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are in the hands of citizens of other countries, partments as well as the people; that a postponeand may be returned at any time for sale in ment of the time of resumption will find our people the United States, and thus seriously embarrass less prepared-more deeply in debt, the banks with

a heavier line of discounts, and the credit system the efforts to return to specie payments. To more expanded everywhere-than now, for a wise, avoid this embarrassment is the point to be steady, and prudent adherence to the idea of an considered. The last general remedy proposed early resumption, and without this cardinal idea by the Secretary is to restore to their former always in front, we are in danger, in the face of a position in the Únion, the ten Southern States. violent or abrupt contraction of the present volume

diminishing revenue, of no resumption at all. A If these remedial measures should be ap- of paper currency might not be advisable, and with proved by Congress and enforced by appropri- the ever-present interest of the Treasury urging the ate legislation, the Secretary expressed his con maintenance of an easy money-market, there is no viction that specie payments could be resumed danger of its occurrence; but a moderate and per.

sistent contraction of the flood within its old em. by the time the interest-bearing notes were bankment is advisable, in order to restore health retired, which would be less than two years. and vigor to languishing industries, and in order to These suggestions of the Secretary looked to build up our greatness as a nation upon that impreg. an increase of labor, and consequently of pro- nable foundation for which the material, not more duction—to a fulfilment of obligations by the within our reach, and in greater abundance

than is government and by the banks—to a reduction to be found in all other countries besides. We have of the public debt at the same time that taxes just emerged from a most expensive war, and ought were equalized and lessened-to lower prices, to exhibit that spirit which success justly inspires, and apparently barder, but really more pros- grappling with the financial difficulties

remaining as perous times, and to a restoration of specie and thus secure the vital interests of our own people

part of our inheritance with the courage that conquers, payments without the financial troubles usually while

we challenge the respect of foreign nations. preceding a resumption.

From all the facts which have been stated, Various views were presented in different comprising, as they do, a history of the financial quarters respecting the measures necessary for condition of the Government and people, it will the future financial welfare of the country, be seen that the Federal Government requires Some arged the extinction of the national large sums of money for the years immediately banks, and the substitution in their place of a ensuing ; that its systems of revenue being based government currency. Others urged, with the upon the industry of the people, its receipts are Secretary, & contraction of the currency; increased or diminished according to the prosAmong these was the Chairman of Ways and perity of the people; that at the close of the Means (Mr. Morrill), in the lower house of year serious depression existed in many branches Congress

, who, in the beginning of 1867, thus of industry and threatened to invade all others, closed a speech urging a resumption of specie and cause to the Government a serious loss of payments :

revenue; that this depression was partly a reFrom the facts to which I have already called the sult of the inflated paper-currency of the counattention of the House, it would appear to be demon. try; and that the Government, under the restrated that the simultaneous discovery of new auriferous deposits in various parts of the world,

of duced scale of business on a specie basis, could marvellous extent and richness, has rapidly and for. not obtain the revenue necessary to its expendiever depressed the standard value of gold, whether as tures. In other words, a contraction of the cura currency or as a commodity, throughout all civilized rency would cramp and cripple the Government, nations, and that the United States standard of the but bring healthy prosperity to the people; ciated from time to time, either by alloy or dimin. whereas an expansion of the currency would ished weight, until it compares unfavorably with that give the Government temporarily a surplas, but of other nations; that while we have already entirely ultimately depress the people. The Secretary extinguished or propose to extinguish the circulation hopes to find a medium way between these exmore by the erection of a family of national banks, tremes; others believe the immense richness of whose issues alone are $100,000,000 greater than the the country will float both Government and peocirculation displaced—issues everywhere practically ple into a sea of healthy prosperity. irredeemable and inconvertible, and only claiming to be convertible at some time or other into debt June 30, and October 31, 1866, exclusive

The following is a statement of the public other paper currency of still larger proportions, of cash in the Treasury: which government will in some way and at some time redeem, if it does not choose instead to go

June 30, 1866. Oct 31, 1866 more deeply into the monopoly of fancy-colored pa. Bonds, 10-40's, 5 per cent, per money; that deposits, bills of exchange, and due in 1904..

