• Secretary of the Treagur) . o Report. DErATZTXt.NT, WASIIP.R4TO7.4, NOVCIIIner 14. in rot:comity v, ith law, 111 , Secretary a the'lT'Teat.. , try has the honor to submit. to Cougrists.thiti regtt.:l lay annual report. • vi 1 The finances of the United .States, the continued depreciation of the, curtincy4 are hrst intielit wore satisfactory condition then thOy when the Secretary had the honor. to Intake to ett . W.• . ' Kress his last anneal report : Stneethe firati"day'Of November. 2493990.CiA34 of intereatbearing notes, certhicates aiddebtedeesa and of temporary joime, have been por converted into .bonds; and the public debt, deducting therefrom thecash in the Treasury , which is to be applied to, Its payment,, hall been reditetal $59,803,Fame 353.7r Tinting — the period ~decided improvement has . also beta . Mitneseed in the general • econordle,al condition of the country. ' 'rile policy' ti on rroctiog the currency, slthouelt not enforced to the extent authorized by law. has preVented an e7nsion • of credits, to which a redundant and eslieciall de preciated currency is always an Incentive, and las hail Po little influenei in stimulating labor and increasing ddetion. Industry has been steadily ref uining to the healthy channels from which • it was diverted timing the war, and although 'incomes 'have been and trade generally ,inactive, in no other co mmercial country has there been less financial ern- • barrasement than in the l'itited States. In order that the action of the Secretary, in the ' financial administrivion of the Department, may be properly understood, a brief reference.to 'the condi tion of the Vasury at the time the war was drawing, to a closd, and at sonic 'subsequent periods, seems to be necessary. On theillst of March. ISOS, the total debt, of the United States was $2,360,955,077.34, of the following descriptions, to wit: Funded debt $1,100,i3d1,241.80 'M , . 949,420.09 'Natured debt Temporary loan certificates • 5 Certificates of indebtedness 1712:1,5:0r00. 29 0 Cert 0 Interestlicaring notes , G26,81%00.00 Susperided or untraid 114,24548,93 tufted States notes, (legal tenders)... 433.100,509.00 Fractional currency 24,234,091.07 Cob in the Treasury The resources of the Treasury consisted of money in the public depositories in different parts of ' the coon try,amounting Re above stated to $56,481,924,84; the rev= elates front internal taxes and customs - duties, and the antboritty to issue bonds, notes and certificates, under the following acts toAhe following amtonte: Act of Felpary 23, 1865, boucle $4,053,600.00 Act of March 3, 1864, bonds 2 7 , 5 4 900 ,0 0 Act, of Jane 80, 1864,bonde, seven-thirty or compound interest notes Certificates for temporary loans, act June 30, 186 4 • . 97,546,471.71 tailed States notes for payment of tent- . porary loans. act July 11, 1862.... .... 16.880,431.00 Fractional currency, act June 30, 1861.. 234745,905.93 Act of March 3, nitro, bonds or interest ' , • bearing no,tes 553,587,200.00 Malting a total of., Certificates of indebtedness, payable one year from date.eir earlier at the-option of the government, bear ing interest nt the rate or sLe per cent, per,annum, might be issued to an indefinite amount, bu only to public creditors desirous of receiving them in satisfac tion of audited and settled demands against the United States. Early in April. the fall of Richmend and the sur render of the forces which. had so long defended it, rendered it certain that the war was soon to, be ter minated, and theproviaion must be made for the pay ment of the army at the earliest practicable moment. The exigency was great, and the prospect of raising the money required to meet the present and prospec tive domande upon the Treasury, under the laws then existing, was sufficiently discouraging to create solic itude and anxiety in the ivied of a Secretary little ex perienced in public affairs, upon whom the responsi bility of maintaining the credit of the nation had been unexpectedly devolved. There was no time to try ex periments or to correct errors, if any had been com muned, in the kind of securities which -had been put upon the market. Creditors were importunate; the unpaid requisitions in the Department were largely in excess of the cash in the Treasnry,the vouchers issued to contractors for the necessary supplies of the army and navy were being sold at from tee to twenty per cent. dieopent—indicating, by their depreciation how uncertain was the prospect of early payment—while nearly a million of men were soon to be discharged from service, who could not be mustered out entil the means to pay the large balances due them were pree videil. There was no alternative but to raise money by popular subscription to ,government securities of a character the most acceptable to the people, who had subscribed so liberally to previous loans. As a considerable amount of the seven-thirty .notes had recently been disposed of satisfactorily by the De partment, and bad proved to be the most popular se curity ever offered to the people, the Secretary determ ined to rely upon them, (although• on the part of government, they were in many respects Objection able,) and, in order to-insure speedy subscriptions to place them within the reach of all who might be will- Illg to invest in them. In every city and town. and village of the loyal, and at some points in the disloyal States, subscript ious were solicited. The Frees; with its immense power; and without distinction otparty; seconded the efforts of the enetgetic and skillf al agent who had charge of the loan. Tha stational banks gave efficient aid by liberal subscriptions: white ihotirtm.Ly of persons in humble life and with limited means, hesitated not to commit their entrtence to the honor' and good faith warts,e governinent. Before the tied of .I,lly the tenre exceeding five huudred millions, was ennscrteed and paid for, mid the Seeref4ry was enabled with the proceeds, together with the receipts front customs and internal revenues, and the use to a limited extent, of , some of the other means at his dis posal. to pay every requisition -upon the-Treasuryouel every matured nal - Ideal- obligation. As evidence - of the neeee , ity.thet existed for prompt action in the ne gotiatieti of this loan, and the straits to which the Treasury was reduced, it will be remembered by those who examined- carefully the monthly State- - items of the Department, that although during the month of April, upwards of one hundred millions of dollars had been received from the sales of 7.30 notes, the unpaid requisitions, at its close, had..increased to $120,470.1N)0, while the cash (coin and currency) in all the public depositories amounted only to SIO.S 35.80 e. If few men, entrusted with the management of the finances of a great e nation, were ever in a position so embarrassing and trying as was that of the Secre tary of the thited States Treasury in the months of April and May. There none certainly were ever so hap pily and promptly relieved. The Secretary refers to this period of his administration of the Department with pleasure, because the success of this loan was to him not only a surprise and a relief, but because it in dicated the resources of the country, and gave him the beetled courage for the performance of the great work that was before hipa. Between the first days of April and September, 18&i, the Secretary used his authority to issue securities as follows!: Bonds under the act of February 25, 1862 1 . M 3.600. 03 Bends under the act of June 30, PM... 0,000,000.00 Compound interest notes, act June 30, 1864 Certificates for temporary lotin9, ago June 30, 1864 Fractional cunenev, act June 30 e ase.i Scree-thirty notes, March 3, On the 31st of August, 1865, the public debt reached the highest point, and-was made up of the fullowin; items, to nit: Funded debt. Matured debt Temporary loans Certile-ates of Incli-htedness Five per cent legal-tender. notes.:.... 3:3,034,230.0+1 Compound interest legal-tender notes. R 17,024,160.00 7-30 notes 830 000 000.00 U. 8 4:13,10V,a . notes, (legal tenders). , 1.. 89,00 Fractional currency ' '28,844,742.51 Suspended regulations uncalled for.. 2,111,000.00 Total Deduct cath in Trow:ury Of these obligations, it will I,e noticed, 5W31,138,059 were a legal tender, to vtit United States notes Five , per cent. notes Compound interest notes . - A very large portion of which were in circulation as currency. The temporary loans were payable in thirty days from the time of deposit, after a nutice teu days. The Svc percent. notes were payable in lawful money, in one and two years from December 1, lair; The compound interest notes were payable hi three years from their respective dateeAll becoming due be sweee the tenth day of June, 1807, and theisisteeatit day of October, /8 6 8. The seven-thirty notes were payable, in about equal prcportioaF, in August, 1807, and Jane and July. in lawful money, or convertible at maturity, at the pleasure of the holder, into fiyeytwenty bonds. The, cenificates of indebtedness would mature at various times between the thirty-first day 'of 'August, and, the 'second day of May, 1867. . During the month of September, 180, the army, hay-, Dig beet reduced nearly to a peace footing, ft beuunle apparent that the ' internal revenues and the receipts for customs would be stithelent to pay all the expenses of the government and the interest on 040 - 011 e debt, so that thenceforward the efforts of the decretary were to be tarried from borrowing to fundin Besides the United' States notes In circulation, there were. nearly 41,t)(g), 000,000 of debts in the. form . at interest-bearing notes. tempo rary leans, and certlllea.tes of indelitednees, a portion et „web were maturi n g dally, and all of whiCh. with tile exception et the temporsa loans, (which, being to the nature of hens on call, might or might not be continued, ate.ording to the wino( the holders,) must eneverted into beads or igtid in money betore the 16th et October, ltigl rho country had passed through* war-unexampled in . its expernivenete and sacrifice of liveic it was afflicted with a redundant' and deureeiated currency; prices of property and the 'test 0 huleghl a4valleed correspondingly with the Mamie of the eareolgitig meniuro; estiMaiithg their Means by a fa* atiatt4ted,et value, naG , beghhlgt gockieirs and extra t'; tPelr talonethreis and belief butireas, ''in Ole absence of.if stable , haste, 'was nneteady , e • and ~, Speculative. and. great financial trots Ih., flick usual result ofir expepnive win's. seems ' •:.iie i T tinevitek. It „„ tindeliefech circumetan *. the Übe work of Lamb ' .•.% thins/44 dly-maturing o nate a . " of thelgovectimen s ineotiest finialitthe rape ' •etan ' d wase,o,ll.o.',feoin blended' Virbileethe la ' obis Could nbt ho brought ! ic., ahoultil the"fornier bee ''.fteconioltstiedi,ff Wile' highlef iportant that t '43 nece ' sty of ahrearretulti, to speedo payments elio id never lost:Sigh 'Of. Qty tips dint° time, it Heemed to, the Seerediry t are ,1 turrtiethe time • menintrerof lalfte. ; lenveyer Alealirible;.!: of net Of.eutielent-Inipiartandeto Jim* the admition of such measures as might, prevent funding, and in juriously affect those branches of industry from which revenue was to be derived, much less such measures as might, by exciting alarm, precipitate the disaster which ad many anticipated and feared._ Thus theme: dition of the country and the TreatnitYdeterinined the policy of the Secretary, which has been to convert the interest -bearing notes, temporary loans, &c.. into geld• bearing bonds, and to contract the paper circulation by the redound ion of United States notes:- For thelnet two years this nolicy•line been steadily, but carefully pur eued, and the result upon the whole has been satlsfac toiy to the Secretary, and, as he believes, to a large majority , of the people. Since the first day of Septenf-. liar, 1861, the temporary ... l6RM, the 'certificates of in debtedness, and the five per cent. notes • haVe all been paid (with the exception of, small amounts of each not presented fop payment); . the compound • interest notee have been reduced from . :8211,024,160 to 871,875,040, ($11,560,000 having been taken up with three per cent. :*certificatee;) the • seven mind three-tenth notes front 8,8n0,000,060 to 8887,1118,800; the United States notes, including fractional currency, fr0m.5459,505,811.01 to `5887,871,477.80—whi1e the cash 'in the 'Treasury . has been increased from $88,218,056.18 to 8183,998,808.02. and the funded debt has been increased to $686,584,800. ,While this has been accompliehed there hati been no commercial crisis, anti (outside of the Southern States, which are still greatly suffering from the effect:3 of the war and the unsettled state of their induStrial interests,. and politicanffairs) no, considerable finnucial .embar •rassment- ,I. '-.: . , . ~ - . . • .: • .. • . . In , his hot- report, the Secretary . remarked that "After a careful, survey:of the whole field, he was of the. opinionthat 'Specie payments might be resumed and , ought to bereaumed, as, early!. as the ,first day of July, 1868; 'while he indulged the hope that such weitid be the character of future legislation and such the condi- • lion ofourprodlictive industry that this most:desirable' event might be brought about at a still earlier day!' These anticipations of the Secretary: may not be fully realized. The grain crops of 4866 were. barely saffi 'ffieut • 'for, borne co unnition.., The, expenses of • ' the War Den rttnent "by reason .of .Indian hostilities/-and• the ~ establishment of military ; governments ' in .:the 'Sof:Ahern , States, • have greattreareeded . the estimates. The geVera meut has bece:lefranded of a large.part of the revenue. • upon distilled Manors, and tb condition of the South. has been disturbed and unsatisfactory. Theft) facia, and the apprehension created in Europe, and to some extent'ut home, by the utterances of some of our nab. tic men Upon the subjects of finance "and taxation, thatthe - public faith might not be maintained, may postpone the time when specie•payments shall be re sumed. But, eptwithatanding these unexpected em barrassments, much preliminary work Me been done, and there is not; in the opinion, of. the Secretary, any insuperable difficuffy in, the way of an early and a per manent restoration of the scie 'standard. It may not be safe to fix the exact -time, but, with favorable • crops next year and with no legielatiou unfavorable to contraction at this session, it ought not to be delayed beyond the let of January, or at the farthest the Ist of July, 1869. Nothing will be gained, however lay a forced resumption. Wen the country . is in a condition to' maintain specie payments, they will be metered atra necessary consequence. To such condition of national prosperity as will insure a permanent restoration of the specie standard tho following measures are, in the opinion of the Seem tarry,. important, if not indispensable:, ..- - Fleet. The funding or payment of, the balance of interest-beating notes, and a continued contraction of the paper currency. Second. The maintenance' of the public faith in regard -to the funded debt. Third. The restoration of the Southern States to their proper relations to the Federal government. If this opinion ho correct, the question 'of per- manent specie payments, involving as .it - does. the prosperity of the country, underlies the ,great ques tions of currency, taxation, and reconstruction, which are now engaging the attention of the people, and 1 cannot. frill to receive the earnest and deliberate atten tion of. Congress. In. view of the paramonnt • import ance of this great question the• Secretary deems It. to be his duty briefly to discuss the measures regarded by him to be,necessary for an early and wise dtepoffition of it, even at the risk- of erepetitlim of ' , what he has said in previous communications to Congress, • The measures regarded by him as important, if not Indispensable for national prosperity, and as a conse quence for a perimment resumption are— First. The funding or payment of the balance of ' interest-bearing notes, and a continued contraction of - the paper currency. - .. By ; the act of March 2, 1867; the Seffittary r au thorized and directed to issue three per cent' i . n cer tificates to the 'amotint of fifty millions of dollars. for the purpose of redeeming and - retiring compound in terest nottse . and such certificates, on the Ist instant, had been issued to the amount of 811.560.0:1; in re demptional the note! imeoming due in October . and December. The notes still outstandingwiff be either taken up with certificates or paid at maturity. The seven and"three-tentli notee, bele,,g payable .in lawful money or convertible at the option of the . holderg into, • five-twenty bonds 'will be paid or converted according 'to the terms of the contract. Fortunately all the inter est-beariug,notes are to be paid or . converted within eleven mouths; arid they need not therefore be regard ed as a serious impedimeneto a return to the true stand ard of value. As to the redemption otthese notes, and. tbe manner in which they' should be redeemed, there -, m 5t..1..... TaG.t.