The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1854-12-09
THE PERRYSBURG JOURNAL.

by at least 5,000,000. shall continue
to direct the surplus revenues, so far as it
can be judiciously and economically done,
to be applied to the reduction of the
public debt, the amount of which at the
commencement of last fiscal year was S67,-
340,6 of which there had been paid on
Goth Nov. 1854, the sum of 1922, 1868, l72,
leaving balance of outstanding public debt
Of only $44, ,975, ,456, redeemable at different
periods within Id years. There are also rem
nants of other government stocks, most of
which are already due, and on which inter
est has ceased, but which have not yet been
presented for payment, amounting to SS233,-
| l79.
This statement exhibits the fact that the
annual income OF the government greatly
exceeds the amount of its public debt, which
latter remains unpaid, only because the time
of payment has not yet matured, aud it can
not be discharged at once except at the op-
ton of public creditors, who prefer to re-
tain the securities of the United States, and
the other fact, not less striking, that the an
nual revenue from all sources exceeds BY
many millions of dollars the amount wanted
for prudent and economical administration
of the government. The estimates, presented
to Congress from the different executive de-
partments at the last session, amounted to
S39, ,4O6,58l, and the appropriations made to
the sum of S58, ,ll6,958.
Of this excess Of appropriations over esti-
mates, however, more than twenty millions
was applicable to extraordinary objects, hav-
| ing no reference to the usual annual expen
ditures. Among these objects was embraced
ten millions to meet the third article of the
treaty between the United States and Mexi
co; so in fact objects Of ordinary expense
in the appropriations were limited to con-
siderably less than forty millions. there
fore renew my recommendation for q rcduc-
ZION of duties on imports. The report Of
the Secretary of the Treasury presents series
Of tables showing the operations of the rev.
enue system for several successive years, and
as the general principle of reduction of du-
ties with view to revenue and not pyotec-
ton, 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 recon-
mend change in the laws which recent eX
perence has shown to be essential to the
protection of the government. There is no
express provision of law requiring the rec
ords and papers of public character of the
government to be left in their offices for the
! use VI lNelt SUCCESSORS, HOI any pIONlSlpH
declaring it felony on their part TO make
false entries in the books or return false ac-
counts. In the absence Of such express pro-
vision by law the retiring officers have
claimed and exercised the right to take into
their own possession important books and
papers on the ground that these We're their
private property and have placed them be-
yond the reach Of the government.
| Conduct of this characte brought in sew
era, cases to the notice Of the present Sec
retary of the Treasury naturally awakened
his suspicion and resulted in the disclosure
that at four ports namely. Oswego, Tole-
do, Sandusky and Milwaukee, the treasury
had, by false entries, been defrauded within
the four years next preceding March. 1888,
Of the sum of $l98000. The great difiirul-
ty with which the detection Of these frauds
has been attended, in consequence of the alb
straction of books aud papers by the retiring
officers and the facility with which similar
frauds in the public service may be made
hereafter render the necessity of new legal
enactments in the respects above referred to,
I quite obvious.
For other material notifications of the
revenue laws, which seem to me desirable,
refer you to the report of the Secretary OF
lhe Treasury. That report, and the tables
4 which accompany it, furnish ample evidence
of the solid foundation on which the fnan-
cial security of the country rests, and of