Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-07-06
RnPOrr o. rae sEcnErARr or rHF

REPORT or THE SECRETARY OF THF
Treasury.
This document is entirely too long for
olT columns, but we give the following
sbTidgmsnt Ofit, as prepared by the Phi
Ia. Chronicle.
SEcRErARY OF THE Treasury Sc
cretary Ewing, in bis report TO Congress
concerning the financial affairs OF the ma
tion, states the receipts during the year
1910, including Treasury not es to the a.
mount Of S5,5S9,547 81, to be $2S, $780,
$50 A. The expenditures during the
year, including Treasury notes redeemed
with interest. we're S27 1863, ,475 Al, leav-
ing balance in the Treasury on the LIST
ofJan, 1s4l, of S977 ,345,03; receipts
in the first quarter oflS4l, s., lS9,265
10; expenditures sams quarter, $4,621,-
1866 "a; the sggragats debt and deficit to
provide for during this and the ensuing
year, including the outstanding Treasury
notes, is l2,oss, 2l5,Is.
The balance in the Treasury on the 4th
Of March lS4l, was $572,7lS 46.
la order to raise sufficient revenue to
free US from debt, the Secretary recon-
mends as temporary measure, the levy
Of duty of20 per cent, advalorem on all
articles which are now free Of duty, or
which pay a less duty than 20 per cent,
except gold and silver, and the articles
specifically enumerated in the 5th section
OF the act Of March I'd, 1888.
If this measure be adopted, it is esti.
mated that there will be received into the
Treasury Of customs, in the last quarter
OF The present year about $780, 900, in
all Of The year 1912, about 22,500, 900,
and in the year iS43, after the final de-
duction under the act OF Mrch 2, 1928,
about $40, ,s00,00Os
lie 9hlecls to The raising Of money by
the ISSUE of Treasury notes, and says
that when a national debt does exist,
and must continue for time, it is better
that It should be made funded debt, ac-
cOrding to our ancient financial usages
His arguments upon this part Of bis OBJ
ject are very lucid, he closes the para
graph by recommending thata sum sufi-
cient to pay the debt at pfesant exi sting
and such at wIlineessarily accure in this
and the ensuing year, bs raised on loan
for time, and on the condition above
suggested.
He invites the attention Of Congress to
t. the presant mode of keeping aud dis
bursting the public moneys; and also
TO the subject Of the creation or
employment Of fiscal agent to be char
ged with the performance Of these and
other duties. The subject is one ofgreat
importance, both TO the government and
to the community. Such agent or depo-
STORY ought to unite, in the highest prac-
ticable degree, the safety of the public
funds, and convenience and economy in
their administration! and il should, if pos.
.siLle, be so selected or framed as to ex-
'ert a salutcry influence over the business
and currency of the country.
He is strongly in favor Of a National
bank, and doubts not the power of Con-
.gress TO create such an institution, but
thinks that in the present condition Of our
country, the relief to be anticipated from
'such an institution cannot be immediate
but must DO the work Of tine. The bus
mess Of the country would, ,hOweyer,in his
opinion steadily and certainly revive un-
der lis influence.
In recommending Congress to establish
such fiscal agent, he says ifsuch an in.
stitutlOn can be go conceived in princi-
pie, guarded in ito details az to remove all
scrupIss touching the question Of consti-
tntiOnal power, and thus avoid the obisc-
tions which have been urged against
thOse'heretCGore created by Congress, il
will, in his opinion, produce the happiest
results, aRdconfer lasting and impo' tant
benefits on the country. He therefore
submits to Congress the necessity and
propristy ofrepealing the act Of July 4th,
1910, providing "for the transfer and dis.
bUrsnent Of the public revenue" except
the penal provisions thereof which it will
probably require revision and modifca.
ti0n. f5t li