Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1866-12-13

|
dan, Thomas, Sickles, Pope, Mcdowell
Steele, Wood and Davis, and contain ex.
ceedingly interesting details of the move
ments of our troops in the various depart,
meDts, and much important information
relative to the Indians, the freedmen and
the Southern refugees, while in the report
| port of General Meade is a complete histo-
| ry OF his action on the frontier during the
| Fenian invasion.
REPORT OF THE SECRETARY OF THE TREASURY.
This important document is dated De-
cember 3, 1866, and informs us first that
the expenditures of the three quarters of
the fiscal year ending June 80, 1866, fell
short of the sum estimated in his report of
December, 1866, 5000, ,529, ,235 80, and the re-
ceipts exceeded the estimates $4,000, ,905-
A. The balance in the treasury on the
first Of October last was Sl42,4l8, 1919,
and the amount of public debt June 80
1860, less cash In treasury was 81, ,650,-
538, $50 10, or a decrease in twelve months
OF S3l 1867 387 %. On the 3lst of October
last the amount of public debt, less cash in
treasury, was $2,55l ,224, 1920, or a net
decrease since Aug. 81, 1865, Of $206. .379,-
565.1l, a reduction which, he says, has Gre
ated surprise here and abroad, although it
is not expected not perhaps desirable, that
the same reduction should be continued
With further diminution of internal taxes
and modification of the tariff, which will
lead to a reduction of custom duties on
many articles, he believes that the reve-
nues will be sufficient to pay the current
expenses, the interest on the public debt,
and reduce the principal at the rate of from
four to five millions a month and with
proper economy that the debt can be paid
by the generation that created it. The idea
OF public debt being public blessing, he
says, Is tallacy which will never be
countenanced by the free and intelligent
people of the United States. Several pages
of the report are taken up with review
of what the Secretary has done to cause an
efficiency in the collection of the revenues,
the conversion of interest, bearing notes in
to five-twenty bonds, and the reduction of
the public debt, and explains why he deems
it necessary to hold a handsome reserve
OF coin in the treasury, giving as his rea-
son for so doing, that observation and ex-
perience have assured him that, to secure a
steady market while business is conducted
on paper basis, there must be power in
the treasury to prevent successful combi-
nations to bring about fluctuations for
purely speculative purposes. He regards
a redundant legal-tender currency as the
prime cause of our financial difficulties, and
suggests to Congress five modes by which
the present condition of the country may be
remedied, the fifth and last of which is the
rehabilitation of the States recently in in
surrection-States in which he says it is
idle to expect that industry will be restored
or productions increased "as long as they
have no participation in the Government,
to the support of which they are compelled
to contribute" If his suggestions are re-
spected he is confident that specie pay
ments can be resumed in less than two
years.
The receipts for the fiscal year ending
June 80, 1866, are estimated at $436, ,00O,-
900, and the expenditures at $50, ,247 GIL
80. Appended to the report is a list of
the acts authorizing loans, with a synopsis
of each, and the Registers statement of an
nual receipts and expenses.