$171,219,100 00 $171,069,850 00 checks of individuals really possess in commercial Bonds, Pacific R. R., 6 per transactions all the functions of bank-note currency,

ct., dye in 1895 and 1896, 6,042,000 00 9,882,000 00 and in modern times are used at least nine times Bonds, 5-20's, 6 per ct., due more extensively, and therefore, in proportion to the Bonds, 6 per cent., due in

722,205,500 00 823,944,000 00 business of the world, far less money is actually

8,908,341 80 8290,941 80 required than formerly; that the rapidity of the Bonds, 6 per cent, due in circulation of money, or whatever circulates as 1867

9,415,250 00 7,742,800 00 money, greatly, magnifies any currency which Compound-interest notes, may be used in the United States; that the 7.80 Treasury notes, due in

159,012,140 00 148,512,140 00 immensity of our paper-money circulation tends to 1867 and 1868.

806, 251,650 00 724,014,800 00 the spread of unthrifty habits, and induces extravagance on the part of Congress and the executive de. Total..

$983,587,281 SO $888,560,181 80

DENOMINATIONS.

1869..

sented .....

DENOMINATIONS.

June 30, 1866. Oct. 31, 1866. Bonds, Texas indemnity,

past due, not presented.. $559,000 00 $384,000 00 Bonds, Treasury notes,

etc., past due, not pre. sented ....

8,815,675 80 Bonds, Treasury notes,

temporary loan, certificates of' indebtedness, etc., past due, not pre

36,604,909 21 Total.........

$4,874,675 80 836,988,909 21 Temporary loan, ten days' notice...

$120,176,196 65 Certificates of indebted

ness, past due, not presented....

26,891,000 00 Total......

..... $146,567,196 65 Bonds, 6 per cent, due in 1881

$265,317,700 00 $263,824,750 00 Bonds, 6 per cent, due in 1880

18,415,000 00 18,415,000 00 Bonds, 5 per cent., due in 1874

20,000,000 00 20,000,000 00 Bonds, 5 per cent, due in 1871

7,022,000 00 7,022,000 00 Navy pension fund, 6 pr ct.

11,750,000 00 Total.......

$1,210,221,800 00 $1,327,407,100 00 United States notes...... $400,891,868 00 $390,195,785 00 Fractional currency. 27,070,876 06 27,588,010 33 Gold certificates of deposit. 10,713,180 00 10,896,980 00

Total.......... $438,675,424 96 $428,680,775 83 Total debt....... $2,783,425,879 21 $2,681,636,966 34 Cash in Treasury..... 182,887,549 11 130,826,960 62

The Secretary estimates that the receipts and expenditures for the three quarters ending June 30, 1867, will be as follows:

RECEIPTS. Receipts from customs......

$110,000,000 00 Receipts from lands....

500,000 00 Receipts from internal revenue.

186,000,000 00 Receipts from miscellaneous sources.. 20,000,000 00

$316,500,000 00

The expenditures, according to his estimates, will be For the civil service...

$87,405,947 89 For pensions and Indians.

12,262,217 21 For the War Department, including $15,000,000 for bounties.

58,804,657 05 For the Navy Department..

23.144,810 81 For interest on the public debt...

105,551,512 00

$237,169,143 96
Leaving a surplus of estimated receipts
over estimated expenditures of......... $79,880,856 40

The receipts for the next fiscal year ending
June 30, 1868, are estimated as follows:
From customs...

$145,000,000 00 From internal revenue....

265,000,000 00 From lands.......

1,000,000 00 From miscellaneous sources.

25,000,000 00

$436,000,000 00 The expenditures are estimated as follows: For the civil service..

$50,067,342 08 For pensions and Indians.

25,868,489 09 For the War Department, including $64,000,000 for bounties.......

110,861,961 89 For the Navy Department.....

80,251,605 26 For interest on the public debt...

