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oIlNAIaA TWvPAU 1ruLI Mme'
pO17RTE13T3 AWUAl. SlrTAV EY.
In ors.. il$ WM
er t.4. M .....el........... ..* ... s. at
rrm.. ........ ........... .MW On lt
Marte Prma ........ ... 1 On us
5vee Prerm. ................ 1 e.01 a on ew
Waeara e rrPemums............« 4e
.1 440 7471
.oormd r I...r......................:....$. *g au w
er, l. ... ...................... sM $r
u Is~ 34m.1)1!S 14
to r f. t .............. 4.S7
as o sad Internal Rveos........... 34.7}i
pm.esa, Rit, e.. le. Db.es, s
Am s ems........ . ...... . ... ....** f
pe ert elatIoet ma esatmdlaI
si i 2t Para.. 1 ............. 7.7 a 4 1 T I
depbes by W beLd of Tresam, e ee r i al. ater mele
alleuwan wL deduelle we made, S. h9eqaiYm 1o a
Jasd O1pIal of )D.03. ,eS:
.e e to .. d. ......................... .i J .
!we.led in M.etg.. w .sDmI . ........... 7.1 M
..eesaei O aY ...m le ............... .
Inuvetod to Balk ad boa S d............. LSJM a
Inveuod io s or Io mrss Ompas ..... 1I a
~awe e .. s............... ......... ..... &SM M
Prmtm. t ewm r o flelae............. 7.8
Oar ft ha s ......... **...... ................* 111.115 45
o.e oew elasement a 3e. e , w saedm ba Iml
Irem the beks of Wt. Oasm .
J. P. 3ess, seiatrbf. l
Fdes.of.toem...A Otty or te. 01m....,
.ruuaI wm. lhlol deyd Mmd.
8. PAWIL W. 5OO.1so
lea Jr of be P. The
. loeal hbolder bse wmesO y of May.
IO tne rae.. e.a ..r s
1A. AOneas, Vce PReeld.
E- r. ili LAL
Jok e her.nU of TI
UshaS.Ueam. A. AP
te. And.reIs. H h m l . aa tay al
Abe Ire.eur. Ti . !res. m.
. P.Stmeekueepu os
'. -yud.e. hIýH PedTam.z 'r
... [an, . r4 w .... a
Ae. hI UMeemr Jolhn.Iloma. I..
lW. arDev. sOO Pouthe. Oh
o a . r e . L .I . hi.
IM mt . .. Ia4 la .,1.1. P
Ob., wdde. I $.lpb sl1.
e. T. 3l .. . a
NIaNTEERTH ANNWIAL ?TATM EMNT
CRECENT MUTUAL INSURANCE COMPANY.
New orleams. May A. 101. C
r s .Prem.. . r . ............. 1.1a D. I8
lartsm Premiums for you............ ,.U0 H
o ver .m. .lo . fee year........... 177.I084 85
-----f 4.T15 A si
vay a mred Pa. m m.......... of47a.00 a 3:
Fire IP. ee p r fnd setimates ..... 0 6.0 L
Mluer ........... ........... . ....... | Sl4 06 N
River ............................. ... 85.177 47
Pal Taxs ........................... 01.I 6n
·d re.asoransa.. d d so.. ..t .I.. l .e
of cip............. .............. 0 o.1033 O0
aild Intae ed o return premIm,... Us 1
i o ei s ................ .... .. .. . 5100 106
ie Oesgpy have the fllowtra Ag Prsa
us1 n.ct .te................... 1 7.547 N
Ioells eads ae d Mra.. ........ 30 1s S
Ca a ted ...................... 1.8
eso empooe he Ioembs sti.... 11.90 7
e r E eu...........................
libe ·po otbr mColMorts ag. .ri
o a da l........... ... .........* * ..U U
oeoaeuoelge otockBn........o.... *.40U an
I l L e, ol . ..................... .0$
0lpko f d other ompaeek . .... .. oc1
l7 .............O...... .. _
Oteompay hoOe oles:
Wapeded Noie. Socko mao Bonds 5'IT Dr It a
Fo(dlted drip untoolh..4@
eslmton.a1u r.......... st so a
Teb. e shoawotemc l to lone and rorrercs rilancrpt from
tkeLheboho the Lmpacny.
THOr A. ADAM r. resoldet
oRama V. Octru. Secretory.
PARiIS CF oRL AER
Sworn ao anbd sbcrthed ber r l te h d .I day of Moo .
06Tb. PAInl , e if.LD .DI.Sp d
peood ootlres of the oera4
ParIsh of Orl.aM Am
The ompao wl pay Ilaworet oi p l, 13 gs ano roe
*U lbt Outitondini Ilerstlfes- of I bT ip to I leIa holdr
ILre n. ad oa after the Woed SMn.ay Ia Joan noeL
The Doerd ,of Troeleo hna e al.o declared a SrIp DIvidend
TU.RTY -TM OW . a3 OM n..V Thp, a " a
earned pre lostom n0 4o parstt rpett for It. yearnord 51
TrOMAS A. IADAJ. Presi dal
RAXCEL 1. lINKED?. 'ara F
0ba r . Seorelary.
L a. A. Thrnopomoo.
F. immatO John Phota
A. lmer B·r, E. H. lmm*trn.
C lM', ,AL, INS_ IARAC(I mAN
In efortmito wth the uentlo Ute No 14e charter the
OMMEIRCIAL LdSUAAGIC COMrPMT pabsh t*he Cl
Amsou ofrteam or e ear a 10 March. 13
Firet Fernemo . . ......
