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either of these metals, or any other metal, shall be the component material of chief value," or in the provision in the 20th section of that act, for “metals unmanufactured, not otherwise provided for.” It is true that there is a specific provision for "yellow metal" in the free list, when prepared for sheathing purposes, and of certain dimensions and weight therein prescribed ; but it is understood that the article in question does not conform to those conditions.

The only point, therefore, to be determined in this case is, whether the article is manufactured or unmanufactured within the meaning of the law. I infer from your report, that although the article has once been manufactured, it is now old and unfit for any other purpose

than as a raw material to be reworked. In that view I am of opinion that your assessment of duty at the rate of 20 per cent., under the provision in the 22d section for "metals unmanufactured, not otherwise provided for," was correct, and it is hereby affirmed.

I am, very respectfully,

S. P. CHASE, Secretary of the Treasury. LAWRENCE GRINNELL, Esq., Collector, &c., New-Bedford, Mass.

WOOLLEN SHAWLS, EMBROIDERED.

TREASURY DEPARTMENT, January 28, 1862. Sir,- I have carefully considered your report of the 12th ultimo, on the appeal of S. McLEAN & Co. from your decision assessing a duty at the rate of “12 cents per pound, and, in addition thereto, 25 per cent. ad valorem," on certain wool, worsted and silk shawls, embroidered; the appellant claiming entry of said merchandise at the rate of 30 per cent., under the provision in the 22d section of said tariff for “manufactures of cotton, linen, silk, wool or worsted, if embroidered or tamboured in the loom or otherwise, by machinery, or with the needle or other process, not otherwise provided for."

These shawls, being manufactured in part of wool, and embroidered, fall, in my opinion, clearly within the classification in the 2d subdivision of section 13 of the act of 2d March, 1861, of clothing ready made, and wearing apparel of every description, composed wholly or in part of wool, made up or manufactured wholly or in part by the tailor, seamstress or manufacturer," or "on woollen cloths, woollen shawls and all manufactures of wool of every description, made wholly or in part of wool, not otherwise provided for," and that they were properly subjected by you to the duty of 12 cents per pound and 25 per cent. ad valorem, as provided in that section.

The provision referred to by the importers, in the 22d section of the tariff act of March 2, 1861, for "manufactures of cotton, linen, silk, wool or worsted, if embroidered or tamboured in the loom or otherwise, by machinery, or with the needle or other process, not otherwise provided for," can have no application to the merchandise in question, it being “provided for” in the 13th section of the act. Your decision is approved.

I am, very respectfully,

S. P. CHASE, Secretary of the Treasury. HIRAM BARNEY, Esq., Collector, &c., New-York.

BUFFALO ROBES,

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TREASURY DEPARTMENT, January 28, 1862. Sir,—I have had under consideration your report on the appeal of Mr. William MACTAVIsh from your decision subjecting to duty, at the rate of 20 per cent., under the provision for "skins tanned and dressed of all kinds," in the 20th section of the act of March 2, 1861, buffalo robes ; the appellant claiming entry of said robes at a duty of 10 per cent.

The 19th section of the tariff act of 2d March, 1861, imposes a duty of 10 per cent. on furs dressed or undressed when on the skin.”

Section 20 of said tariff act imposes a duty of 20 per cent. on " skins tanned and dressed of all kinds."

It is very evident that buffalo robes cannot be regarded as "skins tanned or dressed,” nor as “furs on the skin,” not being known in the trade under that classification ; but, being unenumerated in the tariff, they are assimilated, by virtue of the 20th section of the tariff act of 1842, to “furs on the skin," and will be subjected to the same rate of duty, viz., 10 per cent. ad valorem.

I am, very respectfully,

S. P. CHASE, Secretary of the Treasury. Joseph LEMAY, Esg, Collector, Pembina, Minnesota.

ABSTRACT OF THE POSTAL BILL INTRODUCED BY THE HON. JOHN HUTCHINS, IN THE HOUSE OF REPRESENTATIVES, FEB. 10TH, 1862.

Section 1. A uniform letter postage of two cents for half-ounce letters, when prepaid, and double postage when not prepaid. Letters over three thousand miles, quadruple the above rate, or eight cents a letter to and from California and Oregon.

Sec. 2. Postage on regular newspapers, twenty cents a year for weekly papers, all distances, and the same proportion for papers published oftener. Periodicals published not so often as once a week, if under four ounces in weight, one cent a number; over four, and not over eight ounces, two cents, and over eight and not exceeding sixteen ounces, four cents. Postage on newspapers and periodicals, at the above rates, to be paid quarterly, half-yearly, or yearly, in advance.

