THE DAILY EVENING TELEGRAPH PHILADELPHIA, WEDNESDAY, DECEMBER Ot 1868.
I TREASURY DEPARTMENT
The Annual Report oT Secretary
MoCuiloch.
Tbe followlni are the portions of Secretary
McCollocU's anuur report which were omitted
iu Thb Thi robaph of jeterdaj:
TAXES.
Next In Importnncc to the Biibject of the- cur
reury Ih thnt of the revenue. Taxes tire lnrtls
'cnHible for the support of the government, for
the lualiiteimnce of the pnlilia cro lit, airl tlio
Inyim nt of the public debt. To tax heavily, not
only without Impoverishing the people, but with
out checking enterprise or putting shackles upon
Industry, require the most careful study, not
ouly of the resources of the country and its rela-
vJions with other nations, but also of tho churuc
ler of the people ns nflta-tcd by tho nature of
itlioir institutions. While much inav be learned
Li V IIIU CIII'IJ "I lllli IVtl IIUU PVIIVIII3 U Jjjlll V.U 111
tuitions, which havo been perfected by years of
experience and tho employment of tho highest
talent, It must be obvious Hint these systems
must undergo very considerable modifications
before they will bo fitted to tho political and phy
sical condition of the United Slates. In a popu
lar government like ours, where the peoplo vir
tually bbk'.sr tho taxes, as well as pay them, the
popular will, If not the popular prejudice, mast
be listened to In the preparation of Uevennc laws.
Justice lmiht, iu some instances, yield to expe
diency, and some legitimate sources of revenue
limy I o unavailublo because a resort to them
might be odious to a majority of tax-pavers.
The people of the United States are enterprising
and self-rvliaut. Most of them arc tho architects
of their own fortunes; few the Inheritor of
wealth. Engaged in various enterprises, with
constantly varying results, and In sharp compe
tition with each other, they submit reluctantly to
inquisition of tax-gatherers, which might not bo
obnoxious to people less independent, uud liviug
under less liberal Institutions.
Then, too, the United States nro a new country,
of largo extent and diversified interest; with great
i natural resources, in the early process of develop
ment. Not only may systems of revenue widen
arc suited to England, or Germany, or France, bo
unsuited to this country, but careful and Judi
cious observation and study nro indispensable to
the preparation of tux bills suited to tho peculiar
intt rests of its dilTorent sections. It was with a
view fif Biitml vimr ("fiin'ri ss wit h sneh Infiirmi-
tion ns was needed to secure the passage of erjual
ami wise excise and tarllflaws, which would yield
the largest revenue with the least oppression and
Ineonvenienco to the people, that a revenue com
mission was created in 18G.). The creatiou of this
commission was the llrut practical movement to
wards a careful examination of the business and
resources of the country, with a view to the adop
tion of a Judicious revenue system. The reports
of this commission were Interesting and valuable,
i and they exhibited so clearly the necessity for fur
1 ther and more complete Investigations, that by
4 the act of July 13, 18iii, the Secretary of the
Treasury was authorized to appoint an ollber in
his Department, to be styled tho Special Commis
sioner of Kcvenuc, whose duty It should bo "to
Inquire into nil the sources ot national revenue,
aud the best method of collecting the revenue;
the rel.ition of foreign trade to domestic industry;
the mutual adjustment of the systems of taxation
fy customs and excise, with a view of Insuring
(lie requisite revenue with the least disturbance or
JTiconveiiieiico to the progress ol industry, ana
be development of the resources of the coun
try," &c.
Under this act Mr. David A. Wells was ap
pointed Special Commissioner of the Revenue.
With what energy and ability he has undertaken
the very Uillieult duties devolved upon him, has
been manifested by tho reports which be has al
ready submitted to ConroisB. That which ac
COtnDanics. or will soon lollow this comimmien-
j Hon, will prove more fully than liiosG V.'i. '.eh have
I preceded it have done, the importance of the in
f vestigatiouB iu which ho is engaged, and the judi
I cious labor which be is bestowing upon them.
J The facts which ho presents, and the recom
mcnaattons nasod upon then;, are entitled to ins
most careful consideration of Congress. These
; reports of the Commissioner are so conllete that
tbey relieve the Secretary from diseasing e'tioo
i lately the questions of which they treat.
TIIK TAU1FK.
I As has been already stated, the receipts from
j customs for the fiscal year ending Juue 30, ixtiil,
were k 170,040, Ml'SK; for the year ending Juno
; 30, 1807, $170,417,810-88; and, for the last fiscal
year, 5 lCl,lGl,5!y-5G. These figures show that
the taritr lias produced large revenues, although
it is in no just sense a revenue tar i If. In this re
spect it has exceeded the expectations of Its
I friends, if, Indeed, it has not disappointed tliein.
It has not checked Importations, and complaint
is made, that it bus not given the auticipaietl pro-
: tecliou to home manufactures, not because it was
not skillfully trained to this end, but because an
inflated eurreuey the ell'cct of which upon im
portations was not fully comprehended has, in
a measure, defeated its object. It has advanced
the prices of dutiable articles, and, by adding to
the cost ot living, has been oppressive to consum
ers without being of decided benefit to those in
dustries iu whose interest it is regarded as having
been prepared.' In bis last report, the Secretary
recommended the extension of specific duties,
but did uot recommend a complete revision of
tbe tariif, on the ground that this work could uot
in intelligently done as long us business was sub-
b ject to coustanuuerangemeui oy un irreueemawe
I 1 iini'VCIH'V
The same difficulty still exists, but as decided
S( i action upon me suojcci oi currency ougui not to
j i be longer postponed, the present may not be an
I uUiaVOiaUlU llllie iur u muiuuu CAUuuuatiuu ui
' the turill'. It is obvious that a revision of it is re
quired, not only to relieve it of incongruities aud
obscurity, and to harmonize it with excise taxes
and with our agricultural and commercial inter
ests, but also to adapt it tt the very decided
change w hich must take place iu the business of
the co ui, try upon the restoration of the specie
standard. Large revenues uro now derived from
customs, because a redundant currency produces
' extravagance, which etimulates importations. If
the eurreuey were convertible and business were
regular and healthy, the tarilT would be severely
protective, if not in many instance! prohibitory,
indeed, of some valuable articles it is prohibitory
already.
