE OF ) A STATE ia repugpant (o public optuion; to the fecling of thosa who, from their ofticial ecnpacity, must’ be used in snch interposition ; aud to him or thaso who muat direct it. Unloss most clearly on thio gido of law, Bucn interforenco becomnes o crima ; +with the Inw to support it, it is condemned withe out & hearing. 1 deslre, thotoforo, that all no- cessity for Bxocutive dircetion may bacome un- necessary aud obrolote. Iinvite tho attontion, not of Congroes, but ot tho peoplo of the United States, ta the OAUSES AND EFFLOIS OF THESE UNIAPPY qUCG- T10: Is thern not a disposition, oo aue eldo, to magni. 1y wrongs and outrages, and, on the othor kide, to belittle them or justify them? If public opinion conld Lo directed to a correct survoy of what fs, and to rebuking wrong, aud aidiog tho proper authoritiea in pun- ishing it, a bottor atute of feoling would bo in- culeated, and the soonor wo would hava that reloo which would leavo the States froo indeed o rogulato their own domestio affuiry. I bo- Love, on tho part of our citizens of the Southorn Btateu,—thio bettor part of thewm,—tuore ia ¢ die- position to be law-ahiding, und to do no violonce either to individuala or the laws exiating; but do they do right in ignoring tha existenco of vio~ lence and bloodshed in resiatance to coustituted authority? I sympnthige with tholr prostratae condition, and would do all in my power to ro~ Uove them; acknowledging that, in some in- stancos, thoy HAVE UAD MOST TRYING GOVERVMENTS to live under, and vary o ipressive ones in the wray of taxation for nnmuml improvemeutd, not %l\'lug beuelits equal to the bardships imposed. ul can they proclaim theinuelven eutiroly irre- vmnnfl.lla for this condition? They cannot. lolouce bau hean rarapunt in some localities, and biae furthor boon justified or denied by those who could havo provonted it The thoory iy raiued, that thers isto beuo further interferonco on the part of tho General Government to pratect cliizens within n Siato, whioro the Stataauthorities fail toxivo protection, This {8 s groat mintake, \Whils X rummin tha Ex;vtiu‘hvm ::l ktll‘w én\vutol Congress, and tho provisiony e Counstitutio Rmondmonts added thorato, - " mONE tho WILL O ENSORCED WITH 1 but with rogrot that they should Buye wided one Jot or tattlo to Bxeentive duties und powers, Lot thera bo faivness In ihe dwcussion of Bautliom questlons,—Lito advacntes of bath or all pum;cnl parties giving l{onm«[t. truthful ro- ports of occurrences,~condemniug the wron and npholding tho right,—and soon il will lln‘; woll. Undor existiug conditions, the negro votea the Republican ticksr, bechuue he knuwa bia frlonda re of that pus Many & good oiti- zen votus tho opposite, not heceuss Lo agecos with tho great prncipler of state which soparato pertles, but bocause generally ho is oppoked ta negro yule. Tuis o moat delusive cry, L'reat the negro 0a & oltizen and voter, A8 HE 6 AND S(UST dRMAIL, and soon partlos will be dividod, not on the color line, but ou principles, Thon wa shall bave uo complajLt of sectionnl Intarsorences, THL LAW DEPANTMENT, The repott of the Atlornoy-Gousral contnlue valuablo yocommendations rolsting £ the £d-, wivistiation of justica v the &mr:u of the Unlied States, to which Tinvite your attoutiou. 1 rmumully unggest Lo Cougress tho pros rloty of ucrensing the unmbler of Judicial istricts n tho United Etatey to oloveu,—tha prosont bumber being ntuo,—zed the creation of two additlonal Judgeslips, The taritory to ba fyaversed by the Circuut Judges is w0 zrost, end tito buolucss of tho Courts w0 widadily iue aresuay, tnat It 39 prowin: nioro eod |, THE CHICAGO DAILY TRIBUNE: moie jmpossible for thom to keop up with tho buniuess roquirlng- “thoir sttention, Whather thin would luvolve the ecossity of nddln{l \wo wmoro Justicen of tho Supromo Court to tho prosont nwnber, I aubmit {0 the judgmont of Congress, TIE INTERIOR DEPARTA) " Mo attontion of Congross 18 invited Lo the re- port of tho seeretiry of the Intovior, and to tho Togislatlon aoked for by . 'Lho domestic in- torosts of tlie peoplo ara mors ttimately con- neeted with this Dopartment than with eithor of tho othor Dopartments of the Governmont, Its duticn havo boen added to from timo to tine, until thoy havo bocome 8o onorous that, without tho most perfoot eystemn and ordsr, it will bo im- posaible for any Sucratury of tho Intorior to koop track of all ofticial teanenctioma having his snuo- tiou snd done It hiis nanie, aud for which Lo v personally responsiblo. TIE INDIANH, The policy adopted for (ho mansgement of Indinn affairs known as the "** Ponco Folley,” hea boon adhered to with wost boneficlal rogults, 1t 18 vontidontly iopod that & Tfow yoars moro will savo ouy froptier from Indinn depredations. 1 commiond the rocommendation of the Beorotary for tho oxtonsion of tho homostesd law to tho Indians, and for somo sors of Torritorial Gov- ornmont for tho Indian Territory, A great ma- Jority of tho Indians uccupi'lug this Territory nro bolieved to bo Iucnpablo of maintainin; their rights agrinst the moro oiviltzod ang oulightoned whito mon. Any Torritorinl form_ of govornmont' given thom, thoreforo, should protect them 'in tholr hiomes aud prop- orly fora period of at leant twonty yonss, and, hetory ils final adoption, shuuld be ratiiled by a mojority of thoso attected. Tho report of the Necrotary of the Intorior, herawith attached, giveamuch 1nterosting atatis- tleal information, whick I abatain from giving an abatract of, but vafer you to tha roport itaclt, TENBIONE, I'has net of Congress providing tha onth which pensioncis muut subaeribo before drawing thelr Ponsiony, cuts oft from this hounty & faw sur- vivors of the Wur of 1812 reajding In tho South- ern Btales. I rocommoad the rostora- tlon of this bounty to all such, The number of porsons whoko names would be rostored to tho list of punsioners is not largo, They nro all ol porsons, who_could have taken no_partin the ‘robollion, and tho wrervices for which thoy wore awarded ponsions woroin Qa- fanuo of tho whole vountry, AGRICULTORE AND THE CCNTENSIAL, ‘Tho report of the Commigsioner of Agricul- turo, berawith submitted, contaion suggustionn ol el iutorest to tlo gencral public, 10+ fors to the approsching Conteunial and’ tho part his Dopurtmont 18 reudy to tako in it, I fosl that tlo nntion &t lago is interestad In having this Expooition & muccers, and commiond to Con- grees such action a3 will socuro a groater geuoral intovest in it. Alrcady many foreign uatfous havo sizniglod their intention to o roprosonced at it. 1t may bo wxpeetod thut ovory civilized narion.will bo vepresentad, THE CIVIL BERYICE, Tha ynles adopted to mprove Lhe Olvll Sor- vica of the Government havo been wdhered to 0a clovely ra hns been practicablo with the oppo- eition with which thoy moet. ‘Pho effect of thom hiss boen beneficial.on tho wholo, and has tonded to tho clovation of the servico: but it is Jmpracticablo to maintain thom without the ai- roct aud pogitive support of Congross. (ienor~ ally the support which this roform roccives i from thoszo who give it their support only to find fault ~ when the rules avo epparently dopnrted from. Removals from oltico withous preferriug clietgos sgrinat parttes ro- 