Sec. 3. Newspapers and periodicals sent to news agents, publishers or editors, at the same rates as to regular subscribers, or, to simplify it, twenty cents for fifty copies or numbers, four cents for ten copies, or two cents for five.

Sec. 4. All transient packages of printed matter must be prepaid by stamp, and at the following rates: any package of printed matter, one or more newspapers, pamphlets, books, packages of advertisements or other printed documents, not exceeding four ounces in weight, two cents; from four to eight ounces, four cents; from eight to sixteen ounces, eight cents; and four cents for each half pound beyond the last. Seeds, roots, bulbs, scions, cuttings, &c., for planting, at the same rates as transient printed matter. Sec. 5. Any person sending printed or other matter may write or

26

VOL. XLVI.--NO, IV.'

print the name and address, with a description of the contents, on the outside of the package.

Secs. 6, 7, 8. Transient printed matter, not prepaid, is to be detained, and may be sent to the dead-letter office, by order of the postmastergeneral, or returned to the sender. No package weighing over ten pounds can go by mail. Letter postage, whether part prepaid or not, shall be all doubled that is not prepaid, and letters that are forwarded from one place to another shall not have an extra charge for forwarding.

Sec. 9. Prohibits certain articles from going by mail; articles like gunpowder, matches, meat, game, liquids, glass, cutlery, &c.

Sec. 10. The postmaster-general is authorized to have “late letters" received and sent after the mail is closed, and before the bags leave, at an extra charge. None need pay this extra charge who prefer having their letters kept till the next mail.

Sec. 11. Authorizes a delivery of letters, &c., in cities and towns, by carriers, without any extra charge. Carriers to be paid salaries.

Sec. 12. Carrier system in California and Oregon to remain as at present.

Secs. 13, 14. Letter carriers neglecting their duty, to be dismissed, and for breaking open letters, or stealing or destroying any letters or mail matter, to be imprisoned from two to five years.

Secs. 15, 16, 17, 18. The postmaster-general may appoint letter receivers, and establish receiving houses in cities, where letters can be posted for the mails and for local distribution, and where postage-stamps can be purchased. Letter pillars may also be erected, and letter collectors appointed. Persons injuring letter pillars, or putting improper matter into them, to be punished.

Secs. 19, 20, 21. Cities may be divided into postal districts, branch post-offices established, and managers appointed for them. Postal guides may be published by the postmaster-general.

Secs. 22, 23, 24. A post-office money order system is authorized and established between the large post-offices, with five cents commission on

money orders, up to ten dollars, and ten cents for orders over ten and less than twenty-five dollars.

Sec. 25. Stamp agents, for the sale of stamps, may be appointed.

Secs. 27, 28, 29. The postage for all correspondence, &c., carried for the government, the departments or the executive, to be paid to the postoffice out of the Treasury; the official correspondence of the post-office to be free.

Sec. 30. The postmaster-general may dispense with waybills, where he may consider it advisable, and otherwise simplify the service.

ŠEC. 31. Suitable stamps to be contracted for to carry out the provisions for the new rates of postage.

Sec. 32. Franking to be abolished.
Sec. 33. All laws inconsistent with this act are repealed.
Sec. 34. The act to take effect July 1st, 1862.

all

COMMERCIAL CHRONICLE AND REVIEW.

FEDERAL FINANCES-LOAN LAW OF FEBRUARY-CERTIFICATES OF INDEBTEDNESS—INTEREST

PAYABLE IN COIN-DEMAND NOTES-RECEIVABLE FOR DUTIES-DEPOSITS AT FIVE PER CENT.
CLEARING-HOUSE RETURNS-LOAN OF MARCH 17—MEANS OF TIE DEPARTMENT—INTEREST
Ox THREE YEAR BONds--SUPPLY OF MONEY-BANKS DISPOSE OF GOVERNMENT LOAN-
COMMERCIAL LOANS-GREAT REDUCTION PRIVATE DEPOSITS-RATES OF MONEY-CAPITAL
IDLE-GENERAL LAZINESS IMPROVED TRADE-AGRICULTURAL PROSPERITY-ARMY PAY PRO-
YOTES TRADE-IMPORTS AND EXPORTS-SPECIE SHIPMENTS AND RECEIPTS-PRICES OF BILLS-
MONEY ABROAD.