5.. IIsml... . 4... .. 161. 71
Plbom ........... ...... .. 11. $ .4
3t,-rL .. ......... .. ........ 1
Stsoe l .m ................... . 7 0
F--reea.::: . . ..
e above 3 t 135 ) baml emid
n be- he bs l feei6i
Sbrr ·······.···· l I
IN- URA (:i..
MZUCU.A3 UWY WAN. mueau M
ooKPAur OF NEW ORLEANs.
FOUIRTRRmTR AMWWAL STATZMXt
Iu orafety e the qUa t~ mt of thedr Chae. the
COmpaw i dk leil wing
Piamint emgedo drnorg. the yeor eag M Mae, IM h.
ui dLs .emod premiums o a thepsoLimLeaur :
Ow Fr, Riskr ... .. ...........$ s1,11 am
On Marine RiLks ................................. J I1
Oa .Bl r Iirs .....U.............................. N NJ1
Total Premiusi ............................ $11 0 1
L.e Pmmi-ms Uearned Me May,
a ............. . . *..........Sa -
aturs Premiums.............. 471 a-4 ,8
PMt ArMed Premam u 1s Ma1, I8I.......5 UtaS4 IS
on re R sks .................. ms 1
On MarI e Risks.... ......... ITS7, 1
O Rivr isks................ 465,9 N
Tes............ .. 3MA a
Reiuunrmmco Expense Pr>**t
and Lea, leIn IarEoa ..... 161SO 0- A.4 a
S Prof. .. ...... ....................... s 01.7 0 1
The Company have the folleowig ae.:
ea F t ................................. 10,I7 81
Noute 8ared by Mortgage ................ 07 i
SI red by Pledge ................... 147
Cash on hanu d ................................ 47
Premiumes i comem of Coollcttou........... n .7B a
Ot eds... * ...10................
ak and Baled aeL ............... 6,30 1(
S e ........................« 1 I.11 7
crins of M utal laouraoae Campaeie..... 40 1 10
Sock at Vallette Dry Dock Company...... 1100o
SLov Steam Coo Pr........... *.0 00
S ate Dry Dock .................. .7100 C
" Merchants' xaI .......... 1.00q J I
• Ligtrig and Wreck inEg ...... 1.000
SLoulama EquitablIe Life ins. C. I B.
Unclaimeddt Iereet pay F
able in July next a all eotataad
IngSerapaof the Compeayr.. .101..... 46
Thirty-rae per ea. eertp Imue of
IN, payakib ta Jaul............. 1.87 7
Uneared Premiusm U.s ay, 181.. 06,847 00-4-36.78 o
aft 5$1,0.6( M
The ·ore tStatement is a ust, true and oara l tamarip
hfom theblokeof the Company.
JOHN PEMBERTOM, Prideaai
y PAUL FOURCIY. k*creoary.
MlATE OF LOUTRIANA, I
Parish of Orleans City of New Orl.ua I
Sworn to ane suabcribed belore a. this ith day of Jano.
148. PAUL W. COLLINS.
Third Juiee of the leags
At a meeting of the Board of Iroatera, bold a0 the 09k
day of Juna.a I It was resolved to dearl a Sertp Dividend
of THIRTY PER CENT so the Nat Eared Partldpealg
Premiums for the year ending 30h May. 16., foe which oer
tlfiraes will be issued o and after the rgt day of Aug"
next. Also to pay on and after the amead Waday .a July
ue.xt HIITTY-FIVE PEA ClET. ON THE SCRIP 15813U
OF 1800, and als pr .. ierua on all elandming edge oa
o the COmpeny.
Y. Paig, L Fieave. Pierre Pouts.
Chs. Supov, Job Moran Hal 1 . Elt.
p a Wilts. J. J Prnamsd.
LIFE INSURACIE COMPANY.
ltl .................................. ....64 . 31«N.
OFFICEk 142 CABAL IraETI, NEW OLErANU
Je Pamembtenu W.. . Pike. Niw.rd 3e,
EKA. ATyl LW. tone, W . Bohmldt
C H. Ul A. Thoempco. AlozaderaI.d Mrd
F. Dolbndo Philip Myer., . . Grdy.
George A. edl, Idwrd Sarotl Marll . m.tL _
Jolo ELLIIOI. Proid . R. lfTlla.L T1nLPrE lde,
fol. M. uia DuAaoa. Gen AgIR. V. P. Rm.aU m ssarey.
w I II.CAL iITuLrU.
Dr. B. N. Moe., Dr. smn Choppi Dr. . LaNlontlwr,
r. Hory amti Dr. J. H. Lewl. Dr. V. C. lbtells.
O. A. Brewx. Atteroy.
ALL KINDS OF LIFE RIISK TAKEN-Ordnry
erad nnual dowmnt Te Annual Endowmeant and Fi
Apreol Endowmienet; inle Payment; Partcipttng rand
Ton Partloe1puti.ng eeed by this eompaly a. lao a. suy
41 ther Compm o an -
AIL PAYMDETS INO.-OKFEITABL.R
N aW OLLTAN M U PTUIAL
OlSe. Corner of Camp mad Canml Mrsea.
