am. f TilK' DA1LT EVENING TELEGRAPH PHILADELPHIA, TUESDAY, DECEMBER G, 1870. T XX H t n. n a s u n sr. Annual Eeport of Secetary Boutwell. The Government Finance? Sugges tions and Recommendations The Funding Act Mints and Coin age, Etc. Etc. Tkkam ry DnniiTMENT. Doc 5, 170. The finan cial condition of the country lias been improved during the past year. The average rate of gold for the year 18tt), as shown by the weekly sales, was 32 9 per centum premium, and for the first eleven months of the year 1870 15 2 per centum pre. miuni, indicating an improvement in the value of the paper currency of about 17 per centum . From the 1st day of July, ISM, to the .TOtli of June, 1870, inclusive, Ithe public debt, as shown by the warrant account, was reduced in the sum of $lol,eol.H(i-83. From the 1st day of December, iNJii, to the nuth day of November, lf70, inclusive, ilic reduction was 911'..2.M.24() uS. as shown by tlio monthly statements of the public debt, and the total reduction from the 1st of March, !, to tlio 1st of December, 1H70, was 81'Jl. 154,70 j 30. The consequent reduction in the interest account is at the rate of more than 10,000,ooo per annum. The receipts for the fiscal year ending June 30, 187, were as follows: From customs l!4.53S.r7 1-44 Internal revenue 1S-",1-H,8 !-;7 Scales public lands 3,;Vio,4Sl-7t Miscellaneous 28,237,702-iKj Total &411,25f,477-t)3 1 lie expenditures tor the same period were: Knr civil and miscellaneous purposes. 8i9.234.017'16 AY'ar Department OI.OHI.OI.I -4U i!l,7S0.2-".)-K7 31,748,140-32 120,215,4i4-00 Navv Department Indians and pensions Juiciest on tne public debt Total J300,o53,56J-75 This statement exhibits a surplus applicable to the payment of tlio public debt, iucludi ng amount pledged to the sinking fund by act of February 2J, 1M12, of JlOl.COlJl'j sS. The receipts for the first quarter of the present fiscal year were: Jrroiu Customs S57,720,473 ;")7 From Internal Revenue 40,147,1 (7-'.'.' From sales of public lauds 42,4.17 07 From miscellaneous sources 7,382,lsro9 Total $115, 101,230-75 The expenditures for the same period, excluding payments on account of the sinking fund, were: For civil and miscellaneous purposes. .J18,2u7,2i2-49 War Department bVJl.S.rtW! Navy Department 4,815,2:7-58 Indians and pensions 13,82"i,ljl-8J Interest on tue public debt 3:i,4;fci.4 jn-.ii Total ),5tj2,JJ!J-S.'J Tlio estimated receipts for the remaining throe quarters of tlio present year are as follows: From customs 812S,000,000 Internal revenue SW.Uoo.ouo Sales of public lands 2,0 Hj,0 kj Miscellaneous sources lii.UJO.uju Total $2U,Ooo.Ooo The estimated expenditures lor the same period are: For civil and miscellaneous purposes... $ 4.0:K),0;X) War Department 3u,0)0(ii.kj Navv Department lo.(XH),ii)() Indians ;tid pensions 24,500,0 )0 Interest on the public debt bO.U.ju.U K) Total 5203,500,00 Showing a balance applicable to the payment of the public debt, including, however, tue amount payable on account of the sinking fund, of ti3,.'!Ul-lG. In estimating expenditures for the next fiscal year 1 have included the sum of $24,500,01.0, properly chargeable to the current revenue as an appropriation, under acts of Febru ary 28, 1802, nnu July 14, 1870. relating to tlio sink ing fund. Although the language employed in these acts is not the language commonly used in appropriation bills, it stdl has the force and effect vt a permanent appropriation. 1 therefore sj treat it. There will be required, also, the sum of $4,800,013, being the amount answering to the interest on the capital of the siukinu fluid, as represented upon tho books of tlio Department. Tnis sum 1 have included in the estimate of expenditures for iiiu lisciil year ending June 30. 1872. Upon this basis I submit the following estimate of receipts ami ex penditures for the next fiscal year. Fsii mated re ceipts and expenditures for the year ending Juno C., lh72: Herri ita. From customs $175,000,000 00 From internal revenue From sales of public lands.... From miscellaneous sources.. 12ti,41S,UO;l,OJ ,. 3,OO;i,ltO,)00 ,. 10,O0J,0O.)-UO ..32O,41S,0iHl-OJ Total Kxprnditurra. legislative establishment $3,2ii3,0''0 31 l-.xeeutive establishment 17, 23, 105-60 Judicial establishment 2,3IH,750U) Military establishment 2H,488,1'J10 Naval establishment 2;), 015, 417-77 Indian ailairs 5.02l,5tW0t 1'ensions 30,80(1,000-00 l'ublic works 22.33S,278 :i7 J'ostal service 4,'.i,3UK) Miscellaneous 14,305.42$ 00 1'eruianeut appropriations 132.528,2 U'OO Kinking fund 21,500,0 JO'OO Interest upon the capital of the sink ing tuud 4.800.033-01) Total $300,03J,31001 According to tliis estimate there will be a sur plus applicable to the payment of the principal of the public debt, in addition to the payments made on that account through the sinning fund of 778,ti8oo0. An analysis or tho expenditures de velops facts tending to sustain t he opinion that the balance will be considerably larger than ap pears irom the foregoing estimates. The sum of 22.338.278-37 is the estimates lor public works. The sipproprialions lor these objects for the present year are less than $12,i)0ii,0U0. and it is reasonable to presume that the appropriations for the next vear will not much exceed tiial amount. It is believed, also, that the estimates made by the several de partments for the UiUereut branches of the public service are for the maximum amounts which will be required under any circumstances. If such is the case, there will remain on tlio 3 ili of June, 1872, unexpended balances to be covered into the Treasury, ft may, therefore, bo reason ably anticipated that the total reduction ot the public debt during the next liscal year, including payments on account of .the sinking fund, wih le'aliont filly millions of dollars. It is a notice able fact that the estimated expenditures for the next liscal year, including payments on account of the sinking fund and for the interest on the public lebt, are so nearly equal to t he receipt.-! as to j us ury ana ueiuauu tue greatest camion in dealing with the revenues anil business of the country. It Is apparent that a disaster, or even a serious check to business, would reduce tne revenues below our necessary expenditures. Ins apparent, also, that the prosperous condi tion ot the country is largely-due to the revenue system inaugurated during tho war, by which manufactures and the mechanic, arts have been extended and established. T his policy cannot now be rashly abandoned or suddenly and radically changed without great injury to business anil labor, and serious consouuetit losses of revenue. The war in l-.urope has rendered it impracticable to refund the national debt, as authorized by the act approved July 14. 