There will be in the future, as there havo been
in the pust, widely different opinions upon this
long-vexed and very important subject, but the
indications are decided that the more enlightened
sentiment of the country demands that tho tariff
shall hereafter be a tan u lor revenue ana not lor
; protec tion, and that tho revenues to be derived
f. from it shall be no larger man, in connection wiiii
thoso recched from other sources, will be re-
quired for the economlcul administration of tho
: government, tho liiainU'.uauco of the public faith,
and the irradual extinirishnient of the public debt.
W hile the country is uot at present, and may not
lie for nisnv venrs to come, prepared lor the abro
gation of all restrictions, upon foreign commerce,
it is unquestionably prepared lor a revenue tariff.
The public debt is an incumbrance upon tho
tironei tv of the nation, and tho Uxes, the neces
sity for which it creates, by whatever mode and
from whatever sources collected, are at leant a
charire uuou tho consumers, luxes should not,
therefore, bo increased, nor will tho tax-payers
permit them to be permanently increased, lor tho
benefit of anv interest or section. Fortunately,
or unfortunately, as the qutstion may bo regarded
from dilU reut stand-points, the necessities of tho
povcriinient will be sneh lor many years that
large revenues must be derived from customs, so
that a strictly revenue tariff must incidentally
lienent our home manufactures.
According to the esiiumic made by the Secre
tary, an annual revenue of three hundred mil
lions will be required to meet the necessary de
mands upon the ireasurv, ami ior a sausiaeiory
reduction of tho public debt. How much of this
amount shall be derived from customs It will bo
for Conirress to determine. In examining this
difficult ciiustiou, tho magnitude ot our foreign
rtiht. and Dm necessity not only ot preventing It
Increase but of rapidly reducing It, must bu kept
iteaUily iu view. It inav bo necessary that a
larue portion of our bonds now held in J-.uropo
Iim Lnki n un with bonds bearing a lower rate ot
. Inteiest. ii:,valilc ill some Kuroiieail city, ill order
i Unit thev ui'iv bu lees ULlIv Ij 'be ret.irn ;d to the
United State at unpropltlon time. Whether
this la accomplished or not, it i of tho last im
portance that our Tux law, and especially the
tariff, should be ao framed a to encourage ex
port and enlargo our commerce with foreign na
tion, so that balances may be in our favor, and
the Interest, and In due time the principal, of our
foreign debt, may be paid by our surplus produc
tions. Many of "the Investigations of the Reve
nue Commissioner havo been made with the view
of furnishing Congress with the data necessary
for a thorough examination and a wiso delermf
nation of this most important question, and It Is
fortunate that the subsidence of pulitlc.il excite
ment removes many of tho dillicutcics hcretoforo
iu the way of an impartial consideration of it.
TIIK NATIONAL PKIIT.
The debt, between the first day of November,
1807, and tho first day of November, l8frt, In
creased trijri,(ia"),102'82. Of this Increase f 21, 152,
000 Is chargeable to tho Pacific Railroad, and
S-7,200,000 to tho purchase of Russian America.
Within the same period there was paid for
bounties $ 11.000,515, and ot least $1,000,000 for
Interest on compound and 7 3-10 notes, which
had accrued prior to the first of November, 18(17.
If these extraordinary advances and payment
had not been made, tho receipts would havo ex
ceeded the expenditure 4 1,787, 112-18. Con
sidering the heavy reduction of internal taxes
made at the last session of Congress, and the
large expenditures which have attended the mili
tary operations against the Indian on the fron
tier, and tho maintenance of largo forces at ex
pensive points iu the Southern States, this state
ment of the amount of the debt cannot bo re
garded an unsatisfactory one. Tun bounties will,
It is expected, be entirely paid within the n-xt
three months, and very li.'tlu Interest, except that
which accrues upon tho funded debt. Is hereafter
to be provided for. Should there bo henceforth
no extraordinary expenditures, and no further
donation of public moneys in the form of
bounties or of additional subsidies to railroad
companies with proper economy in the adminis
tration of the tieuerul Goverinneut, and with ju
dicious amendments of the Revenue laws, and
proper enforcement thereof, the public debt, with
out oppressive taxation, can be rapidly diminished
and easily extinguished within tho period hereto
fore named by the Secretary.
The ability'of the United State to maintain
their integrity against Insurrection os well as
against a foreigu enemy, can no longer bo
doubted, 'ihe question of their ability, under
democratic institutions, to sustain a large natioual
debt, is still to be decided. That this question
should be allirmatively settled, it is, in the
opinion of the Secretary, of tho highest import
ance that the tax-paying voter should be en
couraged by the fact that the debt Is iu the pro
gress of rapid extinguishment, and is not to be a
permanent burden upon them and their pos
terity. If it be understood that this debt is to be
a pei pelual incumbrance upon the property and
industry of the nation, it is certainly to bo feared
that the' collection of taxes necessary to pay the
interest upon it may require the exercise of
power by the central government, inconsistent
with republicanism, and dangerous to the liberties
of the people. The debt must bo paid. Direct
repudiation is an impossibility; indirect repudia
tion, by further issues of "legal-tender notes,
would be madness. To insure its payment with
out a change in tho essential character of the
government, every year should witness a reduc
tion of its amoiiut aud a diminution of Its
burdens.
TIIK NATIONAL PEnT.
The war was virtually closed in April, 1805. On
the first day of that" month tho public debt
amounted, according to the" books and accounts
of the Department, to $2,8tiG,9i6,07734. On the
first day of September following it amounted to
82,757,(180,571 ' lil, having increased iu lour months
i;i!Ki,7.'il,'l!M'0!). From that period it continued
to decline until November 1, 1807, when it had
fallen to $2, l'Jl, 501,150. On the first day of No
vember last it bad. risen to $2,5-'7,120,552-82. ly
this statement it nppears that, between the first
day of April, 1805, and tho first day of September
of the same year, the debt increased $;i!i0,731,-404-00,
and that between the first day of Septem
ber, 1805, and the first day of November, 1808,
it decreased fr.n,rb'0,GlK-ci- nil?? that on the Jagj
day mentioned it was -iliO,17l, 17.V18 larger than
it was on the first day of April. 1805. Sinco tiwn
the Treaourer's receipts from all sources of reve
nue have been as follows:
For A pi II. May uud J ino, 18115 8S3 Btt.l(",4-13
For li.e ye:ir eliding June 30, lsfiil 6ftS,032,62i)-otl
l'or the year rurtin Jane 3D, lii7 4'JH,uU4.Ul(i H7
Kor the veiir endinc Jane 30, lSiiS 4t5,ii:,0S3-32
June 30 l November I, lbOS m,fi.i2,ltit-4i
Total nf reef Ints 81,05-', 17U,0020
To which should beadded Ihe increase
of ihe debt beuveoii the llrst flay or
April, lsCft, nnu the niat dv of Nj
vuuiber, lbliS. . 160,174,475-49
81.f'22.6.W,637 B3
This exhibit ehows that tho large sum of Sfi,-
822,(i50,,ri:i7'ti8 was expended iu the payment of
the interest and of other demands upon the Trea
sury in three years and seven months, being an
average annual expenditure ot f'5081GlG,C01-G8.