• C 211.1. elf course be musb_dtlerPr 3 e'' r''' . • - in recant to is- contract - mu 3.: In currency, anti upon which of the two kinds of currency—United States notes or. the notes of the national.. banks—contraction - should be brought to bear, that a ,ilifference of seal- - ment seems to exist. In his report to Congress; under date of the 4th of __Des:ember, 1e65, the Secretary presented, as fully and • clearly ashe was able to do, iris VICWB "neon the sub ject of the currency, and • the necessity of action for the pu pose of bringing about a return to specie pay men... The views thus presented by him were • ap ci pr by the Renee of •Repreeentatives on the Bth of December, ISt;:,, by the adoption,of the following reso lution, by the decisive vote of 144 to 6: .7t , xolced. That this House cordially concurs in the views of the Secretary of the Treasury in relation to the necessity of a contraction of the currency, with a view to as care , a resumption of specie payments as the business interests of the country willt permit: and we hereby pledge co-operative action- to this end as peedily as practicable. Among the views thus emphatically endorsed were the following: •••• "The right of Congress, at all times, to borrow Money and to issue obligations for loans in such form as may be convenient is unquestionable; but their au thority to issue obligations for a circulating medium as money, and to make these obligations it legal ten der, can only be found . in the unwritten law which sanctions whatever the representatirees of the people, whose duty it is to maintain the government against its enemies, may consider in a great emergency neces sary to be done. The _present legal-tender acts were war measuriif, and, while the repeal of those provis ions which made the United States notes lawful money is not now recommended, the Secretary. ta of the opin ion that they ought not to remain in force one daylonger : than shall be necessary to enable the people to prepare for a retort' to the constitutional currency. • "The reasons which are sometimes urged in favor of - United States notes as a per-. manent currency are; the , saving of inter est and their perfect safety and uniform value. "The objections to such a policyare, that the paper circulation of the country should be flexible, increas ing and decreasing according 'to the requirements of legitimate business, while if furnished by the govern nient, it would be quite nicely to be governed by the nuccesities of the Tteaeury de the interests rather than the deniands'of cemmerce and trade. lie sides, a permanent government currency, would' he greatly in the way of public economy, and would give to the party in possession of the government a power , which It might be under strong temptation to use for'' . other pui•poses than the public good—keeping the . question of the currency constantlyaefore the, people as a political (lunation, than which few things would be inure injurious to business: • . - —While, therefore, the Secretary Is of the opinion that the inunei4atc .repeal of. The legal-tender mei. eio»sof the acts referred to would be, unwise, as being ' likely to effect, injuriously the legitlialate;bieffnese of the cenntry, upon the prosperity of which depend the welfare of the people and the revenues ,which, tire, ne cessary for the intuntenaliceof the national credit. einj , unjust to theholdere of the notes, he is of the opinion that not Only those provisions, but the acts alee,slioald be regarded as only temporary, and that the work of retiring the notes which have been issued under them should be panimenced without • delay, and. carefully • and persistently continued until all are retired. . " The rapidity with which the government notes can be withdrawn - will depend upon the ability ofthe Sec retary to . dispose •of , securities. The inflegrices of funding upon themoney market will sufficiently pre vent their too rapid withdrawal. The Secretary, how ever, believes that a decided movement towardstecom: traction of the currency is not only a public necessity, but that it will speedily, dissipate the anomi:Melon. which very generally exists that the effect of such i policy must nereasarilyte to• make motley scarce, and , to diminish the prOsperity• •of - the countr3r. it left, ' well-established fact, which has not escaped the atten tion of all intelligent observers, that the demand toe.. money increases (by reason .of an: - advent° of prices) witb the supply, find thatthis ; demand is not unfree : I qttestlp most pressing when the volume of currency is a the largest and inflation has reached the culminating Point. Money being,_an unprolitalffe article to hold, very little is withheld from active ttee; and in proem , tion to he increase prices advance; on the other hand, a reduction of It reduces price., and as prices are re-: duced the demand for it falls oft; so that, paradoxical a diminution of the currency mayin. ?•11418cri'ttNii:ocrarYner'ecdthit'heeractilbeViLy apprehension that. a' retitle tion of the currency—unleas it boa violent ..one--Will , w inj ui er e l e on o n l y n a t it io e n e a t i z a l It r i pr i t n y i . a. ' s L try abo h r oi ta a „ ri th a e b ' iy gr d e e a,..t clines on an inflated curTen ,i . a .• ... . : .. After discueeing flee eubjeet at con icl •11 I . I • sustainipg his views by a ?dere , B AM i 8 (Int I, /CC to the experience of the country ' finder pevione inflation's of the curl' C. rucy, : the Secretary' Concludes his remarks as follows: . 'Every consideration, therefore, confirmsthecorrect riel43 of the viewe he has _Presented. If the,hueiness) of, the . country,; , Ivaco upon a sable pmts, or it ereditli could be kept from bein g , st ill further increased, there would be f„,,,, .., _. sloe for solicitudeon this I &Meet. .But such IS not the Let.' Beeineriala not in ehealthY condition; it Is t ef a l l n t u io lf ia le ile f f e e r rr e ed zieb. )Ers •Alli ase nerta cttio in; 4l ' Seery daytphroeeveeanate!„. 1 4A lftlaso4o.o4ll)o o .: . ok*w ,Pd Otsine Vl4l not .. 2,42.3,437,002.111 56,481,924.84 2 366 UM 077.24 79,811,000.00 78-1,788,508.04 24,975,300.00 54.690,281.87 2,090.'118.44 :49.157,200.00 MIIMEM 51,109,568,191.4 1,503,020.00 107,148,718.10 83,094,00.1.0 2, f 345. 007,626.56 88,218,055.13 2,757,(it39,571.43 $43:3,160,569.00 31,951,Z11,00 217,u24, 11;0. 00 $681,1:39,959.00 _ , THE DAILY EVENING BULLETIN PIIILADELPHIA; WEDNESDAY DECEMBER 4, 1867. 411111111111 . ~..remaineallig.sjoro. The tide <i ill either recede or ad ''',,v'ilfe* OdAtt - WW. not recede without the exercise of ''t et:Mite ng - Power of Congress.' _ jThese*Wrivere not only approved by the House of Htienge.scaltitives,but they seenieflakthetime to be heart.' ~ ily tearibtfleitto by the people. By . ,tbecet of April r ie,' 1066,4116fteretary was authorized.A9 receive Treasury .nete,asendbther obligations of thegOvertimentoithetileil berititginterest or not, in exchange feichonds, with al - trivitleiAbtat, of United States :#otes,!'rat more than ten.. -',millions of dollars* :should*, be can ,. Celled strithin six months litiatie., , Sthe passage of the net, and thereafter gust minute 'than tour millions of dollare in any one iribptho - ',This proviso, while ir fixed a limit to the amcittnr.tf notes which should be retired per month, so far frean indenting an abandonment of the policy of contraction, confirmed and establielied it- To this policy (although for rea sons that seemed to him to be judicious, the regular monthly reduction hasten always been made) tile ac tion of the Secretary has been conformed, and the ef fect has been so salutary, and the continuation of it would be ettobvionsly wise;: that he would not consider it necepeary.to say one word in its favor were there not indications that, undeethe'teachiiigs,orthe advocates of a large End consequently a depredated currency, such views are being inculcated as, if not, corrected, may lead to its abandonment _. : ..Idoney is simply a medium of exchange and measure of value. As a medium it facilitates exchanges, and by doing, this necessarily stimulates production. It does not follow, however, that exchanges are Will toted and production stimulated in proportion to its increase. It is a measure of value, but it does nut necessarily create values.' It is an indispensable agent in trade between. individuals, and in cornmette - be tween nations: the great incentive to enterprise and labor in the wide range of human energy , and skill; 'but, great as is its power, and essential_ as it is to the progress of the race in civilization' ad refinement, there are limits beyond which its volume cannot; be ex tended without a diminution of its usefabiesS. A cer tain amount is required for facilitating exchanges and determining values. The exact amount required can not of course be accurately determined, but the excess or deficiency of money in a country is always pretty accurately indicated by the condition of Its industry and trade. In all countries there Injtuit as much money needed as will eucou , age enterpriae,„.give -employ ment to labor; and ternirth the meads: for a ready exchange of property, and ' rib more. Whenever the amount itt circulation exceeds the Amount required for these purposes, tho fact will become apparent by a decline of . industry, an advance of pricea. and a tendency to speculation.. Especially will this be thecaac when an irredeemable currency be comes the standard of value by being made a. legal tender. Coin, being the circulating medium of the world; flows from one country to another In obedi ence to the law of trade, which prevents it from be coming any where, for any .considerable period, ex cessive in amount: when this law is not interfered with by legislation, the evils of an excessive currency are corrected by the law itself. An increase of money be yond what is needed for the purpasies* Onto named, according to all experience, not only inflates prices, but diminishes Ober; and coin, as a 'consequence, flows from the Omar, in which the excess exists, to some other where labor is more active and prices are lower; to .flow back again when ' the loss by one_ country and :the (gain by . another produce the natural results upon industry and produc tion. Thus, coin is not only the .regulator of coin , melte, but the great Stimulator of industry and enter prise. The same may be said of a convertible paper currency, which by being convertible will not for any considerable period be excessive; but it is rarely if ever true of an inconvertible currency; which is no:es . molly local, and would not he likely to bo,inconverti ble if it were not excessive, and by being excessive and inconvertible. is fluctuating and uncertain in value. The only possible exception to this rule would be found In the limitation of the amount in circula tion to what might be absolutely required in the pay ment and disbursement of the public revenues, 'No mattes what lava he enacted to give credit and value to it, an irredeemable currency must, unless limited as above stated, always he a depreciated currency. - The attempt to give value to paper promises by maing them lawful money is not original with the United States. The experiment has been tried by other nations, and generally with the same injurious, if not disastrous, results. in deed, with rare exceptions, nations that have com menced the direct issue of paper money, have con tinued to issue it until prevented by its utter worth lessness. There may be no danger that this will be true of the United States; but there will always be ground for apprehension as long as an irredeemable and depreciated currency Is not regarded as an evil— an evil to be tolerated unit so long as may be necessary to retire it without great derangement of legitimate business. InConvertible and depreciated lawful motley is an agreeable but demoralizing deception. It is agreeable because it is plentiful, and because it deludes by the creation of %mama wealth. It is demoralilipg. by familiarizing the public mind with dishonored ob ligations. The prices of most kinds of property in the . United States advanced near three-fold during the war, but this • . advance was mainly the result, of the increase of the circulating medium. and in reality only indicated its deprecia tion. The purchasing power of the money 111 circu lation • was diminished in the' ratio that its volume was increased.' The farmer, for example, received threedollars a bushel 'for his wheat, but, except for the payment of debts, those three dollars ,were of no more value to him than one dollar was before the sus pension of specie: payments. The same wag true of . other kinds of .property and of labor. The advance. except so faze it was the result of an increased - de mand, -was apparent only and unreal. The same cause is sustain rig prices at the present time, and will continue to do so as long as the cause exists, but the advantages resulting' from it are merely imaginary. while the evils are positive and actual. No -sane man suppeses that iris own wealth, or the wealth-of the , nation, is inrreased, .x. by re the depreciation of the standard ey , writ= it is mea ua. .. el, A n , oue etricin A ti ou of the United States Should be doubled during, thy next,' year. and the prices or' property` should be likewise doubled, would it , be . imagincli that the real valve of property would tints be advanced:- Or, if alb 'paper currency should during the same period, be reduced fifty per cent., and prices of property should decline correspondingly, would it. follow that the real value of - -property Would-thus-decline ': In the one -case the value of the currency would be increased in value as it was diminished in amount. The increase or decrease of prices would. if no counteracting causes interveoed, be the natural result of the increase or decrease of the measure of valife, while real values remained un changed. The United States notes were made a lc ml tend..r and lawful niouey because it was thought that this character wai'necessary to secure their currency. By reference to the first debates of Congresa upon the subject. it will be noticed that those who advocated their issue justified them selves on the ground of necessity. No one who spoke in favor of the measure, favored it upon principle, or hesitated to express his apprehensions that evil con sequences might result from it. But the government was In peril, the emergency was pressing, necessity seemed to **action a departure from sound principles of finance, it not from the letter of the Constitution, and an inconvertible currency became the lawful money of the country. While the action of Congress, in au- thorizing the issue of these notes, scented necessary at the time, and was undoubtedly approved by a large majority of the people, there can now, hi the light of experience, be no question that the apprehensions of those who advocated the Measure ,as a fleece• tiny were well Minutest Had they not been rustle a legal tender, the amount in Circula - ti st would not hate been excessive, and the national debt would doubt!ess have been hundreds of millions of dollars leas than it is. The issue : Would have been stayed before a very large amount had been put in circulation. not because the notes would have been really more depreciated, by not being tirade law ful money. but because their depreciatiou would have been manifest. By being made lawful money they became the legalized measure of value—a substitute for the precious metals—Which, as a consequence, were at once demonetized and converted into articles of traffic. Made by statute a legal tender, they were of course popular with those who had debts to pay or property to sell: costing nothing, and yet seemingly adding to the value of property supplying thu means, fur spiculation and for creating au artificial and a delusive prosperity, it is an , evidence of the Wisdom of Congress that the issue was stop ped before the notes bad become ruinously depreciated, and the business of the country involved In inextricable difficulties. But, although the issue of these notes was limited, and we thus escaped the ' disasters which would have overwhelmed the country without such limitation, it can hardly be doubted that the resort to them was a Misfortune. If this means . of raising inone bad not been adopted, bonds would have undoubtedly been sold at a heavy discount, but the fact that they were thus *told, without debasing the Currency, would have induced greater economy in the use of the proceeds. while the discount on dm bonds would scarcely have exceeded the actual depreciation 'of the note s below the coin standard. As long as motes could be issued, and bomis could be Bola, at A premium or at par, for what the Altana made money, there was a constant temptation to liberal. it not un necessary expenditures. ' Had ,the specie standard ' been maintained, - and bonds been sold at a discount for , real.,- money, ~ t here would have been an ecoiierny in , all the branches of the pub lic service, which tinfortunately, was not wit , nested, and the country won't have escaped the evils restittiug from A disregard or the great international. law, which no mitten can violate l Eith impunity, the one that makes gold and diver t only true measure of value:. The financial evils and which the country has bevel. suffering for softie years past; to say nothing Of the dangers which lopm up in the future, are, in a `great degree, ,to be ' traced. to the direct issues by the government of an inconvertible. currency with the le gal attributes, of money , Uponthe demoralizing itifluences of au Inconvertible government currency it :is Mit necessary to enlArge. They are forced.upon our atteirtiort by:every days ohs servatio,u, and we cruinot be blind to them if we would. The government is vArtnally repudiating its own obit , gat i ens byfailing to redeem' its n rites aciaird ing to their tenor. These notes are payable, to bearer on demand. In dollars, anetiot one of them is beteg so paid. It Is not tobe tnipietkd' that a people will' be more basest than frills °Y r t n o ' the government:tinder 'whinh they live and whilcitha, rln kfi t of 'the Thaited Staten leftism to pay Bel notes aceordingloaheir tenor,' or at least as long as it ,proper: 'ettort. to :de -so, it practically teaches to. the people the doetrine,of repudiation. Tile general 440941 legblation nutitlie admintstra- , tion of the fluancea dart* fbe war I:eilent the highest credit ap e ntjoAkresa'aritittie dlittingnistied geatie men 'then at.tbebeaoleft tbe-Tennenty 'Department They '-have coinnuinded ithe.: admiration - of intelligent Mid InpartlanooittihniinessdabToad:, In speaking MSS sPlitifilY A tit!,ll(mairOltdorgititett.i the; Secretary intISC not„therm PQ*lo,o 4 4lAlt ittlakilitht the , hat. ; gun e ki Ai .einnt..„., in tent,i p nettherp erktielgo. ette is •,nor li Vtlitlitui 110 Op, of ttcf,XPregli , o l P'. ''dec der c vistiow4)t . ttos danger oti.repottop,or,; toro twa , tip yphatespiiteneelies i Shorrn to, 400, been in nanitlen hilt;'lrePertitnt'linittter, tnifeitunate ileghpetlon. If the views, thus presented, are correct, there Min he 1111(111e8tiOn that ' there is still en excess °Train's' mousy in the United States; and that the legal-Metier notes are, an obstacle , and: unless reduced in amou nt, must continue, to be an obstacle. to it retureto a stable tetilvery ranch turtailol eince 1861, tind'•%ales are made nig°Onlp%titstattlitlibteasse ', :li alf:t (l ni b- ? ' hasi'a man t chiefly, for &rah, einneli larger amen& of ,earremy required than formerly fir thninoudertient transaction of buelnesa; that there is hand no excess of money, in the Visited State's, but that. on the contrary, an increase is required ter Move the crops. encourage in oacrtithviistyotpoiniterander.efe As an l e s vid m e a nz to the -tightness , of the money market,' in the corns a menial cities, and the scarcity of money in the agrl oterrit"hri.p.s correctness nd v agri cultural districts. It Is undoubtedly true that the effect of a curtail ment of credits would have been to increase the legiti mate demand for currency, if no other mealls had in tervee', inter counteract the effect of it. But such means haveened. In all tile eitie6llll ll towns through out the country, Checks upon Credits in banks, and bills of exchange have largely taken the place of bank notes. Not a fiftieth part, of the business of the large cities is transacted by , the actual use of money, and wlist is tree reard to the businees of the chief cities is metteur in abli g true in regard to that of towns and vilingcs' throughout the country. Everywhere bank credits and bills of exchange perform the ofllces of currency to a much greater extent than in formeryeare. Except In dealings with the government. for retail trade, fdr the payment of labor and taxes, for traveling ex penses, tile purchase of products at first hand. and for the baukers'• reserve, money is hardly a necessity. The increased use of bank checks and btlls of exchange cOunterbalances the increased demand for money re sulting from the curtailment of mercantile credits. That money la in demand, and is commending full rates of interest, is true, but this does not, indicate a scarcity of it. Tile rates of interest in Englgnd and France have bee as low as within the last months, and 'yetrarely fin. n commercial or manufacturing purpose% money hart not often been so difficult to be obtained. 