The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1854-12-13
secretary of Treasury,s Report.

Treasury, from which we learn that the
actual receipts in the Treasury for the
fiscal year ending 3oth June, 1854. from
all sources were S73, 549, 705, which with
the balance in the Treasury on list Ju-
ly, 1853, 21,942, 1872, give a total fol-
the s~ervive of the year Of s95, 492, 597.
The actual expenditures for the year
were S75,354,630, leaving a balance in
the Treasury on lst July 1854 of $780,
i37,867. The receipts for the quarter
ending Sept. so, 1854, were S2l ,52l,-
3O2. Tie estimates for the remaining
three quarters of the fiscal year are S42,-
100000. The amount Of our public
debt outstanding on the lst of July
1854 was SAL, lS0,506.
The Secretary anticipates ii falling of
in the customs receipts, owing to the Re
ciprocity treaty and the short crops
The table of the tonnage of the United
States exhibits an increase for the year
of 385, 1872 tons. The table exports and
imports shows that the import of the
year were $26,331,3I7 in excess of the
exports.
The state of the Revenue induced the
Secretary to again call the attention of
Congress to the propriety of reducing the
Revenue from customs so that nc more
money shall be received into the Treas
ury than is required for an economical
administration of the Government. lie
recommends but three rates ofduty viz
100, 40, and 25 per cent, in place of the
eight schedules at present in use. The
recommendation for q repeal of the fish
ing bounties is renewed, and the subject
of drawback duties and refined surgar is
also recommended to the consideration of
Congress.
The statement as to the currency of
the country gives the total amount of
gold and silver coin in the circulation on
30th September at S24I 100000, against
which the total characterization is S204,-
689, 209. 1t appears from the report of
the Banks, submitted to Congress on
the 9th of May, 1854, that in 1850, Isl
there were. $40 Banks in the United
States, with a capital of 1927, e07, 533,
andin 1853, "a, there were l,20S Banks,
with a capital of s3OI, 756, 07I, being an
increase of S73, 948, 538. In 1850 and
81 the circulation of the $50 Banks
was S155, l65, PSI deposits, Sl28,957,-
7l2 due to other Banks S46,4I1,926;
together, S33O,539,89 ; and in 1853,
81 the circulation of the 1,205 Banks
was S2O4,6s9,2 POS the deposits, $685.
I6s, 744 and there was due to other
banks $50, 1922, l62; and together, S443,-
1000, Il3, making an increase ofSll2,-
eco ,222, with specie in their vaults in
I850-4e of S48 ,67l ,048, and in 1884
of S59,4l0.453, being an increase OSLO
1926.
The Secretary is opposed to the cir
culation ofnotes of a small denomination.
The Secretary calls for further aid for
protecting human life from shipwreck on
u coasts and suggests whittier We should
not provide greater security in the con-
struction of steam passenger vessels, or
leave them as now, to ship owners. he
also recommends the continuance of the
Coast Survey.
In view of recent frauds by Collectors
of Customs in Cleveland, Oswego, &C.,
the report calls for such additional leg
~islation as may be deemed necessary
The balance of the report refers mainly
to the Operations of the various depart
ments of Treasury.
[ExTRACTs.
PAPER CURRENCY.
The United States having placed her
receipts and expenditures upon b con-
stitutional currency of gold and silver,
it is in the power of the States. by pro-
hibiting the banks from issuing and cir
culating notes of a small denomination,
and by making the constitutional curren-
cy, the basis of their WI receipts and
expenditures, to give the victory in all
times to the constitutional currency,
keep a suficiency in the country for all
the purposes of a circulating medium,
and prevent the evils and losses that al
ways attend an inferior currency. The
disorder now felt in money matters
grows out of the failure of many of these
banks, and the curtailment of the circu-
lation and discounts of others-which in
the last six months must have reached
forty or fly millions of dollars, and in
part out of the effects produced by the
large imports, and in part out of the
want of confidence between lender aud
borrower. 1t cannot be attributed to
the shipment of gold and silver, which
is nothing but a consequence growing
OuJ OI l4cSG. CduS6S-
INDEPENDENT TREASURY.
The Independent Treasury has been
administered in strict accordance with
the provisions of the law, in all respects,
as stated in my former report. There
has been found no difficulty in its oper-
alton, nor in complying with any of the
provisions of the law. The opening of
the Treasury's Office at Washington,
and the offices of the several Assistant
Treasures and public depositaries, as
places of deposit for the disbursing
agents of the Government, has been at
tended with signal success, and resulted
in great advantages to the executive de-
partments and the disbursing agents.
The table So, which accompanies the
report, shows the growth of the deposit
system the number of disbursing agents
who deposit, with the places and amount
of deposit at different periods. 1t will
be seen that in September these deposits
exceeded $500, 900 whilst all disburs-
ing agents who could, have not availed
themselves of the privilege, and many
disbursing agents who could net do so,
because there we're not depositaries con-
of these deposits furnish the near of as
certaining the operations of discussing
agents, and whether the funds are kept
in readiness to meet the appropriations /;
while, upon the removal, resignation or
death of a disbursing agent, the amount
on deposit passes at once into the Uni
ted States Treasury and to the credit of
the depositor, without the procrastina-
tion caused by having to await a settle
ment hv the AGENT or Administration