1870. A poitiou of the paper lias been muniifactureu, and the preparation of 1 he (dales has been so far advanced that whenever a favorable opportunity arises, the loan may be tillered and tne bonus delivered without delay. Inasmuch as the war in Kurope and the conse quent demand for money, makes it doubttul whether the four and the four and a half per cent, bonds w ill bo taken, it seems to me, wise j au thorize the issue of three hundrcl millions addi tional of bonds bearing interest at t lie rate of live per cent. The inteiest can be paid quaricrly with out inconvenience, and 1 iheiefoie respectfully recommend that the Loan act be so uiodiueJ tint the payment of Interest, mav be made qu.nterly instead of semi-annually, should ihesa iy.mii nieudatioiis be appioved by Congress, iiisofg cat importance that an act authoring the change be passed without delay. Siuee the 1st of July the currency balance in tlio Treasury has been unusually, and for imnmdUt. purposes, unnecessarily large. The act of July 12, 1870, authorising an increase of national baui; notes, imposed upon the Secretary of the Trea-uiv the duty of providiug for the redeinpiiun of e lu.ti amounts of three per cent. ceriiMcates. The cer tain though prospective decrease in the revenues, both of cuiii and currency, made it my duty to re serve a sum sutlicieut to enable the depai tin nt t comply with the law without resorting to extraor dinary means. Happily, the financial condition of the country lias not teen unfavorably atlected by the accumu lations in the treasury. During the year ending (September 3n. 170. the national banks paid in in ttitst the sum iii tC,4h,17-JC It is estimate i that fit this sum two millions were paid to private par ties. I cannot doubt that the practice of paying interest, except upon balances due from one bank to another, is a means by which, large amounts of capital are diverted from the extreme portions of the country to tho commercial and financial cen tres, to the Injury of business generally. The province of a bank Is to lend money, and Its proper duty Is, by loans and discounts, to facilitate anddevelope business in tho neighborhood of its location. As a matter of fact, under tho present system, banks are agencies by which capital Is gathered in and sent away to distant cities, there to be loaned on call and used for speculative pur poses. Complaints are made from ali parts of tlio country that tlio bills of the national banks are worn and defaced to such an extent as to be no longer fit for circulation. As many new banks are soon to be nrginlzed under the law of tlio last session of Congress, X re spectfully recommend that an appropriation be made aiid authority given for the issue of new bills, upon such paper and in such form as may be designated bv the Secretary of the Treasury. The Controller of the Currency, in his report for 1800, recommended the establislimentof an agency In the city of New York, under the control of the national banks, for the redemption of their issues. The substance of this recommendation seems to me not onlv proper but necessary. The expense should be borne by 1 lie banks. Collided with these recommendations, I take this occasion to say that the banking system of t he country appears to be well managed, ami to answer reasonably the pur poses for which it was established. It Is no doubt, true tliat Treasury notes represent ing an equal amount of the public debt, without interest, are the most economical circulations for the government, hut it should be considered that the banking institutions of the country are agen cies by w Inch business is established and fostered. Upon the whole, the system of banking should be extended only for the purpose of meeting the de mands of business; but when the demands are ur gent the concession should bo made upon tho ground that the prosperity of business is more important than the mere saving of interest arising from the circulation of Treasury notes. T Kxcluding re-deposits, the amount of gold and silver deposited at the Mint and its several brandies during the last fiscal year was $30,408, 788 bi. The coiuace for the year was 824.010.011. The value of gold and silver bars stamped was $8.748.H52,.1. 1 respectfully ask tho attention of Congress to the bill prepared in this department and submitted at the last session, and to the ac companying report relative to tlio mints and the coinage system ot tne country. The bill was prepared with care, and it lias since been submitted to the criticism of a largo number of practical and scientillc men, whose views hava been published bv authority of Congress. During the vear the several branch minlsaud assay ollic;s have been visited and examined by Mr. Knox and Dr. Linriernian. The assay ollice at Boise City, Idaho, Is nearly completed, and it will require a small appropriation for the commencement of business, l'rovislons should be made for the re demption of the bronze and oilier tokens issued by the government. The report of the Commissioner oi Mining Mausties lor tne year isiai nas been printed since the close of the session in July last and that for the year 1870 will be made during the winter. The continuance of tlio work appears to be a matter oi national importance. The proportion of American vessels engaged In foreign trade has not increased relatively during the year, although mere lias been an actual in crease i'i i1" entries of American vessels at the ports it United States, amounting In the ag gregate io aiiout 130,000 tons. The total tonnage engaged in the foreign trade, entered at all of the ports of the United States, lias increased from 5.5S3.000 tons In 1800 to 5,057,000 tons in 1870. Hut the proportion of American tonnace remains as in 1809 at thirty-six per cent. Without undertaking to specify the means by which it is tube accom plished, I cannot over-state the importance of such legislation as will secure the revival of American commerce. The report of the Light House Hoard sets forth in detail the dil'lieuliies which have arisen in that branch of t he public service from the operation of the liftli section of the act of July 12, 1870, making appropriations for the legislative and executive expenses of the government for the year ending juneou lSii. me, legislation asKeu ior Dy tno board seems to me to be necessary. The report of the superintendent of the Coast Survey gives a brief but satisfactory statement of tho progress made during the last surveying year. On the first day of October last regulations were issued concerning tne transportation ot merchan dise from the ports of importation to certain other ports in tiie United States without appraisement or liquidation of the duties at the port of arrival, agreeably to the provisions of an act entitled, an act to reduce internal taxes and tor other purposes, aunroved July 14. 