183,678,243 00

$359,247,641 32 Leaving a surplus of estimated receipts over estimated expenditures of.....

$53, 752,358 68 In the opinion of the Secretary specie payments may and ought to be resumed as early as the first day of July, 1868; at the same time he expresses the hope it may be brought about at an earlier day.

In the following, table (see pago 307) are given the daily prices of gold at New York during the year 1866:

The following shows the range of daily closing prices for Government securities, monthly, of the year 1866:

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Highest. 1043 1041 105

102 931 January

931 99 981 Lowest. 1036 1031 101$ 1011 921 93

981 984 Highest. 1041 1045 1031 1031 February

943 911 991 981 Lowest. 1031 1031 1021 1024 931 91$

997

981 Highest. 105%

105 March.

1041 104 924 91 1011 993 Lowest 1041 1044 103 103 90 90$ 99+ 981

Higbest.. 1084 1085 1063 1021 96$ 961 100 April....

101% Lowest. 1044 1041 103 1001 914 914 100$ 994

Highest. 1094 1094 102 102 964 963 1024 May....

100+ Lowest. 108 108 100* 101$ 943 944 1014 1001 June..

Highest. 1107 107 104£ 1031 97$ 961 1031 1004
Lowest 109} 1051 102 1024 964 967 1024 1007
Highest.. 110 1094 1084 1061 99

981 July ...

1043 Lowest. 1061 108}

1041 105 971 986 103 Highest. 1131 112 1134 109 1031

981 August

1071 Lowest. 109+ 1091 1084 1054 99 95$ 104 Highest. 112 112 112 1087

994 September

99 107+ Lowest. 111 111 111) 108

971 991 1051 Highest. October... 1135 1131 112: 1064 1001

1001

107 Lowest. 111$ 1114 111$ 1051 991 991 106

Highest. November.

1121 1141

1103 108 1001 100+ 1081 Lowest

112 112 1071 106 99$ 1001 1054

Highest.. 113 109 December...

1081 107 1001 991 1051 Lowest.

110 1051 105 1064 99 99 104 In the following table are given the range of prices of some important railroad shares during each month of 1866:

VOL, VI.-20

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The coinage of the United States mint and during the fiscal year ending June 30, 1866, was branches during the fiscal year ending June 30, as follows: 1866, was as follows:

GOLD.
Arizona.

$30,430 68
California
Pieces.
Value.

14,598,191 49 Idaho.

3,891,997 48 Montana

5,505,074 29 GOLD.

Colorado

1,018,471 52 Double eagles.. 1,374,745 $27,494,900 00 Oregon..

914,436 77 Eagles 37,610 376,100 00 South Carolina..

694 54 Half eagles.. 60,140 300,750 00 Nebraska...

3,645 08 Three dollars. 4,030 12,090 00 North Carolina...

140,937 39 Quarter eagles. 49,190 122,975 00 Georgia

91,931 39 Dollars.....

7,130

7,130 00
Nevada.

6,607 88 Fine bars...

141 9,115,485 46
New Mexico.

3,155 05 Unparted bars.

Alabama...

1,135 00 Virginia.

10,397 64 Total gold ....... 1,532,996 $37,429,430 46 Kansas.

1,767 00 Washington.

2,232 00 SILVER.

Refined gold or fine bars.

2,665,033 00

Mint bars... Dollars..... 58,550 $58,550 00

125,010 00 Half dollars.

Parted from silver.. 1,159,050 579,525 00

459,614 26 Quarter dollars..

38,850
9,712 50
Total gold...

$28,970,762 46 Dimes.... 210,650 21,065 00

SILVER.
Half dimes..
214,650 10,732 50
Oregon..

$1,580 51 Tbree-cent pieces..

22,650

679 50
Arizona

139 63 Bars. 527 916,382 08 Nevada

549,345 87 Lake Superior.

22,913 96 Total silver...... 1,704,927 $1,596,646 58 Idaho.

68,859 49 Georgia.

403 83 COPPER.

