The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1865-12-13
UMBIA, S. c., WEDNESDAY MORNING. DECEMBER y 1ee5

banking system as one of the great
compensations of the war, and gives
some interesting statistics about it's
operations
REPORT OF THE COMPTROLLER OF THE
CURRENCY.
The report Of Hon. Freeman II.
Clarke, Comptroller of the Currency.
gives a clear statement of the condi-
ton of the finances, and recommends
important changes in our financial sys-
tenn. The Comptroller urges return
to a specie basis, and suggests, as the
most available method of attaining
it, the funding and consequent retire.
ment Of portion of the inactive cir
culation shown to be now held in
reserve. By gold valuation of our
imports and exports, it is estimated
that balance has accrued against
this country during the four wears
previous to the 30th of June last of
$309, 900, 900. AS a remedy for this,
the Comptroller recommends an in
crease of the rate of duties Just in
proportion as the price of gold and
foreign exchange may recede, to be
followed by the graduated reduction
OF such increase, say ten per cent, at
the expiration of each six months.
until brought down to the original
rate. In the meantime, by a steady
reduction of the volume of redeem
able currency and consequent reduc-
ton OF prices, we would be able once
more to place our manufactured and
agricultural productions on a footing
that would enable them to enter into
successful competition with those of
other nations in the markets of the
world.
AS the first step to be taken towards
a reduction of the Government issues
used as currency, the conversion of
all the interest-bearing legal tender
notes into fve-twenty six per cent.
bonds, is urged. It is also suggested
that the national currency Act be so
amended as to allow an increase of
the limit to t;4OO, 900, 900, on condition
only that all the banks be required to
redeem their notes in New York,
Boston or Philadelphia, and also that
an issue of six per cent. five-twenty
bonds be authorized to the amount
that 1t viii require to secure the ad-
dltlonal circulation under the pro-
visions of the Act, which bonds, the
banks, when organized, shall pur-
chase, as each may require, of the
Secretary of the Treasury, at such
fair rates as he may from time to time
prescribe, but not less than their par
value, and pay for the same in the
United States legal tender notes, and
all notes so received shall be cancelI-
ed and destroyed.
The tariff, it is suggested, can be so
adjusted as to produce $12O,OOO, 900,
of which $10O,OOO,0OO should be
raised on whiskey, malt iqnors and
wines. 1t is estimated that the cotton
crop of next year will amount to
between 100000 and 100000 of
bales, on which might be levied a tax
OF eight cents per pound, which
would realize $3.50, 900, 900, more than
sufficient to pay the interest on the
public debt after the entire amount
IS funded. The license and stamp
duties, is is thought, could be dis
pensed with after the next fiscal wear.
REPORT OF THE COMMISSIONER OF THE
INTERNAL REVENUE.
The Commissioner remarks his
recent accession to the post and con-
sequent brief time in which to pre-
pare his views, and offers some
general considerations Of interest and
Importance. The amount of revenue
raised In one year, up to 3Oth June
last, was equal to all the revenues of
the United States from the founda-
ton of the Government up to 1912,
and yet 100000 of men we're with,
drawn IL productive labor, and the
marine was relatively idle. The fol-
loving are some of the aggregates:
Receipts for 1868, $41, ,O03, 1872. 93;
receipts for 1864, SIG, $50, G72.14:
receipts for 1868, 1929, ,529, ,O17. :