Prsmioms reoreved during the year enddlg Deom.
her lat.i 1 .67..................... ... ..$411.215 41
SLeases. Tama. Eps Reinsnrance. eta., pld
arie oe p od ............................ . $1 4.070
A ot of the 31st Docember. 187 .................. 61.14 6
Er. O· lu J Jiur.-y 11.1cr .b
Thoa load of Dtreolnea Lav roeolrvod o dlor o ear
divdend of IIIR PTEl ENIIT. Eo ALho nat ered
praiC prom(tus lr the your sodia Deseber 1. 17; ud P
hero fhrtber resilvd to pay Six Per Ct. Intr so sall M.
LI7 , snding erteret Scro i rlso nd er ths mooed M.
1 diy of Mah aDrrhlm. J. TUEM. Pndeat.
2. i. uers S ecretary.
ea IUrqabr T.B. Nlilbneard Jr.. Ohs. idltt10
a O.. . ]Sabaork 2. A. White. A. Schrolbhe.
Joo. Omch, W. F Wilims. I Toru S
[j MR I MUTUAL le rOISANY, 63I.
Nboo. P C O RIR O AN.
t ),e. Ne. 7 Ompe a., eoarn of Esioek swtr
EANFL TATH YEAR.
Prmlnms o m dloia tye yelr sdoaug
Ha Damaer51, 17.................... 36361,530 36
lases u. expooss. re-luurauM arte,
Laid dring mae per.. ....... . 1,70 3
S Assets s b l3t Deem, r.1 .......... 1 6I 1
Thbls Oompay eoutnuee to Itnu elglust the prti ofte
rod MA E I the· ern raTe of .ia
onrui opriu. ohAL•aED MOULTOl, iPraddait
WV. M. PDOKA1. VteePrueidmb
A. V. HUNTLR, Meerairy.
a J M.A. J .H dw. Wl . e. Osorere.
A. Moor. Wm. Chb A. . May,
B. P. Ltbrl Jbe T. Mow*. *al ir are
Wo V PChl. J. K lmbn labs Bnn oc
m .......... t-udelet Stret.............
L O W OBL:.Y . L.
5i1105D A.NLtAL STATEVENT. YEAR ENDINO
A iro APRIL. 1C4.
PIoov ord. ~r2 7)rl....
1.o Paid. . ............. lU
Asel 5rhb Apr., 1S&... ......·...... .... 8 56 1
ho CASH DIVIDENDO DECLARLD TO STOCKHOLDERS.
In Capita Stick Deprtm.....tTIN PER OR?.
10 1n Preiuoss Dopa rt.... FIlFTKNI R IN ?e·T.
T"Is Cnmp•ay aonton ta IronisPo Polrms aPuRR RESI
and MA RISE RIPEN Si the curmot ratM of Premiau.
sit dsoaeI .
MICHEL MURNON. Premi.
HAR.MO DOASE, Vioc PlrOidoLt.
Eln A. PALFuO. SeMary.
- Oasroeead. Riehard Milllm.
Jo. D. obla . J.J . WRe.
Jobs Ck aMar In ho.
Msobas 2. hakth. amemd IFdllande.
L Oeauid. H. lrdam.
Abrod Su.all We. Ory.
(d . LH. M.teeO. I.W.e~ .
2. 0 .3 . Jeaph Noy.
SM IAUSAL £3 A3 lmWrLflem T
LIFE INSURAINC COMPANY
J. I. LAETRYE. W. S. MOUrt.
m JOHN DAVIDSON. L . POTHIEL.
W. EUBBRIBER. WIL. MCULIOOE.
L N. MARKS, C. sAVAROO,
E. F. SRCMLDT. WE. CsE•VT.
W. COOPER, THOR L . FINLAY.
W. 8. PIKE, ANTHONY BAMBOLA.
DAVID McCOARD, PATTRIC IRW'r,
LI L CAULFIELD, JNO. 0. SINWO.T,
GERARD BTITH. W. O. NIOHOLS.
JNO. DAVIDSON., President;
. . PILE. Vie. Presideat;
R. . YOUNG. Secretary
IS 1. A. FOUmRNIER. Trser t
W. B. RIONS, Attorney. 1o
W. C. lICHOLS, M. D., Pbyddsl s
N. C. FOLERa. Aset,
Ofce We 1o Curadele tret. Didms.'s. Rew.
STA M"UTUAL SWN&3mCI CO..
SEW ORLEANS, LOUISIANA.
Continues to Take
SPFire .I Iver and Ma le Mtks aS Tarlt *Se
N NO. 14.... CARONDELET STREET.... NO. 14
C HAR ENaITFLD, Seoetary.
LLOYD L. OOLEMAN. Prmdedm
SOoL W. 0.0O. (LAIEORN., N. 4l Dapiu res
ADOLPH Sa3HRIBEI, aq.. ofr.J Fomatll A BS_.
00 POREIBKTB DOLtONDR, 204, of Cobb, DoIeeDde A 00.
00 CIAS. 0 JOHNSEN haI, I cto. Factr.
E. L. B sR•Ea, of Hill A Brue.
U A. LAPLACE. peq Ho. 381 Old Laeo agetre r . C
J. A BRAEBLIA, k.n., of J. A. Sra.olmsa ie.
JOHN D ORITTON Zeq of Brtten A Moore.
SO N. . GsON h l eotomrtor.
EDWARD OOHlAN. iq.. Teo a10 Spain retL.
F I MINES' I UlANES U COMANPA r
OF NEW ORLEANS
plt Stoek ........................... 5I5000
With prtisveg to Laa th$3. .U.
Office No. Camp street tory tindlg, aooer of Camp
ad Common dreot..