California

453 00 Five-cent pieces..... 1,324,000 $66,240 00

Colorado

419 00 Three-cent pieces... 9,009,000 270,270 00 Parted from gold.

271,888 51 Two-cent pieces... 6,149,000 122,980 00

16,278 22 Cent pieces....... 18,708,000 187,080 00

Total silver....

$893,282 02

Tot. gold and silver of domes. prout'n. $29,864,044 48 Total copper..... 85,190,000 $646,570 00

The entire deposits of goid of domestic proTotal coinage.... 38,427,923 $39,673,647 04

duction at the United States mint and branches The amount of silver of domestic production Parted from silver...

to June 30, 1866, have be a as follows:

$3,214,457 90 deposited at the United States mint and branches Virginia .

1,570,182 82 from January, 1841, to June 30, 1866, has been North Carolina...

9,287,627 67 as follows:

South Carolina..

1,353, 663 98 Parted from gold..

Georgia... $4,848,466 97

6,971,681 50

Alabama Oregon 1,580 51

201,734 83

Tennessee.. Arizona.. 25,861 63

81,406 15

California.. Nevada

584,559,251 23 3,187,544 78

Colorado Lake Superior. 164,827 37

12,401,374 20

Utah.. Idaho.... 38,859 49

78,559 14

Nebraska Georgia.. 403 83

3,645 08

Montana. California 9,136 18

7,272,456 01 New Mexico.

Arizona..

81,774 28 25 84

New Mexico.. Sonora.... 1,245 00

70,102 58 North Carolina.

Oregon. 4,188 00

8,182,544 36 Colorado.

Nevada.... 419 00

123,248 95 Bars...

Dakota... 16,278 22

7,958 88 Idaho...

10,771,837 30 Total....

Washington... $8,286,536 82

61,260 49 Vermont

614 00 The gold and silver of domestic production Other sources..

5,960,865 46 deposited at the United States mint and branches Total..

$652,146,656 41

Bars ..

DAILY HIGHEST AND LOWEST I'RICES OF GOLD AT NEW YORK.

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10
11.
12.
13
14.
15.
16.
17
18.
19
20.
21.
22.
23.

Holiday. 189%-140% 1855-136%

S. 125%-127 140%-141

S.

148%-149 1457--147% 145%--146% 1464-147% 140%–11%
1444-144% | 139%-140% 185%6--1366 1274-128% 1263--128% 140%-141% | 153%-155% 147%-149% s. 1473-148% 146%-147% S.
1432-144% 1894-140% 1837-134% 127%-128% 127%-128% S. 102%-158% 14724-148% 144/4-145% 147%-1484 147%-14876 140%-141%
142%-143%

S.

S.

127K-128% 127%-127% 1403-144 Holiday. 146%-143 145%-1463 148%-148% 8. 140%-141% 142%-143% 189

-140% 132%-1844 127%-127% 127%-127% 143%-146% 152%-153% S. 146%-147% 148%-149% 147%-14874 138%-140% 142%-143 1896-189% 182%--133% 127%-128% S.

143%-145% 153%-15474 147%-148 14574-1464 14878—1494 147%-148% 1883–189% S. 1394-1894 1836-193% 127 - 127% | 127%-12576 142%-145% 159%-154% 147%-148 1453-146% S.

147 148 1884-189 1394-1414 1895-140% 181%-182% 8. 1284-1294 138%-141% S.

148 149 146%-147% 148%-149% 146 -146% 137%-188% 13624-139% 1394-140% 1304-181% 125 -127% 1287-1294 1394-140 151%-153% | 148%-148%

8. 1484-149% 146 -146%% s. 1386--139% 1887-189% 129%-131% | 1257-126% 128%-129%

S.
1484–14934 148%-148% 1464--146% 149%-151% 144%-146% 137

-187%
1884–1894

S.

S.

126%-1272 128%-129 137%2–189%4 149%-150% 148%-149 145%-146% 151 -153% S. 1864-187% 1386-1894 1384—139 130%-132% 127 -127% 128%-129% 141%-1484 149%--151% S. 145-146% 150%-153% 148%--144% 137%-188% 139 -139% 18854

6-138% 1294-130% 126%-127

S.