1moved are fmv}ucutly cited a8 doparturos from the rules ndopted; pud tho reteution of thoso againat whom eberges ero mads by drresponsible persong, aud without good grouads, v also ofteu ooudemned &8 a violution of thom, TUnder these circumstandes, therefore, I aunounes that, if Congress adjourns without positive legielation on tho subject of CIVIL-SERVICE REFOR, 1 will regard such action as a_dinapproval of tho systern, and will obandon if, excopt o for as to requiro examinations for certain eppoiuteca to detormine their fitnoss. Compotitive examinu- tions will ho abrndonad. Ths gontlomon who have given their services without compousation, 1o wembors of the Borrd, to doviso rules and regulations fur the fiuvsrumnm. of the Civil Sexvico of the country, ave shown much zeal and euruestuoss jn their work ; und to_{liem, ne woll na to mysol, it will Lo a gourco of mortitleatioun if 1t is to bo thrown away. But I ropoat, that it [ impossitie to onrry thigjsyetom to a euccessful isauo without general approval ond nssistance, aud positive law to support it. 2 I bava statod that tho olomonts of tho pros- pority of the nation—capital, iabor, skilled and unskilled, and products of the soit—still remuin with ua. - To dircet tha employment of those is o problom dosarving the most ecrious attention of Congresy, if employment can bo givon to all labor offoriug itself, prosperity neceesarily follows. I hinvo oxprossed tho opinion, nud ro- pont it, that the firat roquisito to tho recomplishi~ mont fo tina end Iu the eybstitution of a sound currepcy in placo of oua of a fluctuating valuo, Thiv wecurcd, thoro ara many intorests that night be foatorod to the grout prodit of both lubor and capitnl, TOW TO INDECE CATITAL TO 13IPLOY LABOR, 1s the queston. Tho subject of chonp transportation bas occu- plod ;the attentlon of Congress. Now light on this question will withont doubt be given by.thn Commiitteo appoiuted by tho last Congress to investigato and roport ppon this subjoct. A rovivalof ehip-building, and particularly of iron-steamshipbuilding, is of vast importauce to our natiousl prosperity. Tbo United Btates i8 now paying over $1,U00,000 per annum for froights and passage on foreign ships, to be car- ried abroad aud expended in tho employment and guppart of otber pooples, boyond & fair per~ centugo of what should go to foreign vosscls, estimating on_tho tonhags and travel of each, respectively., It (s to be regretied that this dis- psity iy Lo oarrying trade exists, nud, to cor- rect “it, I would bo willing to seo o great dupart- ure/from tho uaual course of Governmont. iu supporting whot mnigbt usuaily be termed private enterprise, I would not suggoet s s remedy direct bubsidy to American steamship linos , but Twould suggest tho dircot ofter of AMPLE COMPENBATION FOR CARDYING TNH MAILS belweeon Atlantic sesboard cities and tho K oun Contineut on Amencen-owned and Amer- can-burlt ytenmers ; and wonld oxtend this Hb- | erality to vessels carryiog the 1onils to Soukh American States, and fo Central America snd Mesico : and would pursuo tho ramo policy from onr Pacifle seaports to foroign soaports on the Pacitle, It might be demandod thab vossels Dnilt for tine servico ehould come up fo a stendnrd fixed by leglslation, in tonnago, epesd, andull other qualities looking to tho possibility of Governmout's requiting them at somo timoe for war purposes, Tho yight also of taking oossossionof them In such emergoucy shonld bo guarded. { ofter thesa nnggestions, bolioving thom worthy of considoration o ull so- rioucness, affecting oll soctions and oll intoreats alilke, If auything better can bo done to direct the conntry into a courss_of general prosperity, n:z one will be more ready then I to secoud the Plau, THE DISTRICT OF COLUMBIA, TForwarded herowith will be fouud the report of the Commixsioners appointed uudor xu 2et of Cougroes approved June 20, 1874, to wind up tha uffuirs of tho District Govornmont. It will ba seen from tho yepors that the total dobt of tho Dietrivt or Coluabia, loss ecourities on hend and evoilable, iv : Bondad debt fawyed prior o Tuly 1, 1874, $8,853,0¢0.47 .63 bonds, ut of Cougress, Junu 30, 1674, ,055,108.73 Cerlitivates of tho B0a2d of AUditiceeears §70,658.46 o M s Seadiaes . 810,143,667,61 fany special " mprovonieni-azsessroent, ehargeablo fo privato property, i ex- ees3 f uny demaud agniiet suct wuavsi- nent L8105 87 Leaw ¢ ot L, 75,000, Aud Washluglon & Aloxeudvis Jailrord A8, ovsveerinsasien soossieorionise 59000,00 £n thie Linds of flie Commilesivners of iha FITIERIS T FRR SRR 9,004,37 Teaving the setual debt, tess sld 23 .$18,004,018.24 Tu addition to thig, thers ave claima profevied ssgarnst the Governmont of the District anonnts ing 1 the aggregato, ao raported by tho DBoard of Andits, tv B3,147,787.48 ; of which thoe greater pait will probably bo rojected, This eum enn with no mors propriety Lo {ncluded in the dobt of the Diutxict Goveramens _thau can tho thon- sunds of claima againet the Qeneral Government o inoludod na 3 portion of the Natioual debt ; bat the sggvegate sum thus statod {nchules nomukmn[,- wiopa {han the funded debt chrgeablo excluslvely vo the Diutrict of Columbin, ‘The act of Congregs of Nov, 29, 1874, coniew- plates sn spportionment betwosn the United States Goyovument and the Disteiot of Golumbia fu respuct of tha {m)‘mnm of the prin- elpal sud interost of the 8.08 bunde; theretors, 1u computing with procision tho bonded dobt of $hio Diutvict, the kggregato suing mbove stated a4 respocta 8,65 bonds_now issued, the outstandiug wertitioates of tho Bomd of Audit, and tho uue- wdjusted cludmd pending bofors thet Hoard, shoud bo raducod to the extant of tha amauut to bo appartionad to the Unilod Ktates Garorn- ment in the manuer Indieated 1 the wet of Cone growy of Juuo 20, 174, - I especistly fuvito your attantion to tho roc- omumendation of thu Commissonars of tha Sink- g Fuud relavve to tho ambiguity of the et of June 20, 16745 the interast ou the Diatrict bouds, wud tho'vousolidution of ludebtedness to tha Distrloe, | Tfeal e T (o the gentlomen who oourented to leave tholr private affairs and come from n distence to attend to tho business of this District, and for the ablo aud eatiafactory maunar fi which ft nns hoen condnated, 1 am suro their sorvicas will bo oqually upprecinted by tho entira country, It will ha_ncon, from thn reonmpouying fult roport of tho Donrd of Hoalth, thet the ‘mnitary condition of the District in very satisfactory, In wy opinfon, tho Disuiat of Columbii should bo regardod ng TOY. GUOUNDS OF Tilf NATIONAL CAPITAL, in whicl tho entjre poople are interestod. I do not alluda to this to urgo gonorous appropria. thons to the Distriot, but to.denwy tho nttention of Con?rm. m fmmlu[‘nlnw for tho govern- mont of tho Distxiot, to tho mruniticent sealo on which tha city was plannaed by the founderu of tho QGovernment. Tua maunor in which, for orua~ montal purposon, tho resorvations, sireots, and nyennos wore lald out, was in the proportion of tha proporty actunlly posgeasod by (ho Guneral Govornmont, I think the proportion of the ox~ I}m‘“n of tho Govarnment aud imyrovemonts to 0 boruo by tuo Genoral Governmont, the Citiey of Washiugtou and Goorgetown, and the country, shioutd bo earofully and unuitably dotinod. T AISSISCIPYE BIVEM, In necordauco with Boc, 3 of tho act approved June 28, 1874, I appointod s Board to make & survey of tho wmouth of the Mh«;iuul(}am Tuver, with & view to dotarmine tho best mothod of ob- taining aud muintainimg o dopth of wator suflicients for tha purposcs of commoreo, otd.; and, fu ac- cordanes with an act ontitled * Ao et to provide for the appointmout of o Commisston of Enfi- neors to lovestigate and roport a plan for the ox- oavation of tho ulluvial bosin of tho Mlnulnm}!pl Ttver subjoct to inundation?’ I appointad o Commission of Bngincers, Nelther Hoard lins yot complotod Hs Inbors, When thoir roports nro recelyed, they will bo forwarded to Congresa without delay. gSl[;null) U. 8, GraNT, Exxeurive Maxston, Doe, 7, 1874, ) THE TREASULY. REPORT OF SECRETARY BRISTOW, BYATIZ OX THI FINANCES, Disvateh to the Weatern Actociated Prees, WasmNorox, D, G, Dee, 7.—The foliowing is the raport of the Socrotary of the 'Croasury, sub- - mitted to tho Houso to-dny immediatoly aftoer the expiration of tho morning hour ¢ TIE WLPORT. Taras’s Drvr,, WasniNaTox, Dse, 7, 1674, 1 The Becrotary is charged by law with thaduty of propavivg and submitting to Cou- greng anoually o roport on tho subject of financo, containing estimntos of tho public revounes and oxpouditures, and plang for improving and in- creneing the rovonuos, for tho purporo of piving information to Congress in sdopting modes of raiging the revenues roquisite to most the pub- lio axpenditures, Puranant (o this duty, the Becrotary submits tho followlng report : RECEIPTE AN EIPENDITURES FOR THE FISCAL TEAR LADING JURK 80, 1874, The monoss roceived and oovered into the Transury by warranta dutiog tho flscal yoar aud- ing Juno 90, 1§74, wero as follow Prom custom 103,105,602,00 Yirom futerus} Yovenuo, 102,40,784.90 ¥rom salca of pubiic land R ERT From tax ou efreutation end deporiis’ of Natlonal Dania. .. L 7,000,098.17 From ropayuent of intora Railviay COmPAnics, .oy, 1,020,805 From customs’ fincs, penal U312 Trow Jabor, dravaze, LLora) From valus 0f 104160 (rust-laido,.. ., . Trom faox—conuuley, luttore-puteni, and secerneees 1,EI5,10074 Frow proceods of wics of Goversmient ropy 1,690,017, Trom HarluoHosyital From steu ¥rom profits o colongy ¥rom tax on seal-rlius, From misoollavieous sonirces. , Total ordincry recoipts, +§224,441,000,04 Premiwn on sales of coln.. . 7,605,22 Total net xocelpts, exclustvo of 102us 3359, 376,755.08 Paymont by tho Dritish UGovermment of the award of the tribuual ol nrbitration st Goueta.§ 16,60,000.00 Excans of net recoipts from ceriificates of depowit of Iogul-te redompiion.. dera, aie,, over veee 1120747008 Tole] ek TCOIpth. cs v e eonssuove o 392,186,209 Datanca in Troosury Juite 90, 10700102 van . .$11,103,025.50 Amonut winco_ reccived from lato doposltary, Clucipnutl, Ovvveves 1,026.78 §191,103,0 Doduct unavallablo bal- auces with depoaltarics cutried to their dehits on books of the Revlster, 01 1o tuo credit ol $be Trosauror United Btulcs, 19,720.18 e pani0,39T.10 #409,005,08.99 s durlog tho Total ayailable cash, The net exponditure arme period vore For iyl expeuse For foraign intereourae 1,604,064,2¢ For Indine G042 4G For penalona, 2,003,414.68 For taflitivey 2 fortiications, slver and s provemonts, snd arseuals. L 4201090722 ¥or naval eatablishment, Including ves- nolf ond mischinery,” and improve- mcnie, ut Buvs-yard For mfucellucoa, civil, eliding Tub- lic bultdings, light-honaes, aud collact- $0g tho revenueL .. os. s For wtereat oa tho pubite 20,932,687.42 Totsl nol ordinary expenditures, ox- blic dobt olugive of {he pul ,703,800,21 Promiun on bonds purchased 1,895,018,65 £257,123,878.56 ent o 15,500,000.00 ‘Total net dlsbursements, Balauco in Vreasury June 29, 1874,.. Tatahesersarions It will bo sean by this etaternzent that the rera, . 3! not rovenues for the flacal year 9,470,733.08 Aud tho ordinary expenses. PETTRT 57,133,573.76 Loaving EUrPUS FOVENN0 Ofvv.r.. S 2,944,882.00 During the months of July, Augnst, and Sop- tombor of the fizcal yoar 1874, bonda to the ex- tont of §12,036,450 were purcagod for tho sfnk- ing-fund cecount. BECEIPTH AND EXPENDITURES FOR THE FISCAL YEAR nNDING JUNE 30, 1875, Tho receiptv during the frst quarter of tho otmrent fiscol yoar were Frow customs, .. From lnteronl yeveaus. ¥rom rales of public lands o 20161638 504,205,83 5,690,248,23 Trem cousular, 'ty un From proccads of salds of Government property.., From midcel; Net ovdinary roceipta, ... From premium on salea of cof Total net ordinary roceipta. . 3 80,684,205, Receipts tyom cesthileatea of doponlt of logul tondora and cofn cortiticates fn oxcess Of YOUSMIEHONS v0overee voves | 0,247,008.24 Balanco in Vrocwury Juzs 50, 1674, 150, 2 "Total available.. ‘Tho oxpeudituros during she same poriod woro a6 follows : . For civil sod wiscollnoous expense, [ne cluding pubtic buildings, Hylt-hou and collceting thy reventios, Tor Indions, . For pensiona, Tor wititury 4 dinig fortifleations, rivor and 'hurbor ime Provencuts, 'S0Q 4rachuS..eeeeeereer 11,618,200,99 Zor naval earablisimont, tncluding ves- wels aud muchiners,’ and fnprove. Tuouth ut REVyeyrde, 1 8220,728.07 For futerest ou tho pubiio dobt, inciud- 1ug Pucifio Kallway boods, Tolsl ordingry expndltures. ... § 83,0104804% Balaugo Jn- tho Tressury Kept, 30, For the vomaluing threo quartora it is estimate od tho receipts will bo: From onstoma, ... From fnlernul vev From sales of publlo Js From tax on Nations! Danks. From Pacito Ralivuye, Erom cvtomn’ shues, & ‘Frowm canwular, batunt, eid ol From aeles of publio propert; From 1atucelli000UD AOUFOCH Totthveesessssasn X Tor tho samo porlod It is estimuted that tho expeudivuros witl boy Yo civil wiscollas Luild For fudi 00,009 For peusions a5, 4000 For vuval estol roent,. . Fov tuterest on tho publio dobt,Ves 70,000,000 e Totslioire BTy I'UESDAY, DECEMBER 8, Tor tire curront fiscal year,' from the forogoing acoonnt of actuel recelpts and expenditurss for the firet quarter, and of tho estimates of tho #amo for tho romatning threo quartors, tho oati- matey bolng baged on the assumption that Con- groes will nob Incroass the expouditures by do~ Heloncy or other nppropriattons, it is oxpeoted that tho rovenues witl amonnt to €284,318 486,99, and that the ordinary oxponsos will ho §476,916,- 489,42, whioh will Joave a durplus rxavonie of 40,002,706,67 to bo applied to the sinklug fund. Tho sum of £31,000,546 will bo reguived under 3o Iuw for this fund, and, therefors, Wuless tho rovenues nhall incrense boyond tho amount an tielpated,} thero will Lo n doficionoy in tho sink- Ing-fund Account for this year of $22,003,748.19, TSTIMATES FOR FIACAL YEAR INDINO JONI U0, It in caifmated that tho recsipta for tho flscal year anding June 30, 1876, will be : Ityom cuntomns. ... Tipom fntcrual rovonio, T'rota salos of publio Intids. .., 2yomn {ux on Natfonal Banks....iee From Paciflo Rathways, hyum customs’ nes, Trom conuuler, patent, Trow unles of pblio pro Lo miccellaneoud aource: + o000 0$303,000,000 Itis ostimatod that tho ordinary expenditurey for the uame poriod will be: Tor olvil exponées, $ 17,000,000 For foralgu intarc 1,400,600 7,500,000 30,600,000 fortificatioiin, rver nud