'The speculative reaction or over-produc tion of manufactures, together with apprehensions of political troubles, have caused business to be sluggish and unprofitable, and made capitalists cautious and timid. Thus, in those .coun tries, money was never moreplentiful, and yet' apparently never more scarce. Its -apparent scarcity in the Urdted States Landtributable to high pricee. to its uncertain value;to ors inactivity. Money by no means becomes abundant by an increase, or scarce by a diminution, of its volume. The reverse is more likely to be true, especially when, as is gener- Ally the cases high prices are speculative prices, and prevent activity in exchanges. Money is ill demand at the present time, not so much to move crops as to hold them—not to bring them at monad() price% 'within the reach of coreumera, but to withhold them 'nem market until a large advance of prices can be es tablished. Let the great staples of the country come forevard and be sold at market prices, at such prices as, while tile producer Is fairly remunerated, will in crease consumption and exports—let capitalists be as sured that progress towards a stable basis is to be un biterrnpted—tind money, no' considered scarce, will be found to be abundant. The actual legitimate busi neesof the country is not larger than it was in lentl, when three hundred millions of coin and bank notes were an ample circulating medium. mid when au addition of fifty millions would have blade it .excessive. Throughout n considerable portion of the beet grain-crowing sections of the United States there has been. dnrine, the past year, great plaintcoma of a ecarcity.of money, and aet no single article it tura' precinct. except wool, was to be sold there for which there was not a .purcheser at more than re moneratiess if not exabitant, juices. There was nu hick of money in these sections, but a lack of products to exchange for it. The hard times complained of were the consequence of short crops, and not of de ficient circulation. To tile farmer who had little to eel' and much to buy. nn increase of the 'Oren- Istiou would have been an injury; a curtail ment of it a 'benefit. and yet, by men in such circumstances the policy of contraction has met with a condemnation second only to that which it has received at tile hands of speculators ill stocks. Next to the stock board of the commercial metropolis, the opposition to the policy of contraction has been most decided ill those sections where, by reason of short crops, tile people haveheen less prosperous than heretofore. Unfortunately. in the same sections, the harvest has been again unsatisfactory,and the de mand, nut only for a cessation of contraction, but for an increase of paper money, may thee be more pressing than ever. This demand. no matter front Whet quart& it collies, or by what intereet sustained, +doted, in the opinion of the Secretary. be inflexibly resisted by Con gress. To lvcfeaso the volume of paper money for the purpose of giving relief to the country, would. be to foster the cause in order to cure the disease. else, stay the ;recess of contraction this year will but prepare the way for an increase of circulation the next. Whenever the • pulley of reducing the paper circulation of the • country. with the view of a return to specie payments, shall be abandoned, it is to be epprohended that the demand for an increase will be ineeletible, and that the country will plunge into bankruptcy. The specie standard must be sooner or later rester-ed. - - Whether this shall be accomplished by elevating the currency by teaselling its volume, or after lessening its value by increasing Ica volume, it is for-Coeerees to denermine. That this question will be determined promptly and wisely, the Secretary, ts not permitted to doubt. Some progress has been made In. the right direction during thespast year. but there is still in the United States a plettiora of paper money. If this is not so, how liaptems it that coin commands." a premium of some forte per cent. over legal -midi ncteese that a Welt tariff bas proved poweriese to pre- vent excessive hesitate ht reeara to the trees 'to which, they shall put their sees sioe means?—that imeiness is speculative and , uncertain:— that expenses of itvine are, driviug - thousands into ' crime and n :Wye di honesty excusable, while honorable en of limited 1.11e01113 are indignantly and justly com e , Hitting that they earnest live oil incomes that for merlynave them a handsome" support s Money may ' be inactive, but it is not scarce. Its inactivity is in 'fact the rerun of its uncertain value. With a circus 100 that is to-day at a discount of thirty per cent., and Which may by a change of policy lie increased to sixty per cent. within the next year, with what safety Can men engage iu enternri see which look into the future, and which are needed to develop the slumber- ins resources of file country ? Lei, the paper donee Indy represent the dollar in coin. Let men of capital and enterprise feel that tile curreney has come, or is steadily centime to the '• hard pall of specie. and there will be a stimuitte given to enterprise and labor which will banish all complaints of a scarcity of money. ff. then. it be admitted that the paper circulation is excessive, the question arisen why should not the contraction be applied to the notes of the national banks instead of the United Stateeinnes, and thus:merge ' saving of interest to the, government be effected? This question has already been answered inferentially, but its importance n quires that it shall receive more def inite consideration. Prior to lelia the banking institutions of the country, with the exception of the thank of the United Stares, were created by the' States, and were subject to ante authority alone. They were Slate institutions, over which the general government exercised no control. The right of States to create and to matinee them had been so long emended that no interference with them by Congress, and no decision by the courts adverse to the constitutionality of their 'SKIM were appre hended, soon after the commencement of war it became manifest that a system of internal taxation must be adopted for the support of the government and the maintenance of ita credit, and that this would involve the necessity of a national currency of uniform value and undoubted solvency. To meet this necessity (United Btates notes being then regarded as only a temporary expedient) the national banking syinem was created, not to destroy the State banks nor in juriously to - affect their business, but to furnish, :through their agency and that of new institutions •I which might be organized under it, a pennanentma- Sone) bank-note circulation. Iled it been supposed that the object of those who advocated the measure was to bring the State banks under the control of the Federal government for the parpofie of destroying them, or that such would be its effect, it would never have been adopted. No such object was avower or Intended by its friends,And no such effect was anticipated by the banks. With that spirit of patriotism wlech was so marked a charac teristic of the people of the North during the war, the etecbholders of the State banks Min quielled. at tile request of the government, the gretver privileges possessed by them under State hoes. and, in connection with the new banks organized under the law, became efficient aids in negotiating the public loans and enetaining the public credit. To all banking systems under which circulating notes are issued there are grave objections, and if there were none nu existence in the United States, the Secretary would hesitate to recommend or to endorse even the most perfect that has been devised. The question now to be considered, however, is not whether banks of issue should be created, but w bother the national banking system should be sustained. In the present condition of the country, and in view of the relations that the national banks sustain to the gov eminent (Ignoring in this connection the queetion of good faith) the ; Secretary has' no difficulty in corning to the conclusion that they should be sustained. They areas inter woven with all branches .of buelvess,'find are so directly connected with the e credit of the government, that they. could not be de-. • stroyed without precipitating upon rho country finan cial troubles which it is now in no'condition to meet. At some mere propitious periods When the Union shall 'tarn been fully restored, and .all • the States ehall have attainedthat snbetantial prospeeity• Which their great , resources and the energy of their pegplearmet sooner or later secure for them, it :may ; perhaps be wise for Congress to considerwhether the national banking sys tem may net be dispensed with. The: present is note favorable time to consider this questitlti. The condi tion of mar political and fintemialaffaire is too critical to justify any actiontbat would comptilthe national banks, or any contiderahle number of them, to call in their loans and Ind.their. bends ~hp n, the market for the. purpose of providin„.• the niestuts Of retiring their or- ConstarvatiVelegielation is now inclitmensae ble. The ptiblie mind is too sensitive, business istob unsteady, and the pollticalthture is too uncertain to I warrant any financial expekiments. Fortunately none'. are required. The leafleted bunking 'system has ace complished all that was anticipated by its Advocates and more.. .It , bap fonaiehed aeircolation, depreciated. it le true, like the United States ito4.e. but, solvent best, yond quelitioneand entrant thrOtighont the Union. ' It : has la - vented banksmcitepabire. and limed note' fields ers front losses. it ;ham aided in• regulating &Mottle exchanges, andfundeheil the government with !valua ble tinanetal ageete.,:e Mad! .it .not been adopted, State Welke would linveceentlinedi es, tinges elated, td ittaritsh the egent,ry, t Witli, bank - Aottols ' 44 most nf the States; baritewere'riet , required to depOeit mocha I'M." the 'security Of tbetilatitea; end 1rt,t49 6 9 StatercAVhere deciiiityr wttiliorcquirei 1 l; taste: limit to the amount Of bonds that might be deposited, ' . asid consequently .no limit to thesanount,Of notes eetifit might be put in circulation. In othereStates .therelyas no security beyond the capitOe of thcebanite, frequently unreal, angethoefeertial habtlity,orstocic holders4.generaliy da:tritc'Whai; o° l estilteete the. extent of the injury Wit e„h people and thegottera-' etoenterOuld have an edit inetttutleithe withet eouterny other restricthits t wereeeforcetiA l t State ; taws bad been permitteti, during the war, teepee-apt' the fields All having eutipended !peeler payme eesee, thereby been relieved from the necetisitysof ht phitiles evidence of eolveney, Lanka unwisely of die on:esti - ft managed would have steed Or.te,,losel w ith those-which were managed wisely rind heti:Wetly. While the latter would have found it difllculetesisegaeleistame in reasonable limits, so Militated, as ditav been, to Irene freely, by the necemities•ot the govern-s mem and the increasing demand for. =Witty, which is nlw eye the result of an increased supply, the former would have poured out their irredeemable promises until deal ruet created panic and panic disaster. That the mitionalsbanklng system, with Its limited and se cured circulation, and It restricted rovisions, by stipereeffing he State eyste s ms, has prev p ented a finan cial crisis, there can be but little doubt , . For ,this it iv entitled to credits end for this curl for °thee reasons suggested It should be sustained until a better system shall be devised, or the country is in , a "condition to dispense with banks of issue altogether. Ole arguments in favor of compelling the banks toe retire their notes and yielding the field to the notes of the government. are based upon the supposition that if three hundred millions of United States notes were substituted for the three hundred Millions of national bank notes now in eircalation, the government would save sonic eighteen millions of dol • basin interest which is now a gratuity to the brinks. That there would he no such saving, nor any *seine, by the proposed enbetitutlon is clearly ehowd by the Comptroller of the Currency, in his accompanying re port, to which the attention of Congress la especiallY asked.. le an account were opened with the banks, and they were charged with the interest on g300,000,- 000, andthe losses sustained through those that have failed, and credited with the interest on the United , States notesheld by theta as a permanent reserve, with the taxes paid by them to the government and the States, and with a commission covering only what has been saved in transferritg and diebtireing • public money, it would be ascertained that the banks were not debtorm to the United States. It is not necessary, however, for the Secretary to- dwell on this point, as his main objection to the substitution would not be removed if a saving of interest would be effected by it. Regarding as tie does the issue of the United Sinus notes In the first instance as having been a misfortune, and their continuance as a cir culating medium, unities the volume shall be steadily reduced, as fraught with mischief, the Secretary can -conceive of no circumstances that wouldjustify e fur ther issue.' These depreciated but legal-tender notes, notwithstanding the reduction that has taken place, still stated in the way of a return to specie payments; a substitution of them for bank notes- would be regarded by him and by the country as a declaration that re-, sumption has been indefinitely postponed. If those now outstanding shall be retired at the, ,este of only tour million., per month, the amount inectual circa • lation will soon be so reduced that they may not seriously retard the restoration of the true measure of value. ef, on the I contrary, tinder any pretense, or for any pur pose whatever, their volume should be increased, cape chatty if they stowed be made the sole paper circulation of the country, a false measure of value will be elm tinned. apecnlalion will be stimulated, industry will decline, and the great risk he incurred that financial health will only be obtained by a revulsion, the effect •ol which upon the ll:Art . 4 interests apd credit of the country no one can estimate. sutls'a revulsion the. Secretary is most anxious to prevent: and he there fore cannot approve the ,proposition of substituting the notes of the United buttes for tht se of the 'lanolin! battle but recommends that t ter policy of contraction he continued. The apprehension that this policy we embarress healthy trade is In his judgment unfounded. isetainmaie business has not sulfured by 'the curtail ment winch tuts taken plate Withal the last two years, nor se II I it permanently stiffer by • such a contraction, prudently enforced. ae may be weavers to bring the precious metals again in eiresplation. What business requires is a stable curremet What enterprise die mends.. is the assurance that it shall not be . balked of its just rewanle by an unreliable 111C1MICO of value. It S> frequently urged by those who admit that the currency is redundant. that the country is not now In a condition to hear farther contraction; that its growth will soon render contraction unneesetary; that businees, if left to it-elf. will rapidly increase to each en extent as to require the three lelfitered anti eighty.: eigla millions of United States notes and fractionel currency, and three hundred .millions of bans notes., e , DOW outstruiding, for its proper and needful accontruo-!' dation. ISothing can be mere fallacious than this un fortunately popular idea. Apt ireedeenmble currency "1, , a financial disease wheel retards growth histead cif r encouniging it; which stimuintes speculation, but .di inlnishes labor. A lie:ilthy growth is to be seemeht by the removal of the disease!, pad not by postponing the proper treatment of it in the extiediiihni that the vigor ous come:Bethel of the patient-will ...e_veptually over come it. The text subject to be considered, in Mentection with the permanent resumption of specie payments, is the maintepance of the publiclaith, which' his wolves t be_necessity of vid4e and stable . ieeenue laws, impartially and rigorously enforced: economy in the public expeedit ens; and a recognition of the oblige• tion of the government to pay its bonds iii accordance with the underetanding under which they were Leaned. The remarks of the Secretary in this report upou the subject et the public revenuers must necessarily , brief ,and general. Fortunately the accompanying re ; ports of the Commissioners of the 'Revenue are so eettanstive as to render any, elaborate discus ; sloe of 'this great subject' on hlis 'pan utuaeteetsary. 