14274-126% 1524-153% 149%--149% 145%-146% 1527–154% 144-145% 1874-187% S.

187%-1394 130%-1814 125%-126% 1807-180% 145%-147% 102 -15234 149%-1504 144%-145% S. 144-145% 187%-138% 189%-139% | 137%-187% 18034-131%

8. 129-130% 147%-149%

S.

150%-152 1444-144% 150%-158% 148%-145% 187%-187%
139-18976 1874-137% 130%-131 125%-126 130 -180% 154 -160 1483%—149% 1513-152% S. 147%-150% 141%-148% S.
189%--140% | 1877-187% 1294—13074 125%--126% 1295-130%

S.

149-151% 150%-151% 144%-1455 147%-148% 141 -142% 137%–138% 138-140

8.

S.

126%--1274 129%-180% 1553-167% 149-150% 145%-151 144-145% 148%-14576 S. 137%-138% 1877-1883 1867-1374 1274–129% 126%-127% 180 -180% 1494-1544 150 15034

S. 145-145% 147 -149% 140 141% 136%-137% 1887-189% 13631-137% 127%-129% 126%-127%

S.

1517-153% 149%-150% 148%-148% 144%-145% 145%-147 141%-141% 1844-136%
S. 136%-187% 128%-128% 126%-127 180%-180% 148%-1514 148%-150% 147%-1484 148%-144

S. 189%-141% 133%-184%
1383-189% Holiday. 127%--128%

S. 180%-131% 148%-149%

S.

147%-149% 1434-14376 145%-146% 187%-138% 1823–138%
188%-189% 186%-187% 126-128% 126%-126% 133%-188% 151%-103% 100%-151% 1497-151

S. 145%-147% 188%-139% S.
1897-189% 1354–187 124%-126% 126%-12676 1873-189% 8.

150 -150% 148%-150% 148%-144% 147 148% 138%-139% 1394-133% 1894-1992

8.

S. 126%-127% 139%-141% 152 153% | 1494-150% 146%-148 1444-144% 1464-148

S.

Christmas. 1894--139% 1865-1874 | 125%-126% 127%-128 188 -189% 154%-157 149-150

S. 1444-1457 147 -148% 188%--141% 131%-133% 1394-139% 1867-187 126-128% 1233-129%

S.

1547-166 149%-150% 1467-148% 1443-145% 14574-14678 140%-144 1814–182% S.

136 ---137 127%-128% 1284-129% 187 -187% 1514–154 150-150% 148%-149% 144-145% S. 1403-143% 132 -183% 1394-140% 127%-128% 8. 1373-188% 153%-155

S.

148%-1487% 145%-146% 145%4-1464 Th’ksgiving. 1827-1844 140-141% G'd Friday. 1257–127% 188 -188% | 152%-154 147 -145 1473-148% S. 146–146% 140%-141%

8. 189%--141% 127%-128% 138%-140% 148%-149% | 147%-148

145%-146%

183 184 136%-144% | 185%-140% | 12474—136% 125 -129% 1255-141% | 187%-167% 147 -155% | 146%-152% 143%-147% 145%-154% 187%-148% 1314-141%

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STATEMENT EXHIBITING THE MONTHLY CHANGES FROM JANUARY 1, 1862, to JANUARY 1, 1867.

1862.

1863.

1864.

1865.

1866.

1862.

1863.

1864.

1865.

1866.

January
February..
March.
April
May
June..
July

101%-103% | 153%-160% 151%-159% 1974–284% 136%-144%
102%-104% 152%-172% 1573-161 1966-216% 145%-140%
101%-102% 189 -171% 159 -16934 148%-201 124%-186%
101%-1024 145%-157% 1667-184% 1437--154% 125 - 129%
102-104% 143%-154% 168 -190 128%-145% 125%-141%
103%--109% 140%-148% 193 -250 1354-147% 187%-167%
108%-120% | 123%-145 222 --285 188%-146% 147 -100%

August.
September .....
October ...
November......
December..