If the statement ot the public dent on tno nisi
day of April, 1805, had Included all debts duo at
that time, and $1,822,050,537-08 had really been
expended in payment of the interest on the public
debt, and the current expenses oi me government
between that day and the first day of November
last, there would have been a prolligacy r.nd a
recklessness in the expenditures of tho public
moneys discreditable to the government aud dis
heartening to tax-payers. Fortunately this is
not the fact. That statement (a is true of all
oilier monthly statements of tho Treasury), ex
hibited ouly the adjusted Ueot, aecorumg to tno
Looks oi tno Treasury, anu mu not, ami couui
not, include tho large sums duo to the soldiers of
the great Uuion army (numbering at that time
little less than a million of men), for "pay" and
for "bounties," or on claims ol various Rinds,
which must of necessity have been unsettled.
For the purpose ot putting this matter right, tne
Secretary has endeavored to ascertain from tho
War and Navy Departments how much of their
respective disbursements, since tho close of tho
war. has been iu payment of debts properly
chargeable to the expenses of tho war. Tiro fol
lowing is the result oi ins inquiries:
By the War Department 5i5,t31,125,90
liy the Ny Department 35,000,000 00
It has been impossible to obtain exact state
ments of the amount of such debts paid by tho
Navy Department, but sufficient information has
been received to justify the Secretary iu estimat
ing it in round number nt thirty-live millions,
which is probably an under rather than an over
estimate. The expenditures of the War Depart
ment have been lurniblied in detail, and are be
lieved to be substantially correct.
These figure show that the money expended
by the War and Navy Departments, between the
first day of April, 18(15, and the first day of No
vember, 1808, on claims justly chargeable to the
cxiienscs of the war
AniourUd to 8W0.431.125 09
To which should be added amount ad
vanced to the l'ac.illn roads 43,194.000-00
Amount paid for AUska 7,20(1,000 00
dcstitntlrn, resulting from It terrible struggle to
oparato Itself from tho Union, with It political
condition unsettled, and it Industry in a great,
degree paralyzed) and while also the other two
thirds were slowly recovering from the drain
upon their productive labor and resources a ne
cessary accompaniment of a gigantic aud pro
tracted war.
'": ' H'iimsii,
It Is also recommended that the Secretary be
nulhoilzed to Issno $500,000, 000 of bonds, f 50,
(H)O,(H 0 of which shall mature annually; the first
f 5t,iK,0,(M)() to bo payable, principal and interest,
in lawful money, the principal and lutarest of the
rest In coin; and also such further amount of bonds
as may be necessary to take up tho outstanding
six per cents and the non-Interest bearing debt,
S arable In coin thirty rears after date, and re
eemable at any time after ten years at the plea
sure of the government, the interest to be paid
Bcml-annuaily In coin, aud in no case to exceed
the rate of five per rent.; provided that the Se
cretary may, In his discretion, make tho principal
and interest of 5(n,mo,00i) of these bonds paya
ble at such city or cities iu Europe as he may
deem best.
The fact that, according to tho recommenda
tion, $50,noo,on0 of the bonds to be Issued uro to
become due each year for ten consecutive years
(at the expiration'of which time all of the bonds
would be under the control of the government)
would insure on nnnual reduction of 50,0(10,00!)
of the public debt, and impart a credit to the
other bonds which would insure tho uegotiatiou
of them on favorable terms.
Of the expediency of an issue of bonds corres-
Eonding, to some extent, in amount with those
eld hi Europe, the interest and principal ot
Wliieli shall bo paid in the countries whero they
urc to be negotiated, there can be but little doubt.
In icconimeiiding the issue of bonds bearing a
lower late of iuterest, to be exchanged for tho
outstanding six Per cents., the Secretary must
not be understood as having changed his opinion
iu regard to the expediency or the wisdom of tho
recommendation in bis last report:
"Tlint Hit) act of M roll 3, 186), be so amendi-d ns tl
nutlitirize the Secretary ot the Treasury '. issue six
per ceu'. gold-bearing bonds, to lis known hi ihu cu
Hilidaled delt of the United Slates, having twenty
ye rs iu run, and redeemable, if It may he thought ad
visable, 1 1 an earlier dav.io be exchanged at par tor rot
mi all o heroiHuiliou of the uoverumeut, one-sixth
part of tl e interest on which, in lieu ol all oilier taxes,
at each si mi-a maal payment, shall he reserved by the
gnviruniei t, uud puid over to the States according to
population."
lie ltfers to what he then said iu advocacy of
that recommendation, as an expression of his
well-consideied opinions at the present time, aud
and he is oi.ly prevented from repeating the re
coniniei.datii n, by the fact that it met with little
approval at the last session, and ha not grown
into favor since. Ho sincerely hopes that the
future history of the debt will vindicate tho wis
dom of those who arc unable to approve the pro
position. COAST Sl'ltVUYS.
The progress of the coast survey has been satis
factory, and commensurate with the appropria
tions, as will be seen from the annual report of
tha Superintendent of that work. During the
past year surveys have been In progress in the fol
lowing localities, named in geographical order,
viz.: On tho coast of Maine, in Penobscot bay
ond on the islands lying within its entrance; on
the shores of Sf. lcorge's and Mcdonlak rivers;
iu Miiscougus bay; on tho estuaries of Quolog
bay, and iu the vicinity of Portland; completing
all the in-shorc work between tho Penobscot and
Cnpc Elizabeth. In Massachusetts, between
Barnstable and Monomay, completing the survey
of Cope Cod. Iu Rhode Island, on the western
part of Nnrragansctt bay. In New York, at Ron
dout and iu the bay of "New York. In New Jer
sey, on the coast near the head of Barnegat bay.
