The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1867-12-13
Department Reports.
THE TREASURY REPORT,

Secretary McCulloch, in his volum-
nous report, discusses at length the
weighty question on the National Fl.
nances. He regards the restoration
of tue currency to specie basis as
The great thing to be accomplished,
and though obliged to defer in some
degree his hopes he still thinks itneed
not be delayed later than January OF
July, 1869 To this result he thinks
three things are Indispensable 1st
The payment or funding of interest
bearing notes of the Government and
the continued contraction of the cur
rency. 81, The maintenance of the
public faith in regard to the funded
debt. 3rd The restoration of the
Southern States to their full relations
to the Government.
The Secretary defends the system of
national banks, and is wholly opposed
to the plan of retiring Their circula-
ton, and substituting i'll its place the
notes of the Government. He thinks
it a misfortune that any such notes
were ever issued, and is DESTROYS of re-
deeming them by contraction as fast
as possible, as the surest way of again
bringing the precious metals again into
circulation. He maintains that even
with the contractions now going on
every month, there is money enough
ahoat for all the purposes of legiti-
mate trade What is wanted, he urg-
es, is stability in the currency that is
used, 80 that its value can be depend
ed upon. For the maintenance of the
public faith in relation to the debt, he
holds there is but one thing for the
Government to do, and that is to pay
every dollar of its debt, principal and
interest III coin. In order to do this.
however, large revenues are indispen.
sable, and he discusses with great full
ness, the whole snbject of revenues,
both those arising from internal SQUIRE
es and those which accrue from the
tariff, the latter of which he admits
have been unexpectedly large In or
der to keep them, however, at or near
their present figure after the restora-
ton Of business, he thinks the present
tariff will require considerable modif-
cation.
OF the matter of Southern recon
struction, the Secretary takes fnan-
cial view. He wants to see it accom-
plished, in addition to every other CON
sideration, because it is essential to
the prosperity of the country and its
financial health. In relation to tax
ing the bonds of the United States the
sympathises, he says, with those who
think it not really right that Govern
ments should be exempt from all To-
cal taxes; but he suggests that if the
bonds hereafter to be issued were to
be subject to local taxation, very few
would be held whore taxes are high
and there woulds be constant ten
dency to concentration where taxes
are low, or in foreign countries, where
they would escape taxation altogeth-
er. He thinks the States should be in
some manner compensated for the
right now denied of taxing them as
other kinds of property are taxed
After careful consideration, the Sec
rotary can suggest no better way of
doing it than by an issue of bonds to
be known as the Consolidated Debt of
the United States, bearing six per
cent interest and having twenty years
to run, into which all other obligations
of the Government shall be converted,
one-sixth part of the interest at each
semi-annual payment to be reserved
by the Government and paid over TO
the States, recording to their proper
ton. BY this means all bonds, wher-
ever held, would be taxed alike, and a
general distribution of them be secur-
ed. 'osi
Mr.. McCnlloch estimates the re-
ceipts of the next fiscal year, ending
June 80, 1868, at 1881, 100000. The
The expenditures for the period are
estimated at 1872. 100000; leaving a
} surplus OF $9.000.0OO. Since Septem-
Der, 1866, the debt has been reduced
$266, 2S5, l2l, and he sees no good rea.
son why reduction, SO successfully
, commenced under the most inauspi.
cious circumstances, should not be
continued steadily, until every dollar
of the debt is extinguished.
POST OFFICE DEPARTMENT
4 During the past year, the Postmas-
ter General has sold over three hun
bred and seyenty-one millions of letter
stamps, over forty millions of plain
stamped envelopes, and more than