provoments, und ardevals .,.,,... ¥or naval catablishment, {ualtiding Yo and wochitiery, sud Jmprovomenta ut wmiscollaneous, fncluding pu bulllings, Ughthotkes, collectiug tho rovounos, mall-nleamabip weevics, do. 98,000,000 22,500,000 For interent on Tor dufercat on Vag! Total ordtuary expenditures, Ifthose estiwuios of tha revenues and expond!i- tuves shell provo to bo zpproximately corroct, {hero will bo o surplus of rovonue of about £20,- Thio mnount neccuoary for tho sinklug in the alove catimatos of fund is not inelude xpenditures, sud to provi ds for it tho sum of Tho eurplus anmos which ean be applied to this fund £10,000) will bo insufitciens to tho ostont of 11,020,014, and there will theretoto becde- tlcleucy of that cmonnt, Tho eatiniates rocsived from tho several Ex- eantive Depurtinenta ora a8 follows flntive catalivhumient, sutivo cstabiiuhnient n Yorolpa intoscouvse, e L\t 128,00 10,040}507.65 20,209,489,81 9,014,578.60 12,691,10.68 146,678,015 seenrenssteereenensees $310,090,760.80 REDUCTION OF THE PUBLIC DENT, During (he fiseal yosr the publio debt was re- ducad by tho sum of €5,762,447,0, es will ap- pear by tho following statoment Priucipal of the dobt July 1, 1873 ... . .$2,334,482,999.20 Tuteveat ue end uupaid, sl acoriol Aacollcneous ., Panmauont approprial $0.145,000,%06.02 $351,000405.45 Dabt, 10as cash fn the Treasury, Prineipal of tho dsbt July 1, 1674,.... Intercet duo and upsld, adid acerao Dobt, Ioea oaah fn tito Treasury, ... . 82,100,897,801.27 Bliowing s decrense durin, 82,707,476.93 | " abovu atated, of... $ 5,702,447.00 ‘This decrecae {s rapresented by the e ‘ooed of recafpte ovar oxpenditurey, . u und unpaid, Jue i, 1674, wae losy then June 50, 1875, 2304,88230 9,417,665.35 s 5769,447.05 By the mouthly etatement of the public debt Ieaued June 30, 1874, the reduction o the dobt wad shown to be $4.730,472.41. betwoen this and thua ozplainod : The nionthly debt-statomont is made up at thio close of busivess on tho dey of aud embraces ouly the money: ed to the Department at the time of wheraas the foregoing annual statoment of ro- ceipty and oxponditures includes rovenues which wera doposited ot tho differont piacos of depoeit throughout the conulry withio the periode cov- orcd by tho accounts, aud uuascartained at the tima of tho issuc of the monthly statemeut. Tho books from which the anuual statetent of receipts and oxpunditures ia propared are usual- ly kept opon for & poriod of forty-five dayw, so 28 to Wielude ot the cate of olosing tho accounts !l tho roveuues which mzy have been deposited within thio yvar which the statement ropiesonts, Tho difforenco between theso two statemouts arises from tho differcnce of dates at which thoy swre mado up, aud thom ae rogards the cosh ry at tho ~cowmencoment the Just flscal your, it will bo seen that by tho an- nual statement of receipta aud oxpenditurey thoro was n gain of &1,091,976.24, represonting reyeunes in exoess of thoso kmown at tho time of ypreparing the mouthly statement, winch, ndded to i¢, or deductod from the sunual state- mout of raceipts ond oxpenditures, will show that no differonco existy, except in tho manner Tho diforencs tho preceding statement is its dato, Toport- 8 fsuuo, $ 17,027,115,00 comparison of tho Troae- close of os accompsnyivg this roport furnish details of tho foregoing sintements and ac- BEFUNDING TUE NATIONAL DENT. On assuming cuarge of this Department, Juno 8, 1874, tho Beerotary found tho Lalauce of the b ver cent loen wutliosized by 14, 1870, and Jan, 20, 1872, During the mouth of June proposals sore re- coived from mevorsl parties dosinng to negotiato taoso honds, but they were not satisfactory, and wore eonsequently deolined, On tho 4a day of July & circular was issued by tho Bcoratary, inviting proposuls, and in re- spousa thoroto bids froln various parties, at home s nbroad, wero yecoived, tho ¢ of which was 875,098,350, 420,938,030 compyised tho domostic bids, aud propoesl of Messry, N, BT, Loudon, and Messrs, J, & W, Bolignman & Co., of New York. The domen tle bids u par and above, which wero accoptod Dby the Dopartment, agrregated §10,118,550, nud thoso ®t loas than par, which wore rejoctod, amounted to $10,520,600, Tho proposnl fur E45, esptanco of all othoy bi 0 porties should purchaes teu million on or fore Aug, 1, 1874, pud tho remnining 45,000,000 ot their pleawuyo, in govo: ments, prier to Fob. the acts of July ou unisauad, o bo 13 48,051,200.1 S 2 U atonmonnt s amount, 65,000,000 tho jolut Ttothachild & Boos, o . 22,540,271 o 1,235,002,67 000,000 oxcluded the ac- ds, and provided that {'hu o- rol succsssive inutall- 1, 1875, also that they hova tha option of the eutire balance of 638,650, until tLe oxpira- vous Jou, 91, 1875, and thet tho Seeratary should koep an zgent in Loo- don to delivor new fives and reveive paymout therofor. This probosition was modified, aud on tho 98th duy of July noontract vad onterad into betwoon the Secrctary and Messra, Augnst Dolmont & Co,, of New York, on behalf of N M, Rothaehild & Bous, of Londos, Lng., sud aisociaten, and Messrs, J. oud V. Beligmon & oxlr, for themeelvos and sebeiatos, tion of 45,000,000 of the 5 per ‘caut bonds, tho cantraoting partios having depos- sted with the United Statos Treamiry 2 por cent of the pmount subscribed for, ne & guarantce {far the fullilimont of their ngraement, "fhe condltions of tho contract ave aubsten- Tho contsacting purtios to tlrl t}lo h;}lflf&, ;l’ (‘hahlunxfi. vl:‘; 129,089,650, until Jun. 1 to bo allow ot of 1 per cont. tomuilseion upon tho 0y sgrecing tu subseribe for tifteon millioun of the before.montlonod smount —$15,000,000—on tio first doy of August, 1874, and to subsoribe for the rowaining 000,000—a¢ thelr plonsuro, In amaunts of not than tivo millions each, prior to tho d1st doy of Janusry, 1876, The contract also aliows the mrtics tho exclusivo right to anbscribo for tho ndt:ln.f mi:' pox:lox; ool tho b pul; wont :xdnu‘tll; authorizt tho acts of Congress aforesald, -4 to the Booretary of tho on the part of thio Bocretary of the Lronsury, With the parties beforo mion- tioned, iu to fssuo ¢alls of evon dates with thoir lllbiflllpflflul for the redemption of au equiva- fent amount of & per cont i-20 bonds, ns provided by tho uot of Jal ugroo to pay for & tho b por cont loan, 8122 tion of tho wix monthu Ca., of Now Y for'tho nogotin .