Chicago Daily Tribune Newspaper, December 8, 1875, Page 10

10 THE CINCAGO that point, Thos far the effort to protect the tronty rights of the fndians of that moction has Loan succonsfal, but the noxt year will cortainly witness a largo increans of such emigration. Tho negotistiona for the rolinquishmont of ho gold flelds baving failed, it will bo nacaesary for Cone prosn Lo adopt somo mossures to rolievo tho em- ‘:nrrunmont growing out of the canses named, ‘The Bozretary of the Intorior snggesta that tho +upplios now sppropriated for the sustonance of bt people, belng no tonger obligatory under the treaty of 1868, but shinply a gratuity, moy bo ia- eued or witbhield at his discrotion. INDIAN TERRITORY, Tho condition of the Indian Torritory, to shich I have referrod in soveral of my forraer aunual mosssges, romains practicaily L un- changod. 'I'le Secretary of the Intorior has'tak- en messnros to obiain a full report of the condi« tlon of that Torritory, sud will mako It tho sube Joct of & mpecial report at an early day, It may then bo necessary to make somo furtiier rocom= mondation in regard to logislation for the gov- emment of that Territory, ———— THE INTERIOR DEPARTMENT, PATENTS, Tho steady growth nand Increaso of tho bnsl- nesy of the Patent Offico indicates in some moanuro tho progress of the industrial pros. pority of tha conntry. Tho roceipts of the oftica aro in excess of its expendituroy, and tho oflice gevorally ia in o prosporous and satisfactory condition. GENERAL LAND OFTICE, The report of the Genersl Lana Office showa that thora wero 2,450,601 acrea loss disposed of during thia than during tho last year. Mors than one-Lialf of thia decreaso was in lands dis- posod of under the Homestoad and Limbor- Culture laws, Tha causcs of this docroaso are supposed to b found in tho grasshoppor scourge snd the droughts which prevailed 8o extensively in some of tho frontler States and Territorica duting that time as to discoursgo and dater en- trien by actual sottlers. 'The cash receipts wero less by '$600,922.23 than durivg the preceding oar. ! THE ENTINE GURVEYED AREA of ths pubiic domain is 630,253,004 acres, of which 20,077,631 acroa were survoyod duriug the paat yoar, loaviog 1,154,471,703 acren ntlil utistir- voyed, The report of tho Commissioucr pre~ ments many intoresting suggestions in regard to tho management and disposition of the public domain, and tho modification of existing laws, tlio apparcot importanco of which should Insure Cor thom tho careful cousideration of Congross. TUE TENAION DUREAU. 5 ‘The number of pousioners atill continues to focrease, tho highest numbor having beogy reached during tuo yoar ending June 30, 1872, During the last yoar 11,657 names wero added to tna rolls, ana 13,977 wero dropped therofrom, abowing s not decreaso of 1,426. But whilo tho oumber of ponsioners has deoreased, tho wunual amount duc on tha pension-rolls aes incroased £44,733.18, This is causod by the groatly increased avorago rato of pon- nons, which, by tho liberal Iu!.:mlman of Con- Tess, Las Incroased from 89,026 in 1872, to 10,801 jn 1875, to each invalld pensioner, an in- sreags in tho avorago rato of 100 percont. Iu tho throo yoars daring the year ending Juno 30, 1575, thero was paid on account of ponsions, in- ruding tho oxpenses of disbursoment, $2,643,~ {14, being 910,632 lesa than was paid tho pro- teding yoar. This reduction in the amount of sxpenditures was produced by tho docreass in iho nmount of arrearages due on allowed claims and on pouelons, the rato of which was inoreasod oy thologislation of the precoding mewsion of Longross. At thacloso of tho last fiscal yenr, thore were on tho pension-rolis 234,821 porsons, of whom 210,303 wero army pousionors, 105,178 being inyalids, and 104,885 widows and dopoud- ent relatives ; 3,420 were navy pensioners, of whom 1,630 were invalids, and 1,784 widows and dopendent rolatives : 21,038 woro pousiouors of the War of 1813, 15,875 of whom wers suryivors, and 5,103 wors widows, It is estimated that 29,535,000 will bo required for the paymont of pensions for the woxt fiscal year, sau amount .!965.000 loss thas the estimato for the presout year, XXTLORATIONA. Thagealogical oxploratious havo boon prosscat- ed with enorgy dunng the year, coveriog an aros of about 40,000 aquare miles in thoTerritarios of Colarado, Utab, and Now Moeico, developing the agricultural and mineral resourcos, and faruish- ing interesting scientitio and topograpnical ae- tals of that region. TITE TNDIANS. = Tho method for tho treatment of the Indians adopted at the boginning of my firat te, s Lna beon stoadily parsued, and with aatisfactory and enoouraging rosulta. It Las beou productlve of evident improvemont in the condition of that Taco, and will be continued with only such modi- flcations a8 further experience may iudicato to bo necossary, THE CENTENNIAL. GOVENNMENT CONTRIDUTIONS, ‘The Board heretofors appolnted to take charge of the articles and materials pertafuing to the War, tho Navy, tho Troasury, the Interior, and the Post-Offico Departments, and tho Dopart- ment of Agriculture, tho Bmithsonian Institu- tion, and the Commission of Food-TFish, to be contributed under the logislation of last scaslon lothe International Exbibition, to be hold st Philsdelphis during tho Contennial yoar 187 bas been diligent in the dischargo ot the dati which have devolved upon it, snd the propara- “ons 8o far mnade with the means at thoir com- mand give assurance that tho Goyorn- mental contributions will bo made ono of the marked characteristics of the Exhibition, Tuo DBoard has obsorved summendable economy in the matter of tho sroction of buildiugs for the Covernmontal ox- bibit, tho oxpense of which {t ia estimated will aut excoed, say, €80,000. This amount has been withdrawn nnder the law from the Appro- pristions of flve of the principal Dopartmonts, which leaves some of thess Dopartments with- out sufiicient means to render their respective H"mm exhibits comploto aud satisfactory, 'hs Exbibition, being an international one, and the Qovernmont being & volutary contributor, it is my onkulun that its contribution should be of a charactor in quality and extent to mustain the dignity and oredit of wo distivguished a contributor, The advaniagon to tha country of a creditablo alsplay is in an 1n- toruational point of view of the firat importanco, wrhile an fudifforent or uncroditable participation by tho Government would be humiliating to the patriotio foelings of our people themsolyos, I commend the estimates of ho Board for tho necessary additionalappropriations to tho favor- uble coutideration of Congresy, TUK POWENS OF ZULOPE, almosat without exaeption, mauy of the Houth American Btates, aud oven the more distant Lastern powers, havo mauifosted thoir friendly sontiments towand the United 8tates aud the in- terest of the world to our progross by taking steps to join with us in celubratiug the Conton- nial of the natlon, and I etrongly rocommand that moro nationsl importance bo given to thiy exhibitlon by such logislation and by such ap- ropriation as will iusure its success, Iis valun E\brlnglnu to our shores fnnumerablo usoful works of art and skill, tho communiog of citi- rond of foreign counirica aud aur own, and tha interchango of idoss and manufactures, will far sxceed auy pecuniary outlay we sy make, —_—— VARIOUS MATTERS. AORIOULTURAL, Itransmit berowith tho repors of the Com- minsionor of Agriculturs, togother with the ro- porta of tho Commissioner of ths Board of Au- dit and the Board of Health of the Distriot of Columbls, to all of which I lnvite your attention, The DBuresuof Agticuiture has accomptished much i