Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1853-12-14
MIR. GUTHRIE's REPORT. =

ers at length but we shall lay the material portions
Of each before readers:
uRppoRr OF THE SECRETARY OF THE TREASURY.
Tho very able and interesting report of the Secreta
- Of tbe Treasury was transmitted to this Office
!st1ylay but the unusual pressure on our columns
ooxcIudes it from our issue of this morning. We
will submit it to readers at the earliest possible
moment
possession of of the more important facts ana
suggestions of the report and to indicate the nature
of the fiscal policy which Secretary Guthrie oc
yelopcs.
Wing Secretaries in their estimate of the revenue
from npost invariably fall short OF the actual re-
ceipts Mr. Corwn estimated the receipts RON Gus
toms for the fiscal year ending June oo' 1922 a.
100000 90; Whereas the SO oot oeS 10
tied revenue from mpost alone Oh Soo9ol quo az:
The total revenue of the government Tor the fiscal
wear ending 3Oth June, 1858, including balance on
hand 1st July, 1852 of l4,oa2, loo % amounted
ditnres including payments on account of public
Jrbt. were S54 O26, S16 21-eaving balance in the
treasury July 1853, of $21, 942, 892 56. The &C
tual receipts from all for the first quarter OF
the fiscal wear ending 3Oth juno, 1858, were $21,-
S5f 3fS o. which, with the balance in the treasury
made total sum of $43,299,2T1 IS The actual
expenditures for the same quarter were but $l6-
0S1 3S3 7O-lcaving balance in the treasury, Sep
trmber 3Oth 1853, of SIS, Of, 8S7 rs Mr. Guthrie
estimates the total receipts for the entire fiscal year,
terminating 3Oth june 1854 at sos, 517, 6S1 rs and
thc expenditures for the same period at $57 ,295
1f Leaving an estimated balance in the Treasury,
aD1st JulY' 1854 of 81, 266 604 90. He estimates
the receipts for the fiscal year, ending June 80 1902
with balance on hand at SG6, 266 GOA 62 Inc est-
mated expenditures for the same period are SOL
OGO 277 i2-eaving an estimated balance III the
Treasury July l, 1855, of $15, 2O63 1927 90
The public debt on 1st July, 1858, was $724ol,-
OS7 81, since which date, up to the 81 December
1853 it has been reduced to the sum OF 500 $780, 1911
43-s3 $40 $50 being redeemed between the 1st Jul
w 1855 and the 4t6 of March, 1858, and $12,722,-
70 rs from 4th March, 1858, 10 Sd December OF
the same year. 1t thus appears thatthe present Ad
mnistation has progressed rather more rapidly IMAM
tic Whg predecessor in the redemption OF the pub
lie debt In this conncxon, Mr. Guthrie reprehcnds
the practice of Mr. Corwin i'll transferring funds from
the Treasury the hands of agents. for the purpose
of buying in public stock. And, not without reason;
for Gorwin made it the means of accommodating
fayoYites at the hazard of the Treasury Mr.. Guth-
RE also objects the mode adopted by his predeces-
scr for the transfer of funds from one place OF depo-
sit to another on the ground of avoritism aud
danger of loss. Indeed, he apprchendS that the sum
Of $1,000 has already been embezzed in this man
ner-which sum Mr.. Corwin had entrusted to an
agent scithout taking any security This is an ex-
poit of Wing genius for finance and evidence OF
Wing regard for the security OF the public funds.
Mr. Guthrie gives the opinion that the Department
should require the public money to be always III the
Treasury or in the custody of the Assistant Ireasu-
res and repositories designated by law, and that all
powers vested i'll the Department i'll relation 10
the collection, safekeeping transfer and disburse-
ment of the public money, should be entrusted to
and received by its officers This is sound princ
pie is liable abuse, and will protect the Treas
ury from the plumber of tavortes hhsn Mir
Guthrie came into office, he found that Secretary
Corwn had advanced to agents political taVorltes
81 243 600 for the purchase of the public debt, all
$l,475, 900 to transfer to different localities.
Secretary Guthrie explains at length the policy Of
the Administration in regard to the purchase OF The
public debt, shows its effects in relieving the press
ure in the money market and concludes that :" the
result has been satisfactory" 1T Is considered,
says hc /" that the present prosperous condition OF
the Treasury, growing out OF the great prosperity o.
all the industrial pursuits OF the country affords al
opportunity to apply the surplus to the discharge
the public debt, and that it should not be left to EN-
barrass the operation of the government IN any tu
ture contingency which may require all its energie!
and resources" The country will applaud this SEN
tment.
ir Guthrie also explains the basis Of his estimate
of future receipts and expenditures and satisfactory.
accounts for fluctuations both in the revenue and eX
penses OF the government
The imports of the fiscal year 1858 were, $267,
9I6,647, and the exports were 1926, 452, 25O Ihl
disparity Is apparent, not real. Mr. Guthrie COZ
rectly says that fair estimate for profits on GU
ports and the reights of vessels, would cast til
balance Of this account in our favor without estma
ting the money brought in by enigrants, of whic
no account is takeD.'
Mr.. Guthrie suggests an important modification
the Tariff He proposes an addition to the list OF 81
tecs free of duty which will deduct S. Co., 900 froI
the receipts from customs-a very substantial cor
ceSson to the principle of free trade, and conSldt
TaDJc ADVANCE In the UrecuOn Indicated DJ MAJ
W a!ker in his famous report. The particular art
ces proposed to be exempted from impost are cnu
meratcd in a table which does not accompany til
report. Mr.. Guthrie recommends reduction OF dl
ty on other articles which will further diminish tn
about 81, 800 OOO This still leaves the
nue., computed upon the imports of 1858, at abou
$45,OOO,OOO from customs-a sum amply sulicier
for the eXigcncics Of the Government In this col
neXlon the Secretary propounds the following jus
and philosophic principle, when revenue is NJ
needed articles of general use fol. manufacturing
other purposes not the growth or production of tn
United States, or but partially so, should not b
taxed; and no CHER taxes should be levied on oil
er importations than may be necessary for the ect
nomical wants Of the Government, thus leaving con
merce as free and unrestricted as possible" 1t
not proposed to change the principle of al Galore
duties, but the Secretary suggests it for the consid
ration OF Congress, whether q specific duty ro
made from the average of the last three or foI
years al r0IOTfp duties would not be to the adval
tage OF the producer and the consumer, well as
the revenue. Salt he proposes to exempt from dt
ty The table Of tonnage accompanying the repol
shows that our tonnage is 4, 407, 010 tons, al
exceeds that Of any preceding year by 26S, 900 tor
table exhibiting the operations of the mint accol
panes the report and shows the entire coinage
the 3lst October last to have been 1870, 00S 1872
the gold coinage from the LIST January to the 81
october OF the year 1858 to have been $40 $685. g.
oO, and the silver coinage So 996 235 and proves
actlVe ana growing demand for gold and silver as
currency Tor actual use, whilst the imports of go
and silver, prove that within four years the lar
amount OF Sl35 ,972, 095 10, has been added to t
gold and silver coin remaining in the country II
Secretary adds, lit may reasonably be expected
the supply should continue for few years, that tt