The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-12-07
SECRETARY OF THE TREAsURYs REPORT.


The Secretary of the Treasurys report which will be
found in our columns this morning, will be read with
great interest as giving detailed comprehensive, and
highly satisfactory exposition of the financial affairs of the
country The report opens with statement of the receipts
and expenditures of the past year which have already
paared in the Presidents message
The estimated receipts for the fiscal year ending June
80 1855 put down intending the balance in the
uy on LIST July, 1854 see, 2664o4 g. and the estimated
expenditures at S5l,o6o277 II.
The of the public debt outstanding the LIST of
July 1853 S67,34o62s IS. On the LIST day of July
ls54 it was Si7 $780, SOC 05hus showing reduction in
the public debt of S2o,i6ol22 10.
The receipts for the fiscal year ending 30 1885,
estimated at SCI 100000 and the expenditures at 500 s69
s 81 The balance in The treasury on the lst of July,
1856, is estimated at s2l ,s9ai2l2
The Secretary says that the large mpor'aons during
the last three quarters of the past year kept up by
heavy exports of provisions caused by the scarcity in Eng
aud and France but he anticipates falling off in the
toms in consequence of the reciprocity treaty and short
crops Under the reciprocity treaty articles paying
duty of Sl524,4 57 made free.
During past year the tonnage of the country shows
an increase of 395,S92 tons.
exports but this excess the Secretary thinks appa
rent not real as the profits our EXPORTS and the
eghts earned by our ships foreign trade ought
han this In the exports it should be reco-
eGtea over ssS,o0o000 in specie included.
The satisfactory condition of the revenue, in connexon
With dlyincreasing commerce, used argu
mnts for further reduction in the tariff The Secretary
objects the eight schedules different rates of duties
under the present tariff collections attended with
great difficulties The BILL he says prepared at the Treas
y Department last year. and submitted by the minority
the Committee of Ways and Means of the House of Rep
rntnves contained but rates of duty the first Of
100 per cent and the second of % per cent Heis opn
ion that money should be collected than is re-
Qurd for the economical administration of the govern
laAi IN addition 70 The free list il recommended
Under the act Of 1885, over fifteen millions Of silver have
zen coined and circulated at Philadelphia, New York,
Session, Baltimore Washington, Detroit Chicago, Rich
nOud Norfolk Charleston, Savannah, New Orleans, St
Ouis CINCINNATI Pitsburg, and San Francisco and fur
shed citizens at various other points # is believed
hat the full benefit Of silver coinage for change never
realized while small bank notes are encouraged and
made current by the patronage Of the community
The total amount Of gold and silver coin in circulation
on the LIST of October last is estimated at s24l 100000
'2f'nst which there Is Total bank-note circulation of
Ni6S92oo In 1850 there ST9 banks in the coun-
y with capital of S227so7, 53s and in s54 this num-
er has been increased to 20s with capital Of S3oi,-
'jG07L
10 regard to the workings Of the independent treasury,
Secretary says that in receiving and paying fos the
% nSca year than seventy-dve millions In the
o' CON- il has kept up the demand for the precious
metals and has prevented the large bank circulation from
aiming the mastery and driving the constitutional
y from the country. The heavy export Of specie du-
S he past year in part accounted for by the large
'0emphon Of the public debt held abroad
ihe Secretary of opinion that present pressure in the
E''l market is not owing the specie drain but to
"'y mporations, the failure of many banks and the
'Alment Of the circulation and discounts Of others
'h in the last sir months have reached the enormous
YIN Of nearly fly millions
% continuance Of the coast survey and the lighthouse
va Is recommended Further aid ia asked for protect
4anan life from shipwreek the coast and the report
ss's whether the law should not provide greater secu-
u 'Ae construction Of passenger vessels, or to
'Aem, as now to the ship-owners. From the Ist Of
ls54 to the LIST Of June sixty-hree steam vessels
oeea lost Alusion is made to the loss Of the emil
snip New Era Experiments are now making for
ing mortars efectuaIly