E. N. GAOugcau. Seretary.
Ytb oempaey .SIa to theo insred the optioe of a rebate of
per et. or a parteIolpetl in the set roets. peal at a
Poh cad of each year iteb R e
e. PIRN P AL eSTAT MU-TUAL a
a LIFE INSURANCE COMPANY n
AeuthorlIed Capital 51.00,.0R.
IE An Loses mae bl t ompeay are Se ed ee Roal e.
at.t. Bret Him. No L.ew p brmitrd to oiceed half the valea
of the property he whihe It oso scured. and in ea of( oan tr
property. Bue d loa erldedod trom sseusmo too
87.. no eastL of prorto paid to PolIcy Htoldr e.
DiUvidtes dlaslerd tally end transerred et rad of every
erw to ther. who ls.
Pi.t'es l oed ao ali th mot ,approved i...
polilcies oon-fofltab. Rate, or inoournco low.
Preomiuma rooded Ia half rash half note.
The Oleionr and dhrseeto of this oampany inludo sees of
the oNset sad meet empsalbls goetlomen Is tho 110.
W. C. CARRIOYTON. Presdeat.
J. J. HOPKINSW . Seetary.
O. H. Pzaeov, I. D., edical Adviser.
W. D. Cn.1 5. 0. Thurmud, J R. Peeble,
Audsoon srti, T P. ltepatrick. Wam G(rdon,
C. A. Shater Wm. P. asephurd. D. D. Hartsk.
Llberal commloons will be paid to good atis LTo TdLo.
Arkasas sod LooulOO5
D. H. MAURY, Getersl An.t,
34 Uio .stree .crw t)rlem0.
l , -- -
R LA ERIN LSIM PAYABLE *
T. IN NEW YORK OR EUROPE.
SThe Loulseiua Mutual Imre ee •c.epaoy,
at OrrTco No. 10 CoAon BSTRor,
S RNotf their fnds and the phb;Ie that thoy ha, made as.
rogmentes for the payment of loes on their Marine Risks.
when so reluirecd, pn lew York, Liverpool, Londoa snd Havr
wi hoot addtiotol bharp beyod the regular rates of pe
miem ietablshd by oh tariff of the Now Orensa BaNrd of
New Or'sls. nt. 1OL, IRK.
SIUN MUTUAL IZSUUTTMAOE OMPURA
OF NEW ORLEANS.
SOea. No. Sl1 Crp RSuREt
6 Amount of pnemlAms rea Rved duiPEg thoe e I end
- Ing Decem er lst, l 867 ................. ....... , TI
st on 3 t Decsmbr, 1867, valO ed at.......... 77,7i dl
M NEW ORLEANS. Jsuo y 0 IE, i -Tb BoaRd of
Directors rsid to peay or eaet ltorest on all o.tstand
tg Scri8ep. snd arther declared a Scrip Dividoend of 36 p
oeot oat o nt earood partidpatitn Preml:ms rfor the yes
*.TIo. AProDo, ,ety. IQUO GAINES, V. P.
uC Diactor, fo athe ow 1seJohn a. 10ar0er raos
3 . lart.J~·o C. Rcks 3. H. a Comr. s .3. Brs tere.
at, BBROERRICto WlN Kt. VnTI.
Are 0 iw In recrrpl of a Pu'l and Crop'eto Asolctmeot of
. Stmle p md FnEry Oroeerleo.
(LFAR HIDESA. LOULDQRU. HAMiL.
MLlt PORK,. LARD. BUTTPI.r FLOUR.
CIiEFPNE. WHIIKY, CANDLE.. STARCH.
OAP. PICKLEtS. PRERERVES.
UAN FRUITS, PEPPER, ALLBPIOE,
CISTA MON, A I TMEI,.
30 CLOVES, GIGCLR, Etc., Etc.
A fu! t orerltnt of COFFEE. SUGOAR KOLtfOB
Ie sod TF, which r offeced to ti0 eTde stt tro lowest
( RIINFIN A pORt'H..7 T,.hoto,.,;e street.
O eGoODSlU c * AILEW.
C1O. a OOfODRIfIl. tair o Goodrich A Ca
WSTERN PRODUC.L WINESY LIQUORS. TOSA
Eu, t So Old Sesd Of 0 Oerm. A Ce.,
No.. S Commos ln 44 Oseals'roa
_D. O. HITC WCOCI d CO..
g DIuTLIERT' AGRNTh, RECTIFIERS OF SPIRITS.
DING WpOLEgALE LIQUOR DEALIn1,
ES Peters Streelt
NEW ORLE&%,%. LA.