In Maryland and Virginia, on the Potomac river
mid the southern part of Chesapeake bay. In
North Carolina, in l'amllco sound and on its west
ern shore, including Netiso and Bay rivers, and
off tho coast north of Hatteraa. It South Caro
lina, on the estuaries of Tort Royal Sound. In
Gcoigia, on St. Catharine's, Doboy and St. An
drew's sounds; in the Florida btraits and in tho
bay between the keys and main shore of Florida.
On the coast between l'ensacola ond Mobile cn-
.!,. .... "i me Aitssissi'vn. ana in
:.,i.-,.ct. m..,., .,.! n .. riT.?..,'l! '
.... i' m'auo. in vaifiorniil surveying
iiarties liuve been at work fm the coast between
Jtieuaventura and Santa Barbara, ut l'oiut Sal,
and on the peninsula of Sau Francisco. In
Oregon, on Yaqtiinna bay, Columbia and Uelia
lctir rivers. In Washington Territory, on Fuca
Btraits and in Fugct sound.-
Iu the Const Survey Ofi'ce, forty-eight charts
have been entirely or partially engraved during
the year, of which nineteen havo been published.
Regular observations of the tides at seven princi
pal stations have been kept up, and tide tables,
tor all parts of the United States, for. the eu-
; - i - i ...,i.i:..i.,.,i . n,i:.:....
oiling jein, uu; iiliu iiuuurui;u. i uvv aiuiwu .
of the Directory or Coast Pilot for the western
coost has been prepared, aud a preliminary guide '
for tho navigation of tho uorthwestum coast has
been compiled.
This brief glance at tho operations of tho Coast
Survey during the post yeur shows the great
Bcope of that work, which has Justly earned a '
Jtjl- III VHP It 1 V VI juuuv iuiui. A ,n aaa J-'' vti vv vvs
the commerce aud navigation of tho couutry arc
now well understood, nor can Us incidental con
tributions to science fail to bo appreciated by the
representative of tho people. The work should
be pressed steadily forward, with means sufficient
for the most effective working of tho existing
organization, so that it may embrace, at uo dis
tant period, the whole of our extended coast line
within its operations, including ttie principal
buibors in our nowiy-acquired Territory of
Ahitku.
RKSt'MK. .
In concluding lids communication, it may not
be inappropriate for tho Secretary, iu a few" brief
words, to review some points iu the general policy
of the administration of the Treasury for the past
four yea i s.
Tho following statement published In tho last
Treasury reportexhibits the condition of tho
Treasury on tho 1st ol April, 1805:
I Ulie.ed debt $1,100,361,241 80
Matured debt 34'J, lvM'09
Temporarily la.iu certificate ti2,4.V2,.w)"23
Ceriircnie iifiudebtediieus 17l,7'Ja,0ii)-u0
luirrenl-hcaiuii; note M(i,al'2,SilJ'(HJ
Suspended or unpaid requisition- 1 14, UbA.MS-Vii
I'nilrd Siaicn uules, leal tenders ... 4H3,liSil,M!9 UO
Frucliouul currency 24,254,094 07
$(17!,9212S'0
Deducting this sum from the amount of tho
revenues. il.Gti2.47ti,Ot!2,20. and SilGO.174,-175'18,
the Increase of tho public debt the remainder,
1,1 12,825, 111-78, or an averago of 318,928,021-8D
per annum, is the amouut actually expended in
the payment of current expenses aud interest.
It ii, thus shown that within a period of three
years and seven mouths, the revenues or tho
receipts from all sources of revenue reached the
.,,.. i:,:-i ion (u:--h nml th.it.
CIIUI lillJUB' PUIM VI i ......
t':.0, 131,126-'J0 were paid on debts which were
actually due at the close of the war, and for
bounties which, like tho pay of the army, were a
part of tho expenses of tho wur. Adding the
amount thus paid to the debt as exhibited by the
books of the Treasury on the first day of April,
18G5, It appears that the debt of the United States
ut that time was $2,!U7,38(i,2o:)-21, aud that tho
actual reduction has been 170,250,050-12 ; and
but for tbe advances to tho Pacific roads, and tho
amount paid for Alasku, would havo been $510,
(i50.(J5U'12. IMMENSK KKHOI'UCKa.
Nothing can belter exhibit the greatness of tho
resources of this young nation than this st de
ment, or show more clearly its ability to in iko
"short work" of the extinguishment of tho public
debt. It will be borne in luSnd that thesis 1m
li:i use r vt lines have been collected while oue
Uurd purl ol the country was iu a slaty of gru.it
Cah in the Treasury
$2,423,437,iKi2".8
, $5Mdl,Si2t 84
piled With securities, and that there was also
throughout the Union a prevailing apprehension
that financial disaster would speedily follow the
termination of tho war. Tho gientoes of tho
emergency pave the Secretary no time to try rx
rrrimcnts for borrowing on a new security cf
long time and lower iuterest, and removed from
his mind nil doubt or hesitation iu regard to tho
course to lie pursued.
It was estimated that at least seven hundred
millions of dollars should be raised, in addition
to the revenue receipts, for the payment of the
requisition already drawn, and that those must
soon follow i rcparatory to the disbandment of
the Union army and of other demand upon tho
Treasury. The anxious Inquiries then were, by
what means can this large amount of money bo
raised? and not what will be tbe cost of raising It.
How run the soldiers be paid, and the army be
disbanded, so that the extraordinary expenses of
the War Department may be stopped? and not
what rate of interest shall be paid for the moucy.
These were the inquiries pressed upon tho Secre
tary, lie answered them by calling to hi aid
the well-tried ugent who had been employed by
bis immediate predecessors, and by offering the
seven and three-tenths notes the most popular
loan ever offered to the people In every city and
village, and by securing the advocacy of the press
throughout the length nnd breadth of the land.
In It ps thnn four months from the time the work
of obtnii.iiig subscriptions was actively com
menced, the Treasury was In a condition to meet
ccry demand upon it.
But while the Treasury was thus relieved, the
character of (he debt was by no means satisfac
tory. On tbe first day of September it cousietcd
of the following items :
Fnndeddetu 8t,10t,SM,191RO
Matured debt 1,50,0 (!