disseminatiog knowlodge of agrioul- tare, aud also introduciog uew and useful products adapted to our climsto, aud s worthy of \h': conlinued enocuragement of tho Govern— wen! EDUCATION, Tho report of the Commissioner of Education, which accompavies the report of the Becretary of tbe Intarior, shows & gratifying progress in educational mattors. FOLYGAMT. Tu nearly every annual messags that I have fad the houor of bransmitting to Congress I have called attention to the muomalous, not to a y scandalous, condition of affaira existiug in tho ‘lerritory of Utab, and bave asked for definite leginiation to correot it ‘L'bat polflglmy should 4 Christian coun-~ eist 1o & froe, enlightened, o ry withiout the crime sgainet atus of 1he junocent cbildren, $ho offspriug of tuis sys- tem, aud of the pnwbl{ lonocent plural wives; bat as an 10stisuiion palygamy should be ban. iubed from the laud while this is bolug done. HINEAR IMMIORATION, I invite the attontion of Congress ta snother, hough pertiaps not less, evil, the importation #f Chinesa womeu, but few af whom are brought 0 our shores to pursus honorabls or usoful co- cupstious. = ’ TTMBES XD MINEZAL LANDS, Obasrrations while vusiting tho Territorics of Wyoming, Ulah, and Colorndo dnring the past autumn, convinced mo that oxisting lawa reg- ulating tho dls{mnluen of publio Iande, timber, ete,, oud probably tho mining Iaws them: eolven, aro very dofectiva, and should bo catofully amonded ot ' an early day. In a florritory whors tho enlfivation of tho soil can only ba followed by irrigation, the land can only bo used as pasturago, and thus only whiero srock ean roach tho water to quench thirat. Thoss localities caunot Lo governad by tho samo [aws 84 to entrios of lands, svery acro aof which is an indepondent Btato by itanlf, Lands must bo held in_larger quantitios to justify tha 0xnouse of conducting water upon it to make 1t fruitful, or lo juatify wiilizing it ne pasturago, Tho timber In ‘most of Lo Torritorios in prinei- vally contined to the mountain rogions. which aro held for entry iu small quantitios only and na muinoral Iands. “The timbor ia tho property of tho Unltod Ktatea for the dispasal of which thero le now no adequato law. Tho settlor must bo- como A consumer of thia thnber, whethor ho lives upon the piainw or ongagen In working tho mines. Hlenco, overy man becomes cithor & trospaeser himsell or koowingly a patrou of trespansors, My opportunitios for observing wore not auflicient to justify me fn recommond- ing spocifio logielation on theso aubjects, but I do recomutend that a joiut committes of tko two Houses of Congress, sufflciently largo to bo dividod into sub-committoes, Lo organized lo visit all tha mining Siatos aud Territoriea dur- ivg tho coming summer, and that tho Committeo shall roport to Congrees at the next sossion such aws, or amendmants to Iaws, a3 it may deom necessary (o roctire tho Lewt Interests of tho Govornment and tho peapla of theso Torritories, who aro dolug 8o wuch for thoir dovclopmient, 1 am sure the citlzeus oceupying the Territorica deacribed do not wish to ho trespaksora, nor will they e, 1f logal waya are provided for them to become owners of these actual neceseitics of their positicn, = e L RECAPITULATION, TAPONTANT QUENTIONS. As this wilt bo the last aunual message which I shall havo the honor of transmitting to Con- gross befora my succersor iy chonon, I will ro- peat, or recapitulats, tho qucstious which T deem of vital importance, and which should bo legielatod upon and sottied at this session. First—That tho States liall bo roquired to af- ford the opportunity of a good coman-school education to overy child within their limits. Sccond—No eoctarion teucts sall over bo taught in any school supportod in whola or fo part by the State or mnation, or by the proceods of any tax loviod upon any commuuity. AMaka education compulsory, so far aa to doprive all persons who caunot resd and write from becom- Ing voters after tho year 180, disfranchising nano, howover, on grounds of flliteracy who may ba voters at tho time this amendmont takes of- foct, Third—Doclare the Church and Stato foraver geparate and distinct, but esch froa within thoir proper aphores, and that all ohurch property sball bear its own proportion of taxation, Fourth—Drive out licensad immorality, mich A8 polygamy aud tho importation of wamen for illegitimate parposes, ‘L0 rocur again to the Centonnial yoar, it would seam na though now, a4 we aro almost to bogin the second contnry of our nntiona! existence, it would be & most fitting timo for theso reforms, Fifth—Ensct such laws 28 will insurs n speedy Ioturn to a sound currency, wnch e will com- mand the respect of tho world, Bolloving tuat thess viows will commend them- solves to the grost majority of tho right-thinking aud patriotic citizens of the Unitod Btates, 1 submit tho rest to Cougross. (Bigned) 17, B, GRANT. Executive Maxsto, Doc. 7, 1875, ——— THE TREASURY. BRISTOW'S ANNUAL REPORT, STATE OF TUE NATIONAL gq.uxcm ¥OIt TIE YCAR 5. TREASURY Derantyext, Wasmiyatoy, D. C., Deo. 7, 1875,—Bu: In obodionce to law, tho Bocrotary of tho Tressury roupectfully sub- mits to Congross tho folluwing ropors on tho #ubjoct of finance, embracing estimutes of re- coipta and expondituroes, and plans of rovenuo BECKIPTY AND EXPENDITUREA FOR_TUE FIECAL YEAR EXDING JUNE 80, 1875, Receipts, = Tho moneya received and covered futo the Troasury by warrants during tho fiscal yoar onding Juno 30, 1875, wero a8 tollows : From customa, ... ¥rom internal rove From salea of publio la From tax on circulation and dep Natlonal Bank,.ueeveiseaisneersieri From ropayment of intercat by Tacifia Tallway Compante penaities, ato, From x!!i:\l.nn:ll' fines, From 1abor, drayage, BLOTage, #10.~ss Frorn ealvs of Indisti-teust wnda From fees—consular, o property.... . From Marine Hospital tax, From steambost foes. .. From proQits on colnage, oo, From tax oo xeal skiua. , From miscellaucous sources,, Totalordinary receipts, Premium on sales of coln B,079,379.6) Total not rocelpts,oxclusive of loann,$.148,000,031,10 Dalance In Trossury' Juno 30, 1874, iu- cluding deposits of coin and Unjted Biates notes represented by certifie caley OUUHDUDE . oveursrrsresssesss $150,701,804,63 B8, T1,743.03 Total available cash,....... Lrpenditures. The'net oxpenditures by warrants during tho samo poriod wore For clvll expenses. For forelgn futer: For Indlans For ‘military eatatiishin i fortificaticus, river and harbor im. provenionts, and arsonalt,. .......... 41,130,045.08 For naval establlsbmuent, fnciading von sels, and machinery and {mprove- TUCLIN Bt TAVY-YAPN. o1 evnsiesecneen 1,407,026,27 or miscellanaous sivil, aciudii b buildiogs, light-housds, and collecting 1L revonuen. 80,628,690, For {ntoreat on 5 Ing futerest on bonds isausd 1o Pacil Tallwsy companios, 103,003,544.67 For paymont of award ta” Dritish claf ants...... vaaene reen e 1,029,819,00 Total ot expenditures. . 214,023,303.81 Tedemption of the public debi.s. Total net dishursemonta. . .. Balance in Troasury Juno 30, 16 19,408,304 % 294,120, 144,702,4 Tolal,. TR This atatement shows that eV ntes for the flscal yoar wore, » +-§188,000,051.10 And tho ordinary expenses (including the award to British clatmantu, §, 819),, 274,623,372.84 Laesving s surplus revanuo, exclusive of xxmvnlon l;?mc winking fund, +.$ 13,376,953.20 Dy rofercuco to the Iast annual roport, page 6, 1t will be obuerved that the estimate then mada was that the roveuues for this flscal year would roach the wum of €284,318,85.00, and that tho expenditures would amount to §275,515,439,43, MECELPTS AND EXPENDITUBKS FOB THE PLICAL YEAL ENDING JUNE 30, 1876, ‘The recelpta during the firt quarter wer: From custom) o8 44,233,630.25 ¥rom inturnal 20, Loy, 723.60 ¥rom ualss uf publio la 2804178 ¥row tax on cireulation, tlonal Banks. ., . 