VEwnos.AJ.o mAsLI 3
L LIqoUn SPIRITS. WmES CIGAR 3_ ., W ET,
. UThoto T- d Too T M. WaeIbIoosS
yule.h 5t g s i o e.utbe . m . -Rsesmsk
iberaml s md e Iass ttt. lowe- merh rec
Im . . v -y- i
vm demim to Ie uni sme w i bl
hm mi--g a m So trin
Itt outitte g5
r EA waTAe.As t -
TELEGRiPH COMPAl N il
A mew wstaepria.l to be uwm s the ATIOWL~1TEL fro
G nra COrMPAr, We bmm argsaid, wit vdlable shod
raachisbs emagrad by "a n"m at Oem, fr l e. gr LocI
pose of eSabla TRUST ItlmI O TRLGRAPB nt
an te aprol gir eda m o nmw s as Usnld aged
stase. The Stea d i to ilomad ese Ib sam pldels m ra
that o he adhaml Voam Iessm Oeme.r. which an
eantly ammemed m a tIhedgp M tolus hthe l that
meth beslim ammaI to tihe memrp s This e to ae why
uat o m~b to dipels of te sthe it is Ia thmi e rect:
Sofm the cwautry tmsa whic th ita pam. m
The Capital is to be bank
ia iaom mnam'al et tha, p r v of vair
510 Per share, ol
ao Per share, " T
w m l obih
had this meo t I. be am am rttews : Oe pmr bee
mao. at timesa mboamrtag, mad a. meca, "moa the =tire t
e s empithl harbemambearbed, sed Oarm am mie tobe made by fyr
LL m-L pr meath. Wham thirty-aw pr Mat of tdhe pe u.i
wt the shares ha hbe paid, arttamtes steak Wi be toi ts
mar. This wil give th o upay a p d ap u0p t
vAsa CAPITAL oI F sI.5.lEO ak I,
S Whi hl ill be lalle to dUplinae lbe to a, oe smaly all ag
Toe premnt Taleagre Cempam atof weeesetry have bto the
ew emeoudated isoe em huge nmeaspl at amdre ew ear- WCI
ever dx milla of dllrs per year, am o e hald pm mel
at. as the actual eat of their Iems, their pcaae cpital can
havinrtg b war ever mor thoeam prm tne
The NATIONAL TELEGAo COMPANY hoer a ra.
eoaltian from the United Beat" Goverama t the tnape to
loam of thaeir eaterpries with a great of t meet valuabi a a
franchises eve ar .ear aed m a ?Teah Oampa. leNa
eompetlag baie bh ever bad the rigs mew gratedby 0a me
p. every Roalroad and l Man RoIa the Uhed SIataes The tilt
psltteon of this Company diflser tm that . my mpaap the
ever before orgaolsd. the quesala at the IIh&o Wae is or
ar, forever tlled. tar
The Stockhoders of thls Oeapay aseat be sold eat a
transferred to may other Company. The at of Cuagram sa.
jar which this Compray he beam srganised pehilea theo
an transfer of the fmruolte. grased, ble
CALLS-HOW TO BE MADLE. m
l O per dal, te Stock lwto be rgtoadl m getltblag, be
18 1 and subseqauat alls, set to azmed gve pmr out. pe mamit
will to mad by the Board at Dractor, am time to in. m pe
as may tbe aceary, to mpply fauds to cnstract and equip tad COl
Spm lines; but se calls will be mud afts the ue pm ast. is paid ag
yor assti tea re m Ole"tal stlak shel have bto satberhbed. C1
Actall Capital Eeiatrod.
The Compsay sea·deitly believe that thIrty h-e pmr asa
at of af the CapItal Stock whll cmtruct and fhlly equip
WhIch willalnc· the cmmarieal cmn e and taporoa w'
pieaes Ia the Umited Slatat. Tale aptaom reals apos the
most ltblelhi eatimates sd wespoasible trs r asLuM e'
imrT , a
- HAmted emeat at the Caital Stack a thls 0ompamy p
allased to this IsamLIty, md thee. havtes appsrcmny cy p
mbertoag wal to piasd spaa equal trms with Sa earpe- g
rom up sad msauce.
a Baddnt DIrector te tthe ot Alokama, Mle
-5. iand 2 iNew leveestret,
-c a- t
em. at imimi at mb* I
,ht t3 0t ,u 41u pI
gXTUAnc*" PreUS TU1 Uluatetm n
°i3rTs L PtIinCr1P or cvnsIgCT.
If there i any questio in finane or politleal d
economy wuio ear be peonmoed settled by ar- e
gument and trial, it is tat inoenvertible and doe
preciated paper mosey I ijuorious to public and wil
privae latert, a pstive poolities) sad finaeital an
evil, for which there cn be but one jusstdeatlon is lb
or excnse-to-wit: a temporary necessity, arsting whi
from an unexpected and pressing emergecy, and te
It kllow. consequeatly, that seuh a olroeation l
should only be tolerated until, without a finaaeisl
slock, it can be withdrawn or made convertible o I
into specie. If as trredeemable bank note cirou- yes
laton a an evidene of bankrupt or badly man- end
aged banking inatitutions, which should be de- al
prived of their franchises or compelled to has- for
bond and make available their resoures, in order
that they may be prepared at the earliest day
practicable to take up their dishonored obligations,
why should not an irredeemable government cur- It
rency be regarded as sn evidence of bed manage- m
ment of tie national. finances. f not national be
AUSICAl ctrnSmCY A DISORACs To TI NwATION. tica
The United States note, although declared by sea
law to be lawful money, are nevertheless a di- sect
hoored and disreputable currency. The fact that othe
they are a legal tender, possessing such attributes eoq
of mosey as the statute sao give them, ande noth- too
iag to their real value bat makes them all the waV
more dishonorable to the governmet, and sub- pr
versive of good morals. The people are com- of
pelled to take as mosey whabtis not money, and.
becoming demoralsed by its ootatly changing Un
value, they are in danger of losing that sense of am,
honor in their dealings with goyerameet and each rin
other which is neceseary for the well-being of hat
society. It is in vain to expect on the part of the for
people a faithful fulfilment of their duties to the the
government as long as the goverment is false to 000
iets own obligations, nor will those who do not heal- pgS
tate to defraud the public revenue long continue
to be scrupulous in their private business. Jsid- not
able and necessary as the measure was then re- d.