112%-1164 122%-129% 231%–261% 140%-145% 146%-152%
116%-124 126%-143% 191 -254% | 142%-145 143%-147%
122 -133% 140%-156% 189 -227% 144%-149 145%-154%
129 -1834 143 -154 210-260 145%-148% 187%-148%
128%-184 148%-102% 21274-241 144%-148% 1814–141%
101%-184 122%-172% | 151%-285 128%–284% | 124%-167%

Year

The following statement shows the amount and also the export to foreign ports, with the of treasure received at New York from Califor- monthly excess of supply or export; making the nia and foreign ports for each month of 1866, excess of export for the year exceed $11,000,000

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FINE ARTS, UNITED STATES. The his- of modern European works of art, it is worthy tory of the Fine Arts in the United States of mention that, with rare exceptions, the conduring the year 1866 exhibits a steady progress tinental schools of painting seem to be in most toward a higher standard of excellence, and esteem, and the productions of British artists an activity in the acquisition of old works and are still practically ignored. The demand for the production of new ones, which contrasts pictures, or even for copies of pictures, by the significantly with the ignorance and indifference old masters," has almost ceased, which of itof former years. But with no lack of zeal to self may be considered an indication of increasencourage native or foreign talent, American ing intelligence. The collectors who now willcollectors cannot be said as yet to have shown ingly pay large sums for paintings by Rosa that degree of taste or discrimination which is Bonheur, Frère, Meissonier, or Gérôme, are no needed to lay broad and deep the foundations longer capable of being deceived by the soof a national school of art. The private gal- called Correggios, Titians, Rubenses, or Murillos, leries of our large cities already contain numer which once flooded the auction rooms. But ous specimens by European or native masters while no little avidity is manifested, and conof repute, and are rapidly increasing in num- siderable sums are paid for foreign pictures, to bers and proportions; but, as is inevitable in a the disparagement in some respects of native country in perfectly educated in art, the owners, painters, American sculptors retain the ascendin adding to their collections, are too often in- ency early asserted by Greenough, Powers, and fluenced by fashion, by caprice, or by a not Crawford, and the plastic art of the old world very elevated spirit of rivalry, rather than by is very inadequately represented in our art colintuitive perception or true knowledge. So far lections or national edifices of recent construcwas this the rule during the last two years, tion.—The city of New York has continued that ignorant persons, intent upon the acqui- during the year to be the chief emporium for sition of large collections of pictures, were the disposal of works of art, and between Janfrequently imposed upon by works which, uary and May upward of $400,000 were realthough bearing the names of popular French, ized from auction sales, chiefly of imported picGerman, or Belgian artists, were evidently tures. This was a considerable advance over manufactured for a market, and would be pro- the sales of the previous season, though somenounced forgeries by competent judges. In what less than those of 1863–64, when several proportion as a higher culture is developed by unusually valuable collections were put upon study, observation, or the diffusion of sound the market, eliciting unprecedently high prices canons of art, this species of imposition will from purchasers. The first collection of improve less likely to succeed. Meanwhile, it is portance offered for sale was that of the late satisfactory to know that, along with much John Hunter, comprising three hundred and that must be designated merely as rubbish, seventy-three pictures, collected mostly between there is in the country a sufficient number of 1800 and 1835, and which realized a sum total works of merit to form the nucleus of a national of nearly $30,000, or less than $80 a picture. collection, should such a thing be attempted. This low average was reached in spite of an And when our art collectors begin to imitate array of names upon the catalogue which, if the liberality of those of Europe, and throw representing genuine works, should have given open occasionally their galleries to public in no slight stimulus to the bidding. The highest spection, each chief city will probably be found price obtained was $1,250 for a picture by to contain works adapted to the formation of a Watteau, entitled “The Swing." On March sorrect local taste. As regards the acquisition 8th and 9th a consignment of two hundred and

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