3,020,033.81 From payment” of ‘fuferest by Pucifo Tadiwayu, 202,312,47 From oustoms fues, sto, 4,521,75 Frow conaulsr, patent, aud othier feus., 1043710 From procoods of sales of Uovernwment 4 10427900 oo 172040830 Net ordinary recelpta, + 18,003,800.07 Promiums ou salos of coln, 31601847 i il Total net ordiuary receipta,. ., , Balancs in Tzeasury Juug 30, 1675, 11,00 14, 702,410.41 Total + 225,433,501.55 Tho expenditures during the ‘sume period wera : ¥or civl) and miscellAneous expensca, in. cluding public bulldiugy, iighthouscs, aud colieating the reveuuce, For Iudiaus..eqyone For pousions. For military establil forijfications, river outs, and arsenals, ... o _B1,180,146,14 L TP RPN 1£0,474.34 CATERC AT ineiding arbur 1. . 11,991,476,20 - ,959,037.99 Tolal ordinary expenditures........ $34,047,043.74 Radumption of the pulilio debs, . b, .68 Malsace in Trcasury Septy 0, 876,000 00 JAVIZOIELS TOeestvonssanenensensvosss oo $105,A08,801.65 For the romainiug threo quarters it is calle mated st the zeceipta will ba s From customs, . 12,000,000,00 Frow futerual rovenuo, 9,000,000,00 soi salca of publio Landy, 1,100,000, 00 Y 3,650,000,00 350,000.00 v 100,000,00 ¥row cousulaz, 1,300,000.00 TRIBUN From proccedn of salen of publie prop- erty, ... . Froum mia rreminm on com Tatsl net reeotnth.uigey o ierevons . S2HLA0L000,00 For Hhie ramo perlod i ih catiinatad it the oxpehe itarea “nllm 7 fad i Fur civil miseellancous, fucluding putle bulldings - $10,501,000,00 For Indlan 4,470,100,€0 For penstony 21,000,000, Tor military For naval catablishment, ., Lor {nterest on the publle debt,. Total ordinary cxpenditures.... From tho foregoing statement of astusl ro- ceipts and oxpenditnres for tho first quarter of tho curront fircal year, aud tho catimates of tho wamn for the remnining threo quarters, hased upon appropriations aiveady mado, and also on tho mesutuplion that Coupresa will not incroaso the axproditures by deficiency or other appro- priations, i will bo soen that, fn the judgment of the Depnrtinont, the reveauea will reach the Aun of $207,466,145.14, nud that tho ordinary oxpenditures will amount to ©26G8,117,543.76. ‘Chis oxhibit gives A wurplus rovenne of 29,- 09,6013, Undor existing laws it is estimatod that £32,203,692.92 will bo roquired to bo pro- vided for tho sinking fund for tua yoar, If the statemont, a3 hiero subiitted, aball prove to bo Approzimately correet, tho rovennos will fall short by tho amount of 83,245,000,94 of provid- ing for tha approprintions mado by Congress. ETIMALES Fol THE, FISCAL SEANL LNDING JUNE 90, 18 1t is catimated that the recoipts for the fiscal year ending Juno 30, 1877, will bo : TFrom customs. ... ... +++$105,000,0°0,00 From interual revenie, <0 120100,050,00 Trom sales of gublic Inits, 1,500,000, ¥rom tax on elrculation of National Hanks, 74200,000,00 From rolmbureement of interest by clllc tailway Compaulen. ..v..vves 500,000.00 Frotn customs’ fiues, peuait) foiturea, 100,000,00 From consnlar, letfees.patent, and ofber feoa.., sie aeersialivceeenes 1,900,000,00 Frum procecds of salea of Government property, £00,000,00 1EOUN HOUTCO8 44y From mise 7,000,000.00 Total ordinary recelpty Tt is estimatod that tha ordinary expenditurca for tho samo poriod will ho 3 ++ 8 17,500,000,00 o 1,354,000,00 . T000m,00 20,634,000,00 For penslons. For military nt, cluding fortifications, iver and harbor im- rovonients, AUl ArRCUALeveve.eeses 40,000,000,00 For naval establishmont, fn; g ves- sols and machinery and improvements at navy yards, ., Aeererersniannn Far cleil mlecellsnestis, including prbite buildings, and light-houses, colteeting mall steatmship werrice, e tal revonues, bl » 62.000,000.00 debt, .., 17,000.000,00 For lutereat on Faciflo Lallway Lo o 874,000.00 Total entimatod expenditnres, ox- clisho of the siuxing-fund ac- eount and principal of tho pirtdic veee 0. $2€9,205,000,00 Ttls oxnected that for this fecal yeonr tho sur- plus rovenues of the Govarnmont will amount to £34,735000, Tho catitnated amount to bo provided for the sinking fund s £134,033,877.40, Thoro is reason ta hope, tharofore, that tho fu- como of the Government for this year will amply rovido for il its obligntions, imcluding tho sinking fand. Tho estimatos received from the acversl Ex- ecativo Dopartmonts ars an follows : Legislative cstablishment... .. Executivo establishment, Judlicial establishment. . 21,000,000,00 Uebburieieiieranreiennne 3ilitary establisimey Navaleatablishment » Interlor Department,, 1 Department of Agrivilture Dopartment of Justion..s 00 28,601,410.72 0,241,601, 19 1,831,185,50 $44,06,377.40 for sinking fund).. 149,619,910.7¢ Totalve.s $914,612,60 4,43 NEDUCTION OF TIE YUBLIO DEDT. By the monthly statoment of tho publio debt isaued June 30, 1875, the reduction of tho debt during the yoar was shown o be $14,409,514.84, viz. 3 Frincipal of the debt July 1, ‘lli’ifl Interust duo snd unpald, intorest to date, Total debt. +$3,231,090,463.43 cruod Trincipal of the debt July 1, 1875, + $2,202,234,631,L5 Interest dug and unpald, ana secruwd Interest to dato, 98,647,660,19 Total debt... $2,270,019,089,1¢ Cosh in the 143,243,701,83 ry. Deb, less cash In the resaney $2,124,083,120.01 3 14,900,60484 Bhnwing & reduction, 13 sbove It will bo observed that tho surplue revenuos, oxclusive of provision for the sinking fund, ns shown In tho gtatoment of rocoipts and expendi- tures for tho flscal yoar, weto $18,376,668.20, or £1,022,856.569 loes than the smount of the ro- duction of tho debt ns shown by the monthly etatoment of tho same. ‘I'io difforoncs botweon thess two atatemonts arises from the differonco uf dates nt which thoy aro mads up, na will bo seen by acomparison of thom na regards the cash in tho Treasury at tha commencoment and clogo of the fiscal year, and of the item of **interost duo and unpaid, and tho accrued intercst to date,” which, in the mounthly dobt statement, iu troated as a Nability of the Government, procigaly as I the principal of tho dobt, but which is not se considered in the ntatement of receipts and oxpenditures, Tho cash In the Treasury Jaly 1, 1874, a4 shown Ly the mouthly debt’ slatement of Tt dato, and whivh embracod only . the moneys’officlally reparted to tle Departent at toe time of s i Wadiiiees, $147,641,014,T4 Tho cash in the Lreasury Jufy 1, 1874, shown Ly tho account of rucolpte and oxpendiures, (tho books from which it i preparod usually being kept open for s perlod of furty-ve days, #o seto includo st the data’of closing tho so- count all tho rovenues dopouited at the ditferent placta of deposit. throughout the countey within tho feriod coverad by tho satiie, und which aro unascer- talnod at the thue of the fasue of (ha mouthly statemont), wasa... +oee 150,701,004-03 esiigiss ¥ SARATIED wury Juiy T, 675, aa biy oLt wiatorant of that date, was, .o 142,343,301,87 Aud ow stiows by 5L of Te recclpte snd o penitures of samo data 144,702,416.41 BhOWIng & ALTErence Ofuuvesseersasd 2,460,004,00 The differolice In thoas two Riatutoents of casly reported to tlie Treasury, s appesrs by the mouthly stateineni, sud b aacertained by tho statement of re- celptn and expenditures comne mencement and closo of th fiackl year, 1t will be seeit, ..., 8 731,925,30 'To which add the reducl toin of +* Inturcet duo and ungaid, aud sc- Bhomng a differenco of. .. ‘The cash in the Tre ahown by the mo; crued luterest to date ¥ourys 291,531,28 e Making the sam of... 1,022,856,88 Tt will, thereforo, bo percelved that no diffor- once oxisty in these two mcoounts, other than