+ 92,787,800,38 tlally an follows : PISI8U86544 | hiava tho option o one-quartor of 1 smouns taken j umount— ving uotico thoreof The agrooniont, The subecribors 8 por cent bonds, par aod iuterost acorucd to thadato of maturity of oaoh ooln, Unlted States coln coupons, or Qpercant G-20 bonds called Sorroe 810,009,000 domption; thoy nlso agres to dofray all exponsos Incurred in ending bonds to London, upon their roquest, Rud in tranemitting bonds, coln, Unlted Btated coupons, or gold coln, to tho Froanury Do partment at Waehlagton, D, O, On account of the subserlptions of Mesara- Rothachild and Seligman, and their nssociates, and those of homo kubacribars, calls for 6 por cont i-20 bonds of the loan of Feb, 3, 1802, Lavo boon 1mado as follows: Aug. 1, 1874 Hopl, 1, 167 Ool, 1, 1474 Nov. 4, 1o 45,000,000 + 10,000,000 10,000,t0 + 5,000,000 - $55,000,000 Tho oxcoss of subscriptions over enlls—v iz 8113,650~has beon provided for by uucaliod bonda shich have licen received by the Dopart- ment in paymont for thnt amount, ‘The Jargor vortion of the Londs wsubneribed forbas thus far baou negotlatod in Eucope, whoro oxclianges aro still boing wade. RESUMPTION OF BUECIE PAYMIENT. o much hias beon spoken_aud writton within tho laet decude, nud espoclally at tho Inst sgssion of Congross, of tho financial questionn relating to nnd growing out of our_ousronocy system, that furthor extendod dlsoussion of tho subject at this timo would searcoly seem to bo necosmary, Tho opinfons entortaitind and expresncd by pub- llemen and communitios of peoplo, ns well as 1o scuso of Congross ne herotofore indicated by the votets of tho two Ilowses, must bo accepted a8 ono of tho factoras of tho financial probiom. Novorthioloas Lo groat und puramount importance of arriying ot an uitimate golution of tha mattor and of restoring to tho Government and tho Euoplo s sound and ntablo currenoy, induces the ecrotary to briug the subject ajain to tho at. toution ‘of Congruss, and to sk that docisive stops bs now-talicn by the Inw-making powor for roturn Lo a spcelo bosls, 'To attemps an enumeration of the complicated migchicfs which flow from an unstable or iovn- vortiblo currency would carry this roport to in- oxcusable lenytn, and, aftor all, would bo but ropotition of what hau bosu ofton said, No na- tion can long nogloot tho wholesome maxime founded upon univorsal experioce, that uphold publio eredit without suflering tinancial dis- turbances and bringin{g Aorlous conkoquoncos upon Its people. It will ot bo denied that the exioting issuo of legal-tender notes, as a clrou- fating medium, world nover havo boou mudo, excopt in the groat omorgoney of 8 war involy- ing no 1948 an jssue than tho proservation of tho nation, Whether tho svgument iy support of tho valldity of tho T.ogal-Tondor acts bo rosted upon the war powers conforred on tho Governmient by tho Constitution or on oflicr provisions “of that instrumont, it 18 clear that Congrors could not huave boen induced to pass such scts under muy other cir- cumstunces thon i a tinwo of tho mowt prossing and_ urgent noed, such as astatoof war only produces, 'Tho most earnost dofenders of tho power to 1ssue (overnmenc ubligations, and mako thom by law legal tonder for nil debtn, pub- Me and private, woult scavealy bo found to advo- cats tho oxorcind of the power except under cir- cumstancos of extrema tiecossity, and thon only fortho timo of tho emergency; and thore Iy abuudaut ovidence in tho debates and procesd- ings of Cangroms, aud in tho statutes tiemaolves, that it was uot intended to make the legal-tendor noteu tho permanont curronoy of tho conntry. ‘I'ho mcts authorizing tho issue of auch uotes provided for their conversion into bonda of the United Btates beariog interont at tho rate of 6 per centum per’ sunum. The nct of Marely, 18, 1869, in torms declares that *“Lho faith of the United Btates is solemnly plodged to the payment in coin or its equivalent of all obligations of tio United States not boar- ing inteyest, known as United States notes.” ‘I'ho samo act furtler atirms tbut ** 1o United States solomnly plodzes its faith to malo pro- vision ot (1o onvlioat practicable perfod for the redomption of tho United Slates notes in_coin,” Tho purpose of the act is woll oxpressed in ity title, which declares it to be,** An act tostrongth- exn tho public eredit;” and that euch was tho effect of tho act cannot bo doubted, for itis an unconditional asaurance on the part of tho Government, uot only that its notes shall be paia in coin, but that this sball bo done at the oarliest practiceblo period. Tho faitb of the Governent could not bo moro clearly or abso- Iutely pledged thaw is done by this act of Con- gresa, to sy notbing of previous logisistion., Tho longth of timo that has now elapeed since tho final overthrow of tho vobellion, as well a8 proper regard for tho faith of the nation, ad~ monish us that initiatory steps towards the re- demption of jts plodges ought not to ba longer postponed. It 1auot unworthy of remark that the ora of the War will not be closed until the period of vedomption shall hava besa resched. 1t is eometimes urged by tho advocatos of.n contiununco of our paper cirealation that, 1ts amonut boing now defluitcly fixod by lavw, it is not liablo to tho fluctuations in volupio which at- tach to o currency thot may be increasod or di- minisized ot the will of tho Becrotavy; but this suggostion lenves out of view ontirely the fact that it is of littlo coneequenco where tho power to chango the volumo of currency rosts, the difference belng only . in tho dogreo of proba- bility of its uso. ‘T'ho existence of the power at all, and the apprehension of its being called into oxorcigo, {8 tha evil from which mischievous cousaguenges aro likely to flow. The quality of Hostbility governod by (ho luw of trade and com- merce, and which regulatos the incresso or dim- Inution of the volume of the circulating medi- umn sccording to the requirements of legitimato buainess, is of valuo: but that which is con- trolled by the logislative will and may depand upon party exigencies or the supposed pecossi- tiey of the Tresaury, or the demauds of specula- tive enterprive, is objuctionable in the highost dogreo, Such a currenoy is linble to sudden and violont expansion or contraction, having no nec- ousary conucction with tho logitimato domands of tiade aud coramerce. To a country liko ours, with varied industrics and extonkive commorcial velations amony its different soctions sud with other nations and peoples, stability of tho circulating meodium is indispenseblo to tho goueral prosperity, Crodit, \rinch nocessurily outers largoly into commorcinl transactions, can nnl{ bo steady and secure when it has for its foundation a stable cusrency. Tho quality of stability in monoy attaches only to coin, which, by common consont'of mankind, is the medium of o:xchange, aud to a papor oug- rency represontative of coin, bocause convertiblo mtoit at the will of the Loldor, Tho ranson is obvious ; for coiy, bosides baing recognized throughout the world as o modium of exchange, has o high intrineio_value, can bo procurad obly by labor and in limited quantitios which cannot bo increnced by statutory laws, nor suddonly by othier moany, while inconvertivle paper monoy may bo producod in indoflnito quantitics ata nonuinal vost, u note of the highost denomination couting no moro thnn the lowest, and its volume dopouding solely on logislative enactment, ‘T'he history of irredoemable paper currency ro- cutd itgolf whenevor nnd wheraver it is used. t increasos present prices, deludes tho laboror with the idea that hofs getting lighor wages, and bringe o fictitious prospericy frowm which fol- low inflation of bualness and credit rud oxcoes of ooterprive in over-iucrensing ratlo, uutil it is discovored that trade aud commereo have beaoms fatully disoased, when confideuco is destroyed, and then cores the shock to credit, followed Ly dlspater and depresston, and a demand for rolier by furthor iesuos. A dollor logal-tendor note, such as is now in civenlation, is neithor more nor less than tho promise