The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-03
THIRD EDIT
REPORT OF SECRETARY or TREASURY.
oOhthtlod nom he Second BditiOn.

NhlOAAA VI NlOItulhNl VI lluhOOltlt
Continued ron he Second Eiuton. @,.f
Public faith does not depend alone upon adequate
ton OF the GoveTnmenp t rests also npon the obSer-
fact VII hout this there VIII be neither an eiicent
standardization % the revenue laws nor economy in
save from the nfamy Of repatriation q nstion That
AZ ne % uses s 70 an sns %
voluntarily violates this under,tsndng Il will soon
to & enforce the EeysaIe laws and rs eSpendl!gIei
How much Of ,he demonstration Witch exists ia the
IsSs TeSsnue 70 SeTiSe 9s 81 ee 0PsS states is S.rOH
redeem legal-tender notes according 60 their tenor
s Ia com 2e out No%
what is the United States pledged n regard - The
10 the understanding between the Govern M ut and
were solicited and obtainedP And can there De any
question IN regard 70 the nature Of this undsrtaad,
Bbonld be converted into bonds or paid IN lawful
IL SHn@' %S not this e TpE9e 81
the Songrsss which passed the Loan ids and Of the
oi ne House or senate prior e 1885, in. the ex.
Isss SSDgs of these bills ever TmSie
Sad %Sen Th 1sT IN might be
MAS MAS tneTe M re- & single subscriber to the Flvewely
by theIr terms were convertible Into bonds who did
asens Of the tbas Sot5 tG s Sy
and interest OF those bonds were payable 10 coin ?
stSe self sacrificing as they were 10 support Of The
lands the products OF their farms of t6er factories
and their shops, aud invested ther proceeds
tenth tent & notes :, conysrtiols into such bonds. Il
10 be redeemed, after fve years from their re.
specu,vee dates. IN currency Of the value
the secretary OF the Treasury would Congress
wnen tne sse Oh the nstlon was IN the pal
port OF the Federal army would have been a success
cared 70 attempt the Of Gas money
on bonds at the pleasure OF the Govern
ment after hve ears In currency convertible, but
the Vaiue OF whloh might not depend upon the sol
No such understanding existed and fortunately. no
ated with the definite understanding that they
with an equally deflpite understanding that they
were converuble al the option OF the holder. into
money. Contracts were made in good faith on both
peril % and to Q
existence,-the balance when Its necessities were
tlI 70 contractors and to the gallant men by whom
honor which to nation are Of priceless worth, re-
| the spirit in which they were made.
Holders OF our bonds at home aud abroad. who un-
and he y he hs
ought no! to need an assurance that they will be so
The Importance of the restoration of the Southern
Ss
the currency and the maintenance Of the public faith
are not all that reoured to restore the country to
| perfect financial health. We need, in addition to
name. '''' - W" - -
IT msy not be. proper for the Secretary in this
port 10 discuss the measures regarded by him best
caculaed to bring about this most desirable result
stanay said In his last years report that the oues
ton OF reconstruotion as purely financial question
that Congress will ever be called upon to consider
the Exemption Of bonds from log tsxs
SD is RS exSSs Eh nd and Sst i pHEh TS to be IN
hes no hesitation In admitting that he i in sympathy
ever as has BEEN suggested arses rom the fact that
IL the bonds hereaferto to be issued be suhiect
taxes are 6sh and fheFs S oad Be CoHsGaas
lies and cities where taxes low Ia foreign
1t is matter of great Importance that GOVERNMENT
uonds should be desirable Investment 10 all part Of
| be in some manner compensated for the right
r s&sd giving @ subject @ eaFsa
6 by Bnd G 70 Be as 81
soildated Debt OF the United states. bearing six
into Which ali other obligations Of the toverSm snt
part Of the Interest At each semIannuai payment to
| be reserved by the Government and paid over to
means All bonds. Wherever held; would be taxed
State taxes Including ievies for county and mu iic
pal purposes, now. as general thing. exceed one
bountes paid, and in Of the States they
IN OF In be %
affairs this indirect assessment will be quite likely
DEBT 70 be funded shall amount to - go the
amount to be reserved and paid TO the states annually
Ths Secretary estimates that the receipts and ex-
viii be s2ssooo6oo The expenditures for the same
period according to his estimates Will be $95 900 900
leaving surplus of estimated receipts over estimated
expeno itures OF S 900 0OO The receipts and expendi-
lures for the fiscal year. ending 30 1858,
are estimated at 1881 100000 The expenditures
! for the period estimated at 1912 000,00G
leaving surplus OF estimated receipts over
estimated xpeDdtures of $0OOOOOO
Since the first day OF 81 ptember, 1885, the debt has
been reduced t2e6, 1856, ,l2 Now. II such reduction
could made while the industry OF onehird part of
country, by of and the unsettled state
ofits political affairs has been exceedingly depressed
and toe othert birds have by means exerted their
full productlvepess sooner. If such q reduction
could be made Notwithstanding the liberal
miscellaneous appropriations by Congress, payment
| of bounties and the great expense of maintaining
large military forces upon the frontier and In the
Southern States, can there be any good reason why
| q reduction successfully commenced under the
most nauspicious circumstances, should be con-
tinued steadily and without interruption until every
al q 3 seXtingui8led?