that which grows out of the mannorof thoir preparation, Trugality (n sdministration Is smong the fore- most aud most lmportant poinls of m sound fluancial policy, Faltbful collection of the reve- eno nud reduction of expenditures to the lowost polut demanded by the necegsities of Qovern- wont, constituto the flrst duty of those intrusted viith making and adminlstoring the law, Tho obligation to adhiera atriotly to this duty has pe- culiar forco whila tha publio fndobtodness is large aud tho industries af the country aro suf fering from fuancial dopresslon. Rigid economy atsucl & time must lead to two important ro- #ults : firut, advancement of the credit of tho Qovernment throughout tho flnancial world, aud hence ability to rofuud tho debt at a lowor 1ato of iuterost ; wacond, and by no means lewst inimportance, greater willingness ou the patt of $ho peoplo to bear the burden of taxation, whon thoy sco thut their Qovernment, liko them- selves, is roducivg oxpenditures to the lowest practicablo point, and applylng the rovento ro- ceivad frow them to Its necessary and legitimato purpgees. The general dopressiou of business which followsd the era of luflation sud oxe travagance, tbrough which wa have Juse WEDNESDAY, rasaed, has mado it noceasary that Individuals, asgociallons. and corporationa khoukl roduco thetr expenditures o the minimum ; and, having dono ko, tho Lax-payers havo a right to demand that the Uovernmont shall do likewise, Whilo the Interest oun the public debt, and all othor natonnl obligations, must be promnptly met, thero nte many points at which it I behioved that considorablo reduction of sppropriations ean proporly La made; and tha Becrotary invites critical oxamination of all tho ostimates Bub- mittod to Congress, Increasoof publio expendi- tures in timo of great prospority and extrava- &anco iy accomplished by nn ensy process ; but a correspouding roduction whon thio roverss comen only by tho cloost can bo bronght about vlrilanco and most determinod relutance to overy appoal for appropriations not required by tho existing necossitics of (Jovermmont. No appropriation of monoy should bo made without roforenco to the proballe amount of rovenue to accruo within the yoar in oxcoss of exiating obligations sud Liabilities, ———— THE SINKING FUND. TIE FIFTII SECTION OF TIIE ACT OF FEn, 25, 1862, 8018 apart as nwpocial fuad st dutios on tmport- ed goods, and directs tho apylication theroof ; First—To the paymont [n coln of tho Interest ©n tho bonds aud notes of the United States, Sccond—To tho purchave or payment of 1 por centum of tho entiro debt of tho United Btatos, to be mnde within cach flecal yonr nftor the st day of July, 1562, whichi {s to bo mot ApArt as a lnking fund, nud the intereat of whic shall, in fiko manner, be applied to tho purchnso or pay- ment of tho publio debt, aa tho Secrotary of tho Tronsury sall from timo o timo diroct. Third—1bo residue thateof to ba paid Into the Treasury of the Unitod Biates, Bec. 6 of tha act of July 14, 1870, directs that tho bonds thorotofore purchasod aud then hold in the Tronsury inaccordanco with tho provisions of tho nct aforeunid, and all othor bonda whicl hnd been purchased by tho Bocrotary of tho Troasury with surplun funds in the 'Crensury, and any bouds thoreafter apphied to said sinking fund, with all others thoreaftor redeemned or paid, ahall bo recorded,cancolod, aud dontroyed, oand that tho amount of tho Lends of cach class 8o cancolod and destroyed whail bo deductad, raspoctively, from tho amount of oach clasa of tho outstanding debt of tho Untted States, Tho Iast-naned act also provides that, in addition to ollier amounts to bo nrnliud to the rodomption or paymont of the publis dobt, an &mouut equal to tho interckt on all bonds belonging to tho aforesatd sinking fund sball bo applied, a3 the Recrotary of the Treasnry shall from timo to timo diroct, to the paymont of tho public dobt, ay provided for in Sec. 5 of tho act. first shove namod, and appropriatos from tho rocoipts for dutics on importa the amount so to be applied. Theseacts aro regarded by the Hecrutary on imposing apon him tho imporative duty to take earo of the sinling fund, as thersin directod, ont of the coin roceived from duties on importa, This requiremont is socoudary only to the pay- mont of intorost on tho publio dobt. It takns rrecedenca of sl other appropriations, as, by tha very tetma of the logisiation, only tho rowi- due of receipts from customs, nfter daducting intore3: on tha public dobt and providing for {lio sinking fimd, goos tato th Treasury. Thie statuto imposea npon the. Hecratary a duty o bo performed nunually, the requironient be- ing that thoe purchaso, or payment, for and on nccount of tho sinkiug fuud shall be wade within oach fiscal year. During tho paut flscal year it was not practica- blo to purchase tho amount of United States bonds roquired for the ainking fund, for tho ronson that such bonds could not bo bought at par, und tha Secrotary was forbiddon by law to pay mors. But the eleventh soction of the act of March 3, 1875, authorizes tho Beerotary, for tho purpose of obtaining bondn for tha ginking fund, to give notice that ho will rodeom, {n coin at par, auy bonds of tho United Btatos bearing intarest at tho rata of 0 por contum, of the kind known au fivo-tweution; and furthor proyiden that intorest on auch bonds shall ceavo at threo wonths from tho dato of notification. Tho amount raquirad for the sinking fand for tho fiacal year ending June 10, 1875, was 31,096,545, Of this smonnt $1,096,500 8 por cent flve-twonty bonds woro purchased at tho rato of 209.871¢ for oach 100 in bonds ; and on the 1ith day of March, 1875, a call was mado for £30.000,000 of tho snmo claes of bouds, This call matured on tho 11th day of Juae, 1875, which, being so noar tho end of the flscal year, & part of the bonds named in tho notice were nat_prosented for ro- demptlon during that yosr. Of tho amouat so- ealled only $24,073,900 wero }msnantod for pay- mont befors tho 30th day of June, ‘Lhorefors, tho amount which appoars uFon tho books of the Treasury s actuslly apptiod to the sinking fand within the past fiacal yoar is £25,170,400, For tho curront tlacal year it is eatimatod that 233,140,914 must bo mpptied to the fund. To meot this roquiroment a call sms mado on tho Int day of September for €8,000,000 6 por cont 8-20 bonds, and on_tho 16th day of Novembor n further call for £5,000,000 bonds of tho same clags, The balanca necessary to nom?lo!u tha total amonnt for this year will be called from tims to tims inauch mannor as to causo tho least disturbance of tho marlkot, and ft In hoped that the whote amaunt will ke presented for pay- ment within the year. e REFUNDING THE NATIONAL DEBT, BINCE THE BKCHLTAIN'S 1AST NEPONT TO COX- onss, the rofunding of the national dobt suthorized by tho acts af July 14, 1870, and Jao. 20, 1871, hag beon contibued, The contract which was en. tored Into July 28, 1874, and which Is fully set fortt and oxplalned in tho last annual roport, was renowed Jau. 20, 1875, the contracting parties belng Acsars, August Bolmont & Qo,, of Now York, on behalf of Messrs, N, M. Rothechlld & Hons, of London, England ; Moessru. Droxol, Morgan & Co , of Now York, on bohalt of Messra, J, 8, Aorgan & Co., of Lon- don, England; aod Messrs. J, & W, Beligman & Co., ot Now York, on behalf of Boligman Brothers, London, England. The conditions of thocontract waro alightly modifiad, tho contract- iog partios belng allowod one-balf of 1 per cont commission, and binding themaelvos to defray all exponses inourred 1u transporting b per cont bonds to London, and 6 per cant bonds, Unitod Btatos coin coupony, and