1870. A copy of the regulations will be transmitted to Congress, in the uaturooi the case tne reguia lions are stringent, but w hen the railway cuinna lies shall have given the bonds required, and the importing merchants of the interior cities shall have made arrangements for the importation of goods upon tiie basis of the act, I am satisfied that no serious niincuiiies win arise eitncr to tne ran wiivs. the merchants or 1 he imvermneiit. Without doubt the act increases the opportunity for tiie introduction of foreign goods Into the coun try in violation of the revenue laws, but the exami nation which I have given to the subject in the preparation of the regulations, leads me to think that the business can be safely conducted. The appropriation for the expenses of collecting tne customs revenue, under tne act approved Alay 3, 1800, is at the rate of S4.2oo,ooo annually, in ad dition to such sums as may bo received from tines, penalties, forfeiture, and from storage, cartas. ), drayage and labor. Experience has shown that this amount is insullicieut, and a deficiency appro priation will be needed at eacli session of Congress, until the permanent appropriation is increased. I have instituted a careful supervision in the Trea sury Department over this branch of expenditure, and agents are employed in investigating the ex penses of the custom houses of the county for the purpose of ascertaining whether a reducttou of the number of employees or of salaries Is practicable. l!y this means some saving will be effected, but it will even then be impossible to reduce the ex penses within the appropriation. From 1858 to 1800 the permanent appropriation was at the rate of $3,010,000 per annum, iu uddilion to the receipts before enumerated, as applicable to this branch of the service, rrom io to isou inclusive, the total receipts from customs were about $272,0)0,000. and the expenses of collection were $15,870.oo0, or at the rale ot more than live and one-halt per cent. The receipts for tiie year ending June 30, 1S70, were $191,538,374 44, and the expenses 85-912,113 0.;, or not exceeding three and one-halt per cent. From ltstts to 1S00 tlio revenue collected did not exceed an average of $50,000,000 a year. And the temptation to smuggling and fraud was much less under a low system oi duties than it is at the pre sent time. At the principal importing cities of the country it is necessary to employ a large torce lor tne pro tectionof the wharves and water lines within or near to such cities. It is also necessary to guard against smuggling by the presence olteu of several oflicers upon and around the steamers and other vessels importing large quantities of goods, while, engaged in discharging their cargoes. It is also apparent that the extensive lino of coa-it on tho Atlantic and l'acitic Oceans and the Unit of Mexico, everywhere furnishing opportunities for the introduction ot goods in violation oi the reve nue laws, requires the presence ot a large number ol skiltuiaua trustworthy persons. The acquisition of Alaska, the establishment of interior ports of entry, the accommodation of business by railways and steamers ou the north em lronticr, add materially to the expenses ot collectniL' and guarding the revenue. 1 therefore respectfully recommend the, increase of the per inancut anuropriatiou for collecting the revenue from customs to tiie sum of $2.0oo,ooo for each half year from and after the 30ih day of June, 1870. At several of the important ports there are two appraisers, whose powers are equal. 1 recommend such an alteration of the law as will piovide for one principal appraiser at eacli port, w ho shall be responsible lor tlio business of the ollice. Tiie Treasury Department lias the care of one hundred and teu public buildings that are completed, and of seventeen mure that, are iu t he com so of erec tion, all of which had cost on the 3d ot June last $ J5,9ou.0i'8-93. The appropriations for the rcp uraud preserva tion of these buildings lor tue current year is $K O.OUv). a sum manifestly inadequate, being less than one-third of one per cent. I uless larger an nual appiopriations are made the buddings will rapidly deteriorate in value, and finally will need i much larger lepaus or the erection ot new ones iu their slead. Willi the increase of population in the couutry, appropriation mul bo annually uiado i lor ti e ei eciion of potomce,, custom houses and other public buildings. Tue present mode of in augurating tlieso Works teem to nr.t unaisp. Ap plopi laiiidi are olten inane without suPieient iu ioriuatiou upno the subject. I It is ii lie that wl. en a proposition is Intro lueed I Into Congress for the erection of a public imiidiu the Hlhject is referred to lint Treasuiy Deoar.- I iiu-nt and by the Secretary to the sip ei-vDing I architect of the Tre.i-ury. hut it Is also truiihu the supervising arth.leet lias only general infor ' niation npoii tne subieer. and in answer to a sua den call and without lime lor the u.etiar iiion of plans and estimates lie cannot give a sale opinion as to the necessity or to the cost of the work. 1 ro secifully recommend that hereafter, whea appli cations are made for the construction ot uublio buildings, the first wlep ou the part of Congress bo to instruct the Treasury Department to make careful inqury as to the necessity ol ihe work and also to prepare estimates to be laid beforj Cou- fiess. i his bein done, and t!ie work authorise J, it would seem to be wise to make a single appropria tion MifTicieut to meet the entire cost, and then hold tho department and the supervising architect responsible for the speedy completion of the build ing, substantially upon plans duly authorized and within ine estimates, i am nausned tnat mucn w aste of public money occurs, and