The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-04

very satisfactory condition.
The Report Of the Secretary Of the Treasury.
We publish elsewhere Mr.. Guthrie's report
which, as usual, will be found an able satizacto-
ry document.
There is q sense in which this, like some other
Treasury reports we have lately read, is mostly
remarkable for its originality; the positions
taken by the reporter, in consequence OF the cir
cumstances with which he has to deal being
wholly unexampled in the history Of finance
History may be ransacked in vain for another
situation in which Minister Of Finance implored
the legislative authority to deplete his Golfers ;
and the embarrassment which would have been
created in the money market by the absorption
Of specie in the treasury had it not been for the
redemption Of the debt, is, it is believed, an
equally astounding symptom.
To come to facts, we find that the sum pro-
duced by the various revenues Of government
during the fiscal year ending 30th June, 1856,
was no less than $73,9ls, l41 nearly five mil
lions OF dollars over the Treasury estimate. or
this sum, about sixty-four millions were derived
from the customs The expenditures Of the year
were $72 1872; OF which Sl2,948,792 went to
the redemption Of the public debt AS We stated
yesterday the public debt, which, after the adj
ditiOn of two millions and three-quarters on ac-
count of Texas, amounted to ST. ,879,937 has
now been reduced to the neighborhood of thirty
millions
Like the President, Mr. Guthrie estimates that
forty eight millions-the average Of the public
expenditures for the last five years, exclusive Of
payments on account of the debt and indemnity
to Mexico-will amply suffice to keep the govern
ment going for the next four years to come. The
figures no doubt indicate as much. But, with
the proclivities of the incoming administration
Cuba-ward, it will be strange if the surplus be
not swallowed up before half Mr.. Buchanan's
term is over. However, anticipating no such
contingency, Mr.. Guthrie goes on to recommend
the extension of the free list 80 as to admit all
materials used in manufactures, and especially
wool, free of duty. Thus far, Mr.. Guthrie will
obtain the cordial support Of all rejecting per-
sons. With regard to iron and steel, he seems to
consider that our present laws are fair enough
and passage in his report rather casts censure
iron from the incubus Of heavy duty. There
is degree Of FEASIBILITY in the argument of the
learned Secretary; but still, one would think, no
arguments can prove that it is better to tax US
all for the benefit of few iron founders, than to
let the iron founders shift for themselves, and
to give us all what spades, knives, rails and
machinery we require as cheap as possible.
Mr.. Guthrie estimates that in 1870 the
United States will supply all the iron
needed for their own consumption: he speaks
with confident pleasure Of the abundance Of the
supply Of the ore and the proximity of suitable
auxes, and fuel. Why, then, in the name Of all
that is reasonable, not leave this SO highly ia
vored industry to its own resources?
A considerable portion of the report is devoted
to the subject of currency and finance. Mr.. Guth-
RE sees no danger in the continued export of
specie; nor indeed does any sensible person. He
estimates that we have retained in the country
$3.50 000, 900 of California gold; which is $50,
00O, 900 more than the officers Of the mint give
us credit for having. As to the banks, Mr.. Guth-
RE appears to concur with the opinions here
tofore expressed in this journal in reference to
the benefit that we should derive from general
superintendent Of the subject by the general
government But he does not think the question
now open to consideration. The States he says,
would never yield the powers they have observ-
ed, and besides, during the tendency Of the
charters they had granted, they are themselves
powerless We have had occasion to make
remarks very similar to these on one or two oc-
casions during the past year or two; and we con-
fess, with Mr.. Guthrie, that the question appears
one Of very difficult solution as the matter stands.
There can be no question but our own banks
which are probably among the safest in the
country are not uniformly managed on the prin-
ciples which ought TO govern great financial insti-
tutions many of them are mere bottleholders to
the gamblers in fancy stocks in Wall street, and
rather impede than facilitate wholesome CON-
mercial intercourse But the evil seems past cure.
We shall have occasion to deal with separate
portions Of this report hereafter; meanwhile tits,
like all Mr.. Guthres, highly credtable to its au-
thor aud to the country.
The RICHMOND JUSTA UPON New York Pol