The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-05
THE TREASURY
A Condensation Of Secretary McCuIloch's
Report.

n ACOndensat1On OIL secretary McCullOchs
Report.
special to the Boston Herald Of yesterday
says:-
Secretary McCullochs report is in the prin.
te1's hands. The Secretary congratulates the
country that the national finances are in a good
condition, and that the nation has not suffered
from an expansive credit system, based on 100
redundant currency. Economy in puDlc and
private business interests has diverted Industry
into healthy channels, and he believes that
with proper financial legislation, in the
revision OF The tariff and the modification of
certain portions of the Internal Revenue
laws the path to specie payments may be
reached, though he is opposed 10 naming
by legislation any time for resuming, and de-
claTes that Lo,Elng can be gained by forced
resumption. The funding of the public debt be
regards as one step towards resumption. The
report shows that up to date of the 7'30 bonds,
1927, ,629, $50 have been funded into $40 per
cent. bends; OF the first series, S299, SOS. 700;
second series, $3.50, 1888, 200 third SERIES $l97,-
S75, 450. This leaves on the lst of December of
the outstanding 7'30 notes but So, ,363, l5O. Toe
floating Indebtedness in the shape Of compound
interest notes which became due bet txeeu the
10th Of June, 1867, and the 16th of October,
1868, have not all been redeemed; but many
have been received in exchange for 8
per cent. certificates: leaving few mil
lions outstanding. This policy of funding,
so carefully and steadily pursued by
converting the temporary loans. uterest-beariDg
notes, ETC., into per cent. gold bonds
regarded as having most important bearing on
lDe QueSLOu vi ItSuuDuOus luz report next
| discusses the contraction of the paper circula-
| tion by the redemption of United States notes.
Mr.. McCuloch's well-known views remain un-
| changed. The Secretary es,imntes the expendt-
| tures for the fiscal year ending June 30, 1870 to
| be $3.50, 100000 in round numbers. though the
| War Department in the event Of an Indian war;
| VIII add many millions 10 this estimate. Last
| year the War Department asked for S25, 000 600
for bounties, but lis estimate this year is less
| than that amount, as no more appropriations
| fer bounties are required. The report fur
| tber shows that the annual interest on the
| public debt is, in round mbers, Sl40, ,000 000
| aud the estimate Tor the next fiscal year
| is but little in excess of that amount The
| estimates of the Navy Department are some
$l5,OOO,CO0 less than last scar, and the Sscre-
tary calls again upon Congress to continue its
work OF reducing the expenditures in all
branches OF the service. The receipts sho W
| that the internal revenue for the present fiscal
| year will amount to about $l20, COO, 600, which,
deductipg the amount OF revenue cut off by the
! act Of March last, will prove the Secretars's
| estimates made last November TO be correct.
| The estimated revenue tor the next fiscal year
| from cus' oms, internal revenue, lands, and
| miscellaneous sources, is mauy millions in
excess of the expenditures. THIS year the esti-
mated excess wes but $4,000 000 OF course
| these estimates do not include The contingency
| will show that the public debt has
been reduced during the wear from November
l, 1867, to November |, 1s69-,be dates at which
the compariso on is m made-$35, ga. 1922. If the
mouth OF November be adie1 to the year, the
deot from November l, 1867 to December L.
1868, has been reducei but about 1927, 600, 600.
These figures show the amount of debt lesj the
cash in the Treasury. The report will show an
| expenditure on account of tbe public debt OF
| about $3.50 000 which includes redenptions,
conversions, interest on the public debt, etc.
! The Secretary also renews the recommended ton
contained in his last annual report OF a reor
eanization of the Bureaus of the Department
and most respectfully aud earnestly solcits for
| 1t the favorable action Of Congress. He afso
Ind IN tho foy ng NOu h IL
the Satos, and adheres to his views on that
subject. Telegram o Bosom Herald