of the Govornmnent to paya dollar to {bo boaror, while no oxpress provision fa wado Dy Iaw for paylng the dollsr at any time what- vor; nor 1o there nuy existing provision for couverting it into anything that stands in a tan- ciblo ratio to s coin” dollar. As furas existing iuwn 0, thore i 0o roaton why tho legal-tonder note of tho denomination of & dollar should pass for 1 cont of gold, oxcopt so far nu the Goverument oumpola creditors to no- copt it in discharge of obligations to psy monoy, and obliges the wealth and commerco ot the country tosdopt it as » medium of oxchange, ‘Lo this maey bo added, nw an olement of tlse value of the logal-tendor dollar, the hope that tho Goverument il yomo tinia or redeem ita paper promises according to their import. Tho uslversal usa of, and relinucs upon, fuch & curronoy teuds to blunt the moral #enes and impair tho uataral eclf-dopendonce of the poople, aud trains thomto the belief tbuk the Governmont must directly ausiut their individual fortunes uud business, help thoia in thew porzonal ailairs, aud eunblo thew to dischargo their debts by partial paymont. Thls incou- vorlible paper curronoy begotx the deluslion thzt tho remedy for privato pecuniary distress is in legielative measurcs, and mulos the people un- mindful of the tact that the truo romedy is in greator produotion aud Joss epoending, and that Yorl prospority comou only from individual cffort and thritt, When oxehanges ure agaln mado in coin, or iu currency couvortiblo nto it a¢ thewitl of the lolder, this truth will bo understood and sotod upon, Tt {a not {ntendsd to oall in question the con- stitutional validity of the logal-tondor uots, nor the wisdom of thoso who, 1u the mdat of a ro- bellion whioh taxed tho utmost resources aud ounorgies of the nation, dcomed tho jssus ok sicl notes essontisl Lo ouccosd, Ilopcated adjudicn. tlons of the highest d\ll\hfll\ wibunal of tho land sustaining thoir vulldity wmuat ho scoopted as couclusive of e quedtlon, All tust ls now monne to ba assorted is, that o oxigencics which yequired tho Iszup ofsuoh notou huyo puen- od swav, snd the tinie Liau cono for taking nuch #tepy nd muy bo necesdary to redoow the vlndh'o then miada, ~ Tha powor to do &o, 2s well s the aoloction of means to that cnd,is with Congroau, U'he Socrotary can do uolther moie or logy 1874---TWELVE PAGES. oboy nnd oxacuto such lawe ss Congross may ounot, Whilo it seoms to o very gonorally conoeded that resumptlon of apecio piymont. in’ easentint 10 tha honor of the (ovormnent and to tho ge! oral walfaro, the views of intolligent and wol informod porsonn an to the best method of ro- sumption is an widely dlvergent, and_the plans that have heen ouggested so mwmllifarions, that tho Beeretary feols cmbarrasismont in suggostiog & plan, thn detalls of which cotmnand thomsolyes to Cougreas, But thore aro ono or tiwo funda- smontel idens underlying tho subjoct which, it Is belioved, must bo the basis of any practicablo plan for resmmption, sud ars, thoreforo, Aub- mltted tor tho connideration of Congress. It Is obyious that thers can bo no raswmption by tho Governniont £o long as the volumo of {mpur ourrenoy 8 largely in oxcoss of tho possi- b 1o amnount of coln wvallahle tor ihat purposo wiich msy come iuto the '"Wronsury {n any yoar, aud while no provision {s made for tho “con- voraton of this papor money into nnything hav- ing o noorer rolation Lo coin ; nor fa 1t possible for tho banks or poople to resume £0 loug ns the large amount of irrodeawmablo paper now in olvenlntion contlmiey to be by law lugal lendor for all privato debis with veferonco butl to the bast and tho fulure, Whilo this Atate of thluyy l:\nln old will coutivuo to flow from us, and find omployment whora tho nawural laws of trado, un- obstriicted by rostrainiug leglslation, makos ity dally uso indiupanesble, ‘Tho Beerctary, thoretore, recommeonds Cou- sregy to provida by Inw that uftor an ozrly and fixod day United States uotos shall conso to be legal tondor an to contracts therenttor made. But this provislon shonld not upply to ofticial salorion or to otbor ordinery oxpenditurcs of tho Government uader thon oxisting asmirncls or appropristions, Botweon tho day Fund tho time of flunl resumption o oufticiont poriod should clapso to euablo tho poople cud bauks to prepare ror tha lutter by Buch gradunl procesaes i busineas ns witl neith- er lozd to violent contraction fo credit aud val- uen, nor suddonly inerease the obligntions of dobtors. Tho anddon and immodiate n‘)prechl\& u_gol 1 not only no necessary cloment ot raliomp!smnk thus to bo fhxed tlou of tho paper dollar to its par value but, an far ay practicable, should bo avolded. 1 durlng tho period of tho War the Logal-Tender acta opornted a8 o bankruot law, compelling creditors to give aoyuittancos upon tho recoipt of less thau tho fuli nmount of tholr dobts, this i3 1o roason vihiy tho lnw for rosumption shonld now compel debtora at onca to pay ossentlslly moro than they bave eontiacied to pay. The ndoption ‘of such monsures w5 il not auddonly incrorso the obligations of debtors, will go far to allny and dicarm whstover populer opposttion to resumption of specle paymantmny uov exict, and, hesides, would e but just to the dobtor class. ‘Thio day from which nes contracta muat bo_discharged” in cviu ghould be fized saflicleutly far ju advanco to_give tho paople and the banks tmo to undorgtand it und to prepare themaolves forit, It Is belioved that not muny months will bo nocossary for that purpoes; but, to avold the inischiets alvendy indicated, thit dny sliould precode tho day of flual resumption by & longer penad. Phe timeshould not, in the apln- 10n of the Bacretary, bo extendod boyoud thres foly bo mado as miuck loss s in tho jndgment of Cougrogs wowd sulliciontly protect tho interest of dabtors end svoid the evils yoars, and might eal of too sudden contraction. The law sbould aleo anthorize the immedista convorsion of logal-tendor motes inte bouds bearing a low rato of intorest, which, while in- should not ho no high as to cgal-tondex notos rapidly, aud theroby operate opprosmiyely on the dobtor olass, Asan additional indncoment to tho con- vorsion of United States notes into theso honds at 2 low rato of intorest, nuthority shoull be givon for making thom seeurity for tho civenle- tion of National Banks. The law ehould fur- .ther provido tho moans for the redemption of stch notes a8 mny bo presonted for tuat pur- 040 when tho poriod of vesumption shoall huva Eu\sn reached. ‘o this end, tho Secretary should be nuthorizod to mako a loan not oxceoding tho total smount of notes romaining unconverted &t the time of rdeumption, 1oss the surplus reve- nue to be made applicablo to such rosumption. It ia probable thab tho gradual nod continued rovival of business will so far inorense the rovenuos that a large lozn will 1ot be required for this purpose; but it iu advisable thut the Becrotaty be authorizad to make it in ordor to meot the contingoucy of frilure of suflicieut surplug revenuos. Such o loan should be medo by issulng bonds to run for such time o tho wisdom of Cun%rosu may suggest, aud to be dis~ me to timo &8 tha necessition of tho casa may roquire, In the opinion of the Becretary, these