gold colu, from London to Washington, besides the expousod of prepar- iug tho now bonds, Under tulg agroement tho contraoting partles bave wubscribed for £123,088,650, tho balance of **Now Fives " then rumdnint{nnnugulhmd; aud tho Becrotary now has tho ploasars of annouuc- fug to Congress that tho funding of tho #600,- 000,000 of G per cont bonda Into those boaring & per ceat intareat hau Loon sccomplished, thorol Y saving sn auuusl intorest to the Goyornmont of 5,000,000, Thio Bucoesa which has nttondod the rofunding of 3178,548,300 of the national debt during the Inat sixtoen months, will the steady Improva- mont of the natioual crodit, induces” the boliof that the remainder of the 8 por cont bonds can bo refunded within & reasonablo time, in ac. cardauce with tho provisions of tho acts bafore montioned. ~Tho attention of Congress fs, how- ovor, callod to the fact that, by tho terma of tho authonzing act, the bouds to bo [ssued at the rato of -l}{“pur cont aro rodeomable at any timo after tho expiration of fiftoen years from tho date of thelr issuo, Bonds most oasily placed on the markot, which aro most sought for by fu- vostors, and considored in all respeota the most valuable, are those haviog s long poriod to ru, ‘I'aking futo consideration tho fact that but littlo {uducoment 13 offored in tho amount allowed as commiysions for plncinfithu United Btates loans, comparad with that paid by other Governmants. it is thought tmvortant 1o Elve theso bunds mli tho clements of popularity that may ba posaible ; and the Hecretary, therolore, recommends that au amondment b0 made to tho act of July 14, 1470, which shall oxtoud the timo of redemption of wuch bonds to thirty yoars from tho dsfe of their ssue. —_— RESUMPTION OF SPECIE.PAYMENT. TUK DEFDESSION OF BUSINESS and goneral coutraction of valuos which followed ko tnanclal panio of 1873 Lavo continued to n Kreater or leas dogros In all parts of the coautry, Himilar finaucial convulslons have oceurred in othor countrios, aud their eects are now belng felt Lo n dogroe ss great, porbaps, as in this country. Theo disastrous disturbances have beon bronght about in our own cauatry by aver- tradiog, over-credit, and oxcesulvo entorprise of & speculative cliaracter, stimulated by too greas sbundance of prowises lo pay, existing in tho form of currency not based upon, ot convertibla into, tho only sotusl mouoy of the world and of tho Constitutipn—gold aud silver, Othor com- mercial countries which bave satfered and aro now guffering froin financial deprossion have folt the tnfluenco of like causes, while in somo of them the temptation to cany prosporous Limes {0 excess has, a8 bas often happened bofore, led to ovor-production, sud that superfuity of trado DECEMBER 8, 1875, —T VELVE snd cradit which nust inovitably, sooncr or later, bo followed by acollapzo and n corres rponding pariod of depresaion. Although thore aro gratifying indications of incronned activity {t cerlsin Lrauchen of bualuces in the United Huntow, {6 nnst bo admitted that confidanco liay nat yet boen roatored to tho axtont noconsary to btlug nbout & general rovival, ur to put the trade aud industrios of tho country upon A basis of activity and permancnt proaperity, Nor s 3t roaronablo to expect that this will bo dono untit thera shall bo & nearer approach to resumption of specio payment, aud connoquent fmprove- mont fu tho claractor of the currency. The constant distatbance of eschango and fluctua- tion of valnes, tho nucortaintica of busincss, tho want of confidenco betweon individuals, corpora- tlons, and communitics, which all exporience provos to bo the fnevitablo rosult of tho use of o modium of exchango posscssing no intriume value, ropresonting no conaidorablo amount of Iabor fu Its production, and mnot con- vortible fnto that which Ia rocognined as monoy throughout the commercial world, are covsiderations which should chnim tho attontion of avery thoughtfut repreaentativo of tho poo- Plo. Howevor rapid may bo our inarease in pop- ulation, woanl, and eatorial strongth, wa cannat tako tho rauk as a commorcial or business poople to which wo aro entitled by snperior natural ad- vautages, aund tho productive onorgies of onur population, or attract to us the aurplhiy capital or tho world, so long 88 wo lLiave fluctunting stand. arda of valuo, and auch uncortainly In onr fiscal legislation aa makes tho assombling of Congress sud our froquont lectlons tho ocennions of ansie ety and apprehionsion not ouly with the holdors of our securitios abroad, but wita Lusinoss nien at home, Great Britain has kept tho valuo of her pound aterliug substautinlly unvarying for 200 eary, and, i consequonce of thiy stondinoss, {i has become the bakly of tho transactions, not only or Diritinh commerce and trado, but of ll tho world, In all eiviltzod countries Govornment nogotin- tions with foretgn monog-londors are mado upon this basia: aud, as a goueral rulo, the only forolan billa current all over tho world aro thoso which aro expreased in pounds storling payable i London, whiclt eity thus tocomies tha groat contro where o friue mousnro of property and tobts can bo foud: and hence, the commerce of tho world rovolves around i, aud pays tribute to {ta commerelal atandard. With an unstoady aud varyiug curroncy, havivg no fized relation to_tho money of tho world, bhue nlivays much below 1ts par valuo, wa can' never atiain that commarcinl indopondonco to swhich our great rerources and active population ontitle us, Every branch of fudustry awd all clagsos of peoplo aro altko intereated In tho restoration of 4 sound nnd atablo circulating modium, tho la- borer and producor o loss than the werchant, bondholder, and bankor. Tho pressnt unequal and fluctuating currency oppresses and injuren laborara aud producers, who constituta n wroat majority of our poople, far moro than 1t affecty injuriously dealors in money, Tho difforonco between gold aud our papor. currency {8 a wnr- gin upon which oxporioncod wmonoy-doaters do business, and it {s thia that gives tho oppartu- nity for artificial combinations whoraby values ara incroased or reduced at pleasuro. Tho pug~ chiaging power of tho curroney is Increased or diminished by the manipulationn of largo oper- ators united for that purposo, and produrers and laboreraare ofton mado tosufer, without effectivo pawerof resistance. Iostoration of a sound and unvarying currency must hring hotter rolative wages with more constant omployment, bocause tha valuo of Iabor, as of that whicl 1t producos, will ho mmxuurml’by A more cortotn standard ; end, with the return of conifidonce, thars must como activity, prospenty, larger markots and groator domand, which, as both ronson and ox- perlonca prove, do not tond to lower wagos, or mako employmont lous coitain, Tho elaim that tho largo isste of Inconvertible anoreurmnuy has beon benolicinl to producors 8, perhaps, sufliclontly disproved DLy reforence £0 tlio roports of salos of leading articles of proe duco, sich 88 wheat, corn, and park, bofore and inco tha issuo of ench curroncy. Tho most trustworthy ntatistics show ‘that such articlos wore #old in Now York during tho five yonrs from 1870 to 1874, inclusive, for alout tha samo prico that they brought in tho flve years from 1836 to 1840, fuciusiva, On tho othior hand it i3 aqually certaln (hat tha farmor Lias paid Increaseq pricos, during the poriod from 1870 ta 1874, for articlos imported for consnmpiion, for all of which the difforcnce betwoon gold and carroncy must bo paid by the cousumor, who pays in tho Inttor. Thus the roditcer of domestio articlos s constantly sub. aotod to loss in excbanging bis produats for such articles as