Temporary lo n 107.14S.713 16
Certificates of Indebtedness 8.0!I3,0(H)-O0
Five per cent, lentil lender miles B 9M. 230-00
Ci'mpoiiiKl intend legal lender notes. 217,24,16D 00
T 30 notes 83i.l)n0.0ao-00
United Mules notrn, le'al tenduis 4:'3,1fiO,tjfiiH)0
FiarliiM al currency 28. It 44 742-M
titif(,endtu requisitions uncalled fur... 2,111,000-00
Tolal $2,S4!i,0l7.C2(!-.VI
Dei.utt cusb Iu Treaeury 88,2I8.0.')5 13
Tt.tal $2,3G6 955,077-84
By this stalament it appears that, with
fr.ri(J,'8l,ii2-l-84 in the Treasury, there were re
quUition waitiug for payment (the delay in the
payment of which was greatly discrediting tho
government) to the amount ot $111,25(1,5-18-1)3,
that there were $52,452,32821) of temporary loan
certificates liable to be presented in from ten to
thirty days' notice, and -f171,7ii0,000 of certifi
cates of indebtedness which had been Issued to
contractors for waut of the money to pay the re
quisitions in their favor, and which were matur
ing daily. At tho same lime, the effort to nego
tiate securities were not being attended with the
usual success, while tho expenses of the war
were not less than two millions of dollars per day.
The vouchers issued to contractors for the neces
sary supplies of the army and navy payable one
half in certificates ot indebtedness aud the other
liiilf iu money wero being sold at a discount of
from ten to twenty per cent., indicating by their
depreciation how low was the credit of tho go
vernment, and .how uncertain was the time of
pavment.
The fall of Richmond and the surrender of the
army of Virginia under General Lee, (which vir
tually closed the war,) had not tho effect of re
lieving the Treasury. On the contrary, its cm
boirussmeuts were increased thereby, inasmuch
in, it seemed to leave the government without ex
citso for not paying its debts, at tho same time
thut popular uppcal for subscriptions to the public
loans were divcoted of much of their strength. As
long tie tho government was In danger, by tho
continuation of hostilities, the patriotism of the
peoplo could be successfully appealed to for tho
purpose of raising, money and sustaining the
pul lie credit, without which the war could not
do vigorously prosecuted. When hostilities
censed, and 'the safety and unity of the go
vernment were assured, self-interest became
dgiin tlm controlling power. It will bo re
liuinbirtd that it was then generally sup
pored that the country was already fully sup.
Balnee .7S7,6S!,6If43
From this statement it will be perceived that
$l,27G,8:!.12a25 of the public debt consisted of
various forms of temporary securities; $i:i;i,l(it),rGD
of Uni'cd States notes the excess, of which
over $ 100,000,000 having been put into circula
tion in pnynieiit of temporary loans and f2(,
;M 1,7-12 of fractional currency. Portions of this
ttnq oiarv debt were maturing dailv, and all of
it, intlodirg 518,115,000 of the fuuJed debt, was
to be provided for within a period of three years.
The 7-110 notes were, by law and the terms of the
loan, convertible at maturity, at t lie will of tho
holder, into 5-20 bonds, or payable like the rest of
these temporary obligations, iu lawfnl money.
It was of course necessary to make provision
for the daily maturing debt," and also for taking
up, from time to time, such portions of it as
could be advantageously converted into bonds or
paid in currency before maturity, for tin- purpose
of avoiding the necessity of accumulating large
sums of money and of'relicving the Treasury
from the danger it would be exposed to if a very
considerable portion of the debt were permitted
to mature, with no other means of paying it
than that afforded by sales of bonds in a "market
too uncertain to be confidently relied upon iu an
emergency. In addition to the temporary loan,
payment of which could be demanded on so short
it notice as to make It virtually a debt payable on
demand the certificates of indebtedness, which
were maturing at the rate of from fifteen to
twenty millions per month the five per cent,
notes, which matured in January following, and
the compound interest notes, which were payable
nt various times wlthiu a period of three years
there were $880,000,000 of 7-80 notes which
would become duo os lollows, viz. :
Aiienst is, 1867 ?nno,ooo,ooo'
June 15, 1863 3no,00i),000
July 15. 1893 2;!i),000,000
As tho option of conversion was with the
holders of these notes, it depended upon tho con
dition of the market whether they would be pre
sented for payment in lawful money or to be o
chaii"ed for bopds. No prudent , intrusted
wltiMl'if. ri.ro of the nation's interest and credit,
wouM permit twt? or three Jiundrei miu'y? ?f
debt to mature !r uwiu nuiKing provision for its
payment; nor would he, If it could be avoided, ac
cumulate large sums of money in the Treasury
hich would uot be call'-d lor, if the price of
bonds should be such as to make the conversion
of the notes prcfe able to their payment in lawful
money. The policy of tho Secretary was, there
fore, a ho remarked in a former report, deter
mined by the condition of the Treasury and the
country, ond by the character of the debt. It was
simply, liist, to put and keep the Treasury in such
condition ns not only to be prepared to pay all
i laims upon presentation, but also to be strong
enough to pievenl the success of anv combina
tions that might be formed to control Us manage
ment; and. second, to take up quietly In advance
of their maturity, by payment or conversion,
such poi tions of the temporary debt as would
obviate the necessity of accumulating large cur
rency balances in the Treasury, and at the sumo
time relieve it lrom mo tiangcroi ueinir lorcea to
a fct ther issue of legal tender notes, or to a sale
ol bonds, at whatever price they might command.
In earn ing out this policy, it seemed also to bo
the duty of the Secretary to have duo regard to
the interests of the people, and to prevetit, as far
ns possible, the work of funding from disturbing
legitimate business. As financial trouble has
almost inverlably followed closely upon the ter
mination f protracted wars, it was generally
lean il, us l.us been already remarked, that such
trouble would be unavoidable at the close of the
great and expensive war In which the United
tntis had been tor lour years engaged, mis, ot
course, it was important to avoid, as Its occur
rence might not only render funding dilllsult, nut
might prostrate those great interests upon which
the government depended for its revenues. It
was, and constantly has been, therefore, tho aim
of the Secretary so to administer tho Treasury,
while borrowing money and tunning tne tem
1 lirary obligations, as to prevent a commercial
crisis, and to keep the business of the country as
steady as was possible on the basis of an irre
deemable and constantly Huctuating currency.
Whether bis efforts have contributed to this end
or not, lie does not undertake to say ; but tbe fact
Is iinijiH stioned, that a great war has been closed
huge ionus have been effected heavy revenues
have been collected, and some thirteen hundred
millions of dollars of temporary oblig itious havo
been pnid fir funded, and a great debt brought
into manageable shape, not ouly without a flnun
ciid ciisis, but without any disturbance to the
ordinary business of the country.
