The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1854-12-14
NUMBER B9..

/
plete and exact information REGARDING
the finances, and the various branches
of the public service connected there with
| reler you TO the report of the Secreta.
/ ry of The Treasury, from which il will an.
pear that the amount of revenue during
the last fiscal year, from all sources, was
$73,549 7o5; and that the public eKpen.
dIlures for the same period, exclusive Of
payments on account of the public debt,
amounted to -5lOl8,249. During the
same period, the payments made in re.
demPilon of the public debt, including in.
teresl and premium amounted 10 S24, ,338.
800. 10 the sum total Of the receipts Of
that year is 10 be added balance remain
ing in the Treasury at the commencement
thereof, amounting to Se1 s42 992; and at
the close Of The same year, q correspon.
ding balance amounting 10 $50. 1877 .967
OF receipts above expenditures, also rs.
NAMED in the Treasury.
Although, in the opinion of the Secre.
tary Of the Treasury, the receipts of the
current fiscal year are no, likely to equal
in amount those Of last, yet they will un.
doubtedly exceed the amount of expsn.
ditures by at least Sl5, 5,OOO,O 900. I shall
therefore, continue 10 direct that the sur.
plus revenue be applied, so far as il can
BE- judIciously and economically done, 10
the reduction of the public debt, the a.
mount Of which, at the commencement Of
the last fiscal year, was SGT, $40 ,628; of
which there had been paid on the got day
Of November, 1854, the sum of S29 1868.
l72; leaving balance of outstanding
public debt Of only s44 975, ,456, redeem.
able at different periods within fourteen
years. There are also remnants Of 9th.
er government stocks, most of which are
already due, and on which the interest
ceased, but which have not been pre-.
sented for payment, amounting to $685..
l79. This statement exhibits the fact,
that the annual income Of the govern
ment far exceeds the amount of its public
Debt, which latter remains unpaid, only
because the time Of payment has not yet
matured, and it cannot be discharged ct
once, except at The option Of public cred.
itors, who prefer 10 retain the securities
Of the United States; and the other fact,
not less striking, that the annual revenue
from all sources, exceeds, by many mill.
ions of dollars, the amount needed for a
prudent and economical administration
of the Government.
The estimates presented 10 Congress
from the different Executive Departments, D
at the last session, amounted 10 S38, ,4O6,.
57l, and the appropriations made 10 the
sum Of S55,1l6,953. OF this excess Of
appropriations over estimates, however.
more than eO,OOO,OO0 was applicable to
extraordinary objects having no reference
10 the usual annual expenditures. Among
these objects was embraced 100000
TO meet the third article OF the treaty be.
tween the United States and Mexico; so
that in fact, for objects of ordinary ex-
penditure, the appropriations were limited
to considerably less than S40,000,O00.
| therefore renew my recommendation
for reduction Of the duties on imports.
The report Of the Secretary OF the Treas.
ury presents a series Of tables, showing
the operation of the revenue system for
several successive years, and as the gen.
eral principle Of reduction of duties with
view 10 revenue and not protection may
now be regarded as the settled policy Of
the country, trust that little difficulty
will be encountered in settling the details
Of measure to that effect.
In connection with this subject, rec
ommend change in the laws, which re-
cent experience has shown to be essential
to the protection of the government
There is no express provision Of law, re.
quiring the records and papers of pub
! lie character, and the several officers Of
the government, to be left in their Offices
for the use of their successors, nor any
provision declaring it felony on their part
to make false entries on their books, or
return false accounts. In the absence Of
such express provision by law, the out
going officers, in many instances, have
claimed and exercised the right to take
into their own possession, important books
and papers, on the ground that these were
their private property; and have placed
them beyond the reach of the govern
ment. Conduct of this character, brought
in several instances to the notice of the
present Secretary of the Treasury, natu-
rally awakened his supicion, and resulted
in the disclosure that, at the four ports,
Oswego, Toledo, Sandusky, and Milwau-
kie, the treasury had, by false entries.
been defrauded. within the four years pre-
ceding March, 1858, of the sum of one
hundred and ninety.eight thousand dol"
lars. The great difficulty with which the
detection of these frauds has been attend
ed, in consequence of the abstraction OF
books and papers by the retiring officers,
and the facility with which similar frauds
in the public service may be perpetrated.
render the necessity of new legal enact
ments, in the respects above referred to,
quite obvious. For other material modi.
| fications of the revenue laws which seem
to be desirable, refer you to the report
of the Secretary of the Treasury. That
report, and the tables which accompany
it, furnish ample proof of the solid found
alton on which the financial security OF
the country rests, and of the Salutory in
fuence of the independent treasury Sys-
TEN upon commerce and all monetary
operations.
The experience of the last year furn.
ishes additional reasons. l regret to say,
of a painful character, for the recommen-