coffoo, ton, sugars, and othor imported goods, whicl entor into daily consump- tton. In this connection it should bo™ borne 1n miud that a groater volumo of aurrency is ro- quired for the transaction of busincss whon it conaisty of inconvoertiblo paper, which doos nat circulato abroad, than whan tho eurrency in gon- eral use id gald, which flows through v0ry srio- 1y of commores, 'Fhe statisties of our forelgn trado tilustrato this proposition. For ovory im- ported articlo tho consumer must pay to tha im- portor, bosldos the cost in gold, incroasod by his percantago of profit, as much mora as tho diffor- onco botween gold aud the currency with which paymont is mado. Tha difforance, commonly call- ed tho preminm on gold, incrosses by mony mill- lons tha total smount which wontd othorwlso ba ruTlimd to completo all such transactions. ‘I'ho proper oftica of curroucy, whethor it bo gold or paper, ia o sorvo asa medium of ox- cliauge for tho adjustmont of transactions bo- tweon bayers and sollers. *When it is sound and atable, rocoivablo in nll parta of the commorcial world, tho amount which nolually passes from hand to hand in business transactions ia far ho- Iow the volume of business, A small por cent thoroo! is adjusted by the actual handling of onoy. Yixchangos aro, for ths most part, mado by tranafors of crodita throngh banks and othor agoncles, Whorover oxchanges aud bueiness transaotions are conductod on tha basia of coin, and paper convertible into it, tho volume wili be regulatod by natural causcn, 3oney, like mor- chandise, will go whero thore is demand for it, and whero somathing of vahia can be obtainod in oxclianga forit, When the fiusncisl panioof 1857 oroated a demand for gold in this country, & roady and oontinted supply camo steadily from abroad to meet the necossities of our paople, aud brought spoody relief, Now, the enforcod uso of inconvertiblo paper currency not only oh- atruots the flow of gold from abroad, but drives from tho country the precious motdls yielded by our mines. Good and bad corroncy cannot be retalnod In anything like oqual proportions in a oountry baving commaercial rolations with other powers aud pooples, Thao Iattor will drive away the for- mer, Gold and silyer will tlow stondily to those parts of the commoroial world whoro business ts donoon the basis of an usvarying standard of values, and whore overy {ssuo of paper {4 con- vortlbla Into she preclous motals at the option of tho holder, becanso the{ oro nesded thers. Such is tho inavitable operation of the aw of mpgly and demand; and tho prosent limited and joade- 3\“!0 supply of coin in this country ia chief) ue Lo this cause, Uold has become n commodi= ty of trade, tho prico of which from day to day deponda largely upon tho will of those who have combined to control tho markct, ‘T'his presonts a soriouw obatruction toall productive Industrios and commerce, and introduces into business trausactions an elemont of uncertainty, which often unsotilos the most intelligent calcul ations, and tonds to dewtroy confidenco, without which there oan bo no permanont presperity, Appar- ent, but flotitious, prosperity has often followed Iargo susuca of irrodeemable paper cwrrenoy, but no rouult is more ccrinin to tlow from 8 given cause thandlssater and financial distrera to fol- low a period of intlation of business and crodis cansod by exceseive issnes of papor curreney. Iho phllosophy which toaches by exam lo, a8 woll as the doductions of reason, establishos concluaivoly that thers in no otfactive remody for the evil but the romoval of ita osuse, 'Tho clroumatancea sttonding tho issue of the Uniied Btates notes now in circulation impose upon the Joveruwent a peculiar chufinuon to ]zmvidc for their epeedy and certain redomption u coin. ‘“Ihoy were lsdusd In the exorcise of a power wlich oan be called into nse only in » time Of supreme necessity, and wera pald out for the support of sn army composed of brave and patriotlo citizens who kad responded to the call ot thelr country in the hour of its extrome poril. ‘T'o suffer a promiso made At such & timo ant une der such oircumstancea to ba dishonored by sub- sequont indifference or non-porformance, would bo little bettor than open repudiation, and would affect injuriously our national nawe and credit. It is worthy of uoto that, for the most part, thoso who now oppose the rodemption of logale tonder notes, and who ask for a further lssue and coutiuued and indefinite reissue of the Uotes nuw in clrcalation, were most atreunous iu_their opposition to such {usuea during tho oivil War. The acts authoriziug such isaucs were denounced a4 In viclation of saund prine ciples of fluance, not warranted by the Consti- tution. Their constitutlonal validity was ro- siated at ovory point, and subjeoted to the test of Judicial declsion in almost every court In the country, both State and ustional. ~Tho suprome Judicial tribuual of the nation upheld tho sote 8 measurod of necessity in a timo of groat exl. gonoy, but it has neithor decided nor {ntimated that such power may bo oxorcised -by Congrosy tu thae of public tranqulility, fudeed, it lu fair ly iuforable, from all the Court bas said in tho various cases in whioh tho question hag boen bo~ PAGES. foro {t, that tho Issuo of asch motoy in timo of poace fa not within the conmlitn- tional powor of Congress. ‘Tho tanguago and argument of the Cours leave o TOAKON ta boliove that it would susiain tha clamy of power to inereasn tho Yolime of sach ineiiss or to rolenua such as have been redeomed in obedienco to law, when the pablic oxigoncy no longnr oxista, ‘Thono who opponed el tnsae L& timo of suprema neconsity, and Inasist g further isnues when tho emergenoy biny pae AwAY, put themaclyes in tho aititudo of vosing war mensures fu tho midat of war, and adsocatiug them in & timo of profannd peace, Congresn carofully confinod tho uparation of {ha fct to tho pariod of necoswity by anthorizing ** tho relnuue from time to tme, aa tha exigencion of the publio tutorosts shall roquire,” Thoe Govornmont ia bound, not onl by economia considorations and proper rogard for the fntoreat of the peoplo, Lut by express aud ropested promiacs, to provida for tho rodomption in coln of &l ila ixenes of logal-tonder notos, ‘e ariginal logal-tondor act was regarded and troated at the timo of it adoption an atomporary Ineasuro, made necoweary and justifiable only by tho exigonoy of war, which tazed all_the ro- Bourcen aud enorgies of tho nation. The first sct suthoriziug “such ixsuos (Fob, 26, 1802) la ontitled * An act to sutharlze tho issue of Unfted Btates notos, and for the redemption or {um(hly thereof, and for fuuding the floating dobt of tho Unitod Btatos,"—langungo that sigaificantly ox- Dreascd the viows of tho Congross by which 1t was passed. It authorlzed the issus of 8150~ 000,000 logal-tander notes, and mado provialon for funding them in _bonds issued on the credit of tho Government, boatrlng intercst in gold, and payablo ot & future day. This was tho best the Uovernmant could do in the midst of fts strugglo for oxistonce and right ful supromacy, Thoatato of tho public credit did not admit tiie posalbility of the Immedinte procuromout of & wufil- clent amount of ‘coln to rodoom the nbtes absolutely, A ‘woll-aaftied priuciple of political aconomy forbado the iseus of paper curreucy without providing for ita redemptivn, and, in”obodionce thoroto, Congress mads the ouly practicable {)mvlulcu for tho rodemption of tho notes which it authorized to ba isstiod snd atamped with tho quality of leeal tonder, Tho act of July 11, 1862 which suthivrizod a furthor isauo of $160,000,000, contained s liko provision, and