bonds should run for a long po- riod, and slionld bear wutorest at o rate not es- ceoding the lowest ruto which the Governmeut may thon bo peying in refunding its 6 por cont soouritiea. Any subatautlal or useful movoment for resumption necossarily iavotves supplying the Treasury with incronsed nmounts of coin, either by increasod rovenues or an mdequate Jonu. The present condition of the crodit of the Goveruwmant, which would bs further on- hanced by tho adoption of moasures for return to a specle bagis, leavey no room for doubt that o loan for such purpose would bo readily taken at a low rato of -lutereat. NMeaanres should also be adopted requiring tho banks to bold gold re- servos propuratory to roswmption on thoir part, Dut tho Sucretary doos not deem it proper to purauo the matter into further dotail. If Con- rosn thall conclude, aa he earnestly hopes it will, that the timo hias arrived for tho enactmout of a law having for its objeot resumption of specia puyments, its own wisdow ywill supply tho necos- wary mothode, That which iy of thebighest im~ portanco ie the adoption of tha dofinito policy of rTosumption. In viow of tbo graal uud prossing importance of the spesdiest roturn to a{mclu 1094 and avoldsuca of violon: and sudden contruction, diseussion of mere detaila in advanco becomes of littlo practical conscquence. What is demand- cd by tho best interests of tho Government ana the paoplo, and by Lho highost considerations of virtuo xod morality, is, that Covgress shall undo thut state of thiugs which only tho necossitios of war juatitied or roquired in this rospoct. A yrigo modification of existing ststutes, which noither onnble nor permit tho executive branch of the Govornmeut to offoct tho rostoratios ok o sound curyancy, will loave the lawa of trado froo to resume their operations, and many mattoys of dotail will adjust themselves. Whou tho Gov- ernment shall havo resumed specie paymont, it may bo oxpacted that gold will flow into tho country in obedionco to the law of aupply aud domand; the export of our gold product will greatly diminish and the millions of gold which now constitute only s commodity of trade will re- sume its proper functions by becoming again a part of tho civealatiug mediuny, With tho adop- tion of tho policy of reoumption, free bauking may safely bo allowed, aud tho doflcit of tho nc- tual amount of coin svallable for circulstion can be supplied b{ bank notes convertiblo into ooin, viting convera appreciate tho posed of from i poyment consonant with utoadinoss of busi in leu of on jnconvertible paper carrency. ‘Tho businees of the country hay not yet recoy- eroil from thodigosters of the Inse yoar's Hnancial panto, the canscs of which it i3 by no moans difllenlt to traco. It was tho direct and immedi- oto result of thir cxoessiva developmout of spaculativo_ontorprises, overtroding, nnd inflo- tion of crodit which invariably follow issuce of inconvertible prper currcucy, The simost bound- loss resources and energios of the country muwt vompol tho gradunl re-etablishmont of business, but eupital, with its aconstorsed nensitivencss to dauger, is slow to return to tha avenues of trade, ‘Viluea ave fluctuating and uncortain® Labor ro- ceives {ts yuward in o ciwrency that is unstoady, and whoso purchasing power changes almost dnily, Neither the vowerd of labor nor the valuo of commodities is measured by any certaiu wiandard, Tho eusctment of & lnw havlng for ita purpous the subatitution of s sound wud stablo mediam of exchange for wn lrredeoiaablo pupor ourreacy will toud to rostore conildenve, and thua cause 3 rovival of fndustrios and genern! businesy, ‘Chere will Le no bottor tiwe in the future to eater upon the wouk of roturoing Lo a hpecin basis, oud the Secrotary fools that ho cannot too utmngl{ urga the ndoption of the momsures tlentod, or guck othove us will moro Lo hay ind cortainly lond to thu desired ond. ECONUMT 1N POSLIC EXPUNDITURES. In connoction.with thin subject, tha Socretary doeas it proper to nuggest, for tha coualdorntion of Congrose, the importanco of the most rigid oconomy in tho public oxpendituroa, Lavish outlay of mounoy by tbe Governmont leads to corresponding habits of extravagauce smong tha poopie, An ora of inflution ls mlways 0110 03 oxtavogAnCs, At oioh & tino costly pub~ lio Improvements of doubtful utility ara likely to be yndortalion, and other unusital oxpendituros made, It {s oasiex to fall futo such precilcos o #timo of intlation than to abaudon thow when necesulty requires. ‘Lho genoral deproasion fole Iowing tho late fnancial punie Liag cowpelled tho peupla to losson thoir individual oxponditnros, and the Goversmont showld not Lo slow to fol- low thoir oxample, fhe presous condition of tho revenuss ro- quires the utmost cecnomy iu publio expendi- tures, and tho oot carat..d gorutiny of the asti- nates bevowith trazawitied s lovited, o far ua thoy rolate to tho Treasury Dupattment, the Hoorstary has requirod tham to be lent witin stionu of the laut reesion of Con- gress, when w largo_roduouon wan eectod, Ilo 13 gratificd to bo edlo to oxpeees the opinion that buol reduction bina uet aifostod injurionsiy tho publio futoreatu conildea to hid curo, ner boa 13 weudsa to obatrnet or doluy suo publio bualuesa, Nob only 1w rigld econoniy requirsd by reasou the appron of thse prosont condition of tho bublio vavenues, bue flGelity to obligationa and s just poass o sesponeiblity to the people, tu wilowm tho Gove arnment belonga, and who contribute of thol moans to its support, demond it. Goverameogt cantiot long exint tn o prosporous condition with. aut tho conifidenco of tha paoplo, and that e mile donco will ba givon or withliold accordin tho Governmont i faithfully, honostly, aud po- nomically adrainistorod, or vthorwing. Vil:on it 1a undorstood that not o dollar in taken frozi the poople by tazation boyoud what Is ncsdrul for tho “logilimato purposos of the oy ornmont, thay will not withitold thelr confl lonen or rofuso to suprort its flnancial measurer, A3 such o timo losus aro frecly talion and raxey cheorfully pald. 1t1a ossontial to tho pioper ntrongth of tho Govoromont at howe, an wall ua to its credit sbroad, that no greater texey Lo leve ied thau aro ru:luu'efl to corry on ity noccssar operations and to malntaln the natioual rait ond honor by prompt pzyment of all,ftu o' tionn, and whan auch revenues arn colleote {15 18 uo loaa {tnportant that thoy bo faithfully s ex- clusively applied to tho legitimato purpossa ut Governmott, Whilo the indebtednesa of the Govornm.out i1 Iarge, and the maintepauco of tho natlupd. hou~ or raquiros tho collection of largo aums by taxne tion to meot the acerning intorest, besides otlier nacorusty pibllo oxpensos, nuy appropristi.n fo other purposes should bo daprecated na likl affect injuriously the public eredit, and tu~ ;}lwldmkumcs In tho way of rotwz to & 1 asls, £ ¥ THE NATIONAL DANRS, Tho roport of the Comptrolicr of the Cu: contalny full rtatiatlea of tho rosourcon bilitlos, tho reseryes, divideuds, taxatio:, u: oarnlugs of tlhe National Mauks since the gauization of the systont, Tho recomuiond itions and Buggostions of tha Comptroller tn refarence to tho distribution of the curroncy, rodomptict, and proposed ameudments to tho flullou-hu;uk et aro vorthy of congidoration, I'rom fhiy ro- port it appears that 2900 banks have bron or- ganizod under the National.Baul: act, of hic'y number 2,028 aro now fn oporation,” aud £241 wore doing business on the 2d of Octobot lasd; reports of thelr coudition at that date haviig beon recolved, = An oppoars by thalr retains of that dato, tho nggrozate capital of thess banks wae @493,765,120, with o cuarplus, i additton, of BI24,959,106; elre jon outatanding, §993,225,208 3 wwdlvidurd dee posity, ,008,900 ; loans, S049,170,65T ispocle, 821,249,018 ; logal-tendar noteu (ncld: ing United Btates cortificates of deposft), $i23.