much complaint on the part of citizens arises from small appropri.v lions wntcii are mane irom year to year, rue in evitable consequeuce or the policy Is that the pub lic works are Injured In the processor construction and the expenses are largely Increased. i lie supervising architect or the Treasury states in his report that the expenditure authorized by law for tlio construction of the Tost Ollice In the city of New York will be inadequate, unless the character of the work is changed from the original design. It seems to bo due to the citv of New York, for general and apparent reasous. and in considera tion of the fact that a most eligible site has been secured by the co-operation, aiid In somedegreeat the expense of the city, that tho building should not only be a fire-proof structure, but also of such desimi and workmanship as to rank among the pest ptiiinc uuiidiugs oi tue country. At the present time there are twenty-four steam ers and ten sailing vessels attached to the revenue marine service, tiie number having been reduced this year by the sale of two vessels of the lat ter class. At the third session ot the Fortieth Congress an appropriation of three hundred thou sand dollars was made for the construction of four steam revenue cutters. After proposals had been Issued, and bids received, which were releeted, un der tlm Impression on my part that the public inte rests did not require vesicas oi as large size asiuose for which proposals had been issued, I appointed a commission, oy letter dated December 10. I8ii), consisting of Captain C. T. rattersou, of the Coast Survey. Captain Douglas Ottinccr and Captain J. II. Merriman, of tiie revenue marine, and in structed them to consider and report upon the character of the vessels best adapted to the service. Final action in reference to the construction of the vessels authorized was delayed for the report of the commission. That report was made on the lirst day of May, 1870. Kxccutive document No. 9J. Seu- ate, second session of the present Congress. Upon the completion of tho work of tne commis sion, proposals were again issued for the construc tion oi tne lour vessels authorized Dy law. satis factory bids were received, and ou the 22d of July and 22d of August last contracts were made. The construction given by the Controller to the fifth section of the act making appropriations for the legislative, executive and judicial expenditures of the government for the year eudiug the 3 Hh of June, 1871. rendered the appropriation unavailable. nd it thcrciore became necessary to notiiy the parties to the contracts that they must be con sidered as null and void. One of the parties lias asked to have hiscoutract formally annulled, which lias been done. I recommend the renewal of the appropriation of three hundred thousand dollars for tne construc tion of steam revenue cutters, without limitation as to the number or spccilication as to the size of the vessels to bo built. The report of the Commis sion shows that thirteen of the vessels now in uso are either old or not adapted to tlio service. The opinion entertained by me that the vessels in use were larger man ine nature oi tue service required, is continued by tlio repsrt of the Commission. They recommend that tho number be reduced to thirty-two, and tho aggregate touuage reduced from 9208 tons to 7175 tons. They also state that it will be practicable, upon the proposed basis, to reduce the total number oi oincers. pilots, petty ollice is and men from 1200, the number thou in service, to 1001. and the actual expense of niaiu- tniuinic tlio system, not including appropriations for the construction of new vessels, horn $1,446,400 to $013,039. making a saving ol more than hall a million dollars a year. The report ol the Commission is the result of a careful and comprehensive examination of the sub jeet by competent men, and while it is tne present purpose of the department to act upon it, 1 am of opinion tnat ii snouid receive legislative sanction, on the 9th of July. 1800. 1 convened a board of ex amincrs, who were charged, among other tilings, w ith the examination ol the oincers oi tne revenue marine, 'the board is composed of Captains Fauuce and Slicer. of the revenue marine, and Captain 1'attersou, of the coast survey. The ex amination has not yet been completed, as only a small milliner oi oincers could be uctaneu ior ex amination at the same time. One hundred and ten lieutenants have been exa mined ten lirst lieutenants, nine second lieu tenants, and six third lieutenants were reported for removal, and have been removed ; the vacancies thus created in the In st and second grades were filled by promotions, and the vajancies.in the lowest erades will be filled by qualified persons selected at large. The examination ot the remain ing ollicers will be continued. Tne condition of the marine hospitals have been improved during the past year. The result is largely due to Dr. .1. S. billings, ot the Surgeon-General's ollico. who has visited nearly all of thorn, and through whoso advice many important changes have been made. No appointment has yet been made of a superin tendent under the act of the last session. The authority therein granted to appiint a superintendent is desirable, although the salary dots not apear to be sulilelent. I. however, recom mend such an alteration of the law as will permit the i'resideut to detail a surgeon of the army or navy to perform tho duty of superintendent with out any addition to his pay, other than his neces sary traveling expenses. With such authority the department could have the benefit of tlio service -i of Doctor hillings or some other competent sur geon, with less expense than would bo involved in a regular appointment. Kven with the present salary, live of the principal ports of the country, New York, New Orleans, fiau Francisco, Haiti more and Philadelphia are w ithout hospital accommoda tions, and provision is made for tho patients by contract with hospitals or private parties. The War Department is in possession of a very desirable hospital at New Orleans, known as the Sedgwick Hospital, and 1 earnestly recommend the passage of an act by which tiie building may be transferred to tlio Treasury Department for a Marine Hospital, and au appropriation made for the purchase of the land on which it stands. At the last session the attention of Congress was called to the subject of transferring David's Island