To accomplish theso things successfully, the
Seen taiy deemed it necessary, as has been before
stated, that the Treasury should be kept con
stantly iu a strong condition, with power to pre
vent the credit of the government and the great
Interests of the people from being placed at tho
mercy of adverse iuflueuces. Notwithstanding
tbe magnitude and character of the debt, this
power tbe Treasury has, for the last three years,
possessed; aud it has been the well-known exist
ence, rather than tbe exercise of it, which has, in
repeated iustanecB, saved tho country from panic
and disaster. The gold reserve, the maintenance
of which has subjected the Secretary to constant
bitter criticism, has giveu a confidence to tho
holder of our securities, at home and abroad, by
the constant evidence which it exhibited of tho
obility i of the government, without depending
upon purchases in the market, to pay the interest
upon tho publio debt, ond a steadiness to trade,
by preventing violent fluctuations in tho con
vertible value of the eiijjyency, which have been
a more than ample compensation to the country
for any loss of Interest that may have been sus
tained thereby. If the gold in the Treasury had
bteu sold dowu to what was absolutely needed
for the payment of tho interest on the public
debt, not only would the public credit havo beon
endangered, but the currency, and, consequently
the entire business of the country would have
been constantly subject to tho dangerous power
of speculative combinations.
Of the unavailing effort that was made by the
Secictary to contract the currency, with the
view of liupreciating it to tho soccie standard, ho
foi betitt. to spe.uk. His action In respect to con
trrctli o, although authorized, and for a llmo sus
tained, was subsequently 'disapproved (as ho
thinks unwliely) by Congress. Ulils Is a ques
tion, however, that can bo better determined
beriHller than now.
j REAL ESTATE SALES. ,
G KEAL E8TATK.-TBOMAS SOtfS'
SALKModern Tbree-story Brlok Kest
ueuce, No. 29J H. Third street, above Bprnon
s'leel.-On Inesday, December 23,1888, al 12
o'elor, noon, will be sold at pnblto sale, at tn
'Mladelphla Exobsnge, all that modern tbrea-H-.-t
br'ek noetsaage and lot of ground situate
1Bt ld ot Third street, 86 feet 8 lnebes
TV1"00 street. No. 292: containing In
flliJ?? Thlrf .t;e nobes. and ex
tending In deptb 80 feet, toaetuer wltb tbe
privilege of a Mirre feel wide alley. Xt bas tbe
was introdnced; bath, hot and oold water, etc
Clear of all incumbrance. Terms 13000 may
remain on morigMga Immediate possession.
Kejsattte Atfftnon ltoomn,
,.M T.HOMAB A HONS. Auctioneers.
12 7 2w Nos. IWaml HI H. FOUKTH Hlreet.
FANCY GOODS.
RB & C. A. WRIGHT,
Ko. C2i CIIESXrT STREET,
Have Utst received a large assortment of
NEW AND ELKO ANT
FANCY ARTICLES.
Selected iu Europe this season for tbelr
NOVELTY AND BEAU I Y, ESPECIALLY
FOR CHRISTMAS PUEdENrS.
Also, a large and beautiful assortment or
gtnulLe
MEERSCHAUM PirES,
Which tbey offer for sale III 80 mwnu
AT VERY REDUCKD PRICES. 1
fl O L I D A Y JP R ESCNT3!
WRITING DESKS,
A veiy Large Assortment,
From II 50 to $35 00.
WALNUT, ROSEWOOD, MAHOONY,
PAl'l b R-M At'HU, AND LE-AfHElt
BACK UAMA10N BOARD-,
FOUIFOLTO,
HL'OrCH GOODS,
And a variety of
FANCY UUODd AND GAMES.
R. HOPKINS & CO..
. No. 013 ARCH S.reet.
91mws8rn Open Eveolog.
T-T OLIDA Y' PRESENTS.
Just received, a large assortment of Papier
Macbe Rosewood Wr.tiDir links, Backgammon
Boards, Cbess, Oold Pens, Walleis, Cards, Games, etc.
Fiencb Paper and Envelopes, already stamped, la
boxts.. JOHN JLUSBKD,
1U12IPWS No. 921 BPRINQ PARPEN Street.
CARRIAGES.
Q A R R I A G
C S.
Neilce Is repeetfn'if given to customers ana others
dnilrU g CA1UU Aditt ut the
MANUFACTURE
or
Vm. D. ROGERS,
OF OHESNUT STREET,
To place their orders as sooa as possible, to Insure
tueir completion tor the
DR1YIKG SEASON OF 1809.
vt neat and
and Insurance effected,
OA BRTAGEH "Rf Alv
IRRlilAtt Et bTOBRD
YM. D. ROGERS,
Kw 1009 aud 1011 CI1ESMT Street,
lUfPHv2m PHILADELPHIA.
OAItDHEU & FLEMING,
CARRIAGE BUILDERS.
Ho. 211 South FIFTH Street,
BELOW WA1NUT.
An asdortmeat of NEW AND SECOND HAND
CARRIAGES always on liana at REASONABLE
PfclCJu-3. S t (mwtiin
FURS.
TpANCY FURS I FANCY FUR3 !
GREAT REDUCTION IN PRICES.
JOHN F A It E I H A,
At bis old and -well -known FUR HOUSE,
No. 718 AKCU Street,
Is now closing oat tne balance of bis immense
assortment ot
FANCY XTJXfcS,
For Ladles' and Children's wear, at a great
redact Ion i.r prices.
Tbls stock must ail be suld before New Year
lo make loom lor great alteration! lnouresta
biUbuient next enr. Tbe cbaracter of my
b urn is too well known to require praise.
Remember tbe name and number,
JOHN FAUEIRA,
No. 7IO ARCH STREET,
11 30 2-U rp
PHILADELPHIA,
LEWIS BLAYLOCK,
o. 52 K. EIUI1T1I St., Below Arch,
Where may be found a larue assortment of
FINE ITU IIS
FOR LADIES AND CHILDREN.
AlHO, ROBES ASD GENTLEMEN'S jTCItS,
OA lMLETB, MUFFLERS aud CAPS, at reaoon
able im: U M fmw tu at
FURNITURE, ETC.
EXTRA
FINE FUltNITUltE.
Latest Designs Superior Make aud Finish.
A. & H. LEJAMBRE,
French Cabinet Makers aud Upholsterers,
Ao. 1433 CIIESXUT Street,
12 2 wmulm
-PHILADELPHIA.