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The finances of the Federal government have gradually improved during the month. At the date of our last, Congress had passed the law authorizing the issue of $150,000,000 of legal tender notes, convertible into six per cent. stock, and had authorized the issue of $500,000,000 of stock for that purpose, the interest payable in coin. The long delay in the passage of the loan bill had necessarily compelled the public creditors to wait for their money, and the Secretary, to relieve this class, whose audited claims amounted, in the aggregate, to over $40,000,000, asked for power to issue six per cent. certificates, payable at ten days' notice, or at the expiration of a year, which was granted, without limit as to the amount which might be issued. This gave great relief. The provision making the interest on the public debt payable in coin, involved the periodical purchase of coin, since, if the government's inconvertible legal tender notes became the currency, the revenues of the government would be paid only in that medium, and the Secretary would not have coin with which to make the payments of interest. The bill was then amended, by making the duties payable in coin ; but as all the outstanding Treasury notes, including the $50,000,000 of demand notes authorized by the law of July 17, were on their face receivable for duties, these could not be excluded. Of these, there were about $80,000,000 outstanding altogether. The old demand notes thus had a superior value over the new ones, which were to be substituted for them as fast as possible. This fact produced a change in the course of the banks ; instead of refusing them they now began to hoard them; and, in some cases, * @ premium was paid, and currency again became scarce. appeared, however, that although it had been the intention to make the old demand notes a legal tender, the law did not say so; hence, there was renewed hesitation in receiving them as the basis of banking, A new bill was therefore introduced in Congress, making them a legal tender, and also modifying some other provisions of the law. This bill, which was approved March 17, provided

1st. The Secretary was authorized to purchase coin, with any authorized bonds or notes, at the market rates.

2d. He may issue certificates of indebtedness, such as are authorized by act of March 2, in payment of checks drawn by disbursing officers upon the treasury.

3d. The demand notes ($50,000,000) issued by the act of July 17, 1861, and ($10,000,000) by act of February 12, 1862, are made a legal tander, and receivable for customs duties.

It now

4th. The limitation to $25,000,000, on deposits, at five per cent, received at the treasury, is extended to $50,000,000.

5th. The department may issue notes in place of old or mutilated ones.

Inasmuch as some time would necessarily elapse before the new Treasury notes could be issued, the Assistant Treasurer, Mr. Cisco, at New-York, had been authorized to receive the demand notes on deposit, and issue therefor five per cent. certificates. This the banks at first regarded with distrust, but they finally agreed to make the deposits, with the understanding that they should receive back, when the deposits should be drawn, the same character of notes as those deposited, that is, those available for duties. The law limited the amount to $25,000,000; but inasmuch as that the amounts offered were large, it was amended to permit $50,000,000 to be deposited. The object of the banks in making the deposits was to employ their funds, and, at the same time, make the five per cent. certificates of deposit serve in the settlement of balances at the Clearing-House, in place of the loan certificates before used. For this purpose about $7,000,000 was deposited, when the following notice was issned:

“Under instructions from the Secretary of the Treasury, I hereby give notice, that all certificates, bearing five (5) per cent. interest, hereafter issued for deposits of United States notes, will be payable in whatever notes may have been made a legal tender by act of Congress, and may be, at the time when re-payment shall be called for, paid out usually to public creditors.

“John J. Cisco, Assistant Treasurer U.S." This caused the deposits to cease.

The law allowing the issue of six per cent. certificates to those creditors whose accounts were audited, was found so useful that the principle in the new law of March 17 was extended to those who chose to receive them in payment of checks received from disbursing officers. All these provisions placed ample means at the service of the department, nearly as follows: Demand notes, legal tender,., ..

150,000,000 Certificates of indebtedness, 6 per cent., unlimited,.. 100,000,000 Stock, 6 per cent., payable after 10, or at 20 years,.. 500,000,000 Deposits to be received at 5 per cent.,.

50,000,000 Three year bonds, 7 3-10 pr. ct. interest, still on hand, 37,000,000

The stock and bonds may be sold, as exigencies require, to meet the interest on the debt in coin. The demand notes were ready by the 1st April, and, being paid out, began to supply the currency. The semiannual interest on the $50,000,000 August bonds, amounting to $1,825,000, was paid February 19, in coin, from funds derived from the last instalments paid in by the banks, and a similar amount was paid April 1st on the October bonds, the coin being concentrated from all the government depositories for that purpose. On another page will be found an official table of the government debt.

In all these movements of the government, there had, as yet, been no expansion of the currency, because the amount of paper money afloat had not increased; on the contrary, it had gradually diminished. The banks were generally disposed to put out their own paper, based upon the gorernment notes instead of specie ; but, as yet, there was little demand for money for business purposes. .

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