at New YorK, from the War Department to the Treasury Department, for tlio establishment of a Marino Hospital. This recommendation is now respectfully renewed. In compliance with the act of July 1,1870, in reference to the seal lisheries proposals were issued and bids received tor the exclusive right to the lisheries for tlio lorm of twenty years. The plna-e ogy employed iu the act warranted the lutei pretation mat the contract; should bo awarded to the Alaska Commercial Company, if their proposition was as favorauie io the Govern ment as that ol any other parly, and upon that basis the contract was awarded to that company. A copy of the contiactand of the papers connected therewith will be transmitted to Congress. About 80,000 seal skins have arrived at Sail Fran cisco as the product of 1800, on which tlio owners have paid $1 each, as required by the sixth section of said act. I consider it my duty to call the attention of Congress to the inadequacy and inequality of tho salaries of the oihccrsiu the Treasury Department as lixed by law. The cilices receutly established are supported by proper salaries, but the salaries attached iu many of those created at tho organization of the gov ernment are insullicieut. Asa temporary means of alleviating admitted evil, Congress has from time to lime and for many years, annually made appropriations, to be used at the discretion of the Secretary, for additions to salaries of ollicers in the department. In Hie nature of the case, mis is a disagreeable duty for the :Seci etary to perform ; is usually uusatisiactory to the parties interested, and the result lias not the sanction and support incident to a system of specific salaries established by law. At Ihe present lime the sum of $21,5)o is distributed by the Secretary in ms discretion. After a careful examination of the subject 1 hud that an additional appropriation not exceeding $10 t mo a year w in be ,su,;icient to provide adequate salaries lor tlio ollicers of the treasury Depart ment. The act of 1853 in regard to the examination of clerks has been observed by this department, and with beneficial results. It is worthy of considera tion, however, whether it would tiot bo wise to provide by law for an examining board, the ma jority of whoe members should not be oiiioers of the department to w inch the clerk is to be as signed iu case of appointment and approval. Tins system should also be extended to Hie priueipil custom houses and leveuue oiiices ot the co miry, liy such au arraugemeut adequate security would be taken for the character ami quaiiheations of clerks as tar as they can be ascertained or tested wiihoul actual service iu the discharge ot ol'iulal duty. It is well understood, ho.verer, that no examination can furnish security that the person examined will prove sat isfactory upon trial, and there should always be a speedy aud easy method of removing such persons Irom ohlce. I do not, therefore, accept tint ide i that the tenure ot ollice for the clerks aud employees in i his department should be changed. Indeed, 1 be lieve that the present tenure of ollice furnishes tho best security the people of tlio country can have, that the business of the government will be elll cientlv and properly performed. Tiie work of the Treasury Depaiiment does not dirter essentially liu in the busiuess done iu banking houses aud merchants' counting-rooms, and there is no reason why the tenure of on ice tdiouid be pernwieut iu one case that does not apulv with equal force iu the others. It does happen practically that there are iu the Treasury Department, and in every bu reau and ollice of it. men who have been connected Willi the service for several years and who possess all the knowledge derived from experience and Had a ion tnul is essential to the performance of their nntles. Excluding the employees of the hureau of En- graving and I'rinting. and messengers and labor ers, mere were i:i4j oincers ana cierKs connected with the Treasury Department nt Washington on the 1st day of November. 187U. and ot these 14.89 were in ollice on the 4lh day of March, 1800: leav ing oi as tne total number oi appointments made since that time. I'revious to the war the business of the department was so small that on the 1st of Marcn. Itsoi, only 4-'t3 persons were employed, and of these fully 67 are now in tho service, 'one has ueen in oitice over nity years, two otuersover forty years, one over thirty-live years, seven over thirty years, one over twenty-five years, ten over twenty years, fourteen over fifteen years, and twelve over ten years. There statements show that the changes In the departmental not so numerous as to deprive the service of the knowledge derived from experience. On tho other hand, the Introduction of new men secures additional energy and efllclency. Two errors prevail in the community in connection with the subject. One is that under a republican gov ernment every man has a right to an ofllce. T his is in no sense true. The only right Is that of the people to elect and have appointed to ollice per sons best qualified to perforin the worn. The other error is. that olllces in the Treasury Department are prizes which the young men of the couutry may wisely seek. Speaking generally, it Is a misfortune to a young man, who possesses even ordinary capacity for business or labor, to remain permanently in the public oflices of this city. It is, however, true, that many of the most valuable clerks in the Treasury are young men who are pursuing professional studies, or who, having completed the course, remain from one to four years in the department with the purpose, by industry au economy, of securing a small amount of money with which to commence active life else where. A system of life tenure would exclude all these men from the service, uuless they chose to accept it as a permanent pursuit, which, in the main, would be an injury to them and to the country. 