The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1869-12-08

begins by recognizing the fidelity of the Off
GERS in charge OF the various bureaus and d.
visions OF the Treasury Department, ana re-
fers to the long and faithful services OF the
present Treasurer as entitled to the gratitude
of the country The cost of collecting the in
ternal ravenne has diminished, without effect
ing the efficiency OF the bureau. The increase
of receints for the first five months of the last
fiscal year over the corresponding time in the
preyious year was $14, 131 1888 CO, and the
amount paid in warrants for the collection of
the revenue for the fiscal year 1869 was more
than million dollars less than the year before.
The Secretary says the means for detecting
smuggling are better than ever before, and the
custom-house service is constantly improving.
The frauds and losses resulting from actual
smuggling are unimportant when compared
with the losses sustained through incompetent
and dishonest examiners and appraisers. 90.
The practice of allowing revenue officers and
informers share of the fines and penalties is
deprecated,-a as it offers temptation to frauds
which shall enure to the benefit OF the inform
err without checking criminal practices in tho
outset; and an increase in the salaries of Gus
of giving them share in the fines, &C., is sug-
gested as means of increasing the eff
iciency in this department of the pub.
lie service. The Secretary also suggests
the passage OF a law barring clerks and
other persons who have held office in the
Treasury Department from practising as
agents or attorneys before the Department in
behalf of claims that were pending when they
were officers of the departments; thus break
ing up present pernicious custom The
working force in the Department has been re-
duced since March last to the extent of over
four hundred persons, and a reduction of ex-
pense of $57 ,168 ,8O4 per annum. An increase
of force in the internal revenue office was
found necessary, an additional expense of $780,
600 per annum. The sea-coast and frontiers of
the country have been divided into sixteen
special agency districts, and superintendent
appointed to each, with the needed assistants;
and the results SO far obtained appear to justi-
fly the organization introduced.
Arrangements have been made for the man
ufacture of paper for the currency and other
obligations of the United States and for the
printing of the same, which increases the Sc
.curity of the government against the unlawful
issues from the genuine plates.
The marine hospital service of the country
is on the whole in an unss tisfactory condition /;
several hospitals have been erected at points
where at present they are not needed, while
the great commercial cities, like New York,
Philadelphia and Baltimore, have no hospital
accommodation for sick and disabled seamen
These errors are to be remedied, and several
hospitals at seaports, formerly used by the ar
my, the Secretary requests may be turned over
to the Treasury Department. The revenue
marine system is an important and expensive
branch of the customs. In the revenue service
there are So vessels belonging to the depart
meat. of which ~ are sailing vessels, and "a
steamers. They vary in size ON so to 4sO
tons. 173 officers and 24OO men are required
to man these vessels, and their running ex-
penses amount to $S55,00O year. Five of
these vessels, side wheel steamers of 4S9 tons
burthen, are lake steamers and out of COM
mission. They are rapidly diminishing in val
ue. while the care of them involves an annual
expense of $4,000 The construction of any
additional vessels is inexpedient the Secretary
thinks, until the department is in possession
of more complete information. A bureau of
coming is recommended in the report. s
An increase of salaries in the Treasury De-
partment is urged with considerable warmth
and the need of the creation of two new officers
Chief Comptroller of the Treasury and q
Commissioner of Customs Revenue.
The portion of the report devoted to the f.
nancial matters, we condense as follows;
Including the interest earned and not paid.
aid deducting the cash on hand, the debt Of
the United States on the first of March last
was ~, 525, 463, 26O,O1, and subject to the sam
conditiOns,it was So 1856 20 on the first of
the present month, showing decrease Of 81 :.
500, 5A 70. This apparent decrease of the pub
lie debt is less than the actual decrease Eon-
siderable sums have been paid on account of
war and other old claims not previously ascer-
tanned, and therefore not included in any debt
statement. The account of March LIST, from
the necessity OF the case, included only the in
terest accrued and not then payable. but as a
matter of fact, these outstanding and over dine
interest coupons and these several millions
since been paid, out of the ordinary revenue.
Tho bonds issued by the United States in aid
of railways amount to $62625, 800, being in the
nature of loans.
d During the fiscal year ending January 80,
1869, there was an excess of receipts over ex-
penditures, including the interest ON the pub.
lie debt, of $49, ass, 149 49, OF this excess, s1S
902, $40 Oh, as nearly as can now be ascertained.
arose previous to March 1, and the remainder.
$26, AGO. 779 AZ, between that time and the LIST of
July. The excess was applied, from time to
time, to the purchase of five twenty bonds and
the excess OF the receipts since July 1, has
been used in the same manner. The purchases
amounted in the aggregate, on the Both of No
vember, to $75,476,SOO. As large part OF the
excess Of receipts was realized in coin, sales of
gold have been made from time to time. and
the proceeds applied to the purchase of bonds!
The average premiuIA on gold since March /.
has been thirty-two AID eight-tenths per cente
and the average premium paid for bonds have
been sixteen and ninety-eight huudreaths per
cent. On this basis of the sales of gold and
purchase of bonds, the average price paid for
bonds in coin has been eighty-eieht and fifty.
five hundredths per cent.
THE SINKING FUND.
The act of February 25, 1862, provided that
the coin received in duties on imported goods
should be annually set apart as a sinking fund
to tho extent of one per cent. Of the entire
debt of the United States. In conformity with
this requirement., I have purchased bonds
to the amount Of $20,O44,8 800, and designated
them as belonging to the sinking fund
l have purchased bonds in addition to those
purchased for the sinking fund, to the amount
OF 700, 432 900. These are held as a special
fund, subject to the action of Congress, and /
respectfully recommend that they be added to
the sinking fund, and that any other purchases
that may be made, be SO added until the gross
amount shall constitute fund, equal to that
which would have been created if there had
been no delay in the execution of the law.
THE CURRENCY. ----
In regard to the currency, the Secretary saws
that its depreciation is due to two causes: first.
an excessive issue; and second, to the want of
faith in the government, and the extent of the
influence of the frst-named cause, cannot he
until the second is removed suh-
The quantity of cnrrency necessa-
ry for the Transaction of the business of the
country cannot now be fixed accurately. The
demand for it at the South, he saws, will in
crease for two years. The growth of CONNER
cial transactions between the Atlantic and Pa
cific States by means of the Pacific Railroad
will equalise the gold and paper between the
east aud west, and cause an approximation in
the values OF the two. The ability of the gov
eminent to resume specie payment will not be
due to any special legislation on the subject,
but to the condition of its industries These
will, of course, be more or less dependent upon
the general policy of the government. A nee
essary condition for the resumption of specie
payments was the development of the industry
of this nation both South and North, and the
accumulation of movable products
Of industry to such an extent that our exports
OF those products should be equal substantially
to our imports. So long as it is necessary to
pay for merchandise imported by the transfer
of government bonds or other evidence of in
IN other enunfriao co L. IN,