garded, it is now apparent that one unfortunate go
step was tabs when Irre mable pro s we
issued as lawfaI moasy, ad especially when
they were made a valid tender in payment of debts a
contracted when specie was the legal as well as an
the commerieal standard of value. gol
LEGAL TENDtn NOTD A TAX. ie
SThe legal tender notes enabled debtors to pay 00
their debts in a currency largely inferior to that in
which was alone recognised as money at the time ha
they were incurred, sad thus the validity of con- D
tracts was virtually impaired. If all creditors bad go
r been compelled by law to pay into the public d
U treasury fifty per cent, or ten per cent., or indeed
any portion of the amounts received by them m
t from their debtors, such a law would have been
a condemned as unequal and unjust, and yet the
Seffect of it would have been to lese to the ex- f
tent of the receipts from this source the necessity wb
for other kinds of taxation, and thus to relieve in
some measure the clam unJustly, because une
qually, taxed. B thellegal teadoe ats a portion
of the property of one clas of oitisens was virtuI
ally confiscated for the benefit of another without bet
an increase thereby of the public revenues, and
consequently without any compensation to the In- i
jured class. There can be no doubt that these i
acts have tended to blunt and deaden the public
conscieee, and that they are chargeable in no no'
0 small degree with the demoralisation which so :
WHAT THNIIY A DOING IN THIS COWUrNTY. W
The economical objections to these notes as law- as
ful money, stated at length in previous reports of cre
em the secretary, may be thus brietly restated: They sal
increased immensely the cost of the war, and they ]
have added largely to the expenses of the govern- of
Smnt since the eestoration of peace. They have san
al caused instability in prices and unsteadines in ex
trade, and put a eheck upon judlclous enterprises* to
They have driven specie from circulation and of
made it merchandise. They have sent to foreign
countries the products of our mines, and at the
same time our European debt has been steadily in- On
creasing, and has now reached such magnitude as an
a to be a heavy draft on the national resouroes and of
A a serious obtacle in the way of a return to specie in
I payments. They have shaken the pubic credit by $2
rnting dangerous questions in regard to the pay- $31
ment of the public debt in connection with high to
taxes, to the necessity for which they largely oen- fal
ri trlbuted. They are preventing shipbuidig, and le
a thereby the restoration of the commerce which sit
was destroyed by the war. They are an excuse Al
for, if indeed they do not necessitate, protective es
tariffs, and yet fail by their fluctuating value to a,
a protect the Amerioan manufacturer against his tb
n . oreign competitor. They are filling the oelbre 82
of the rich, but by reason of the high prices which tic
they create and susetain, they are almost intolers tb
ble to persons of limited incomes. or
U. ('CT'LLOCW ADHEaRws TO CONTRACTIOw. be
The secretary still adheres to the opinion so
frequently expressed by him that a reduction of
the paper circulation of the country until it ap
preciated to the specie standard, was the true Jo
solution of our financial problem. But as this
policy was emphatically condemned by Congrees.
and it is now too late to return to it, he recom- d
mends the followlng measures as the next best f,
calculated to elect the desired result: :1
COIN COSTEACTS OUGHT TO BE LEG 4LIZED.
Agreements for the payments of coin seem to 6.5
be the only ones not contrary to good morals, the in
is performance of which cannot be enforced in the in
courts,. Coin contracts executed before the pass- al
age of the legal tender acts, as well as those exe-. n
cuted since, are satisfied in all the States exdept ln
California by the payments of the amounts called $1
for in depreciated notes. This backle upon com- p
merce, this check opon our national progress, ct
this restriction upon idividnal rights, should no di
longer be continued. If it be admitted that the w
condition of the country during the war and for in
a time after its close created a neocesity for laws it
sad decislons makling promissory notes, p
fluoctuating in value according to te result T
of battles aud of rpeculative combinations, the of
medium in which contracts should be discharged, *t
this necessity no longer extsts. Steps should b
now be taken to give stability to business and it
secorty to enterprise, and to this end speclf con- :
tracts to be executed in coin should at once be It
legalized. Perhaps no law could be passed which
would be productive of better result with so a
little T'riva'e or public inconvenience. BSuch a p
law would simply enable the citizen to do what b
the government is doingi in ts receipts for cu- n
toms. and in the payment of the bonded debt-it d
, would merely authorize the enforcement of coan- b
S tracts voluntarily entered into according to their t1
Sletter. The effect of such a law would be to cobeck
the outflow of specie to other countries by area
Sting a necessity fof the use of it at home, to t
encourage enterprises extendinlg into the future a
by removing all uncertaulty in regard to the vaalse, t
and show how groondless is the apprehension so i
generally existing that a withdrawal of deprecis
ted notes on the appreciation of these notes to
pair would produce a scarcty of money, by prov
lng that specie expelled from the country by as
inferior circulating medlom willretoro again when I
it is made a basis of contracts, and is needed in
their performince. I
journal wan the lane of these notes a awfrrul
money advocated on ny other rd tha that
of necessity, sad the qestio aries, shoald they
not now, or at an early date, be divested of the
obhsrater which was conferred upon them in a
condition of the country so different from the
present? The secretary believes that they could,
and he therefore recommends, In addition to the
enactment by which ontracts for the paymests
or coin can be forced, that it be declared that
after the Irst day of Jansuary, 170, United States
notes shall cease to be a legal tender on any ac.
conunt. or for any purpose whatever, except gov.
ernment does bor which they are now receivable.