- 846,948: rodomption fund with the Uuited taten ‘Crensirer, $20,549,950, Thocapital of tho foxty-aight National Banks of Now Yoik City Wos '£63,600,000, with & surplus of 22,033,581 3 net dopositd, 204,620,984; lonn, 8201777051 of which £4,721,038 wero lonns on Umted fitatea hands_payablo ' on demand ; 61,478,600 wojo loans ou othor ateelrs and bonds, payable on de mund ; oud 95,795,137 woro loans payablo in gold. 'Tho following tablo, oxhibiting t: of tho bauks ot New York Oity at corres;:ondieg datos. for tho four yoars next procoaing ie cur- rent yeer, ig given for tho purposs of compas! son with the statomont of Oot. 20f the praueu! year: rancy d line NEW YoRE OIIY, 1061, 8, 1870, 0ct, 3, 1971, Oet . 3, 1513, 54 banks ks, Oct, .| B4 banks ) Links, CApial..., . eoen, W07 13,295,000 § 71,293,000 Net doposite, mx,aux"nn’ 1,121 Lonns— On U, 8, honds) on doniand,..'§ 9,013904(3 5,001,400l 3,180,734 O ottier stocks,| ‘bonds, &e., on| dewond su80,003| 70185331 340me1y 4,411,754 3 00| 193,183,020 8 107,909,167 198,053,700'5 133,185,129 SEW YORI OITY, Sevt, 12, 713, 0c ", 3, 167 48 banls, (€3 bante Aggregate, . 70,205,008 118,500,000 172,010,894]” 204,620,268 Loans— On'U. 8, bonds on demend.|} 2,038,8708 4,721,638 Qn othor etocks, bonds, etc on demsnd, . oo B7,910,190] 51,478,001 Tayableln gold, 4,390,671 873597 Allotlier..... 153/924,811] 139,841,535 ___Aggregnis, 5199,100,888) 054 Tha aggrogato rall loaus of thase banta on the 24 of Octobar last wore 56,200,329, co:respond= iug vory nearly in amount with fho samo class of lonuy on Oct, 3, 1872, which thon stood ot 356, 590,308, showing that the charactor of the losca of tho New York City banks has not materially clienged sinco tho panio of 1873, The pot amount on deposit with these banks by othor National Dauks was £56,237,462. It thrs appeard that measly tho whols amount of the bnlancea duo to othor National Banka is invested iu lorng payablo on call. Interest is ynixl on & luge por- tion of the balancos due to other banks, aud they must bo so lnveated as to be roadily available, nuch dopoaits beiug subjoct to far greater fluce tuations in volumo than a similar huc of tor- morcinl doposits, ‘The Lankor thus makes tha brolier a gonvenience for obtaining interest on money which he could not prudonily invest in commiercial paper. The otatistical tablo of the ato of intoret in Now York City, prepared from dsily reports, shows the following rosults, to- wit: Tho average rato of intoreat for the past yorr wes 8,8 por cont on call foans, and 6.4 per cont on commerelnl paper, apd for the mix months ondivg Oct. 81, 1874, the aversgo mto was 2,7 por cont on call loaus and 5.6 on com- morcisl anor. ‘The attontion of Congrens hes frequently boon called by the Sccretary and the Comytroller of the Curronoy o tho ovile srising from the pay- ment uf intercst on doposits, and offurts have boen made by the moro conservative bankers to discournge tho practico. The dillicuity in the way of legislation is, that, while Coungress has the power to prohibit the paymont of l:tereat on deposits by the Nationa) Banlts, by tho imposi- tion of peualties, it has no such power with rof- orence to tho Biate baoks nod private bnnkers, ‘Tho only practicablo logislation upon this sub- oot wlnclf would nob discriminate sgainst tho ational Banks would seom to by the imposition of I‘: specinl tex upon all interest-bearing de- oita, P Tho not of June 20, 1874, limits the amount of logal-tendor notos to $382,000,000. ‘Tho sutkior- 1zod amount of Natlona]l Bonk notos woa Dot clmnch, Lut remning at 854,000,000, This act provides, howevez, for tho_trausfor of circula- tion, from tho Bastorn and Middle Biatos to the ‘Westorn and Southern Statos, aa may bu required to supply applications for circolation, upon an apportioninont based on population au:l wealti according to tho census returns of 1870, The a0t algo provides for the doposit of lsgal-tondex noten 1 tho Tronsury, and tho surrender of the bonds doposited witlithe ‘Tronsurorua gecitrity for tho Hlio smount of clxeulating notos. U aderthis provision the banks have voluntarily wurron- dorod 87,714,550 of their circulation ; 6,492,265 of the notes o bauks in llquldmnn_nra atill outstanding, zod o small amount (62,!}:.!,751) of the §354,000,000 remnins unissued. Tha whole, amounting to &16,279,689, is now at tho dlapus?l of tho Comptroller, or will bo koreattor nvailabio for dlstribution ag thiy circulution sha'l ba re- dosmod ; 8o that It 1s not probablo that it vill b neceasary to withdiaw cirenletion fror. buplks Iocatod in States which aro in excess for somo time to come. The uame sct repeals the pro- vision requiring rosorves upon circulaticn, aud roquiray & depoelt equsl to b por cany of tho circulation in the Tramm‘{lor tho red-inption of auch circulation, The offoot ol thu law_ upon tho roserves of the bant: a1 shown by tholr Jast report (Oct, 9), iz the ra Touse of $20,350,748 of logal-tendor noter which 19 about onc-glxth of tho rmount that wonld havo boen roquired undor tholaw previcusly in foree. Tho amount of cash reserven hold by tho banlka ot that time in oxcess of the roguiic nonta of the nct wua £55,102,487, and tho amout.t held in oxcess by the New York City banks was §15,~ 45,406, s 'Tho Comptroller suggests that the provislous of the act of Juua 20, 1874, in roferouco lu tho yedistribution of the curronoy roseryes anl e domotion, bs moro fully tosted befo changos shall Do made, “and, according! stoondwents aro recommonded to that ac Joes moditlcations shall Looome necosss: pdopung moasures for a return to APLoio page wont, : "o foregoing tablos and faots fully eurs'lizly the vouoluion that thero ju & large smuG il o: currency in oxouss of tho legitimato neeis oX busimess, ond should nervo to dispal the #6k: ibat grenter oxpousion of onrrency 1s the p romedy for the general deprosaion aud 0 tion of tho voluma of buatneas, 4 COINADE, The raport of tho Diveator of the Mint pras sonts in dotuil the operarions of the miuts tnd a6y oltioos, and contnios valusblo informat on relntivo to colnage, forelgn moneys, and Mutor - tional excbrogoy, The amount of bullion oporated upon durisy tho fisoal yoay wag: e Totaliesasverrs siucting rodaposits, bara made At oue insti- iufl;:lx‘?m{‘ 50;»&5“1 ot ouothier, tho deposita Dl $,10,011.08 ek PSR W T A 1 ‘Lho gold noingge, inclading worn precod ras oo Eas SO0, 60D 3 MUYGE oDualth E5.030,e 01} gold bara stanpod, @91,485,818; silver bara stswiped, 80,857, 769,18, Cowmpared 'with the provious yoar thoro was an noreass do tho goid ouinage o} 815,192,892.50 §