CHROMO-LITHQGRAPHS.
"A REGAL DESSERT."
A new and beautiful Chromo-Llthorrapb, aftez a
painting by J. W. Peyer, Just received by
A. S. K Oil INS ON, '
No. 910 CHE8NCT Street, '
Who bas )ast received
NEW OH ROM OH.
N.W KNURAVrNGS, '
KiW FRKNOH FHOTOGKAPH8,
NEW IRKUDIf UNAMELb
BOOKING aLASaiM, Ji.M.
t,lu VttKB OALLKHT,
AUCTION SALES.
BANTING, DI7UB0B0W A CO.,. AD0TI6K-
Of Bank tlrtat. HuoooMors to John H. Mj er? aiS
IjARQKBALK Or BRITISH. FRKWm OXRIfjtM
. Oo TburifUy Mornlnc, m
SCO. 10, at 10 o'clock, ou lour moniua' oredlt. fit i is .
1.AR8H BAtB OF CA KPETTNOS. ' FLOOR OU.'
rno plM5 inn-sin. Venetian. Hat, bemp. cotmri VJ
r( carpvUnss. Uoor oil olotb. aio. 1iih
X.ARQ-B BALE OF FRKuo W AND OTHER. KtJRO-
rA:J'HY aooiiH, Era
jveo 14. at 10 o clock, on lour month i' credit. II I m
BALE OF IIAArifilBinlvVKa
December TS, at loo-ci., on lour Months' oriiiw
MAIU'Dl BROTHERS, AUjrF0NEER3Z.
It.an.ir Pain.ni... r... m' m.UT . Lr
JSo. iw CliAbNUX bt-r enwanc. from aTnor.
HANDSOME HEPIDkni w An nmviw.
I I N J N U- KUO At F I ! h CM 11 U KK HO uw! wi x
lis NO Hi hi K. PA iNl'INGa. lRONZtoVf?3
On 'Ibuf.oay MornluK
Pfcmbpr 10, at Iw o'clora.at No.8l Wbartf i
lrei. by catai. gnp, tbe entire' naodBome b"u"u!3
i iDhur. lncluoln suit Hegani walnut and gei
WfibV.!If'.V,,-,;fo"m '"""'. four suiu el'Ifn
V.lJf """Lt cbauioer lurniiure ro.sewo..d pUmZ
fort, linetrcnon plate mantel mirror hinaim..
balr niaurteB,.oiiMecninbrrull. oil palntiu.a
and t-niravlriiii, bror.a. nCu KokImI BruMel n!
-May be examined at S o'clock on tbe morning oi
" HANE60ME ODBN RE9IDENCR.
Inininlihiny previous to ilie sale or lurnilnre, at
iu o' loi, on lie ptrniiHP, will be sold tne banTi!
aonieniodern ibren auny brick rrinueoce. w it k ,
duuole ibree morv bBtk-t.ulflliigB and lot ol irouid
liuaie on the nor b side or W barton i street' A
t""!.?!'.'- 'J he houe la very .upri.Jr. '
. . ""MJUI raonee, not ai d cola waier
jalrr then, beater, aa tnroiiKhoot; ban narioS
f)iuln,.rii,n).aud kucbu ou Umi Tn.,or lutat m
bmb and a.fne-KMma.HU rbambers dry """aVS
an iiuie. 11 1 Hi
- . .Fa,e No" ''' Ohsent utreef.
HA N D0 W h. t U X M 1 1 R , HJ Pk H lOK OOTTA n
li Ail H K l-Ul I b. VI ti K H Allt Ma'l TK K2S
On Friday Alornlng,
Dec. ll.stlOo'ch ck, at No. 1:7 Chenut St., byoata.
loue tnei,ilreBiiperlor household lurniiure Inalud.
ligirptrlorwaiuuliarijriurnliurejgBul BhandwuX
-aaliiUi iLamlivr r.iriiltnri. a ...... .......... """wuia ,
ri amiri-r lurnl urt-; Hue hair a d ouir ni.trw,.
beauli Ki liovn line BiuneiB. Ingrain, and VHuatian
carneiB:; chma and g au.waie; k.lcheu furniiur "nd
uirniilB: wlneuw shadeB, elo. i iv 17?
U ay be txaniltied at 8 o'clock on morning of sale.
LAIiGK PFECIAL BALK OF FINE TOrrwT
WAtE. AT TUi, AUCTION HOOAIli HT
On balurday Morning,
Decrmber 12 at 11 o'clo. k. at the auction rooms, br
clalo,ue wnbout leat-rve, a lage aBnomueul of
Plain aud fancy naluUd flue loUot seta, Una slim
Jars, foot tubs, and water carriers. u j jj
8ale at No. Ufa Cama-i street.
BrPFRIOR bOLCkHOLll rUttM'IURtC.nOBHi.
Si'IYi'it'f IS r&Wtt1
Ou Monday Morning,
Decsmbrr H, at 10 ocuck. al No. lofl Cam an
urtei, between Twt-irib and Tblrteenib aireevk.
abi ve Berktt sireet.lbe rntlre superior bousetiolul
luriiiiuie. rceooil plauo-tone, flue Brussels Ingrain
blU oilier carpeta, china and klaaaware. inatu easua
bt dcfli g. exieiiHli.n table, no. .
Maybe exaUilutd at ti o'clock on tbe morning of
'Si--. 12 2t
. Ha'e No. 59 Chesnut street.
VALUaHLK fcoOKrl AND ALB DM 3,
On Morday Afternoon,
14 n Inat, at 4i'ulocs, at tbe auction rooms by cata
lfltue, Va'ua'ilelJulleullun ol Baots, Inuluaing lam ly
11 uxlrated works. Die HI bios, pnolograpk tiibuius.
bauuaomely bound, etc. u .
Public 6a'e on tbe pre Dlres, No. 2118 Erandywlne
street.
EEI3IDENCE AND FURNITURE.
. On Tnursnay Morning.
Mb Instant, at lu o'clock. 011 tbe premises, alt that
nei t modem linee-story brick reeldeute, two-atorr
lmck-l.nl ding aud lot o( ground. 16 feel, front by 77
leet cltrp. aiiuaie on Ihe aouib side ol Rrauriywlna
Blrtet, ao. 2114, etibleoi aoud ....