1 am also convinced that any more permanent tenure oi oince would materially impair tno einciency oi the revenue system. There are many thousand men employed in the customs and internal re venue service, and however careful the prelimi nary examination might DC, evils which now nn pair Its elliciency would undoubtedly exist. No system of examination could exclude all those who are dishonest or who, under the pressure of necessity or tne oner oi sudden weaitn might yield to temptation. It often happens, and it would hap pen under any system, that men are found w ho are honest, temperate and apparently callable and yet lack the energy or the courage essential to tho enforcement of the ltevcnuo laws, a duty wtiicu oiteu requires sagacity and a Kind oi intel ligence too subtle for discovery turoumi formal questions. Men, who are thus unqualihed, should be removed from ollice, and this without an investi gation, wli ch, indeed, might furnish nothing tan gible in justification of the act. So, too, In custom houses or collection districts, a branch of the service w ill fail to meet just expectations, although no dishonesty may be traceable to any person con nected with tiie ollice. In such cases the interests of.the government demand a change, and a change must be made without a hearing of the parties concerned. 1 may be warranted in saying, iu this connection, that the evil of onice-seeking, although great, is probably exaggerated in the public mind. It is true that there are more applications for ap pointment to ollice in the department than can be met. Hut the number of applicants who are well qualified, and who could passany proper examina tion, is not usually very large. Outside ot the de partment and in the several States and districts of the country tho number ot apphcauts for local of lices does not often exceed three or four to each ollice. and occasionally there are not more thau two w ho are really so presented as to be considered in connection with me appointment, in justihca- tlon ol the present tenure, ami as a proper recog liition of the services of the ollicers and clerks em ployed in this department, 1 express the opinion that the business upou the whole Is not ouly done in a satisfactory maimer, but that it will compare in accuracy and elliciency with the business of the country generally, w hich is carried ou by corpora tions or individuals. In my annual report of December last I advised the continuance of the existinu system uf taxa tion as an essential condition to the success ot the proposed loan. The circumstance that war was declared between trance aud I'russia siintil taiieously with the passage of the hoan bill, put it out of the power of the department to make the negotiation as had been expected. The largo revenues, however, oi tne government, continuing without material abatement until tho present time, improved the credit of the country, enabled tne treasury Departmeui, by weeKiy purchases. to reduce the aniouut of surplus bonus ollered for sale, and contributed to depreciate the market value of gold. i also expressed tne opinion mat ine settled policy of the country should contemplate a reve n uc sullicieiit to meet the ordinary expenses ot the government, pay tho interest on tno public debt and from twenty-live to fifty millions of dollars of the principal annually. The reduction ot the public debt since the 2utndayof June last has been so great as to render it certain that the total reduction for the present liscal year will exceed sixty millions of dollars. The natural increase of the business ot tne country during tue next eigh teen months is likely to be sttcli as to show a sur plus for the fiscal year ending June 30, 1872, of about forty millions of dollars. The pi mcipal of the public debt on the last day of November. 170, not deducting moneys on hand, was 82,4s.t)T.l,el4 43; of this amount i3n5,209,2J7-u8 was leor. sen led by United States notes aud frac tional Cu: rency not bearing interest. The banks ot the country acting within the authority ol ex lstlug laws will require about $303,000,000 of bonds to be piai cd ou deposit as security lor tiicir circu lation. Should tne present system oi nu nisnuii; a paper circulation lor the country, partly by tlio Treasury aud partly by the national banks.be con tinued, or the entire circulation he furnished by the Tieasury or by the banks, the credit uf the United states will bo the sccuri ty for the redemp tion of the notes. From this view of the policy of the country it follows that $800,100,000 of the public debt will re rcinain unpaid, existing either in the form of Tieasury notes in circulation without interest, or iu bonds owned by the oanks aud held us security lor the redemption of their notes, and that only about $1,000,000,000 of the pi incipalot the debt is subiect lo payment. The llnancul prospect, al though highly favorable, is not sucn as to warrant Important changes in tne revenue system at tho present session oi congress, nut shou.d the re suit during the coming year meet my expectations it will be posble at the December session of the Forty-second Congress to a make a very material reduction hi the revenues without impairing tno ability of the government to make satisfactory payments of the publ.c debt. The reduction already nude lias been advan tageous to toe country, not only in the particulars indicated, but iu other respects hardly loss impor tant, i Here is mucn evidence tending tosnoiv that no other event since the conclusion of the war has contributed so much to the udfusiou of republican opinions iu i-.urope. Hie spread of Ihcse opinions in Kurope stimulates emigration from that section, and at I lie same tunc prepares tue way lor the establishment of freu institutions on that Continent. Nor can there be any doubt that a policy accepting the debt as permanent would re- laru emigiauuii iioiu i-uiopo, especially oi mu ltailiiiu aud reliecling classes. Whatever arguments may bd addticd, or wh it ever theories advanced, the fact must ever re main that a public debt is a public evil. Itises- Deciallv burdensome to the lao urine clashes, aud it is theretore in their Interest to provide for the constant reduction ol the existing national debt. Tins policy will not prevent such changes in the revenue system from time to time as will equalize the inevitable burdens of our present couuitioii aud within a comparatively snort period. Tue taxes may be removed from many articles of priuu necessity. It is the occasion of satisfaction that no other na tion ever passed through a great war wiin so slight a shock to industry aud btis.ness. speciliu in formation and general intelligence from various parts ol the United Slates show that all classes, and especially the laboring classes, are in the en joyment uf more thau average prosperity, wnether tested by the experience ol this country or by the urt'seul uonuiiiuti oi oiner nation. .m te non can be Ion I. d. liuMever, in tue favorable condition of public and private affairs, for neglecting any proper n.eaus lor emialiiiui: and diiiiiuishiut: tue btndeii ol taxation; but ituoes j in lily tin) st.Uemcut that t lie nation can make provision for tho public u-.-bt in the manner recommended without eiiiii.ii'rassin Us industry r reurunu: unii-res. Gi OM.K li. liourwiiLL, Sec. of the Treasury. INSURANObr LUUI IN8URANCB COMPANY A No. 609 CflESNUT SireeU fXCOKFOHATEI l&S. CUAKTS FBHPKTDAX. CAPITAL iWO.000. KIKE INSUHANOE EXCLUSIVELY, lino i-ance against Loss or Damage by flie either by perpetual or Temporary Policies. DLttKlTUKH. Charles Richardson, WilPam H. Rhawn, William M. beyfort, John V. Smith, Nathan Ililleg, Robert Pear re, Johu Ketaier, Jr., Edward li. Orue, Charles Stokes. John W. Kverman, U,.li,til ItllvtiV Uborice A. West CHARLES RICHARDSON. President. "WILLIAM II. RUAWN, Vice-President, Wulums L iam.iuju bvueUrj. 1 !ttt INSURANCE. INSURANCE COMPANY OF NORTH AMERICA. JAHUABT 1, 187a Incorporated 1T94. Charter Perpetual. CAPITAL tjnoo.ono ASSETS $a,J83,5bl Losses paid since organization. $28,000,000 Receipts of Premiums, I860 l,Ml,R3T-4fl interest irom investments, lbea liviasK t?.inA-ftiu-is Losses paid, 1809 $1,036,386-84 STATEMENT OP THE ASSETS. First Mortgages on City Property. United States Government aud other Loan Bonds Railroad, Bank and Canal Stocks Cash in Bank and Ofllce I7M.4S0 l,123,f4 S6J08 947,620 Loans on Collateral Security Notes Receivable, mostly Marine Premiums Accrued Interest Premiums in course of transmission.... ... 831,944 80,367 100,900 Unsettled Marine premiums Real Estate, Office of Company, Philadel phia 30,000 $2,763,631 DIRECTORS. Arthur G. Comn, Samuel W. Jones, John A. Brown, Francis R. Cope, Edward H. Trotter, Edward S. Clarke, T. Charlton Henry, Alfred I). Jessup, Lonis C Madeira, Charles W. Cnshman, Clement A. Ortsoom, William H rock in. inaries -raytor, Ambrose White, William Welsh, S. Morris Wain, John Mason. Ueorge L. Harrison ARTHUR O. COKFIN. President. CHARLES PLATT, Vice-President. MAnnus mab is, secretary. C. IL Kxkves, Assistant Sect etary. 8 4 1829. UHAKTEK PERPETUAL. FraitUfl Fire Insurance Company VI X XllLlOXIIkUt'lllA, Office, Nos. 435 and 437 0HESNUT Bt. Assets Aug. I ,,70$3I009I888,24 CAPITAL 1400,000-00 ACCRUED SURPLUS AND PREMIUMS . a,S09,8S8 -74 INCOME FOR 1870, LOSSES PAID IN 1869, JLounea paid since 1829 over $5.500,000. Perpetual and Temporary Policies on Libert Terms. The Company also issnes policies upon the Rent oi ail Kinus oi imiiumgs, urouna itents, and Moii gaffes. ine ' X K&.Vi&.Ld.i" uan uu uiarvitsJ CLiAIIKL DIRECTORS. Alfred Q. Baker, Alfred Filler, Thomas Sparks, William b. Grant, Thomas S. Ellis, Gustavns S. Benson. bamnei urant, George W. Richards, Isaac Lea, George Pales, ALFRED G. BAKER, President. GEORGE FALES, Vice-President. JAMES W. MCALLISTER, Secretary. la 19 THEODORE M. RJiGER. Assistant Secretary. "The mutual protection Life Insurance Company OP PHILADELPHIA Offers life policies, PERFECTLY SECURED, at less than ONE-HALF TdE USUAL RATEd. It is the only Life Insurance Company la the United States doing business on the "Mutual Classification" plan, and Its rates are so low tnat all classes may eiijoy Its bencflts. THE FULL AMOUNT OF INSURANCE IS GUARANTEED. We confidently invite the attention of the public to the claims of this Company, assured that its plan, ccmbinlng.as it does. ECONOMY with tae HIGHEST DEGREE OF SECURITY, will commend it to gene ral favor. Circulars, containing fall explanations of our sys tem, rates, etc. etc., can be bad from any of onr agents, or at the- OFFICE, No. 247 8. THIRD Street, PHILADELPHIA. JAMES H. BILLINGTON, President. J. E. IIackenbero, Secretary. Good men wanted as Agents 10 13 tlistu2m T?1RE ASSOCIATION A INCOliPORATEU MARCH 17, 1820. OFFICE, NO. 34 NORTH FIFTH STREET, INSURE BUILDINGS, HOUSEHOLD FURNITURE, AN MERCHANDISE GENERALLY Prom Loss by Are (In the City of Philadelphia only) ANHI'TH, JANUARY 1, 1S70, 81,57i,7 J-1' TKUMTKES. William n. Hamilton, John Car row. Charles P. Bower, Jesse LlKhtfoot, Robert Shoemaker, Peter Armbruster, M. U. Dickinson, Georpe I. YouDg, job. iu l.ynitau, Levi P. Coats, Samuel Sparhawk. Peter Williamson, Joseph E. Schell. WM. H. HAMILTON, President. SAMUEL SPARHAWK, Vice-President. WILLIAM F. BUTLER, Secretary rpUE PENNSYLVANIA FIRE INSURANCE X COJaPAN x. Incorporated isa charter Pemetuaf. No. 610 WALNUT Street, opposite Independence cquare. This Company, favorably known to the comma. nity lor over forty years, continues to insure against loss or uamaee oy nre on ruunc or rnvaie isuiia- lutrs, either permanently or for a limited time. Also nn f urniture, chocks or uoous, ana siercnancuss generally, on uuerai terms. Their Capital, tosether with a large Surplus Fund. In invested in tiie most careiui manner, wlilcti ena bles them to otter to the Insured an undoubted secu rity in the case of loss. PlHKwVKo- Daniel Smith, Jr., Isaac Haziehurst, Thomas Smith, Henry Lewis. l nomas raiuiun, John Devereux, J. GUllngham Fell, jjaniei Aiauaocx. Franklin A. Cornlv. DANIEL SMITH, Jb.. President. Wm. G. Cxowkxl, Secrhtry. g so rsHK ENTERPRISE INSURANCE CO. OF A PHILADELPHIA. OUlce 8. W. cor. FOURTH aud WALNUT Street. FIRE INSUKANUH EAULL'SI V KLY. PERPETUAL AND TERM POLICIES IfSUED. CASH Capital (paid up in full) f'ZOO.OOO-00 CASH Assets, October, 1870 681.139-13 DIRECTORS. F. Ratchford Starr, i J. Livtngston Errlnger, aiuro f rar.ier, ;jaiuesi- tiaguorn, John M. Atwood, Win. G. Boulton, Bk-ni. T. Trediek. ' Charles Wheeler. George II. Stuart, , Thomas U. Montgomer John 11. Brown, James la. Aertsen. F. RATCHFORD STARR, President. TIIOMA H. MONTGOMERY, Vice-President Al'KX. w. wisikk. secretary. JACOB E. FETER.SON. Assistant Secretary. JMTEKIAL FIRE INSU11ANCE CO., LONDON. TAHlJUIl 1M08. Paid-np Oapital aud Aceamnlated Fonda, 88,000,000 IN GOLD. PKEVOBT A IIEIUUNO, AgenU, C Ho. Lrt S. THIRD Street. Philadelphia. CliAB. M. FRKVOST OHAS. P. UtBaUa MATS AND OAP1. KWAHBURTON 8 IMPROVED VENTILATED and easy-tuting DRESS HATS (patented), in sU tt.e Improved Iut-h:oiis of the season. CHESNUT buect, utit door to the Fuel Office. ryi HIPPINU. fffiPf LOR1LLARP STEAMSHIP OOMTANT FOK IVI2V TO II It, SAILING EVERY TUESDAY THURSDAY, AND SATURDAY. RATES TEN CENTS PER 100 POUNDS, FOUR CitXTB 1'EK CUBIC FOOT. ON K UhiT PER MtTtnv OTiita ntypiiW INSURANCE BY THIS LINK ONE-EIGHTH OP ONE PER CENT. Extra rates on small packages Iron, metals, etc No receipt or bill of ladlrur sUrned for less than Bfty cents. oooos iorwariea to au points rree or commissions. Thronirh bills of lading Riven to Wllmtnirton. N. C. oy the steamers of this line leaving New York tri weekly.. For further particulars spply to JUHX r. OHU, FIER 19NOKTH WHARVES. N. B. The regular shippers bv this line will be charged the alove rates all winter. Winter rates commence December IB. 981 THE REGULAR STEAMSHIPS ON THB PHI LADELPHIA AND CHARLESTON STEAM SHIP LINE are ALONE authorised to Issue throng Dills of ladli g to interior points South and West la connection with South Carolina Railroad tympany. aiiinio l a iLittn, Vice-President So. C. RR. Cot fpJT PHILADELPHIA AND SOUTH1SRN SALiMmMAlL BTKAM8HIP OOMPAJtY8 RKOUi LAK btfMI-MONTHLY JulMK TO NEW OR. LfAMS, 1. Th jumiata win Mil for NewOrlMiu. via Havana. it Kridiiv. December IS. at. 8 A.M. KiTb YAZOO will U from haw Orleans, via Havans, TUKOUUn ollLds OB LAOISUU m lowntMU bf in other ronta iren to Mohila. (.alvpstnn. INitiAM- sr. . IS OLA, ROCKI'OHT, I.AVAOO A, and BR AZOS.and to all ui a. " ' - - - 1 - - - 'ill f hi.uu Mf Mil points on th Mimimippi riroi bet wmq New Orleana and St. Ionia Ked Riror frUrbt roaoippad at New Orleans wit hoot charge of oemmmuona. WFFKI,Y LIRE TO SAVANNAH. OA. Tba WYOMING will ml inr K...h - December to at 8 A. M. Tba TONAWANOA will sail from Savannan on Battir 0r. Iecimber 10. i tiKUUCill biixs UF LADINU river to all tneprln. eipal towni in Georgia, Alabama, Florida, Misneaippi, Loaiaiana. Arknanaa. and Tenneoaeo in connaetion lih the Central Railroad of Georgia, Atlantio and Onlf Rail, road, ana Florida etaamera, at as low ratee ai bj oompetio 8KMT-MONTHLY LINE TO WILMINGTON, N. O. Tne PlONEKIt will Ball for Wilminirrin nn To.H.. December IS. at d A. M. Ratntnfhv. will IumWii,.!... ton SatnrdaT, December 20. Uonneetewitb tbe Uaue Fear Kiver Steamboat rVin. Sn, tbe Wilminiton and Weldon and North Carolina ailroada, and th Wilmington and Manchester Railroad to all interior points. freight for Uolnmbia, B. O., and Angnsta, Ga., takea via W ilmington, at a tow ratee ai by an other route. Innnrance effected when reanested b ehinnnra. Rilla of lading eigned at Qneen street wharf on or Before day of aaiUog. ..... . TMi.i. mm u. jam rn, uenerai Agent. J It No. laujioath THIRD Street. .-ftfEtfL, FOR LIVERPOOL AND QUEENS. ff.M,tJ.TOWM Ionian Line of Roval Mail bwtuuers are appointed to sail as follows: City of wasmntrtOH, Saturday, Dec. 10, at 2 P. M. City of Baltimore, via Huilfax. Tuesday. Dec. 12. at 9 A.M. City of l'aris, Saturday, Dec. it. at 1 P. M. City of London, Saturday. Dec Si, at T A. M. and each succeeding Saturday and alternate Tae. day, from pier No. 45 North river. Payable In gold. Payable in currency. First Cabin 7B; Steerage 18 To London. To Paris.... 60 90 80 To London. 39 To Paris.... To Halifax.. To Halifax. 13 Passengers also forwarded to Havre. Rambnror. Bremen, etc., at reduced rates. Tickets can be boncht here at moderate rates bv persons wishing to send for tnelr friends. For further Information apply at the company's office. JOHN G. DALE, Agent, no. 15 Broadway, N. Y. 1 Or to ODONNElX & FAULK, Agents, B ' No. oa CHESNUT Street. Philadelphia. PHILADELPHIA, RICITMO ND SeS&aSAKD NORFOLK 8TF.AMSHIP LINK, TUKOUUU IHlUUU'l' AIM WJSIL AU TUB BOUTit ANI WK.fclT INCREASED FACILITIES AND REDUCED BATES Steamers leaveieverr WKDN KSD AY and 8ATTTRTJ A v at IU o'clock noon, from FIRST WHARF above MA R. jr.A n erect. RKTt KNING. lear RICHMOND IHO?fnAVH ml THURSDAYS, and NORFOLK TUESDAYS and HA. TCHDAYS. . No Bills of Lading signed after U o'clock on ealling ijROUGH RATES to all point In North and South Carolina, via Seaboard Air Lin Railroad, connecting at rortemonin, ana to iuaaourg, va., t enneenee, ana tbe Went, via Virginia and Tenneeae Air Line ana Richmond and Danville Railroad. RATKb TU AN ANY OTHER LINK. No charge for oomniioaien, drayace, or any eipeoi of 'hteam'ebip Insnre at lowest rates. Freisht received dailT. BUtS Room commo.tiofor Perj. No. 13-S. WHARVES and Pier I N. WHARVES. W. P. PORTER. Agent at Richmond and Oit Point. T. P. CROWKLL A CO.. Agent at Norfolk. U NEW EXPRESS LINE TO ALEXANi drta, Georgetown, and Washington wD. C. via Chesapeake and Delaware Cttuai, with connections at Alexandria from the most direct ronte for Lynchburg, Bristol, Knoxvllle, Nashville, Dalton, and the Southwest. Steamers leave regularly every Saturday at noon torn tne erst wnari aoovo Market street. Freight received dally. WILLIAM P. CLYDE A CO.. No. 14 North and South WHARVES. HYDE 8i TYLER, Agents at Georgetown; M. ELDR1DC4E A CO., Agents at Alexandria. 6 1 FOR NEW YORK, VIA DELAWARE IjFWrrVf nd Raritan Canal. Sa&fraMAsWlFTSURE TRANSPORTATION COMPANY. DESPATCH AND 8WIFTSURE LINES, l eaving dally at IS JVL and 5 P.M. The steam propellers of this company will com meuce loading on the 8th of March. Through in twenty-four hours. Goods forwarded to any point free of commission Freights taken on accommodating terms. Apply to WILLIAM M. BAIRD & CO., Agents, ; No. 138 South DELAWARE Avenue. -o FOR NEW YORK, f tSrJr yla Delaware and Raritan Canal. &A2V EXPRESS STEAMBOAT COMPANY. '1 tie eici'.m Propellers of the line will commence toadmtr on the 8th Instant, leaving dsllv us usual. THROUGH IN TWENTY-FOUR HOURS. Goods forwarded by all the lines going out of Ne York, North, East, or West, free of commission. Freights received at low rates. WILLIAM P. CLYDE CO., Agents, No. 13 & DELAWARE Avenue. No. ii WALL Street, New York. S ii r-9 DELAWARE AND CHESAPEAK I Jy$wJfcSTEAAI TOWBOAT COMPANY. JLJi i'Aab Barges towed between Philadelphia, Baltimore, llavre-de-Grace, Delaware City, and In termediate points. WILLIAM P. CLYDE A CO., Agents. Captain JOilN LAUGHL1N, Superintendent. Oniee. No. la South Wlanfes V'Uadelphha. 411, OORDAOE, ETC. WEAVER & CO., HOPE NANIIFAVTIJKEHR AND S5CIK I'lIANULUKfl, ISo. w North WATER Street and No. as North WHARVES, Philadelphia. ROPE AT LOWEST BOSTON AND NEW YORS PRICES. CORDACC. XlaoilU, fcisal aad Tarred Cor dag At Jowaat Kw York Prioe and Fretctt EDWIN U. FITJ.KK fc CO. Factory, THN'I'U Bt. and GKKMANTOWlt Avsaas. Btoi,Ic. i sf . WATKB SI. and 22 W DKLAWAB A venn. SKl-iln PHILADELPHIA! SAXON GREEN NEVER FADES. 8 lem ALEXANDER G. OATTELL ft CO. PRODUCE COMMISSION M Eh CHANTS. No. M NORTH WHARVES AMD No. Vt NORTH WATFR STREET. PHILADELPHIA. AjJtXAVDH Q, CArXUIa LUAU CATT1 I
Significant historical Pennsylvania newspapers