The law should also authorise the coversidon of
these notes, at the plessure of the holders, ieto
bonds bearing such rate of interest as mty be at
thorezed by ('ongrees on the debt on which the
present ourtsotanding beOds may be funooded. The
period for which they would continae to be a
legal tender would be sufficient to enable the
51 people and the banks toprepare for the contem
Splated change, and the prtvleg of their conver
pe selton would save them from depreciation.
h an at rs sgas COURT MAY OVm-TBxOW IT.
Although the decisions of the court have bees
generally favoranble to the couetitntionality of the
acts by which they were suthried, grave deubte
are entertained by many of the ablest lawyers of I
the country as to the correctness of these dedl- I
sions, and it is to be borne ia mind that they have I
not yet been sstaied by the Supreme Court of
the 'United 8tates. Thbe illustrious lawyW aud 1
statesman, whoes Lguage upon the subject of
irredeemable paper moay has hoe qmoted the I
-eate of the Uitaed States, on the 21st of o
December, 1836, expressed the following :
"Most nsquestioobly then is r le it
this ostry under the authort of thibs govre. I
meat or any othedr, butld d salver eitherl the I
coaine of our own mit or crepn cem at r
regulaeted by Congrm This is a c sml
principle, peqrfecti pi d of the very hist
tma se ps r* pmjues tee bik
lag aptd u t geM anud laver a is mi ita
payment of debt. nd although no mob oexpre
roesaitttesl appoit to _Cares , yet .m a(n
- I .,hMo poor gImm wlB iti nt let
tuto pe r or rai ela fo aX týender is
St -b s is 1
omnobee t he olbned motsueynt gobia
i. it bar repgeated teu'va is heth eAi.
and still regla t b oal. The legal der,
terefee, aee a5 eNal etaeses of vale, is
l eaalisbhd sad amns be overthrowa. To over
I G `sn o eme aso vaB o thatte uw it
Swhich there ca be o appeal-that Unted ate
4 tes are sot, ustda b1e ldersl Cesat tdo, a
a eral tloer. o
' he receipts for custom for te last three
years have bees as felews : Wet the leal year
ending June 30, 1886. $1S9,04 661 66; f the a
oal year ending June 3, 1967. $16.417.6t0 f;
for btooeal year eding Juan 30, 1888, 1664,46.
FOIZIUN DtST OF Tan cO'0Tar.
It s impossible to asertala with preedom the
e mount of our secartise held Is Europe. Ntr Is
a there any perfeetly trastworthy data for msoer
tatingt even what amount ha gone there annually
since the first bond were issued for the preeeoa
tion of the late war. Is bhis report of 1866 the
Ssecretary estimetes the amouat of Upmted 8tate
- seourlles of diffrent hinds. Iludl ralrad and
at other socks held i Europe. at 600,000,000. 8*
e sooe after became saded that tids eetimate we
b too low by froe $100,0M,0 to $1M60,0,0M It
Swould be safe to pnt the amount so held a the
b. present time, exelusive of stocks, at $860,000.000.
- of wlhie sot leas than $600,.6.000 are Unied
4. States bonda, eay K a ewhleb have L t efte
9 United State within the last ix ar. The
o amount is formidabl, and ttle aInroet i de
ch rived from the conmderation that them seourities
of have bee transferred in payment of interest and
he for foreigi oommodhiae; and just as little from
he the ooalderatioa that probably not over$600,000,
to 000 gold values have been reslved for thee
S $850,000000 of debt. I thi estimate ear for
se eign indebtedaees, r*roed and ether stoohk are
Itd sot included, as they are net a debt. but the evi
F** d. ace merely of the ownesehip of propety aIn the
te DaIted Stsas.
re RAMs amonssan a. am nasr.
en We are eves new imrma our debt to E.
a rope at the rate of 600,000 or $70,000.000 per
s annum, in the form of iberlang bonds. The
gold anud slver preduo atf CalfWoria sad territo
riee since 18468 to bees upwards of $1,300,000,:
000. Allowlag that $100,000,000 have been ed
in manufactures, and that the ooa I the oountry
me ha bes inrersed to 1a equal amount, the
on bal e of this lmmea mm. 1100, ha
ad gone to other ooutrie is exchange for their pro
il dootions. Withi a ld of Sweaty year ,
d addition to our produce, and to ear
em maneufactueres, whi have heenea ed ia large
S quates, we b0anve parted withn $10,000A00 of
the te preious metals, and are nevertlesos Mo.
e!- fronted witUh a fre dlebtd ose $$0,0,00.
t which is steadily, , and all this ha
i occurred under tariffs in a good degree faoed
. with the view of protecting American agaat
o foreign manufacturers.
The secretary the shows that this debt has
at been Incurred for laries, oenumed Owltut
und dding anything to rme m re; and argue
n. that it is great impertme lthe ool try to have
S its debts owned t bene.
li He sy that the irest questio to be studied
no now is ti of a return to epeai pymeats; and
so next in importaoe to this i the ad utmet ot the
revenue laws. He premises s adirabe sad ex
hausive report on this last eabject from Mr. D. A.
Wells, the special commisiom er; and reoem
w- sends a large redeetion t the tari, nd an I
I crease of the Internal revenue by a general tax on
key Be trengly urg eoeomy a every desrtment
rn- of the goverame~t, and thnks $062660,000 se
eve annum ought to be made moe~eat for the ourreat
in expe and that a revemne of $300,000,000 ought
ea. to leave $60,000,000 ever year for the rdodo
ad of toh debt.
THu Dan asnCan 6679,816.125 90.
e The war w virtually losed Apr, 1865.