1" The power to tax Li one of the most envwe:Ant -powers exeri•ised by governmental. Tel tax ..to Ilse large revenues .WllllOl,ll .pp pre-Onlr. indastry, i= one of • the most difficult ditties ' ever devolved upon rite law-making, power. `Taxation can never be or and it he comes. especially so when subject to frequent chattel:at. It is. therefore, of great Impotence that revenue laws slimed be stable. fly this ft. is nit meant that they Pbuitld be unchaneetable; but that while, trout time to time, they may be modified to meet. the ciartneine condition of the country, the principles upon which they are bas=ed should be so wise and just as to give to them permanency of elieracter. Perhaps as much ens- • ' chit f has resulted from the frequent changes in the tariff laws of the Untied St., tes as from their defects. Freest the 'line when the first tariff was trained in 17e9 up to the last session of Congress the tariff ley been a fruitful,..:ubje , t- discussion, and at no period has the policy of the government In regard to cus toms , luties been rtgaracd as deilmitOv settled. There has been a c,:nt tent struggle between the advocates and opponents of protection and free trade, the mom dency gem-rally being with the proteetiontets. The thrifts of lent, of issel, 1838, 1e42, and 1801, were ad of a highly protective character. Those °Carel and 18-16 reduced the duties largely, and looked in the direction of free trade. So evenly, however, have parties been divided, that although protective laws have generally ben in force, at no period from 1789 to the present day have importers and manufacturers lad any region able assurance., that existing tariff la We might not be suddenly and materially altered. That the effect of , these changes—actual and apprehended-has been , highly injurious to the country cannot be questioned; that it has not been disastrous indicates the readiness of the people of ' the United States to adapt their business to the policy of the government. whatever it may be. The frequent changes of the tariff laws are attributable to the fact that in tone of them has• revenue been the principal object. There has never been in the United States a strictly revenue tariff, and consequently, there has been no; stability in the tariff laws. Up to net, the revenues front customs, under any scale of duties adopted, were sant elem. to defray the expenses of the government, and therefore the question, now so interesting, was hardly a prominent one. In the present financial condition of the cannery large revenues are indispensable; and, in adjusting the present tariff, the question of revenue must necessarily be the question of paramount im portance. When the government wits substantially free from .debt, and the public expend' tares• were small, as • was the, case before the rebellion, a revenue tariff, properly adjusted to the public necessities, would have been a low tariff. But now, when a heavy debt and liberal expenditures create a• necessity for large rev el)llC,3, a considerable portion of which must, for some years to come, be derived from customs, it is (Meta to perceive how, without excessive impute ' riots, a strictly revenue tariff can fail to be a high one. It may thus turn out that the necessities of the &meal:E inem. may give incidentally to American manufacturers . the protection they are supposed to require without sptanal legislation—always odious mud generally unre • liable—in their behalf. Inasinneli as large and per manent revepues cannot be realized unless laws are so framed as nut to bear heavily upon industrial patentee a tariff which, harmonizing with internal nixes, should year by year yield the largest revenned would undoubtedly prove to be the least prejudicial to national growth and prosperity. A high tariff, by re dufitng importations, or by oppressing important branches or .trade and industry whiten are subject to internal duties, nught prove to be 'as tinfieorable to revenue as a lose one, and equally unsultea to the public necessities. The present tariff, although a high one ' lute not, proved to be protective; While, for the pasttwoyears, it has been highly productive of revenue; but its failure to protect those interests for whose benefit it was in a great written framed; and the large revenues which have been derived from it do nnee' prove to be iti any jest, sense a reeetine; tariff: It has frilled to . 'ghee to Americanmenefactiirers the protection it was in tentied to afford, and it has - yielded . numb larger rev epees than weretantielpatedt beettuthee Itliehien prices preVailintein the United States have stitutileted tumor tatione.. it does not -follow, because it Is producing large revenues now, that it will continual° do so when buSiness and the currency 'shall be restored . to' a healthy copditien, The: ime will soon e,orne vvhen the United States will cease to be the most favorable coups try, eo sell in, and when,' It must- pay. for Whet it pur chases, not in its bonds, but in Hamm productions. In order. that the- present • tariff should., be a revenue tariff, " important modifications will be necessary Which cannot be intelligently made until liminess ceases to be subject to' derangement irredeerna-, ble curreey., The Seeretary e does I not,;eherefore, re connect a complete revision of the tared at the pres ent session; but there- are some features . of it, and setae matters .ereinectell with,it, which require early • attention." • •. • . 1" r ' The experience of the PePartment enserosee inane( dioadventageo attendraittintrothe cellectiohl of, duties ' tin imports when the rates arehigh . and 'estitaated on . ad valorem basil For the collection of oath du ; thee machinery more or less complicated is neees rtationseary ,• for ithe.veriflcation. abreftd.of invoices eemme f an fent the exaMbiatiors iii#ltEileor° l " mar "' telt:Sadie e OD' it& aravalthebiff;:eotitrea ;o'lall'Y in •-• puree .teolopgriewillttiqldred) betweenithe Invoke ePtinlag;:Autt,fllo:!geSteifak rilattOit -:the principal of ' tie ,countru iitatro , :s .',4 o lnTodltY! ie v.,, ,t,;• . , exported: ',Mx 0 - 414111nultifoi . (is. staining the forolga market NAirfibliftially,iii cases where a commodit f is manurnetnre ;etresAly for exportation. affords / temptirv.ipporthhit fro.for successful undervaluation, t r find therldigh rates; duty offer inducements for &Won mote Midi cci##norisuritto with the dell of de tection. ~:, • ' ''''.-.•::. /Since iliiipintshgerfrehe tnrlfY act of March 2 1801, thellatesof . duty, whletr from 12,40 ;to that period were , extlaslveli , ad valoreldf , have on many articles, been spetilfic. 4 1lie system of . specific duties appears t% have given much satisfaction to honorable dealers and to officers of the customs Or the ease with which the character and quantify:of merchandise imported can. be determined; for the uniformity with which duties. may he assessed at different ports ; and purlieu. forty as it precludes the possibility of fraudulent nu dervalnationic Without recomnfendink an oielesNe adoption of specific duties, the 'Secretary would ang— gest for the conSiderstion of, Congress whether; the' system system might not With propriety IM extended to all" commodities on which the duty neara a large propor tion to the value, or Of *hl ai the 'foreign tharket price is subject to great fluctuations: or 18, from other causes with dlfiledity ascertained ' The Special Com missioner of the Revenue Will in his report present the• result of his'inVcatigations as to the extent to NvhicV the **valorem rates ;of the :present tariff van head— vantagenuelf converted Into corresponding specific Out les. • Our commercial relatiOns with' ,Ipain . awl her colo nies. tinder the Acts cif 'July ltJ. 181 &, and June 30; 'particularly po •far as they, reilde to trade with Cuba and Porto itico, have been many years the source of much perplealty'and have, given rise to frequent dis cussions. The acts above cited were designed its re t allot ory, measures to induce by a sort of coercion a re laxation of the extreme protective system adopted by. Spain in relation to hercolenial trade. Not only have they entirelVfalled to produce the desired effect but their operation fiats proved.on 'the contrary positively in- furious to our interest in every respect. Their , effect, in connection with i3panish exactions, has bee* to drive the greater part of Cuban and Porto•ltlcan trade from our markets to others where the , same policy. does not prevail. The counterrailing systent,thua brings no benefit ,to our shipping interests, and largely curtails our commerce, while considering the proriliq of these islands, should include the greater of their foreign traffic. It is, therefore, worthy o grave consideration whether sound, enlightened policy does not dictate the repeal at least of the act of IM Recommendatiows to this effect haYebeen atearlons times made to Congress, by my predecessors, ;particu larly Mr. Walker In 1819, and in 1852. by. Mr. Corwin`. The experience of the past, fifteen years has fully jus tified the views then expreeiled. The shipping interest of the United States, to a great degree prostrated by the war, has not revived during the past year. • Our ship-yards are, with rare exceptions, Inactive. Onr eurpois products are being' chiefly transported to foreign countries I n foreign vessels. The Secretary I' still forced to admit, In the language of his last report ; "that with unequaled fa-• cilides for obtaining the materials,and with-acknowl edged skill in ship-building, with thousands of miles of sea-coast, indented with the finest blithers in the. world, with surplus products that require in their • transportation a large and increasing tonnage, we can neither profitably build ships nor onceessfully compete with English ships lu the transportsitson of our own productions:" No change for the better has taken place; since that report wits_ made. On the contrary, the indications are that the great rhiptuthllng interest of the Eastern and 'Middle States has been steadily declining, and that consequently the United Stales is gradually eats log to he a great maritime power. A return to specie payments will do much, but will not be 'efficient, to • avert this declension and give activity to our ship— yards. The materials which.enter into the construc tion of vessels should be reileved 'from taxatioh" by means of drawbacks; or if this maybe regarded as ha practicable, subaldiee might be allowed as an offset to taxation. If subaldiee are. objectionable, then it Is re commended that all restrictions upon the registration of forehm-built vessels be removed, so that the pee- ' pie of the United States who cannot profitably build vessels, may be , permitted to parch/13c theta is the cheapest market. It is certainly utt`'.?.4o;estesehrilrerit the statute books a law restrictive upon,eommerce when it no loneer accomplishes the object for whicir It ono enacted. This subject is one of great Interest to the whole country. The attention of Congress is again earnestly calli2d to it. The Special commissioner of the Revenue, since the adjonnanent of the Thirty Ninth Cons-pea, has been actively merged in the wide range of duties as signed to him by law, and, ander the chrection of the Secretary. has devoted a portion of his time to a per sonal study and examination of the revenue systems and Industrial condition of Great Britain and the lead ing countries of Europe.. The result of his investiga tions will be transmitted to Congreas at an early day. In his report the Commissioner wilt diteese tie; subject of government expenditures se bearing upon the question of the abate ment ,of LIMPS, the present industrial con dition and recent progress of. the 'country, the prices of labor and of raw material at home and abroad, the revision of the internal revenue system both as res ' tpeets adnrirdetration and specinc taxation, and the ' relations of the present tariff to revenue and domestic industry. This report, and that of the Commissioner "elinternal Revenue, which pr Bents 1 is views la re gard to What Is needed to-relieve the-excise-from some of its moat burdensome features, and secure greater efficiency in the administration of the law, wilt Ito found to be so able and comp eta as to make it quite unneceseary,,as before suegeeted, fir the Secretary us do more than to conneend those to the attentkat Ofi Congress... While the amount of revel - me 'to be srabted, by in tent:ll taxes must continueto be large, it is evident that many articles, now taxable, must be t sieved from taxation, in order that the number of revenue ()Ricers may he reduced, duplication of taxes avoided, and the - system rendered lees obnoxious -to tax-payers. It Is ' also evident that the adminhdration of the law mast ' besitore efficient than it is at present if the service is to escape utter demoralisation. The. Internal reyen-1 ues or the past year would bare largely exceeded the estimates but for the failure of rite revenue officers to (elect the tares upon distilled liquors Thie failure is well known to the country. and has been the cause of deep regret and not a lade humiliation to the secretary as well its to the Commletiotier. The duty upon distilled Nem" is so high that there has been a animation to avoid its psymoth which has. so a great extent, demoralized both the manatee t v rers and this officers of thereat:rine. Ai.tax of tyrodol late per gallon upon au article which can be made for thirty rents triuthl be a difficult. tax to collect, even in a small country, where appointments to revenue posi time; depeed upon merit alone, and where dise honesty Is promptly and severely punished. It is es- jos:laity difficult in a country so vast as the United' States. where politics are apt to Influence, if not to control, selections for office. and where 411,111 in evad ing the requirements of revenue • laws Is not among the least decided characteristics) of the (bailee. The Secretary is not of the opinion that this tax cannot be collected, but he does not hesitate to say hat even if the meter which- Ms bet-n adopted, and is intended to be brought into general use, shall acorn- • plith what is expected from it, the collection of to heavy a tax with thoroughness will be impossible, unless a higher standard of qualificationfor revenue officers than now exists shall be established. The views of the Revenue Commissioners on this t worthy of especial constideration. The necessity of economy in the public expenditures in the present financial condition of the country 18 so apparent, that no suggestion from the .Secretary are needed to impress it upon the attentloa of Congress. Taxation is weighing heavily upon the ipeople and they have a right to demand, and they are demanding, that their necessary burdens shall not be Increased by unnecessary expenditures: Public economy is. in all nations, a rare virtue, and it is a singular truth that nations which are most deeply in debt, and whose otters ought, therefore, to be most prudently maneged, are the very nations where the least economy is observed. This truth, so interesting and instructive to tbo people of the United State!' at the present time, is largely attributable to the well known facts that the contracting of large public debts to unavoidably attended with imprudent if not reek- • less expenditures, and that when those intrusted with or possessing governing power have once enjoyed the luxury of using •or • impending freely the moneys under their control, (and this is at- • wart the case during' the e xceedinglyprozras t V ware') proper economy Is afterwards c-edifficult to • be enforced. Thus, national debts become chronic, and efforts to reduce them are rarely successful. The debts of nations, the most heavily burdened, instead of being stationery, or on the increase, might be in the process of rapid extinction, if the 11+1030 economy were practiced now that was practiced before their debts come into existence.. It is of the last Importance that the debt of the 'United States, should not, like that of most other • r trattoria,' he , pe petuated by habits formed during the period of its creation. It is large, but fortunately it has not yet be- - come chronic. It was incurred under the pressure of a war so vastand so momentous*. that economy was, in a large degree, loot sight of in the absorbing pobile in -tercet which it excited. It is undeniay furretdable in amount, but the experiencee of the past two Years, during which, under the most nupropitlotte circum stances, it has been largely diminished, must settafy the ' e least sanguine that the reduction of it can be continued,,. and that, even with diminished taxation, it can be to tally extinguitthedatithin the present century if a rigid' economy, which, perhapp, ceald not beprecticed dar ing the war, and unfOrtunatelyehres not been praCticed aince, - Is hereafter faithfully enforded in all brimeheet of the public service. .Extravagance in the adminis tration of the governMent has not become so fixed as to be beyond correction. There le no substaritiel dllll-• citify in the way of public economy now, but•'there may be a few years hence.- It is not proper, perhaps for the Secretary of the Treasury to advise in yegard; to the precise manner, in which ',this ecouoreyahMlbe enforced, blithe venterestO'auggestS That , the army, 1 .; at the ea at moment, be red u ced 'hi the minimum required to garrison forts, and'proservethe peace on the frontiers and along the, lines sof Pacific roads; , that the expenses 'Of ; the' navy: be reduced, as far as can be &Me consistently„ . with the protection of . our commerce' and the tnain tonance of our reputation as a maritime power; that' retrenchment be introduced into all branches of the civil service; that there be no' payment of , damages which were the unavoidable incidents 'of ' ar; there be no additional grants to railreads , and no con siderable donations of any: character unless, •in con nection with the appropriation, 'a special tax shall bo levied for, their payment: But the public faith,doert net +depend, : along, .Apes ,+. adequate revenue laws. nor smolt economy in the ad- ministration of the governments `it rests 'also upon , . 'the observance of; contracts, in the spirit Se Well as* the letter. In fact; withent his there-WM - he PeittrOre efficient adminiatratieri of 'reve nue laws nor economy' in expenditures.' Nothingbat aka° ; ; vency will save'` from they infrunye',`Of','s fOinldikss , tion windiest that does's hot+' pay' he' `debts tecorde ing to the understanding at the time they were con- - sracted; and whet a nation voluntarily violates thin j+nederatanclings it will goolabn u»Able, from tly3l,Try, ; . effect of liewn Crimple, to enfarce r ltitletrenier and its expenditures will only be checked Its inn ' Nifty to collect. How much of the demoralization which exists in the revenue service of the ' United states is attributable to the failure( of the govennneat to redeem the legal render yeses According to their tenor, weald be an Interesting eubjectlof inquiry, but hardly appropriate for a communication like title. In his report for the year OKA the Secretary' used the fol. 'rowing language in regard to the national debt: ' "The maintenance of - public, faith is a natiojeni ne- Ceesity. .Nationsdonot and cannot eafoly =Mutilate moneys to be used nt a future dny, and exigencies are couetantly oceun'ing in: which the richest and most poweiful are under the necetiiitY of borroveing. The millennial days, when eltaltheat s their swords into plough-shares and theiroiipears Into pruning hook, • and., learn war ao more, are yet, . according to: all 0;1010.. liallcatlolll4, tar In the future. Weak and delimiting nations may main , tain a nominally lectepentleut existence, but it. will ho by reason of the jetitonsiee, rather than the forbears since, of stronger powers. No nation is absolutely safe which is nut in a condition to defend itself: nor • cnn it be hi this condition. no matter how strong In other respects, without a welt-established' financial credit, 'Salons cennot,ltherefore, nfford 'to be un-: faithful' to their 'pito:whey obligations. Credit to them, as to indlvidtude, is money: and money is the war power of this age. But for the unfaltering cone-, denee of the people of the loyal . States lo the good faith of the government, the kite rebellion would have been a success, and this great nation, go rapidly be coming again nntted rand harmcmloise would have been' brokenllllo weak and belligerent fragments. "But the public faith or the 'United States has high er consideratione than thesis for lie sepport rests not only instil the intereate rift the peoptd; r . upon their iritegrityied'virtuti. ~ T ice: debt .01 , th . United States has been created by the .p pies in their enticeesfoletretigle for inttlivided, and - Wel nationality: it As not a debt Imposed upon nriwlll Mg subjects by despetic authority, but one incurred by the people theme:hers. go; : the preservation of -their govammenthy the presereation of which those who have heentertgued together for its overthrew are to he es really benetitted as those who have been battling for its maintenance. As It is a debt voluntarily in curred for the common good. its burdens will ho cheer fully borne by s tile FeeilleS. l o o will not permit them to be permanent. -, • • . i'.ow, to what is the United Stales pledged in regard to the public debt': le it not that it shell he paid ems: cording to the understanding between the government and the subscribers to its loans at the time the sub ecriptions were Kith:heti and obtained: And can theist be any question In regard to the nature of the tinder is Wasit not that. while the interest be ring should be converted into bonds or paid in law 2 'lel moneyethe bonds should tie paid, principal as well as interest, in coin? Was not this the undiestandlng of the Congress which paseed the loan bills and of the people who furnished the money? Did any nieniber of the House ore( the Senate, prior to 194, In the exhanatlve dl, cuseioes of these bills, ever inti mate that the hands to he Issued in rrecerdance with their provisions might he paid, when redeemable, In a 'depreciated currency Was there a single ,tiliseri her to the Ilve.t went y bonds or to the sevenSufil th rite telith notes, which by their terms were convertible into bonds, who did not believe, and who was not riven to underetand br the agents of the goverment. that both the principal and interest of these Meets .vvere pa - Table in coin r. Doei toy one snippiest that the .pecpie of the United Stetes, self-sacrideine as they were it the support of the aovernment. would have void their stocks. their Miele, the products of their fame, of their factories and their ehops, and invested tile Proceeds in live-tWettry bonds and seven and three t t h notes, rot:vs:it I tne Into Ellch If. they had understood that these bowls were to 1t redeemed after live ynus from their reepect ive dates in a cur rency of the value of which they ceula form no reliable • estimate Woukl the Secretary of the Treasury, or • would Congress—when the fate of the nation Iva , trembling in the balance, and when a failure to rale money for the support of the Federal army emild have 'be e n stocees t o the rebellion and ruin to the Union . cause--have da red to at tempt the experitient pf ralei looney on bonds redeemable at the pleasure of the gov ernment after five years, ill a currency the convertible value of which might not depend apon the sot veney of the government, hut upon the amount in circula tion:: No such.understanding exissed, and fortunately no such experiment was tried. Tile bonds were no ,. go - tilted with the dearate understanding that they were payable in coin, and the seven and t hree-tenfli notes with an equally ' definite understanding that they , were convertible at the option of the bolder into bonds of a similar etutracter or payable in lawful money. The contracts - were Made in good faith on both sides, a part of. thorn when the government was in imminent peril and needed money to preserve it- esistence. the balance when its necessities were scarcely less urgent, for the payment of its just °lineations to contractors and to the gallant men by whom the nation had been _eaves (reed faith and public honor, which to a nation are of priceless worth, require that these contettets should he complied with in the spirit in which they were mate. The holders of our bends at hens and abroad. who rinderatand lii: character of the people of the United States and the grentneae of the national re , tirces, ought not to need an aesortinee that they will be so complied with. Here remarks upon a Sni*ct which it. ought not to be necessary to discuss might be closed, but the great interest and alarm excited by the 'doctrines recently promulgated stem to justify &reference to the debate.; when the act of February - 2.3, lfista in some respect the most important of the loan hills, was under con sideration, in order that the action and intention .of ('engross in regard to the lent tender notes and to the bones which it auttionzeti the issue of may be under- This act authorized an issue of one hundred and fifty millions of Univei states notes, which were made receivable for all government dues, except duties ,on imports, and of all claims aglinst the CMOs! States. eiceptfor Interest upon bond+ and notes. which was to he paid in COll3. It :deo authorized till' issue of live hundred millions of bond., redteennble at the pleasure of the government after five years from date. 'rho purpose for which these bonds were to he issued was stated to be •'to enable the Secretary of the Treasury •to fund the treaeury notes and floating debt of the United States, - and he was , author ized to dispose of them 'at the market 'slue thereof, for coin of the United States or tor ally Treasury notes iseued under ally formerliet of Om ' press. or for the United Marts 7(0155 that rely// alio/ ohder this act." Regarding only the act itself, it is not supposable that Congress intended to provide for lundlug the floating debt in bonds which might, at the (-spina ion of five years. be called It 401 d 140. d. iii me very notes which, with the Treasmy notes, were thus to be funded. These bonds, like all others since and previously Issued, were intended to be a port of - the funded debt of the United States, the right to re deem them after five years having been reserved by the government not that they might be called in anti paid In a depreciated currency, but in order that boupe hear ing a lower rate of interest might be substituted for them, if it should eo happen that before their maturity m ney •could 'be borrowed on more favorable terms. The qct provides that the United tates notes of which it authorised the issue shall be receivable in payment .cd all claims and dienatets against the l.nited Statei, of every kind whatsoever. except interest upon bonds and note,, which shall Ise paid in coin." It is not said that they shall not be re ceivable for the principal of the bonds, for the very obvious reason that they were expec ed, to be but a temporary circulation. AIM/vision that these notes --intended only to meet a temporary emergency-- eltould not be received for the payment of the princi pal of bonds which were not redeemable for live years, would, if it had- been advocatee and insisted upon, have been quite likely to have prevented their issue. glie public judgment had not then been perverted by an irredeemable currency, and a proposition that indi cated a long-confirmed departure from the specie standard would have found few supporters in Congress or among the people. But. if the intention and understanding of COngleSS are not sufficiently indicated by the language of the act, all doubts must be removed by a reference to the debates ohne it was under consideration. From those debates it is clear that the issue of the legal-tender notes was expected to be limited to One hundred fled_ fifty millions. Onthisperint one of the Representa tives from the State of New York spoke as follows: "Then the whole secret of our financial succes e simply lu borrowing five hundred millions,or rather in funding the floating indebtedness convertiblyreps resented hy the Treasury notes, see that their issue Deed ffever exceed that, authorized bV this bill, and which is conceded to be the einem limit consletent. with safety to private interest end public credit. No body has proposed to rely upon this currency beyond that amount, but, on the contrary, the idea of any further similar Moue has been expressly repudiated by • every supporter of this bill." One of the Representatives from 'Massachusetts put " to the distinguished Chairman of the Committee of Ways and Means the following question : "Let me ask tint gentleman 'from Pennsylvania whether he now expects in managing these financial matters to limit the' amount of these notes to one hundred "and fifty millions. is that his expecta tion t" To which question he received the folleVving reply : "It is. I expect that is the maximum amount to be issued." Later in the debate, the saute dietingelghed gentle man need the following language : "When this question was discussed before, the die ' linguished.geatleman'from Kentucky (Mr. Critten den) asked me svhether it was the intention or expece talon oftheMoneetogo on and issue more than one himdted and fitty mlinons of legal tender notes—a pertinent whicisl 'saw the full force of at sthe time. It,old,htin it -watt my expectation that no more would be homed by the „eovemment; that they would be' received and funded in the twenty-year bonds." It hi', clear from,. these gnotatiOne, and the whole timer of the debitti3l that it woe the intention of Con gress that one hundred and fifty millions should be the limit of the legal Wilder circulation; and that listens -confidently expected that this circulation would soon be converted into the live-twenty Wade, known as the .bonds of 1862, and wineli fireMlWretldemaide Rewriting to their tenor. This' of itself Is a inifllatent Militants tion of the fact that it 'was deemed unnecessary:to Igetlde that these notes ellneld net, he receivable for ; apse' principal of the bende; r * Liir. - the 'amount to be Is sued waslimited to one hundred and fifty millions, a provision that they should not be receivable for the principal of fisteionedred pillions of ,hooda s to be its sued under the linenet, ihitlitch they wereeaPected to be funded , - and - which Were riot to' be subject to the control of the government for fiveyttre week! s Orf. llllll Y have been iiegstOdLss. nt i se k i .i4siets:4l it would havebenn unnecessary. Mthis is net . All. The same gentlo-' man who, as Chairman of. UM Committee of Ways and lean, was the exponent of tho views of the Jicistee, Remotes quesqop, in ispeeleing s of these bonds, Maur re,llo‘vat.'; , " "A. oiler to a misers , safe, unprodnitive, is it' r 'sore disturbance. Where coOld theyinvest it? In - United :10tatos bans at six perucont., lodeentable IA gold in twenty years—the best and most valuable permanent investment that could he desired." Wentd hiehavelegaPaed these bonds& meet perensuent Ineeatieent if he bud Supposed that they 'night lateredetened a'depreelated% currency at the expire t liee Years fr.* , date , be 'Said: "But widows and °teatime ere interested and in tears lest their estates should be badly invested. I itarno IMO tub Juts money anyeated in; the United Stntes betide payable hi gold itt twenty Yeats, with ine tercet semi-annunlly," In there debates very little was Said epee the t of the payment of the prinelpid of the betide. appar ently for the reason that no one 'supposed that teeswould or could be paid in anything - else thin in the heretofore recognized cenetttutional currency of the country. The eame eittaabe suld hi regard to the de e hates 'upon the little mithoilzing subsequent issues. The tide of March :1, 1863, and Tfarch It ar e the only acts which state expressly' (bet. the bonds to be . letued tinder them shall be pliable In coin: and this provision in these atte, If not neeldeutal, attracted nor , . attention at the time. either iii Congress or with the. public:. 7Under the former act eevent l eet ee m ini on , of twenty-years slit percent. halide (pint of those known' as. bonds lee]) were issued. raid .ttuder . the letter act , Dearly two hundred mil- . '• ; Of Ave. per emit. bonds, known as ten4orties; and the fact that these sly per cent. bonds have bad no higher reputation than other bonds of the same class, and that the fire per'cent. bonds never Were a populnr eeeurity, and have, 'in the market, en-. til very recently: possessed a value correspond ' Big With the six per cent. flyeetstentlem, shows ton sfiely that 'dement in government Dt - viritlv'P+, and the people generally, have not regarded this provision as placing them 011 a different footing, as to the kind of money in which they are to be Mud, front the bonds leeued under 'lets containing no such provision. Then; was nothing In the"condition of the country when the-c sets were passed that required nu unusual provision, in order that the loans authorized by them might he successfully negotiated: on the contrary', the; national credit was better then than at periods when other loan hills were parsed ; nor was there any-' intimation by any 'member eof , Congress, nor was it 'ever thought by the of acera of the Trotter, De partment; that the bonds authotiked by them were of a ditierent character bruin those heeled under other acts. his unreasonable to suppose that it was the Intention of Congress that the bonds authorized by the acts of February 25, letel. and June a, 1861, might be paid it legal-tender notes,: while those authorized by the acts of March a. 1i4.1 ,and March 8.18e4. could he paid only - in coin, The yarieu s Jostles or bondi, cons Utah eg, the maiden! funded debt. stand upon the same footing and all ahould be paid in calm fealty are so paid. National debts are subject to the month law of the nations. Whenever there Is no expression to the contrail, cola pa mehta In such obligations are hon orably implid, The policy of the government of the 1 etitialeitatea In 'regard to the payment of its debts • has been unlfonn and consistent. Prior to February , 25, 1E62, there was in the United States no lawful money but specie. - eoneequently its Tref - leery notes, and its bonds previously t-sued," were pay able in the same currency. Subse quently all interest-Leanne notes were • made payable 'in lawful Money, bnt no change was made ,M the form .rat the obligation of the bonds. Titus the eeveti and three-teien note Is-tied after that date. the five per cent. note*, end the compound interest notes, were nutdepeyableiu lawful moneyeaviele the bends not being so mide payarde have es er been recognized by conerees, by the Treaeury Department, and by the peoph ee . a• arable (myth cone. The,e different clan-cif Mearlties were negotiated with this distinct understanding—an understanding which is as bind in; upon the honor of the nation its if it were explicit •ly stated in the teat no, It 'as -true that tee bonds, end notes coevertlble into heeds issued after the pas seee of the its-t legal-tender act, were paid for in a depreciated curreney, and "were, therefore. in lace eold at a discount: bat 'it:le not denied that fay sere -sold fairly, and that every one had mimic opportunity to eubseribe for them. Agencies , •7 0 ert:i l )lished, and enleceipt ions selieited in every part of the country; and liberal mtle-criptiong were regraded a, evidence of loyalty. 'l'6at they were peel for in a deprecieleceeurrency was not the fault of the subscribers. They were sold at the highest price that c oup; t e • obreineel for them—not chiefly to the capitaliste of the cities. but to men if moderite ;neaps throughout the country, Who subecrlbed for theme not fur rpeculation, hit to old the gown/meanie its strue e with a gigantic rebellion; and It is a sienificant tact that, with rare exceptions, the compleint- Hutt titer IV , TI, sold at a discount come from thee; who. : doubtful of the result of the conflict, declined. ; inveet . thorn.. now wonld. :the govern mem of the United States stand before the said—how would it vend in the estimation of to own people. lilt should decline to pay, according to .agreement. the !none:aft borrowed when its very eX- era- in peril. and, without which It could not , have eroeceuted the war, on the ground that the lead ere took advantage of its necesettlea and purchased its securities at lese than their volute But if the honorof the nation were not involved in the question, titeireedry arises, in what shall the bombs be "paid if nit in coin? Some live hundred and ; nfteen millions of live-twenty bands are nownxieem able according to their tenor. No one certainly would propose that sonic of them should be called in • and Paid in a currency now worth seventy cents[ on- the ' dollar, while the nee Omit remain unnelemmel wall the eurreney shall be still more dettraciated by ad- (Miens to its volume or appreciated - by coutraction. The holders of these bonds stand on the same Nether, if any are to be paid before maturity inn depfeciated currency, the whole should be eo paid, and iu a currency of equal value. But tic goverimtent. lute no United Settee notes in the Troteary, and a the annual receipts are not likely hereafter to be much in excess of the expendituree, and as a new loan to raise money for the purpose of violating an agreement under which a previous loan wee negotiatett would be impracticable, there would be no way in which the bends: now redeemable could he paid asher been proposed, except by patting the print nue presses again at work, and Issuing more promises. which must themselves eventually be paid in coin. converted into coin bonde, or repudiated. Thie pro ceee of making money.seems an easy one. but our own experience. and the experience of every other nation that has tried it. prove it to he neither judicious nor p teltuble. As the paper circulation of the ceantry is already redniudant. It would be lessened in value' by every addition to it, and, by the dietruet thud cre wed, its depreciation would doubtlees be in a greater ratio even than the addition e would beer to the volume to which they would be added. It is not too much to say. that an additional issue of lave hundred millions of United States notes would reduce the seven hun dred millions of paper money now in circulation td one-half their present ;due; so that a legal-tender note or a national bank note, now worth seventy per cent. in coin, would not be worth moretban thirty nye per cent., even it the apprehension of further iesnes did not place it on a par with Confederate notes at tbecollapee of the rebellion. The bonds would of centre decline in value With the currency in which they'would be payable. Can any oneseriouely propose thus to depreciate. .if nut to render valueless, the money alio securities of the people t Can any one, knowing the effect which :quit an Ingle , would have upon the government bonds, upon the currency now afloat. upon buoinegg, upon credit, ' upon the public moral , . seriously athocate such a measure. not a , a matter of neeresify, but to anticipate the payment of debts due many years hence? The statement of the proposition eSposes its wickedness. When fairly considered. it cannot-fail to be stamped with universal condemna tion. It is a proposition that the people of the United Sates. who own lour-tit ths of the national obligations; tdsall, by their own deliberate act, rob and ruin them eels es, and at the same time cover the nation with in expressible and ineffaceable disgrace: In opposition to all such expedients for paying, or rather for getting rid of, the public debt, is the up right, world-honored economical policy of paying every obligation of the government according to the understanding with which it was created L-the policy of appreciating the paper dollar until it shall repre-,, sent a dollar in coin, of giving stability to business and assurance to . enterprise, and wiping froni the country the reproach that rests upon it by rea son of the low price of Its securities in the great marts el the world. That this la the policy which will be sustained by the people and their representatives. the Secretary has the littlest, confidence. There may hereafter be nations which. ignoring their honorary obligations, may look only to their own statutes for the measure of their liabilities. If there shall be such • Ilona. the' Repnblicef the United States will not be found among them.. It has essentially suffered by the actual rei diation of some of the States and the vir tual rept tion of others: it is still suffering from the same use, although more than a quarter of a century has elapsed since this stigma was fixed upon American credit, It is suffering also from the fact that Hansa chlisetta and California alone, of all the States, have continued to pay the interest on their bonds in coin. But although it has suffered, and I. still suffering, from the bad faith or false economy of its mem• bets, its own financial honor is unsuited. It has com mitted the mistake of making its "Incontrovertible pro mises a legal tender, hut it has never taken advantage of Volate its engagements by its own legislation to lessen In the hands of the holders the value of its securities or covert repudiation. In the des est hours of the rebellion it filtered not in the observance of its contracts. Shall it falter now, win n its ability,to pay to the uttermost far thieg, even without oppressive taxation, cannot ho ques— tioned? The importance of the restoration of the Southern States to their proper relations with -the Federal tiovement cannot be overestimated. A. -curtailment of the currency and the maintenance of the public: faith are not all that, is required to restore the COU try to perfect l financial health.,. We need In. , addl. tion to these, a united country—united in fact ' , towel as in name. it may not be proper for : the Secretary in-this report to aiscueB the measures regarded by' him *as best calculated to bring about this most desirable result. This, however, he feels it ; to,be his duty to say, as he substan tially said in his last year's report, that the question of reconstruction, as a purely financial question, is, In his Judgment; second In importance to none that Congress will over be called upon to consider.„ The great staples of the South have for many years constituted& largo, per tion of our exports. But for the cotton:held-in that sec- tion at this close of the rebellion, the ' foreign exchanges would have been so largely against the United States that a commercial - revulsion would have been imminent, If not unavoidable. Even in the deplorable condition of these atates, last year niers thantwo-thirds °four exports consisted of theirproductiona,andit is the crop of the Pre sent year—small though it may be—that is to (MVO us from ruinous indebtedness to Europe. It le of the greatest mo• ment.therefore, that the productive power of the Bentham, States should be restored as rapidly as re ; possible. Little progress bas been made in 'this dhection during the peat , two years, and no real progress will be made until their political condition is determined r by their restoration to the Union with ail the hts end pallier of othehStabis under the Constitution. rbeVerret i g glee n0!;.4 gip to this subject for toe piwpose bt lie attention Of Congress to it. This Is unnecessary. t is absorbing tlia public attention, and the further action of Congress in rir. tarn to be watched by the people with intense tifit4o.cr ('pen the judicious settlement of it depend", in a great degree, the national prosperity. TO views presentee by the Seeretery, i t i r at t tag e ig .t t,i i t e hia tag re gt r tio a r r oreg Y ttr y w ele . 1s&;, the thepresent tined the 491Joadmg anguagetaregattl„to, 1 7:1'11 e AMYI a Vl l l4l4 , :dtftZtt,i ~gittoiait. 64' v'e'iri4B.t securities from taxation is by many persons considered an unjud disoripobtafipa IA their Laver, affprig, way be THE DAILY EVENING BULLETIN.-PHILADELPHIA, WEDNESDAY, D.ECENBER .0867. mode to (ndtme Cowers to legislate uPon)the subject bf their taxation. Of course the existing exemption front State and municipal taxation of bonds' and occultist, now outstanding will.. be ecrupulously regarded..., That exemption „ is. a part Of the contract under which' the eectuities have been hinted and the money lottnett there. on to the Goveenment, and It would not only he nneetniti tutienal, bukain•eacit of the public faith of the etatibn• to die regard It. Zl would alto, in the judgment or trio Sure. torY, !Jemmies, for Congress to grant to, the Retest the power Which they will not pOSIICHS unless conferred by • express Congreentina enactmeut, of imposing taxer upon securities of the United tltateg wince may he hereafter bolted. Such !sinners •in any form would result ' in serious. if not fatal, :embarrassment to the Govern ment, tied, instead of reneging, would eventually injure the meat masa of tne people, who are to boar .theittull proportion of the :burden- of the public debt, This in , subject in relation to which there ghoul(' be no difference' •et opinion. ItVery taxpayer is' personally interested In having the teiblieelebt placed at home. and at a lowante of Intereet, which cannot be done if the public weenies are to be enbject to local taxation. Taxes vary largely in different States, and% different countiet and eithil of . tiro 'tame Stite s end arestiverys) hereto high that, unlege pro ' teeted nertinet (hem 'the bonds into which the present debt meet be funded cannotbe distributed netting the people, except income fevered localities, nukes they beat a rate of interterno high as to mnke;the debt severely op ermine!, and to render, tine pro s pect lie extinguishment weltpighliopeleen. Exempted from local taxation, ;the debt can, it le expected, be funded at nn early day at live per cent.: if local taxation is allowed, no considerable portion of the debt which falls duo within; tha next four. years can be funded at home at lege than eight percent. The tax.payere of the United Staten cannot isliord to have their burdens them Increaged. It is also evident that the relief which local tax-payera would obtain from Govern, ment taxation, as the remelt of a low rate of interest on the, national eeeurities would at leant be an great as the increase of local taxes to `which they would be eubjeeted on account of the exemp• don of Government neuritic,; while if those securities should bear a rate of interest aullletent to eecure their pale when Puttiect to local teem few, it any of them, would long remain where those taxes co uld . reach them. They wonide bet rapidly transferred to other countries, into the hands of foreign capitalists, and Limiest last the burden of paying a high rate—el interest would be loft upon the people of this! country `Withoutcompensation or . • . ,--The views of the SliferetarYS th , ne expressed, have un- • '''tiergetto no change, but the exemption from taxation of any kind of property's by which special privileges are, or teem to be, granted to any clue of citizens, is odious to the heavily-hardened mama in all countries, and is especially so in a Republic like ours. local taxes in all. the States are heavy and no matter what the law .may say upon the sub ject, no matter what the contract may have been under which they were negotiated,' there is a general eentlment among tint payeris that. the exemp tion of Government boude from local taxation isnot ex actly right, and that It ought to be income way avoided in future iSilll4. The Secretary has no hesitation in ad mitting that be bin empathy with this sentiment.. The tilt:teats. in the way, however, as hie been suggested, *riles from the fact that if the bonds hereafter to be is cued were to he subject to local taxation, very few would , be beld where taxes are high, and there would be a con. • 'tent tendency to a concenti ation of them in the States and counties andAties where taxi.* are low, or in Nolen countries, where they would escape taxation altogether. It is a matter .of great importance that the Government bonds should he a desirable invenment in all parts of the country, and it le obvious that the States should be in some manner coMpeneated for the right now denied of taxing them, en other kinds of property arc taxed. After giyuig the subject careful conelderation, the Secretary can suggest no better way of doing it than bran issue of bonds to be known as the Comsoltdatedl)-bt of the United States, bearing eta per cent. Interest, and having twenty years to run, into which all other obligations of the Gov ernment shall as rapidly as posslble be Converted;—one sixth part of the interest at eech semi-annual payment to be reset veil by the Government and paid overto the States, according to their reputation. By thm means,all the bonds, wherever held, would be taxed' a li ke; and a general • distribution of them he secured. . State, taxes, including the levies, for county and municippl purpose', now, as a general Gape, exceed one percent., but wheu the debt., incurred for the payment of bounties are paid (and in most of the .Statoe they are already in the . process of rapid extinction) and economy is again practiced in the ad ministration ot State engin), title indirect aseemstnent tell be quite likely to equal the. tax assessed upon other pro ty. If the debt to be funded shall amount to $2.00," maw), the amount to be reserved and paid to the States nnnually would he s2o,eatheu, which would give to each of the titatee, In geld. as nearly as can now be eetitnated, the following sums'. to be reduced of couree with the re duction of the debt. _Maine ..trf..5.609 ;6 11121F-.Zeilunetts.. 748,370 431 N. iltuor.sliite., 10.1,411 171 Verm0nt.....,..1K02009, Conneeti t.t2,410 01 I:hode island, 107,174 16 New York 2. 30L82589, New ..I e 412,466 Irk Pennsylvania,. 1.70 , 3,047 12 Michigan. n inoi... Vt, I consia. I iwa Inneeota ourL Kentucky renne . rBce Arkansas.— W7,:259 its 'I he advantages to be derived from this, plan are PO ob vieum as not to require discussion. It would secure, as has been already stated, such a distribution of the bonds throughout the States and counties and cities as could nit be exf ected if local taxes should be imposed upon them. It would create an interest in the bonds in States the people of which arejurtly responsible for the debt. i but where early and complete restoration to the Union is I eo dssirable and important, and would give to them' needed aid in their efforts to build up again their own ' prostrate credit. It would put an end to all discussions i and doubts in regard to the kind of currency in which I the bonds are to be paid, to all complaints of exclusive privilege', and place the public credit on a basis worthy a nation whose resources, young as it is, are second to those of no other nation, and of whose future resources the present are but an indication. : The Londe, the issue of which is thus recommended, - would be six per cents to the Government and five per cents to the hoidens, which la as low a rate of interest as can be expected to prevail in the United litotes for many Sean to come. Of the practicability of converting the outstanding obligations of the Government into this con solidated debt at an early day, at no considerable -ex pense, the Secretary entertains no doubt It is the efore respectfully recommended that the act of March Ks", be so amended as to authorize the Seem -tary of the e ury to issue six per cent gold bearing bonds, to be own as the Consolidated Debt of the United States, liming twenty years to run, and redeems+. blelf horsy be thought advisable at an earlier day, to be exchanged at pot for any acid all other obligations of the Government—one-sixth part of the intereet on which, in lien of all other taxes. at each semiannual payment, shall tile reserved by the Government and paid over to the States aecorditie to population. The following is a statement of the public debt on the let of July, IStil I , EIVT ISZAT:IN6 INTTII7F.T. 6 per cent. bandit $1:43,431,350 00 6 per cent. bonds 01'1%7 and I; pCrcent. bonde, 1861 6 per cent. 12U bonds Nary pennon fund. $1,637,530,641 SU pElrr 11EATUNG (,1I 111 v INT1.111:51. ti per cent. bonds 14,70:L0W 00 year compound interest n0tee....... ..... ......... En:194,430 00 3-year 7-30 4.3F0347,42.3 (0) Matured debt notpresented for payruent Fractional currenc3 tiold teruticatt.B . depoAt 19.::117:5241 00 Tntnl debt...................... ....... 2,V2,11+9,215 linonnt Irenrury.cuin.. P:8,..41i..6:38 02 • " " " Currency.. 71,979,564, 77 Amount of debt, leas mall lu Trettaut ........ The following is it. statement of the public debt on the let of November. 1667; • T.P.OT 1:11A11 - NO COTS INTEREsT, per cent.bonde_ tit 186,845,850 00 6 per cent. bonds of 1867 and 1868 14,0 0 ,941 80 6 per rent. bonds, 1881 8.83,675,600 00 6 per cent. b•W bonds , 1.267,698,100 00 Nary pension ..... 13,000,000 60 • t• ----7- $1,776,110,981 hi Mier RE.LILINO OUNNENCT INTIOU4I. 6 per cent. bonds.. .....,... 818,612,000 Ou 3•year compound Interest notes .. 50,558,1;40 00 3.year 7.30 notes 831607.700 00 3 per cent. certificates . 11,560,000 00 ----- 5426.768,610 hi NIATTIINT) DENT NOT PRINENTTD TON RENT. 3-year 7.30 notes, due Au. gust 15, 18187. ..... 8,371,100 00 Compound interest notes matured June 10, Jfly 15, August lb, and October lb, 1867 ......... .... 9,316,100 00 Bonds, Texas indemnity.. 263.000 00 Treasury notes, acts July • 17, 1861 and prior thereto, 163,661 61 Bonds. April 15, 1842 51,061 64 Treasury notes, March 3, 1663. .. . ..... ........... Temporary loan. Certllicates of indebtedness 8453,240 00 4,168,375 56 '34,000 00 • 18.27.531 83 TRIIT 11ENIIINO 1 , 40 4 - NTrnEsT. C. S. notes.. 357,164,844 (6) Fractional currency, . 59,706,638 89 Gold certificates of deposits 14.514,200 00 A 402,385.077 59 Total debt 2,625,' 502,840 02 Amount in Treasury, Coln. 111,540,317 35 Cur ' reney........ ..... ... . .... 2,458,080 67 ' 133,998,32 02 Amount of debt,less cash in Treasury.. 1,401,50.1.450 00 The folloxving is a statement of receipts stnd• expendi tures for the fiscal year ending Juno 80, 1867: Receipts from Customs $176,417,810 88 Landa..,,, ..... 1,163,675 76 • , Direct Tax... . 4,28U,233 70 Internal Re- venue 260,087,537 43 ' . Miscellaneous • sources 48,814,852 60 . • $490,634,010 97 Expenditures for the civil _ service..., . 94110,037 27 . Peaslona and. , , Indian' 24579,084 48 ' • War Depart. , •,•• markt. ... • ' 96a31.413 63 . Navy liepa:t-'• • went........ 81,034,011 84 . Interest on the public .• ' :. J . • debt......... ;143,781;691 91 • , ~ .!. • . '",,... ' ' ,', 4.• • , 9;8,799,1119 83 • _ Lonna paid Receipta from 1081113 ' lledUCHolll,./01:7..! The following is it'iititement of receipts And el l poncli.. tures for the quarter ending Be s tember Ni t 1867: .5 Receipts from Custome 48,081,907 a i ' yuld., . . 287,400 i t treat ia311.1.., 647,070 43 Internal rave- DllO 63,784,027 48 I Miscellaneous ,: acjimc es. ,5 , .4.. ; .§ 111i.3t11.41P 62 r '43 ' ' ). . 1 , -$111461; r Exponditorga , for the civil service...—. 13,14348 08 Pensions and 4 - ' $ tir I AVILOW . “ 1 0 4 ,K 47 . 1 i Ut : att. i4l ~, moat mysta;f3s6 as - i 1 4 16‘7 Depazt meat 6,676,704 67 114 00 4 141 1 :::,,e417' .0.. , . ;,„ A to €O4 X 6014.16 Wad. ~,,, .1111,11.1111.40 .119•176,868 81 Iseniing a surplus of enttniatedreceipts over eetimated expenditeree of ' , "1,000,000 1$ The foregoing snumatea as, e made on the general ave rage of the receipt, and expenditures for the past nine months. The !secretary le hop-ful, however, that Con. grow will take measures to largely reduce expenditures in all brunches of the service, so that a steady reduction of the debt may be continued. In retard to the national debt, npd the necessity of commencing at once the payment of it, the Secretary, in his report of 1865, remarked ;' ' ilVerneed not be anzfoua that future getterdions 'shall beara the burden with us. Wars arc not at an end. and posterity will have enough to do to take care of the debts Of their own creation." "In a metier of so great Imwtance is this, expert s ilent/rare out of place. The plkin, beaten path of expo, nonce is the only cafe ono to tread." ! - "It in of the greatest importance, In the management of a matter of so surpassing interest, that the right start should be made. Nothing but revenue will sustain the national credit, and nothing less than a fixed policy for the reduction of the public debt will be 'likely to prevent its Increase." The right start in the direction suggested hag' ilen made. Hine° the first day of September, 1885, the' debt hair been reduced esieltri,l2l .43. Nov, if wren a reduc tion could be made while the industry of one-third part of the country, by reason of the wee and the unsettled state of its political affairs, has been exceedingly de. pressed, and the other two thirds have, by no means, ex erted their lull productive power; if such a reduction could be madenotwithstanding the liberal miscellaneous appropriations by Conerese, the payment of bounties, and elle greet iorpense of maintaining large military forms upon the frontier and in the Southern Stake, can there be any good reason why the reduction; so successfully commenced ureter, the moot innuspicioun circumstance's, • should not be ear/termed eteadily- and without interrlip. lion until ee ere dollar of It lo extinguished? The Secreeen• indolgeee • • •tho. hope that the. policy • which fbes been .inaugurated, and which, in 'Lis ' e jodkinent,. is so essential to the na- Lionel credit. r; not to The preservation of republican in stitution., will not be abandoned. Old debts are hard debts to pay. The longer they are continued the more , odious do they become. If the present generation should threw the bui den of this debt ellen the mat, •it - will be mete likely to be handed down from one generation to another—a perpetual, if not a constantly increasing bur den upon the people. Our country is full of enterprise 'Louisiana 9431,540,7: . and resources. The debt will be lightened every year . 1:43.X8F , , 5:15,772 49 1 with great rapidity by the increase of wealth and pope- Alabama ' 59J,51253 lather. With a proper reduction in the expeneen. of the Mississippi 471,7e2 see Government, and with a revenue syetem adapted to the lieorgia. ....... 648,915 9e industry of the country end not oppressing it. the debt Florida..... , e , Kee' go ' may be paid before the expiration of the present century. South Carolina. 431,905 13 The wisdom of a policy which shall bring about such a North Carolina. 613,634 24 result is vindicated in advance by the history of Virginia-- .. 7310g 3 ssnations who..e people are burdened with inherited West Virginia, 249,04 - 11 debts, and with no prospect of relief for themselves or Maryland 431.6e0 53 their reeterity. In the appendix to this report there Will Delaware r,:a,r173 41 be found a table prepared by a very intelligentgentleman ganea,.... _ , ~ ~156.,3,53 ee of Masi artier-elle, which shows how soon the debt may el. ; Nebraska...... 'll6 86 be paid by the regular increase of population alone, at the California...... :1-33763 14 1 rate of three per cent per annum on a recibir annual Nevada ;1-tO4B 73 Der caplet tax of eight dollars and sixty cents, selecir is .Oregon - ........, 4.1,000 76 now much beiow the preirent rate. _ 13y a resolution approved hebruary ifi, 1847. the prod. 20.000,00 u o n • Pions of the joint resolution to proVide for• codifying the - _ -laws relating to customs, approved July 26, letie, were continued in force until the first day of January in the year ISt.B. , Under the authority and direction of these resolutions, the Department has caused to be'. prepared the draft of an act embracing allprovisions deemed necessary, for regulating the foreign and . coasting trade, the assessment arid collection of duties en goods im ported-- ;rem- foreign countries, ^ and for censoli. dating and perfecting the - navigation - laws. e. This draft was trausinieed to the House of Representatives on the oth - of Mardi lac& and the report accompanying it gives a general view of its scope, and an outline of the most important changes in existing laws proposed to be made. The laws relating to the foreign and coasting trade, and the collection of the revenue from customs, are now diems ‘seteused through many volumes of statutes, and have been so frequently modified by amendments of their original provi. ions, that on many points tt• iss difficult for mer chants, so well as for the officers whose duty it in to con strue and execute them, to determine sweat L 5 the law In . force. It Is of great importance that laws regulating into rests so various and • vast, should be so syste matized that the • rights and duties of the classes whose interest are most directly affected by them' may be clearly apparent. Their present complication is a source of -serious value rossment to the mercantile com munity, and it is not lees embarrassing to the otheens of • the customs, a hose positions demand wompt action and an intelligent application of law to facts as they arise- The Department hiss endeavored to obviate theee eel barraermentr, as far as practicable, sby regulations and instructions; but these measures arc only a partial re medy. and fall short of supplying the want of a uniform and consistent code. In view of these considerations, it is hoped that the proposed act will receive the early at. tention of Congress. The Secretary respectiully recommends the reorganiza tion of the accounting Mecca of this Treasury Department, so Its to place this branch of the public service under one responsible head, enrording to what ISeCIIIII to have been designed in the original ergeuization of the Department, and hollowed until the increium of liminess led to the crea. ties of eke Mace of Second Comptroller, and subsequently to -that.of Commissioner of Customs. There are now three officers controlling the eettlement of accounts, each independent of the othere, and, as a consequence, the nurses and decisions arc not uniform where the same or like questions arise. In the judgment of the Secretary, the cepcentration of the accounting °elves undo one hft-• d e ould . eecure greater ellicesncy, as well as greater uniformity of peactice . that-can be ex. petted under a divided enperrision . It is believed, also, that it would he ads'entageous, to relleve,the Commis- ,lonerof Custom' of the duty of settling accounts, and to confine his inhere to the eupervision of the revenue from (erste mr,13011" euteciently large to demand his whole time. It is therefore recommended that the °Mee of Chief Comptroller be crested. having general supervision of the accounting °Weer, and appellate jurisdiction from their decisions; to which should be transfened the duty of examining and countersigning warrants on the Trea sury, and of colli.cting debts duel the Government, now' constituting a part of the duties of the First Comptroller; and that the aditietnient of accounts pertaining to the customs be restored to the latter "Mee. • ' The Secretary also renews the recommendation con ' tained in hits last eternal report, of a reorganization of the len eaux of the Department, and most respectfully end earnestly eolicite tor it the I assemble action of Con gress,. The compensation now paid ii' inadequnte to the ..exeices performed, and 'simple justice to gentlemen of the ability and character of those employed in the De. eart men), requires a liberal addition to their present eOlll - ince rho rates of compensation now allowed were established, the duties, labors, and responsibilities of the litireaux have been largely increased. end the ne cCteitry expenses of living in Washington have been more then doubled. • The report of the Director of the Mint contains the usual lntortuation relative ,to the +coinage for the past year. The total value of the bullion deposited at the mint and brunches - during -the fiscal year {vile $41,e93,100 76, or which e40,06e,e00 06 was in gold and $1,110.3,900 10 in silver. Deducting the redeposit, the amount of actual' deposit was $34.6.17,048 39. Iho coinage for the year was, in gold coin, f1rA1,21.7„- - 187 60; gold bars, 8311,621,691 44; silver coin; $989,871; silver bare, 3576,MW 18; nickel, copper, and bronze coinage (one, two, three, and tivecemt p1ecte),e1,879,540. Total coinage, 0i1,01.5 , ,598 80. Total liars stamped, $l2 197.514 50. 'file gold depoeiee of domestic production were, at Phila. dolphin, $2,418,19, 89; at San Francisco *17.936,169 40; at New York. $10,T20,821 56; at Denver, 19130,669 70. The surer deposits were, at „Philadelphia, 837:199 72; Sat' Francisco, 19744,387 48^ • New York, 564, 893 19. e 'rho gold and silver deposits of ftereleti production Were 82,674,619 46. ' The amount of gold coined at Philadelphia was 0110,- 072,060 Ye: at San Frauciseo4llB,726,ooo; of eilver,at Phila delphia, 8857,490 118; at San Francisco,. 5780,048. 54 I of breeze and nickel and copper, at Philadelphia, $1,819,- 610, '1 otal number of pieces struck $54,111,384. _ A valuable site for a branch mint in an Francisco has been purchased during the past year, and an addl. tional appropriation will be required for the purpose of erecting a mint building complete in all its appointments upon the tactile-coast The Director of; the Mint recommends the opening cif tile branch mint.at New Orleans, epee an economical basin, for the 'coinage .of nickel-copper pieced. Thu branch mint at Charlotte, North Carolina, is being re patted and 'placed lo condition for melting and assaying the precious metals. It will be unnecessary ever to exe cute coterie° at Denver, or Charlotte, and the bronchi mint( at those points ahouldhe converted into amity of. trees and'thue expoulleri reduced. • • ' . Tit Director also recommends the repeal of the coinage ell argert he tale en bullion, tied the redemption of the cent coinage.. his remarks upon. international coinage, and his suggestions for the protection, of gold opinefrenyile. basement, are worths- of careful consideration. t i An appropriation of ten thotwand dollars was made by Cougreas on the Men ol July, 1806 e to' enable this . Seer°. tar.Y of: theneasury,te collect- ireltable statistical infor mation concerning the gold and silver, mines .of ,the Werterribtates , and Territories. Under the authotitY thus conferred uon this Department, Mr. J. ROSIII Pl'Oe'tle was appointed apecialcommissioner for the min eral regions svest of the stocky Mountains. His .prelimi, nary report was submitted to Congress on the Bth of Jan miry, 1867 The districts of New Mexico, Coloradd, • Montana, inotiti and MintiestaiS -- Wer Imbrued to - -Mr. Jatneti W. Ta log e Wholte irepott. ware 804'41.40d Othe • 18th "of ' February', lEM37. "eel oodetell de InforMatlentree specting our mineral resources, the nature and extent of the metalliferous veins, the mode and cost of working the mines, or the yield of bunters; lid previously appeared in form. Little, i faa known of the local rule, en tegulations or "tho praii al etlect of federal legielatien o the eubjeetof ' the " - mit cal lauds. The value of the information contained in these reports has been attested in a marked degree by the .PUblic9 l YryitliAqpLouthr bay° l'ot!,thciiivoli through. 0 40 1 °A It llo RAW KWh t pittri f lLPETlr mid increat sing inform' has been man eis exploration and development of our mineral regions, both seat 7and west of the hooky Mountains. As stated in Letters of the be. partment, dated JalisulLette o r tw i t/ olio ., keg , reports were merely ele ' . ;Son wade bY the appropriation act or alai um . 9r icon' tinuance t this service..the special commitudoner. Li* .lirowne. ii, . ota u during ' the present year in a }MANIAI O i wimrtida 4. ,_BAvoled extensiveiy ol'ef the principal minips regions ofxMo ?settle slope, and colt - lected mut& valuable informanitia". "Fire scope of his in. vestigatioas, • reaching from British 'Columbia to th 4 Mexicali be nit r was too e ve to permit of a mon r illitt ti ' . 4 Agin secure a ermined!' and statia Maui to ald ape *mignon of hltd4tiga, gposAil isitruotioatt wow alve•to , ttiva 1,449469 by M 36.727 hi' 472,916 81 1.."//0 0 )2 56 521,Z,54 49 4`.4159 774840 91 575,1531 '74 51.0.3t45 45 to - Ji.l4'; 55 MIME ~a;~o zsu ai . . 1,127,531,t00 00 13,04)0,000 t.O MUT REARING INTELEST. rA) ‘ . 2.)4,14n,523 112 2.511,5.00,013 746;350,625 114 640426,210 29 105,928,615 65 Reeelptß from Imo =MI , • . • The Secretary CPtirrintes ti/itt the receinta end oaPt'ude tnrcal. for the three quarters ending June SO, 1863,1011 as follows : . • Recciptil I rem Customs..." $1 1 .64 00 ;0 00 • ' '• " • Lando. . .... 71)CS000 „ • Internal reve."; • ' nno 165,000,000.00 r \ • • ' Miscellaneous resources ...!.1± L OIN),000 vU OOO,OOO . Time spen ditiires for the name Period. AC ' cording to his estimates, will be-- Yor the civil service...... .. :37.000,000 00 - For pensions and Indians.... ` 21,000,000 00 For the War I)epartment, • including d!24,1;tx.1,0e0 for bounties. . .. . ...• • • 100.000.004 00 • F o r the Pjavy DopartMent.. 22,000,000 00 • For the Interest on the pub. tic debt.. ............ 11000,000 CO • 205,000.000 00 . -- Leavlag a surplus of estimated receipts • ' over estimated expenditures of 1.000.00 n 00 The receipts and expcmiltbren for the next fiscal year, ending June 1E69. are distirrinted lui foliolvs -Receipts trete Qustorns $140,e00,000 011 Beecham from Internal revenue.. . ........ . 205.000.400 Ott Recelptit from I.snds - • 1,000.00000 Receipts front Mitcellaneous • nottrces oo,oUsb,oou oo us The expenditures for the Bathe period are uooLooo,ouo estimated as follows: For the civil service....... $51000,000 00 For pensions and .• 01,000,000 00 For the ‘Var Department. eluding 0.25,00),000 for boun ties. .. VOOOO.OOO 00 C For Sheli:ii;iy 30,000,000 00. • • For tho interest on-the Pub: lie debt 100,000,000 00 62.1,XL1A15 b,:07,595 PJ 419,507, u 72 52 1 k 0,9.99,201 79 I In writing. interesting peon them the necessity cfseautfort I. in the reception of unverified Rtutementa from interested parties, and the ittapoftence of accuracy end a'Critical ad herence to the faetein ttWr oWn. Through the services Of these assistants, vrhelhave Visited in petson neatly all the districts described. he has been enabled to obtain detailed reports on the products popplition and characteristic features of 'LIMN Western lildntsMa, Idaho. Weighing= Territory ; Oregon. Nevada; Califortia, find Arizona. The adjacent !Metall territories in , which American capitalis invested are also briefly' noticed. Partieulen attention is given to the topographical. geolbgical and 'mineralogical feature' of ~, : each St ate .1, and, Territory; to the variouseYstemis , f willies; the cyst of • labor and production; t 0 Yield of hornet Curl loss in reduction: and, frieddentally. to the climates,. facilities for communicating agricultural capabilities and Indira+. loony to immigration, and the Inyestment o f capital. An important featere 'cennecned , with the deVeloprnent Of the mining interest is presented in the tabular atatementa accompanying the report. , While the of t h e ta KT rally favorable, and the , permanency or the m aerial Posits attested by ' Indisputable' evidenie, the- lofts Ana tatted in the treatrhent 01 the ores is represented seise' rious drawback to the prosperity of this great interest. On the Comstock lode, where gold eking thiefly pl an upcombined form, the pereetithge of lose on that metal is comparatively Small; but the loss of silver, Is so, great as to su um est the necessity of Rome means by .which the el. trnor hoary, drain n the productive industry of tile country may be arrested. With all iMprovernents derived ftom seven years , experience, ft appears that• the even-age Cield of all the,ores worked at the present time from the omstock lodtidoes not exceed 65 per cent. of the assay value' The net product this year will probably arnoleat to sl7,l,oU,Oul3—showleg an actual loss to the country, on this single lode, of it1i,253,856. of which, by a, more ocm:to mical system of, working, 1a large proporttOn might be 'Saved. 'ln other districts the loss is greater or lees, accordin to the character of the ore and the faoilltiee for its reduc on. Annotate our total gold and silver product to be $75 000,000 for tho ealender year 1136;, ft is estimated that the a egate loss ' On the production of this anfonnt of bullion oes not fall short of $25,000,000. I.ndian,hos. Mitten an other causes have retarded the progre ss Of the' Mini g interest in Montana, Idaho, Coloradd awl (m y . -.Ariz ; but, under the Most: ,favorable circumstance', laugh a drain upon our resource! as that to which atten tion is now galled would appear to ,demand the aerimia i consideration of uovernmen.. The Speeial Comninsioner recommends, as the onlj' possible remedy, the cetabLishment at some . central pojnt. w est of the Rocky Mount-alum of a national mining school, organized neon comprehensive principle), anal fi goes in its general design and scope to the greed mining schools of Lurope. By the concentration of scientific ex perience upon the proceeees of wining and Inetaliorglf, and the analytical and working tests that could be ap plied to the different ores, where individual enterprise ; hag so long and so signally failed, Atte believed the results would he beneficial. Wlthogit assuming to &mama 14 , what means tide Abject could he best accoMplished thb Secretary , deems it due to the enterprising pioneo l ament West, who have , opened up a vast empire to set and civilization, that their , wishes, as represented by the Commissioners, should 'Meet with the most favorable consideration, Whatever , cati be done to promote their welter° will be stational benefit; and none will question that the tendency of. scientific in stirotione is to strengthen the bonds of interest and sym pathy between a people separated by a diversity , of pur suits and the eircumetances of their geographical position. An interesting and Instructive report, by Mr. Taylos, upon the situation and prospects of gold end silver reining east ofe Rocky Mountains, embracing genie notice of the Alio entail and Canadian goldfields, la addition tb the min ing statistics of Now Mexico, Colorado, and East ern Montana , will also be presented t, Congress. .. The report from the Eight-Moue Board, with estimate s of appropriations for the year commencing July I, latkii herewith submitted, is recommended to the favorable consideration of Congress. The progress made in reno vating and restoring the aide to navigation,, so seriously injured during the late war, is all that could be expected from the means and time at command. •The establish ment increases with the opening of new aliennale to com merce andAhe rapidly increasing popular ion orlhe coon try, and Congress may rely on the judicious application of all means appropriated to that end. . l The operations of th e Coast niirvey have been thalinued dieing the pnstyear with accustomed vigor, and progre4 has been made in all portions of the coast heretofore pro ceded for by appropriations,. The estimates for the next fiscal year have Luta-prepared with a view to keeping up the work efficientlyon the scale to which it has been developed by the de'ninds of navigation, and accompany , this report. • For the collection of the 'revenue from customs in the territory reeerrly acquired from }Media, until permanent arrangements shall-have been made by Congress, espe cial urgent of the Department was despatched in August last to bltka, in company with the agent designated by the State Department, to receive the formal transfer of the territory; and, for the further 'protection of the revenue, es well as to obtain information tp guide in the • establishment of ports ands collection dis tricts, the steam cutter Lincoln was ordered to extend her cruising limits to these pneseesions. An otticer of the service, familiar with the coast, accompanied by rs several office of the Coast Burvey,--was sent from the Depart mein, with detailed instructions, to take charge of the vessel for the cruise. A general reconnoissance of, the coast was ordered, including soundings, location of Hittite, and ascertainment of available channels of commerce. Attention was also especially directed to subjects of scientific inquiry suggested by the dmitheouian Lod tution. The steamer sailed late in July, and a full report of her operations is expected within a brief period. When re ceived it will be promptly communicated to Conga e.s, with such information as the Department has been able to collect from other sources, and suggest one es to the creation of collection districts for customs and internal revenue. The Revenue Marine consists at present of fort' three vessels. comprising twenty - five steamers and :e ighteen sailing VCMISCIN of which seventeen of the former and six teen of the latter are employed on the Atlanta waist, two of each description ou the Pacifica and six steamers, each of over five hundred toes burden, on the Great Lakes. live steamers, of three hundred and fitty tow burden and upwards, have been sold, in pUrsuitnee of the power con ferred upon the Department by the act of-April 2,e, 18613, and eight' eailing vessels, ranging in burden from one hundred and twenty to two hundred and twenty tons, better suited to the wants of the service, have been constructed. Four of the steers (ere now now in commission'are small tugs, employed two at New York one at Boston, and one at New Or leans) in a special boarding and inspecting service.' These are,tinuid to be so serviceable that others like them will no employed, as occasion may couture, in place of the larger vessels not so well suited to the service, which will be dis Posed of as mu)" be found convenient. The expenses tif the service have considerably increased within a, few veers past, owing not only to the increased number of vessels which the chauffedences of our com merce required, and to the consequent employment of additions I officers and men, bust chiefly to the unprece dented advance in the price of all necessary supplies, and consequent indispensable increase in the pay of o f firers and men. since 1861 these supplies have advanced at rates varying from thirty-three to one hundred per cent. All there etcpensee aro now ,peld • from the general customs fund, and arc • Melted in amount , only by the direction o the Secretary. They have now attained such a magnitude as to make it desirable that Congress should signify its views is regard to the subject by providing a. specific appropriation for them. A bill ter that purpose was presented a few menthe since by the Depurtment, which received the approval of one branch of the legislature, but did not become a law. - The exrenses of the serviee will form distinct items in the regular estimates to be submitted for the coming fiscal year. 'the expenses of tire' Diarine Hospital establishment continue quite large, nonvithatanding peraLtent efforts to secure economy. The reeelf ts from the tar are still found insufficient to meet them, and it win he necessary to provide for the deficiency, as heretofore, from) the public treasury. It is suggested that, in accordance with the example afforded by the military establish ment, authority , may ha given for the annual OPPropriation of so much of the proceeds of iiIIC4, penal ties and forfeitures finder the customs law* as may suffice to meet the deficiency unarm ided for by the tux. Efforts for the prevention and detection of smuggling have been actively continued during, the year. with con elderable success, at a comparativel y moderate expense, and without any charge upon the public treasury, the proceeds of fines, penalties and forfeitures having proved ell flicient to sustain the charge and pay into the Treasury a surphubsd more Bum $300,10011. Quite n large amount of stock of private-corporations is held by the Lnited States, in the custody of the Depart ment, which lea covalent source of embnrrassineut to the Goverinnent,and to the respective companies. A schedule is unnexed exhibiting these stocks, and the mariner in Ni Lich they Were obtained. it will be observed that they were acquired by subscription finder epecial authority of law in aid of projects of Internal improvement, • How ever proper and beneficial such measures May have been at the thee of their inception, no good. purpose can now be observed by longer retaluing the interests thus ac quired, and it is recommended that afftheirity be con ferred by law for the tittle of them. Such a course, it is believed; will be altogether acceptable to tiro various cot. Forst ions. , A portion of the first annual report of the Directors of the Bureau of Statistics is submitted herewith, the,entire report being in course of preparation for separate publics, tion. It contains a survey of the' operation* of the, Bu. reau ; a careful analysts, illustrated by numerous tables, ' of our commerce during the past year; together with late retinue of population, hamigra•ion , mauu.factures, miring and agriculture. These subjects are partle,ularl i interesting at the present time, and. the report of the Di rector cannot fall to attract the attention of Congress an the people. . , . • . Front the report of the Third Auditor, to which utter. tin is invited, it le apparent that ,' a: change, gthould, be made in regard to the adjustment and setUement of this war claims that come before his Burealitlthat &period should be fixed within which dahlia should be ,presented, and that measures ghould 'be adopted to:petipetuate the testimony in &wee of cla.uns that are disallowed. Even. now, while all the facts are fresh and atteinilble, fraudu lent claims are frequently presented; and; when, by "e lapse of time, it will be difficult, if not iinpossible, to ob- , tale; testimony iii regard to their true character, fruedu lent claims will be quite likely to incrolumni numbers and The report of the Treaanrer, calla Ring, .aa it does, the condition of the Treasury and the extent of Its opera* theme during the past year, and presenting views upon some interesting matters by an officer. or large experi ence, merits especial attention. The reperts of the other Bureau officers are also of unusual interest and velure. The worts upon the public buildings throughout the 'ccuntry has been prosecuted with unusual °notify. It h ' s b ee n the aim of the alleervishig Architect, under the direction of the Secretary. to have all poetic buildiuell constructed in the lutist iftibatantial manner and con pleted- with a view_te cconeiny— as rapidly as possible. The rapidity with Whiclithe north wing of the Tniasury Is Rpm/aching completion must be gratifying to Con , consi d erationThilDeoo tate has referred to this Depart ment, for the offielatreeort of the proceed higs of the "bitterns tional Monetary tionforenee" held at Parte in June and July of the present year, and also the 'report'of, birotiamuel li. Regalia!, the delegate in that Conference - from, the United States of America., Thik Conference Wes diplomatic In Its; couotitution;ihreVing been formally called by ago Government of France, by official invitatiots to most of the civilized nations, Its object, 1/8 stated by the Minister of France at.,Westring t . ' toil; was a general interchange of vieinf, and' dine "to seek for bees for ulterior negotiation? = the rubjact4 Im mo co i nage f or th e muss of tire worla. It appears to f acial ~ re port that the Confereneu, ; on. ,tuu deliberation, has agreed on such a, 'bitsiteich is now transmitted to the . di ff erent .na „f or t heir consideration and decision releetively. , e Met. tern thin s i presented atre of high mone my interest to 'the Unite *Hines, and merit the atteut Ye arid careful ev amine on ol its public authot Rica, executive and loth , . ,it s ,ti ve ,, They aro !idly diSetilistid/ ha tduissw.at9 roport of Mr. Buggies, under the following beads: .4, !The composition and tatigranterrter w tk .Oonferonpe, embracing nineteen eetatr.ater natjona, a population ca isineeneed inhabitants.' lo ; , , , ~, ~ 4 rl 2 , lbe importune of including, i n . the pro posed mono -1 Lary roforiii , the nations of :Urea ' Cal ; and Rth America, , a. 'rho necessity of me etary *on between thit East (Anti.* te, ,'• t . ~ 1 , $ 4. , Jit aintonmediate P rim s of the two Americas beg. tween Western Europe d lotiterei Asia and their duty .as re t bl thejerintitial , Prdo et the goltl ill the wet*. . A Tne coat of evequirod by the proposed itnifl. Cattail W illi fi t t i :l4 B 2t thtlee .age. Pale tf erg tity, sent,o the Uni is preatiyritain and Fra nco. , IThputeld Oehler:, or rate& at/tee-Irons i I'm to ) Ilk ttr tee to her been. $1 lei 0 Brest te, srosaltildtelssl... . .... . ..... 480404, , PA graffcei,fflm 711,44,8,1. ,,, ,..-!. . •••••••i•• P 14 ," 9 12 iA ' ' lll ' tq 1 4 , *tffli fe• , •'. ; ' ;•:• . . 904, olta ~fevonviiim ‘u telturs?.: ..................... . takitifi11i11a11t"..i5p..4.;...).,. , i.., ,,,, -.)•• .„,,a ellikilteb:o3 erne...,... ......... ..,...,.., ... ~M, -kg . it liiiri igt• 1 - - ' • ' lag ILO' 133,103,282 00 #6.olaosil 374000,000 00 O. The probable rate of future product of geld In the United States 7 end S. The IlistorY otthe 'Varying et/hp:ages Europe and their gradual consolidation.... r • O. The contraerprelented by the Mango the United kfitates_. as unified or the Constitution. 10. The. necessity of intercontinental monetary eon ' !trances ,of nations. First attempt in the Congress, at 'Hein in'liert -11: Quadripartite monetard treaty of December, 1160. ' ,b , direcn , France, lgiu witlerAnd., an With aubsequent adhesion of e Btateit and of Greece. partially unifying Enron&' •M. The nectssity of a single standard nicht/lively 'of gold. Timbal/toy and impossibility of n double standard of go] and silver. Is, common denominator, " or - intik" of .134,11 of e. lined weight and value rends lug "dollarieranot "fronts" eynonymous or mutually convertible. - • - (4 14. Action ' ,the onference by. the ' , delegate/1 from reat 15. TBrithe ain. consent o 7 France to issue a' "now gold coin of fraocs to circulate' side by aide with the half.eagle of therUnited States, and the sovereign of Groat Britain. when reduced to that value. Y, Thn proper examination of a subject sq compreheMdite chit 'hardly fail to benefit the Gevertitnol?; of the United States.. In commanding the rePorttri Ana „consideration . of, Congrhea the eicerctary,deeme it forlhe Present, ' conctirrence In' rathe view eduty embodledta the fo,7otringear tct : • , "Let , never 'forget that that tho twit Muerte/Ware • Christtanmetablint of -the great family of *nation% and that the,unyticskametLey may he close akin to other and. , hlkhor Jetts Mr itMnstian concord. ;We cannot wiselyfor'll htftillyti„rotnain in continental is o l a ti on ,. I n _ zanni portions °Etna mighty organism of modern civili tion, lot us ever fraternally and pp/until' take our part in the world-wide Works of peace, HuolpiGet'LLOCH, •- • trecrataty of the Treasury. Hon., 011uviza cor,Fuc.- B , „.• Speaker of the ott.e of Befiennitatiree. • ' S I/PE 4 M Avi4k3MV4lN' lir FARMPES''AIiP , hig.CHAN,W4r: ATAT./9N4L ' BANK. • ' , • For the convenience of its Stockholders,.an will pay to the Hee& ver oblate* the State Telly 131ple Milts now duo upon their respective shares. , W. 81T51.4.J5.. • 'mgr. AN :ADJOURNED MEETING OF TAB STOCK holders of the MULLENGAR OIL COMPANYwiII , be held at the Office of the Company, No. l bil _North „wit atteet, on THURSDAY, December stl4.at 4 O'clook..P .M.„ for the porporo of acting. on the'Reeolution offered at. the het meeting. viz. 1 to dispoe of tho property of the Cone- MIA ,and bring it to a 01 00. A. it FOU RA dO4t• AN ADJOURNED MEETINSi OR TIDE STOOK holders of the Groat Central Dashi.,oli , Company. will be held at tho office of the Complain' Nor.--11, North Front street, on,FßlDAY,Dpoember 6th,at 4 o'clock P.M.. for the purposo of acting on the resolution , offered • at the last meeting, viz,, to dispose of the, property of theCour , pany. maw. BATCRELOR'S HAIR DYE.-THIS SPLENDID Hair D_yd is the best in the world, The only true and Perfect Dye—Harmless, tantanoona' No disappointment. , N °ridiculous tints. • jiatutal Black or Brown. Remedies the effects of Bad layeß. Invigorates the hair—km*ln, it soft and beaptifuL The genuine fa signed WILLIAM A. BATCHELOR- All others are imi tations, alsil shotddlio avoided. • Sold by all Druggists and Pert= ere*. Factory 81 Barclay streek Pies/ York ngwARE OF A EBB NTER.REIT. - - del-f,M.WXY Stirdi%l 7 APPorOtir'irilitAME,, ritit tat NUT STNEET. PIIITATELPIITA, Nov. 25, 18e7. The Annual Meeting sf tho Stockholders of "The Roll ance Inourauce Company of Philadelphia." and the an nual election of thirteen (13/ Directors, to eerie for /ha ensuing year, will be held at t_lds office en MONDAY. December 16,1867, at'l2 o'clock M. - nolitodel63 THOS C. HILL, Scc'y. • air DELAWARE AND RARITAN CANAL CO., AND CAMDEN AND M ABOY ON RAILROAD AND TRANS- , • PORTATI COMPANY. The Directors of the above Ciotupaules have ordered that the Transfer hooks of Capital Stock be closed on January 15th and July 15th, in each yeantuatil the day of the following month and any dividend declared. will be payable to the stockholders, standing as such, on the books of the Companies, on the fifteenth day of the month in Which tho'dividend is declared. RICHARD STOCKTON, Treasttrer. PTI (lATON, N. J. Dec. 3,1867. no2i)-tit AT A GENERAL MEETING OF THE SOUTH. /115r AMERICAN GOLD AND SILVER MINING COM PANY; OF NEVADA, held on Monday. December 2,1187. the following named Board of Directors was duly elected: Robert. John Q. Cresson, Samuel 11. Perkins, B. Mitchell, t. Patterson, John Barnard, William. J. Philips. James Slorrell, Jr., Joseph G. Mitchell; Peter Farnum. And at a meeting or the Directors, hold the-same day. the organization of the Company, under its Charter and By -laws, wee effected by electing' JOHN C. CRIMSON President; SAMUEL H. PERKINS, . Treasurer, MO WILLIAM J, THILIPS, Secretary. de.3.3t0 1 . • W., J. PHILIPS, Secretor •• SAILLIS4, AT PUBLIC SALE In West Chester, Thursday', Dec. 5, at P. M., . Desirable three-story brick dwelling on Smith W ALNwr Street, 20 feet front, three-stmied doable back building, with modern conveniences. Lot gl by ES feet. Garden and handsomely hild-out side yard, with flowers and shrubbery. Immediate possession and easy terms. JACOB GILBOUGH. irBALE. -0N FORTIETH, BELOW. FINE , Street,'West Philadelphia— Arvery desirable Cottage .reeidence. replete with every convenience. • • . • - . . Stable, Coaoh.house and Groon.housa, 'Grounds hand somely laid out with a profusion of fruit trees in full bearing. Lot, 76 byffe feet. Thu grounds adjoining; 7d feet front, can bo had if desired. n0.1,1m. GEIMANTOWN—FOR SALE.—A Handsome Double-stone ilcsidence, with stone stable and car riage house, and about ono acre of land, situate on Tulpohocken street, within tea minutes walk from the railroad depot; woe erected and finished throughout . its the best manner, expressly. for tho occupancy of the pres ent owner L with every city convenienm and is in perfect Order. J. H. GUMMEY & SONS, 608 walnntbtreet. rFOR SALE—A GOOD PROPRRTY, ON 601100 L.; house lane, near steam and bone cam—Stone 'House, 10 rooms, large parlor, hall and modern conveniences. Lot 45 by 475 feet. Shade, manes, pgara, and garden, very desirable for business or retired citizen. Immediate possession. Apply to " CONRAD, e02612t• 4774.4tatn street, Germardelreh riARCHSTREET.—FOR BALE—THE HAND 'acme (minatory brick residence , with tbreheiblrry " double heck bunt loge, situate No. 1308 Arch, street. lies every mode en convenience and fraprovement. Said ti in verfret order Lot 20 feet front by 140 feed deo Im mediate pocc.edon given. J. M. OHIdIdEY 50N13.6011 Walnut street.,. - , . r FACTORY FOR BALE OR RENT,—A three-story brick Factory ilunding, havfng frodtaont three streets, Ia bantht them:Lost substantial van. ner, nearly neW and PI perfect order. Lot 84 feet front by 116 feet deep. Iruniediata _POssesidorr given. For Airtime particulars apply to M. , qIUI.IIIthIEY b 2010,508 Walnut TO RENT. ri FOR RENT. FURNISIIED Olt UNFURNISHED. —ThB four-story hriek Residence, with three•story "doubletbatk buildings, situate on the northw corner of •Twentie .1 wed Arch streets; ha* varier, dlnilt room; kite ben, out iltchen, library, 8 chambers, 2 ba .. rooms, 2 crater closets, &a., dte. J. M. 0 [MALEY &SON& 609 walnut 'street. TO . BENT.— A 'CREEL-STOIC/ DWLLIIII:1 4 1i0.2012 !donut Vernon etreet, with all ttindinst=. prevements, Immediate Tormentor. Also the :throw 'eters Drmlling, 8. E. comer of Broad and Volainbia± emo, all modern Improvements. Immediate jN'eattlaidont. Apply to COPPUCX dc JORDAN. '4ll Walnut , tree • AnMARKET STREET-FOR RENT—A VALUABLE. store property, 25 tacit' front,Lwith.lotlso feet , deep eltunte on Market street, between Seventh and Eighth streets. Possession Eebruary lat. PRki. OUMMEY At SONS, 608 Walnut street. TIIIRD STREET—FOR 'RENT, TILE 'Fr. story granite and brick Store PronertY. No. sk ores Third street. Immediate possessieu. J. M. IP& MET dt SONS. 618 Walnut street. • r.t TO RENT—A STABLE, BACK OF,IOOB. WAL. nut street. Accommodations for 8 horses aid 4 car. Itumedlato possession, and in good order. Apply to COPPtiCK J inDA,N,41313 Watot. West. . . FOR RENT—FROM DECEMPD . RI: ,r new Stare, on Delaware' eve,: tt tablet st. Apply to . JOB. B, BIJ C O., D nob ti • • " 108 Bokith ware arenas mo RENT—Wl'ru "'AIMED! 'IT POSSESSIoN, THE: aecoad tird, tourtn and Ofth damn of vfla premtnes a ntarkat ahret: Andyikrl3. a SLEEP & ..14 Market a • ' dat Litiadii 'NOVICES. TN THEIRTRT" OF 'COMMON PLEAS FOR THU . 1 - and county of Phitadclphla.—ln the matter of theagemmed 'state, of WORK; MeCOUOII C0. , -The - 10 .1tir ALPPOinted by•the Court to audit. settle , and ikit 'Jul 0 Prat account of GEORGE SERGEANT, Assignee "of 110 Eat ate of WORK, MoCOUCkt and to report distribution of 0113 balance I'OllllllllW In,the hand* in the scretrotant, will meet the purthe Interestedifor tier Par preen of lice appointment,. on 'Monday, December 9W. IW, ; t'o o'clock. P. SI., at tag O ffi cer, Nolan Arab etreet. in the city. of Philadelphia. 31029.f,nt0r6t* J. SEM:JD/LW!' Aiditot. :IN THE COURTIOP COMMON !.PL :, - : 'FOR THE t a. City_ and County_ of Philadeleble, - xned, Estate of BAmiTEL 'NEEDHAM. , Tho , lAndittir- ‘ appottOct .by thu court to , audit, settilmal, VII ' I " first and final ' account of " E VE R .. ALL. e affineo for tho .benetltOr'. creditor!! of NANUEII. NEEDtrib HAM. and to report diaUtion of thdbaftneelit fli rti the hands of the accountant, min meet tke ripitti in terested for the pumoses. of hie ap_polntraent, ori i "fon December :Wu DMZ. at ,d'Mock. P. M.. 4t.iit ogle House, No. NA Ijantaipl y attmet. In the Ci tyo Ph a. delphis: ' ' ,'''' ',j, • ' ! • • ' c •' n• .w.f.ralito IN TIME ORPHANBr i?. yourr ,FOR) THE, CITt ANZIO County of .1"41104 alp a,--Estato el MAW hl.OO ,- doceared.-The Atiditm appointed INtkii court to audit; soak and adjust hr account of 8 au' Administrator's° the estate of Tli . au. , moon aud,to,ropOrt distritnefOn of 016)14144v hi -thp the accountant. will meet the Eartm interested / l l R C el e ttt l otevv. t . r t ell.rrdfvo,im i x A .tro. now t. l n,.. ) b vt i l tv at: Rum . , D AVR E T!..t . i m i c A lc -k7f . 1 2 aril: JAPAI A. B. FOLTGERAYrets , sec*? SAMUEL FIELD. No. 142 South *out Street.
Significant historical Pennsylvania newspapers