V" to.
fl-hUbbil-H ANU OIHFH CAHPi'ls liTn111
I"'ul'y sue. tbV sale 01 the KsldMat la
be, a.d dih..lgromTuVnbuVe UuTii ZelanS
May be ezumlued OU tbe morclug ofsa'e at
o't'K tk. 2 4 in '
M1H011A8 4 iSOMl?, KCfc. 13) AMD li
a b. JOUHIH fcl KkkT.
Bale at tbe Anoilon Roong, Nor. 139 and 111 B. Fnnrtl.
street. uuiw
HAKDHOMH FURNI'lUKK, PIANO, MIEttOH"
HANUhONU VU.LVKT, JIUUd sEL i A NO
On Thursday Morning,
Do. lo. at 9 o'clock, ai the Auction Room, by cata-'
lofcue, alargeaisurtmentor superior Iloiwehoid 'ur- '
niiure.couiprliilng Handsome walnut parlor, .loiarr
dlulug-iooui, auu cuaruuer lurniiure; so lienor r-rss'
w ilnno-loi'te, hue f reucn plate mantel aud uUr
mirrors. warombes, buok-ca-.eu ald.borda, extension,
o-mre, and bouquet tab.m; chlua, gla-ss, and niated
ware; beds and bidding; flue hair mattresses; 01U09
furullure; chanoellere; fine eagravlngv gai o iu
dumlug and cooking eiovet; bandaome veivet Brus
sels atd other carpets, etc. etc, 12 8 2 '
Bale at No M24 Walnut street. .
6UPEBIOR HOUHEHuLD FL'HNITLKE LARfJR
MANIKL AI) PlJtn MIRRUItS, JiaUsaJSlLS
On Friday Morning. '
1Kb ioHlant, at iu o'clock, at, Mo. ie4 Walnut ttrAet "
by cdialokue, couiprilug drawing-room lurmture '
mantel and plt-r mlrrols: anu Brussels aud other
i-arpe s; eiiperl r blicb wood cbember luinliuemada 1
to crcer l-y r-arhei; e eanv cbeval .glaas: ingrain 1
carpels; ol, cloth, etc . etc. '
May be exaiulLid on the morning of sale at 8 '
o'ciock . H9 2t 1
ri-irjlllA ItlRTll .tr KIIM lI'rMivn.t.
L AND OOMWHSMION MKltoaANTM. N.i. ma
0 HKcN UT Btreeti rear entrance No. UU7 Banaom all
BALE OF FINE DIAMOND JEWELttY. GOLD '
WAICHIB. CHAINI. KTO.
1 On Thuu day siorolng. '
At 11 o'clock al ibe suction Btue, No. 1110 nhe-innt
slreei. will be sold an lo voice of Hue diamond clurer
aud single more brcaetpins aud linger rlgs. line gold
KUd si. vtr EuKllub and bw bs waiches, gold Leonllaa
tha ns. tld sleeve butlons Btuds. el -.
'1 lie fiotds can be examined ai the auction store on
Vitdtiesdy. ii2t
Sale No. 11 lu i hesn--'t street.
brpj:ninR ms anli afc;uiNi,.iiArJn Hotraie.
liUlD FCRMTCKK 1UMH CKPKTel. Milt-K-
jHf , rLUKD WAmi, OLAiidWABlt. JCJCLO
1.KO.H, CHINA. - l tl.
Oo Fililay Morning,
At ( "'clock, at the auction b-ore, No. UlOObesant
. I Yll l,J tn,l m l.,ua Bua,.w...an I .
Utuiehiild lurtilture, lucludlug elegant walnut pr
lorsnlis In piUHb, cbambf r suiisol ulnut, 11 n la tied
In Ml and varnish; sldehoardB, exten.lon dlnleg.
tables, spring and hair matlrcsiea marble-top tauten,
cot eg" cuamber fniulluie. Bratsela tapeilry, Inira'n
ana Venetian earpets; meiodeou. parlor orgaa,
reiod piano-fortes, silver plated ware, Ouina
stoves, sis.
Also, office deiks and tables, dreproof cheat, letter
press, eic.
iet'Asi'8 OF GLAWiWAFE-Also. IS paokaeai
of pew giasiware, 01 nailing of band sets, giihlets
psfplts, tumblers, clshee, bowls, elo. 1111
IPP1NCOTT. BON & CO.. ALCriONEBBS.
AbHJlUUJsT BULLDINO, No. SAU UAiVkkT Bt.
HOLIDAY GOODS.
LATlfil" POSITIVE HKEUIAL M 4.LE OF WKVi
t KtNOH AND GERMAN FANCY OOOOS BOH
1 UK HOLIDAY BltAJSON. n
We Will sell
On Thursday, Dec 19.
and
On Friday, Deo. 11,
A rplrpdld anforiiiieiil of Paris and Gsrman Goo da
lor the approaching holiday season, 14 g g
On Friday,
Pro. 11, we will sell a large and general assortment
Ol Fat,c Goods suitable lor the Heliaay,al.4 USilt,
V. McCLEIS & CO., AUCTIONEERS.
1 0. tus MAjHKET -Street.
BALE OF 17C0 OABEB BOO'I-S, afTOES, BB0QAN3
HAL MORALS, ETC
On Thursday Morning,
December 10. coninieuciug at iu o'ulock. we will sell
by cnlalogue, for caao, 17uu cases cases men's, boy',
and youths' bouts, shoes, brogans. nalotorals. etc.
Alio a large Hue of ladles', misses', aud eblllren
Cllj u ade gotids, 1S 41
CLABK A EVANS, AUCTIOKEEBS, NO. 639
CUiJsN UT Bixeew
Will sell THIS DAY, Morning and Evening,
A large Invoice ot Blankets, Bed bpreada, Dry Uooda.
Lloths, t'anlDieres. Hosiery, bUllouery, Taule aiMl
I'ocketCiiiIery, Noilous, eto.
(Jay and country pitrvuauts will Dud bargains.
Terms cesh. ...
Goods nacked free of charge t s
xxfi "TTii i a m "a o iTa" n t
W (luHM(BlONMir.ClUNT
Nf B B. DELAWa UK Avenue, fhliadelphla.
AG. NT VOH
DupoBt's Gunrowilnr, Relined Nitre, Ohart-oal. eto
W. Baker A (i.'s (Miucolnte. Ooi-oa. and Hinuia,
r cker Bros. A (Jo.'s Yellow Aietal Buea.hlag
lio'Ui, and ban, lti
c,
I