furthor provided that any noteaisaued thero- under might ba paid in coln. justead of being converted into bonds, at tho dincrotrion of the Bocrotary of the Tremsury. The notes thus sutliorized were imsucd miid accoptod by the Peuplo upon the sssurance that tlhiey had the right to fund thom fu gold-hearing bonds af the United Biates, and this consideration undoubted- lvonuntlmlednu(mpnrnntulemenbommlrvnhm. aud gavo thom a qualityin aid of theircireulation and froo accoptance I all busluess tranenctions, In the opinion of wiso and patriolic men, who, as tho raprosentativos of tha poople, woro chiargod with lunlnmlmufi tho Indissolubility and su- promacy of our National Union, it was nocos- 8ary to resort to this oxtraordioary monnure for tho Furpaen of carrying tho War to a successful tormluation, It was, iu substanco and_offoct, & national war loan, based upon the erodit of tho Government, aud couplad with a plodgo for ro demption, Lut the poriod of payment waa to be therenftor dotermined whon tho publie oxigency wouid pormit. It was not in the mindw of thoso who devisod and conwummated the schooie that tho Govorument was aboul to onter upon the igauo of an irredoomable paper curroney, which shiould pormanentiy tako tho placo of tha world'y mensuro of yalies. Nor was it claimod by tho most earnest sdvocato of tho mansura that tho Constitution had given to Cougress powor to {ssu0 n pormanont paper curroncy as n substituto for, and ataaped by law with, the qualities which, in tho estimation of political economists, could oxist oculy in tho precions motals. Intho light of the axporiouco of thoe civilized world, such a purpose would have boon regarded s littlo lows than financial madnoay, and its ayowal by the authora of thoe legal-tendor acts would surcly havo canrod tho dofoat of tho plan for oxorting tho borrowing power of tlo Goverament by moans of such issnes. Dut the purpose and meaning of the nots (n aeation aro not loft opou for forensic discus- alon, having beon autboritatlvaly sottlod by the unanimons opinion of tho highost judicial trib- unal known to our Conatitution. As soon aftor tho tormination of tho War ns 1869, 1t was ar- gued before the Bupremo Court that tho legal- tondor notes of tha United States woro issued s monsfi. 8 substituto for metaltio carroncy, and that, Liaving boon mado logal-tender in paymont of ail dobts, {ucluding (with cartain oxcoptiona) the Government’s own, of conrae, when prevents ed for payniont, if slmllar notos, baing logal-ton- der, were offered in nxchuugo for them, the debt would bo discharged, by a delivery of now notes of tho samo kind, and 8o on_ad inflitam. 2o thia argumont tho Court replia Apart {rom the quality of lugal tondur Smpressad up- on them by acta of Congress, of srhivi wo can now sy nothing, their circulation ns curroncy depends upon the exteut to which they are recolved du Jay= ment, on the quantity in circulation, and on tho cred't Rlven to the promides they bear, In othor reEpacta they resomblo tha bank-notss formerly imstied ud crire Tency, l\u’t.un {he other hsnd, it is equally cloar that theeo Tnotes aro obligations of tho United Btates, Thelr numo imports obligation, very oo of theh cxprosses upon its faco an cugagoment of tho nation te pay ths beurer A certaln sum, Tha dollar note {8 an engagoment to Tay & dollar, and tho dollar Intended ia the coln doliaz at tho Unlted States—a cortain quantity {n welght sl fineuoss of gold or silvor, autlionticated as much Ly tho wlamp of tue Government, ‘This authoritative declaration of the Bupramo Court defines cloarly and precisoly tho 1aeaviug and intont of Cougroms in tho acth which ae thortzod thoe issuo, and should bo accepted as conclusive of tho obligation and duty of the CGoverament to rrovmn for the payment iu spacio of all such {ssucs, Nor is this all. Subsequont to this decisdon, and for tho purposo of putting a quiotus upon the mischiovous discusalon of the subjoct, Con. crul. on the 18th day of alaroh, 1869, declarod y publio act that *ihe Umted States solemnly plodgen ita faith to mako provixion at tho oarli. o8t practicablo period for the redomption of thy nitod Btates notes in coin." Thess provisions of tho various acts of Con- gross, which wamdnu«und with tha approval of the Exocutive, and tho clear adjuaication of tho Bupromo Coutt, as well a8 the plainest principlea of political ecouomy, and proper rogard for tho publio welfaro, commlt the Goverument to the redemption in coin of the notes lvausi uudor the sciroumatances beforo atatod, National faith and honor could not be morp distinctly or ugequivo- fiuxzy pledged to the porformanco of a plain uty, 1n view of those solomn and ropeatsd plodges, 1t noeme Idlo to resort to the cousidaration of ol emontary principlos of flnance to prova the evils ot an Irredesmable paper currency, In the faco of such pledges, dlaregard of whioh wonld bring nstional dishanor, and serious, if not irropara- ble, {ojary to the pablis credit, it can hardly bo Decossary to discuss questions of expedioncy, or to point out tho illa which tho exporionoo of the civilized world showa must follow a violation of well-known laws of political economy. 1t s among the firet and most im rtant fnoc- tlona of Government to give to fts pooplo a sound and stable ourroncy- having a fixed rela- tion to tho atandard of values in genoral use among uations, Tho true mattor with which Governmeut has to do ia not so much & queation ot volume a8 of soundness and stability of tho currul‘r‘?‘y. Whon it has established & currenoy of fixod and stabla valuo, baviog n known rola- tion to that of other powers, and furnishing & uniform modinm of exchange, the volume may aud sbould be left to bedetormined by tho wanta of trado and busincss, Natural causes, sided by individaal effort aud onterprise, will regulato the volume of ourroncy far moro wisely and with roator safety ta business than sots of Congress mporiog art{ficial limite, subjeot to fnorease or diminution at evary sesslon, “The oxisting pro- vislons of law making Unitod Statos notes legal tender for all dobts, Loth public and private, With oertain excoptions rolating to sransactions with Goverument, is an mrtificial barrier to tho use of gold and sllver, teud- fog nuot only to provent tho ilow of gold toward this ocountry, bat promoting tho shipment abroad of our own produotion of the procious motals. For this reason ()on}zm- ahould abalish the legal-tender quality of the notes, ss to all contracta made, and liabilities arisiog mfter a fixod day. The 1st day of Janu- ary, 1879, being already fixed by law as the timo when the redemption of United Biates notes then outstanding sball begin, it wonld ba proper and safe to provide that such notes shall not be logal tendor for contracts made, or liabilitios ipcurred after tho 1st day of January, 1877, Such s not would not too auddenly change the value of the notes, and wonld no¢ uuobfu usi- ously either debtors or creditors, bat wonld ro- move & mt abatruction o the retention of oar gnl] sud silver production, and creste s de- maad for the return of gold now sbroad, thus promoting final resumption by propariug the country for it In fartheranco of tua Iurpm of the mot of the last Congresa to [’"’" s for the resumption of speclo-payments, the Becoretary s recommends tuat nuthority be given for funding legsl-tendor nctes into bonds bearing a low rate of intorest. Buch bonds should ruu for w longer period of tlmo than those now authorized for refunding the Interest-bearing dobt, aud should bs made svailab] National Banks for dépomit (o securo their oiroulstion sud other hiabilities to the Gov- eramont, snd should Lear mrate of {uterost