The Plymouth Democrat. (Plymouth, Ind.) 1869-1941, 1869-12-16
REPORT OF THE SECRETARY OF
THE TREASURY.

faithfully performed tnelr duties, ana he |
commends their several reports to the |
consideration of Congress.
The decrease in the cost of collecting |
revenue has not been attended by any loss |
of efficiency in the service. On the other |
hand it is believed that the means for the |
detection of smuggling are better than |
ever before, and that the custOm-hOuse !
service is also constantly improving.
Under the existing laws certain revenue |
officers and other persons appearing as in |
formers are entitled to shares In fines, |
penalties and fOrfeitures. The Secretarys
experience has convinced him that the |
evils attending this system are greater than |
the benefits derived from it.
In March last there were employed in |
the Treasury department at Washington, |
2.S4S clerks messengers, and labOrers, at |
a monthly cost Of $685., 921.51. AT present |
the whole number CT employees is 2,441, |
and their monthly pay amounts to $685. |
2S0.S1, showing a decrease of expenses at |
the rate of S57, 1884 per annum. 1t was |
found necessary, however, during the pc |
RODS mentioned, to increase the force in
the Internal Revenue Office, and in the
office of the First Comptroller. This
increase, in the aggregate, is at the rate OF
SSO440 per annum. This statement does
not relate to the force in the bureau of en-
craving and printing.
In March last there were GO special
agents in the service OF the department,
receiving, in the aggregate, for their ser
vices the sum of S371.10 per day. The
number now employed is 81, and their
daily pay S36S.S5. The pay of the agents
has been increased generally, in the hope
that more efficient service might be OBJ
tanned.
Arrangements have been made for the
manufacture of paper for the currency
and other obligations of the United States,
and for the printing of the same, which
will increase the security of the govern
ment against unlawful issues from genuine
plates.
The revenue marine system is an I'M
portant and expensive branch of the Gus
toms revenue service. There are 80
vessels belonging to the department, of
which II are sailing vessels, and "a are
steamers. They vary in size from 40 to AZ
tons. One hundred and seventy-three OF
ficers and 2 400 men are required to man
these vessels, and their running expenses
amount to about $S65,00O year. From
one half to three fourths of the vessels
now in the service are not adapted to the
business
The attention of Congress is called to
the inadequacy of the salaries paid to Of
ficers in the Treasury department, who
exercise discretion and whose acts bind
the government or affect directly its ex-
penditures or revenues, and an increase OF
their pay is earnestly recommended.
The Secretary also states that this in
crease of pay should be extended to the
revenue officers in the customs service,
such as collectors, surveyors, naval Off
GERS, and especially to appraisers and
examiners in the appraisers department.
"InclUding interests earned and not
paid, and deducting the cash on hand,
the debt of the United States on the 1st
of March last was 1926, 49,, 260.01, and
subject to the same condition it was ST.,
1868, 1923 on the 1st of the present
month, showing a decrease of S71 ,903,
524.7S. This apparent decrease of the
public debt is less than the actual de-
crease. Considerable sums have been
paid on war and other old claims not
previously ascertained, and therefore not
included in any debt statement. The ac-
count of March 1, from the necessity of
the case, included only the interest ac-
crued and not then payable; but as a mat
ter of fact there were outstanding and over
due interest coupons and several millions
have since been paid out of the ordinary
revenue. Previous to March /, no inter-
est account had ever been kept with the
several loans. Such measures as were
found practicable have since been taken
to ascertain the exact condition of these
accounts The bonds issued by the United
States in aid of railways, amounting to
S62, 625 800, being in the nature of a loan,
are not included in the foregoing state
ment.
During the fiscal year ending June 30
1869, there was an excess of receipts over
expenditures, including the interest on
of n
excess, $12, 992, 37OO3, as nearly as can
now be ascertained, arose previous to
March I, and the remainder, $36, AGO, rs
AZ, between that time and the first day
of July. This excess was applied from
time to time to the purchase of $50 bonds
and the excess of receipts since July has
been used in the same manner The pur-
chases amounted in the aggregate, on the
Both day Of November, to $75,476,S 500.
As large part OF the excess of re
ceipts was realized in coin, sales of gold
have been made from time to time, an6
the proceeds applied to the purchase o
bonds. With the exception of the sale o
moderate amounts of coin in Chicago, New
Orleans, st. Louis, and Baltimore, for the
payment of duties the sale of gold, anC
the purchase of bonds have been mad,
uniformly through the agency of the
United States Treasurer in New York
and without any expense to the govern
ment except the comparatively small
amount paid for advertising the proposals
The average premium on gold sold sine,
March 1st has been 80 10 per cent, anC
the average premium paid for bonds ha
been Is $500 per cent Upon this uasi
of the sales of gold, and the purchase O
bonds, the average prices paid for bonds
IN coin has been 50 5j-100 per cent.
1.-THE act of February %, 1862, provide,
that the coin received for duties on i'm
ported goods should be annually set apar
as a sinking fund to the extent of one pc
cent. of the entire Indebtedness of tn
United States. In conformity with thi
requirement, have purchased bonds t.
the amount of $20,04i,SO and designate
them as belonging to the sink
ing fund. These purchases are
substantial compliance with the stat
ute from the 4th of March las
/ have not felt myself authorized O
required to make any provision for tn
time that elapsed after the passage of til
act and previous to the commencement c
the administration. With the excess {
means at my command, have purchase
bonds IN addition to those purchased 10
the sinking fund To- the amount of SJ5, 432
OOO. These are held as a special furt
subject to the action of Congress, and
respectfully recommend that they be adde
to the sinking fund, and that any turtle
purchases that may be made be so adde
until the gross amount shall constitute
fund equal to that which would have bee
created if there had been no delay in til
execution OF the law.
"The depreciation Of currency is due I
two causes First, an excessive issue. an,
secondly to the want of faith in the 90,
eminent; and the extent of the infiuenc
of the first named cause came OF be asce
tanned until the second is removed sui