LA- On the first day of that mouth the publi debt
I as amounted, acoording to the books and meonust
snd of the department, to a3 6,966,0?7 t. On the
nre ret da of eptember followin it mounted to
Sby $2.767 0v,761 43, ies Increased In four meoths
s- $390,734,494 00. From that period It ostonisud
igh to decline until November 1. 1867, when it had
eo- falks to $2,491.604,460. On the first of November
and lest It had risen to $2,57,12.9,32 8. By this
lich statement t appears that, between the first day of
ase April, 1866, and the first day of September of the
lve same year, the debt incresed 6930.734,494 09,
I to and that betweethe brst of September, 1885, and
his the aet day of November, 1868, It decreased
r 623060.610,018 61, and that on the last day men
tic tk oned it was $10,174,476 48 larger than It wasm
ra the fint day of April, 1866. Since the the tresu
arer's receipts from all seources of revenue have
beea as follows:
so W WApli May and nJ 1 .................. 83..1).1IS
to .th year ending Jei IM4t....en ......... 0,08.r5, 1s
.o . 1 ..t............. Wu O1a1.oZ
• " 1-e ............... . n..em e as
S Jme 30 toe3 r 1, 1US................... . I at 15.t 42
this Totrl of see ........................... I o .
on To which should be added the lacreee of the
om- debt between the fist day of April. 1865, and the
b rst fint day of November, 1868. 100,174,475 48-
Shis exhibit shows that the large sum of $1.822,
1 to 650537 68 was expended in the payment of the
the interest and of other demands upon the trseaury
the in three years and seven mouth. being an aver
as. age expenditure of 130,i4,641 6. If the state
txe. enet of the public debt on the first day of April,
Sept 166. bad lncluded all debts due at that time, and
Jled $1,82,660,537 58 had really been expended in
am. payment of the interest of the pubhoic debt and the
em, current expesee of thb government betweesm that
Ino day and the frt da of November lme, ther
the would have been a prol and a rerkleases
for in the expendituree of the pble moneys diecred
aw Itable to the Isoernment and dabheartenlng to tex
e payers. Fortunately this is not the fact.
ult That statement (as it Is true of all
the other menthly etatemenlas of the treaeury,)
ed, exhiblbited only the ba(justed debt according to theo
oold books of the tresury, and did not and counld not
and include the large eams due to the soldiers of the
on great Union army, omberoing at that tihne ittle
abe lesa that 1.000,000 men, for "pay " and fir
hich "bounttle," or claime of varoua ktnda, which
b so mut of neessity have been eaettled. FoPer the
:ha puroe of pOUtlg this atter right, the secretar
hat ban endeavored to acertan ifroem the war and
cn navy departmentu how mucnh of their reapective
t-it disborsementa, lace the cloee of the war, bae
coan been in payment of debt. properly chargble to
their the expense of the war. The following is the re
b teck e of his %quleer : By the war depa·sment,
tra 9648,126 6; by the anay depruen . nmW ,
e, to OCo0. It haa been imposible to obtain an exact
tore satemrment of the smount of sech debts paid by
Ise, the nvy departmet, bat eseloeient ifomarton
nso bha been received to Jaatify the aeoretary i
eca e-timatlng it in round numbers at $35,000,000,
a to which Is probably an under rather thao
proy au over asthmate. The expenditures of
y a the war department vne been fuolished
when detail, and are believed to be nubastantlally cor
rd n ret. Thee figures show that the money e
penie ty-he war and navy department. be.
S tween the rlet day of April, l;5, ad the first
dol d of Noeder. lS., on claims juatly charg*
oabto the expenase uf tbhe war. amounted to
f 430.431.12 lAto whic abold be added amount
h ndvrnnetd E Ste P'acId roads, 41,104 000;:
ausoot paid for Aluka, 7.200,.000. Total. 6,7
t825 .125 90. Deductlns thi teem the gaount
of tbhe revenue, $1,G42.27;,062 20 and $100.174.
S 47t 3 48 the incretae of the public debt, therretin.
the der, $1,142.826.411 78, or a sverage of l318,38..
the (21 9 per annum ia the amount actually eax
th ecded lu the payment of current expenses and
tates Mr. Me 'llocbh wishes 1to continue the redaction
ac of the debt. and insists that there will never be
so goods time fbr as the present fle recom
ofe nds an explYctt deooaration that the entire pIC
cis l the public debt, ncdindag the ve-twen
tito tier, shall be paid in oin.
S' Be uas for sathority to lasue, at bhs diners
ahe thion, U000000b of new bonds to fnd ountetad
T laug dues ; and propoesee tihat bonds poyable, prian
cipal and interest, ln London or Prantfort, be sub
stituted for thoe hoeds alreedy exported.
Ttem he secretry then refer to th repori of the
aver commaioner of interal reavenue and to that of
tae eontroller of the currency, ad, after e0io
t. aring the natiel baks ls neral, attache the
bees New York uational banka for their speoalvtn
eble in order to apply the Sothera State with
a of beks of e in, be propeese to limit the uns fur
dedl. ned he ena to seventy per eat. of the cap
have tel c *eaeb,
rt of The rep coselude wMth a elaboraj ezeosi
r uad ion of the service redeed by Mr. MeColloch a
ct of secretary dorti the last four yearn , ud the de
ia the fese tLe mr l the sage aof -
n asirncees mperna l teo measy arkea.
ler i Csnnev rs r e m nmra Cszrnv.--l have
era- medo eareel epm o toe Beede m e am
iea of e u n e eeQoeale ehemeeMr he
AeIsb ~ ~ l~;-" LL