so low &a not o csuse Loo rapid absorpiion of the notos. It scoms probable that a bond boariug intoroat at tho rato af 4 por ceut would invite the funding of a suficlent smount of logul- tender notes to lossen materially the sum of guld which, iu tho absence of such’” provislon, must ment would Le Inw, sud Louidos publicity aa to th fusther legislatio, January, 157, bo dierogardad, ha accumniatad in the Ureanury by tho 1y 3, 187, to carry ant the im) aniteuinta af Lo ot of Jdan. 1, 1475, 11 " approhondod that authority to the Soorqar ¢ fand an unlimited antount of notes RN oy t0 too iddancantenetion of tho eurreey, ggress eonlid lunit tia givon paricd of time. o prossn boing jn #onso compulyory as to the hollars of ‘r‘un., 9, and thu sate of incrost oy g, 1 tmado luw, 1t §8 ot prosaliy fi curretiey whiclh eould " find profitable emy rosentod for rodemntion Only tho oxcees of notng ahore (g neods of busluess woald mouk muel convargig, Authioriy to tho Hecrotary of 1y Tronme radonm ‘nnd eavcel £2,000,000 of logal-toy nates per tnonth by thia proesss wouly Rroa) focilitato redomption nt tho timo now fgeq 1) would lave tho alvantazg ) 0 oxact aniount Lo Lo wighy 1 sy givon month, Londs isdued for i Dona shionld bo of the danomination of £30 4 3100, and any multipls thoreof, i1 ordor to ey the canvenience of all ciassos of Unitod Staten noton, Tho faith of tho G e mout now utands plary;-d o rosumption on anj affor Jan, 1, 1870, an removal from the country of thd logal-tonder notes: as fa thoy shall be prosentad for redomption, aceory ing o tho provisionn of the act of Jau, 1y, 1373 'I'v reanme on' the lat of January, 1479, Withay w Would requirs the o mify g0 amouut of goid In tho Trrages nvort the possibility of fajlugy g Bucls an amount of gold can by Pro- with difliculty, nud - ot les embarrassing offact upon - th teado and commorca of our own and other conp. tries, Tho prosent abundanco and cheapnsyg of botls curroucy and capital prcsouts u favorsyis or the withdrawnl nnd redetnptigy ol o consideratlo part of tho outstatdiug logal. tondor notes, theroby making casy and efectay the redomption now pledged. Buch Witldrany of legsl-tender notes, thus disponsing with the necosaity for acoumulating gold in the Treasyy, iu proportion to the mnount withdraw, woy) tond to appreciate thouo remaining Gubatandiyy dud maka it ensier to protect aud keep i cires lation tuo silver coin now authorizad 1o be is porative p, 10£L0 b il vt vy A Itaay 8 par. loldery to tho Iinal rodomplg ourroncy of g Withoy ‘The act laat roferrod to is an BIpresm recoy nition of the duty aud obligation of tho Gover., nent bo rosmne Apecio-payment ot the day thero in namod ; Rud, bowover” widely duTerent way bo tho viows of incelligont porsons Upan thy wmeans adopted by Congross, it in Keatilying gy know that tho eud souglit to bo reachod Lag tna| the concnrroncs of the country, and that a g, jorlty of tho people, whoraver the mattor Ly beon publicly and fully discusied, bavo Signilled thoir npproval of tho determination of Coligress to bo farthful to its pledgos, and to reliove they of thoills of aa irredocmable paper cwrensy, ‘The act 1u question not only makes O%prag provision for resumption at o fixed dato, vus commita tho Governinent to the uwo of alf Elich Tigaus ak nny bo neoded to that end. It experi. ence shall whow tnt thy mosus provided by Cougress nood 1o Lo snpplomented by futhey logislatlou for tho ousior aud moro certain aceomn, lishment of the end, it must bo assumed thy ongrees will nob wuller tho groat purpose to by imyedod for want of such additiosal lugimation, Tho act confora larga puwers ou tho Secretary of the Treasury, touching the issue of Unitad Stutos bondi’ for the purposo of proeurivg thy supply of gold nceossury to oxecuto wiuzh of g provisious aa go into immotiaie oporation, suj to provide for tho redemption in gold of Uhite! States notos outstanding on and ator tho It of 1Iu thin respect tho power con. ferrod ou the Sverotary te awplo; butjf, for any caude, it sbould bo found unpracttcabis to ag. caunlate in tho Troasury o suniciont amount of ¥ out the provisious of thoe ast, the Socrotary in” left without tha choica of othor means to accomphish tho oud, It may, perbapy be doubted whether tho process of oeiumialating o largo amount of gold by u pivou ¢ ou without mootiug opposition 1 cial powerss of thoe world, Itis 50 large sn amouut of gold as war to cacry out tho purposo snd dir cannot bo suddenly acquired, 1t can by dus only by gradunl procossns, and by taiing ade vautage of favorable condltious of thu woue' warkot from timo to time. ‘I'lie 1033 of intorest un largo sums hoarded in tho ‘Wrensury for s considerablo period inad vance of Juuuary, 1879, 18 n cunsideratiou not to although it should ndt Lo por- witted 1o outweigh tho beneflts to reswit fron full and complete exsention of tho act, Tl Becratary rogvets that the coadition of the Tronsury has hoon such as to ronder 1t necessary to mako sales of gold coin from time to timet¢ moet tho curront sxpenditures payabloin cur Buch rales have been maue iv New Yorl City, upun public notiee, iu accordance with the plan previeusly adopted, snd have been himited trom wonth Lo month to ths amonat uocessary ta kooy on hand a gnllicioncy of currency 1o mes probablo demanda upon.the Treasury undor ez isting appropriatione. It I8 tha aesiro of tue Sccrotary to rotajnin the Troasiry, a8 forut practicuble, tho guld recervod from customs, aué rolea ara discontinued whonever the balance uf curreucy in the Treasmy is suiticient to wesl curreucy payments, s THE NATIONAL BANKS, THE REPORT OF TUL COMPILOLLUG OF THI CUN auy conld g3 tho tinage 9 eay thy 1 bo requireg v of the as RENCY contains & dofenso of tho Natlonnl Dank sye tom. 1Iialso contalvg, in addition to tho usual bank statleticn, tables showing, by Btatos, thr ratio of Natioual aud Stato taxation imposed upon the National Bsnks for throo diforeni years; tables showing tho amount and rate of dividonds mado semi-annually by sho Natioua Baoks in the States and principal eitics for the lrat vovon yeara ; a comparison, by Btates, of tu amounts of doposits of institutions othor thas National Banks, elown in roturns obtained by the Comptrollor, with thoso ropattad to the Com- missioner of Internal Noveoue for purposcs of “taxation; a tablo of tho trausactions of tlo New York Clearing-Liouso for tirenty-Lwo yoars, ox bibiting the percontage of currency roquired in the paymont of its Iargo daily balances tablo exhibiting the porcontage of loat doomod circulating notes of closed banks; to gothor with a sutnmary of tho docisions of tha Bupreme Court of tho Unitol Ktates in rofor enca to tbo National Nanks, ‘Tho pumber of bunku organizod from the authorization of {ho system to Nov. 1, 1875, i 2,307, of which 2,037 were doing business ou the 1ut of Octobor last, From thelr roports of the date last namead, it appoars tlat tho nggrogali capital of thoso bsnka was §504,820,703; sur- plus, $134,850,07¢ ; circulstion nuluhudm‘g 8318,350,870; individual doposits, §M1,579.GIJ. loane, 080,223,951 ; apocio, including coin cor tificates, $8,050,820; logul-tender notes, nclud: ing United Btates cortifieatos of daposit, §125.' 208,74 ; and on doposis with tho Untted Slatel Troasgurer, 819,686, "Flio follawing ta 3 alsod T unre 000, bl oxbibits tho capltal stoc t doponits, and tho classiflention ?«:fl::l Iflnl‘l; New Yotk City banks at corrospond ing dates for tho last six yoars: NEW TORK OITY, E ool |1 gd [ i 1 5“ - HEH 52 28 BiE BE g ig 8 IEgl™8 e Tk 2 g8 gl Fs 2 Ea 22y ;?fi & L £ B & 1 g’é_g_jg f‘g S,Fs o2 » =E¢Fy_ | §§ EERE 3182 w8 o (B2|EZ £5 - s Cor 1‘:’1@%‘,‘1‘&‘;‘;55’:‘1;;: