Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1868-12-11
FINANCIAL.
REPORT or THE SECRETARY or THE
TREASURY.

IANaNNAAha
REPORT or THE SECRETARY or THE
TREASURY.
The Secretary's report starts out with
the statement that, "if there Is any uues.
tion in finance or political economy which
can be pronounced settled by argument
and trial, 1t is, that inconveTtihle and de-
preciated paper money isinjurious to pub.
lie and private interests, positive political
and financial evil, for which there can be
but one justification Of excuse, to wit:
temporary necessity arising from an un-
expected and pressing emergency and it
follows, consequently, that such circula-
tion should only be tolerated until, with
out financial shock, IL can be withdrawn
or made convertible into specie"
He argues at length In favor of re-
sumption Of specie payment, by the enact
r7ent of wise and equable revenue laws,
and the enforcement of such economy in
the the use of the public moneys as will
enable the Government "either iudicious-
lly to fund or promptly to redeem its
broken promises"
The Secretary favors the resumption at
specie payment through the retirement,
by funding or otherwise, of certain por-
tion of the greenback currency, and by
recommends, also, that on January 1st,
1870, United States notes shall cease to be
a legal tender for debts contracted after
that date, and that on January 1st, 1871,
they shall cease to be legal tender for
any debts whatsoever; and that all notes
then outstanding shall be converted into
bonds bearing such rate of interest as
Congress shall deem eXpedient. He
quotes from Dauiel Webster to show that
nothing but gold and silver can be con-
stitutional tender in payment of debts,
and hints that the Supreme Court may
possibly take the same view of the Ques-
ton, on cases now pending before it
The receipts for customs for the last
three years have been as follows:
For the fiscal year ending june
For the fiscal year ending june
80, 1861. .;.....,......,........ l76,4T $40 SO
For the fiscal year ending june
5U, loOS, .,...... ...,,..,.,..-... lOi 4Ol ,5D 81
The Secretary thinks it safe to put the
amount of our securities held at the
present time in Europe at $3.50, 600, 600,
of which not less than 5000, 100000 are
United States bonds, nearly all of which
have LEFT the United States within the last
six years. "Litte satisfaction is derived
from the consideration that these securities
have been transferred in payment of in
terest and for foreign commodities; and
just as little from the consideration that
probably not Over$500, 900, 600 in gold val
ues have been received for these $3.50 000-
600 of debt"
The gold and silver product of Oalifor-
mia and the Territories, since 1913, has
been upward of $780, 100000 Allowing
that $t0O,000,000 have been used in man.
ufactures and that the coin in the country
has been increased TO an equal amount,
the balance of this immense sum-$l,-
500, 600, ,000-has gone to other countries
in exchange for their productions"
The Secretary thinks 1t an important
matter that the interest upon large pOr-
tion of our securities is received by citi-
zens of other countries instead Of ourown,
and thinks il important that the debt of
the United States should be home debt;
so that the money which is collected for
the taxes may be paid to our own people in
way Of interest; the United States are not
only able TO pay the interest on their debt,
but to set good example to other nations
by steadily and rapidly reducing that debt.
The repeal of taxes on manuctnres, effect
ed during the last session of Congress, Is
dwelt upon as q mistake, embarrassing the
Government and benetiting the manutac
turers rather than the consumers. The
latter class, he thinks, will experience no
relief until there Is q corresponding re-
duction Of the tariff Nevertheless, it win
be impracticable to attempt to restore
these taxes in the face of the opposition
which would be made. Therefore he re-
cOmmends tax on sales TO make good the
loss of revenue from the tax on manutac.
lures. The average annual expenses Of
the Government, including interest, he
believes, can be kept within $3.50 100000
and the receips ought not for the present
to exceed $3O0,000 000-the $50,O00,000
of surplus to be applied annually to the
reduction Of the debt.
The public debt on the first Of July
1868, amounted to-
Debt bearing compound interest g, ,083 0O3,6i1 80
no 4O5,lIT, ,siG IS
Matured debt not presented Tor
payment. nt..,.,.,,'...-.'...'-.,.', aO52I,3O2 VI
Total, ......,................sg, ,6lS aO7, ,Oi9 10
Amount in Treasury
Coin. ......... sos, 500 56l %
ourrsncy........ SO5O5, $40 " -Sisi, ,O06,5a2 s5
Debit less each cash inTreasury s. sos, 200, ,5l6 o.
Receipts, exclusive of loans, for the fiscal
Year ending June 80, 1868, S405 63S, ,0S88 So
Expenditures, exclusive of principal of
public debt, $377, $40 .2s4 SO Receipts
lOI Tue Nu0AtNA NhbiuB GtptSlnpSA pui lCbOt
exclusive of loans, S0G,302, ,sGS71. Ex.
penditures, exclusive OF interest ON public
debt, $l05, l52 ,27075.
The Secretary estimates that under ex.
isting laws, the receipts and expenditures
for the three quarters ending June 80,
1869, will be as Follows.
From Customs. -. =. Si25, coo t0000
kIaaSS; IS,s,nsi ;;'i,;;;. rave. l'OOO'oo"
enue 80. iOo,OOOO0OO0
Miscellaneous
sources.,.,. s0,OOO,VOOO GO
Receipts. .......,........,..,, ss4s, coo coo %
And that the expenditures for the same
period, IL there be no reduction Of the
army, viii be-
For the civil service. Si0, 600 600 %
ponsione and Indians l5,00O00O On
War Department, in.
cluding t6,OOO,UOV
bounties. ...,.,.... 66O00,tQOOU
Navy DeparGnsnt.. -. !B,O0,0OO9
interest on public
deDo.s..sss......s.ss Ol,uOUOuc,Uo
Expenditures. S2st, ,oo0,o ,oee %
The receipts under existing laws for the
fiscal year ending June 80, 1870, are esti.
q