The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-12-07

rized TO pass finally or i'm any way antboritatIyey
upon questions arising in the administration OF the
revenue from customs is as large as the revenue
from the excise system. The number OF men
as great It is impossible for The Secretary OF tie
Treasury to give to the various questions that arise
in the administration OF the system that attention
which is essential to the service
=, Inc duties oil superintending the collection OF
CgstOs W IS revenue are so varied delicate and
attention OF the most competent person whose
services can be obtained The experience OF the
present year I'm the administration of the internal
revenue system, and the collection OF the excise
tax; tustihes the opinion that the establishment
of the Office Of Commissioner OF Customs Revenue,
corresponding In powers and position To that OF
the Office OF Commissioner Of Internal Revenue,
ana the appointment OF competent commits
si0ner, would render the execution of the customs
revenue laws much more efficient and harmO-
nous, whle the revenue would probably De ~.
cIeaSeu 10 the amount OF many millions OF dollars
annually; nor Is IL probable that the expenses
would be materially greater.
INCLUDING interest earned and not PAID, anu de-
Quoting cash on hand, the debt Of the United states
on the frst OF March last was g. i63 2OOl, and
subject to the came conditions, IL was s2,i5&559.
1888 on the first of the present month. showing
decrease OF S7l,90350i7S This apparant decrease
Pphc eeDI y less tnan t9 aceua ~
and other old claims not previously ascertained,
and therefore, not included in any debt statement
The account OF March i, from the necessity OF the
case, included only the interest accrued and not
then payable, but as a matter of fact there were
outstanding and overdue interest coupons, and
these several millions have since been paid out OF
the ordinary revenue. Previous to March no IN.
terest account had been kept with the several
loans. Such measures as were found practicable
have since been taken to ascertain the exact con
Wnpd u sase i'm sid Of rawSvs amonng o
S62, 800 being in the nature of loan are not
included in the foregoing statement. - ,o,o .,.-.-
During the fiscal year ending June 30, 1862 there
was an excess of receipts over expenditures in
cudng interest on the public debt, of $40 i53 1876
be ascertained, arose previous to March l. and the
remainder, $SG46O,77g43, between that time and
the lst day OF July. This excess was applied from
time to time to the purchase of 500 bonds and the
excess OF receipts since july has been used IN
the the same manner These purchases amounted IN
S75,f76S00 A large part of the excess of receipts
was realized in coin. Sales of gold have been
piled to the purchase of bonds.
With the exception of the sales of moderate
amounts of coin in Chicago, New Orleans, ST.
Louis and Baltimore, for the payment of duties
the sales of gold and the purchase OF bonds nave
been made uniformly through the agency of the
Assistant Treasurer at New York, and without
any expense TO tho Government, except the com
paratively small amount paid for advertising the
proposals. The average premium on gold since
March has been 81 $40 per cent, and the average
premium paid for bonds has been 10 IS 100 per
purchase of bonds, the average price paid for
bonds in coin has been IS 55.lOO per cent.
The act of February -, 1862, provided that the
com received Tor duties upon imported g0ouS
should be annually set apart as Il sinking fund to
the extent of one per centum OF the entire debt OF
the United States. In conformity with this re
quirement have purchased bonds to the amount
OF S2OO44SOU, and designated them as belonging 10
the sinking fund. These purchases are as sub
stantia a compliance with the statute from the
4th of March last have not felt myself authorized
or required to make any provision lor the time that
elapsed for the passage Of the act and previous to
the commencement OF the administration.
With the excess of means at my command, |
have purchased bonds in addition to those pur:
chased for the sinking fund to the amount of
ject to the action of Congress; and respectfully
Recommend that they be added to the. sinking
fund, and that any future purchases That may be
constitute fund equal to that which would have
been created i it, there had been no delay in the the
currency is due to two cauSes:-FirSt, the exceS-
Siye issue; and secondly, to the want OF faith in
of the firstnamed cause cannot be ascertained
until the second is removed substantially.
Whenever our credit shall be so much improved
at home and abroad that holders of our bonds are
disposed to retain them, even When the pubic
be able to judge more accurately the extent of the
over issue of paper money. 1t IS also true that the
quantity of currency necessary for the
accurately. Since the close OF the war the wants
of the States of the South have increased and con
Sequently large amount OF currency mas Deen
Withdrawn from other sections to supply the de-
mand there created.
The amount necessary for the purposes of the
South will steadily increase for the next two years.
The construction of the Pacific Railroad is likely
the people of the Pacific coast 1t is probable that
the demand for paper for that purpose VIII not be
less than thirty millions OF dollars. AS conse-
| drawn from circulation and thus practically the
coin will be increased upon the Atlantic coast and
Rocky Mountains will be. materially reduced,
These changes will tend to diminish the difference
between paper and com.
The ability of the country TO resume specie pay
ments will not be due to our special legislation
upon the subject but to the condition OF its indus
tries and to its financial relations to other coun-
| tries. These of course, will be more or less de-
pendent upon the general policy or the Govern
| ment The war exhausted the country of its ma.
teral wealth, and the States of the South were lite
rally impoverished. A necessary condition for the
resumption OF specie payments was the develop
ment of the industries Of the nation both South
and North, and the consequent accumulation OF
| the movable products of industry to such an eX-
tent that our exports Of those products should be
| equal substantially to our imports.
SO long as 1t is necessary to pay for merchandise
| imported by the transfer of Government bonds or
other evidences of Indebtedness TO other countries
so long 1t Will be impracticable to resume and main
| tam specie payments, When the products or in
dustry exported shall be equal, substantially, to
| the products OF other countries imported, there
| will be no demand for specie for export except
what may arise from the circumstances that our
bonds held abroad are sent home, sold i'll our mar
| ketS and the proceeds exported in coin.
When the credit Of the country shall be fully es-
| taDlished in Europe and there shall be no doubt
either OF our ability or disposition to meet al our
| obligations bonds heretofore, and now to 4 large
| extent held by merchants and bankers, will be
| transferred TO capitalists for permanent invest
| ment When this change shall have taken place
! the probability of our securities being sent home
under the influence OF political OF financial difficult
ties i'll Europe, will be very slight, and when, as a
concurrng fact, our exports. exclusive of public
| payments may be resumed without even tenn
| poraIy embarrassment to the business OF the
| country
! One of the most efficient means Of strengthening
the country in It's financial relations with other coun
tries is the development OF our commercial marine
| The returns show that very large amount OF the
! foreign trade is in English hands.
We are not only thus dependent upon rival
country for the performance OF the business which
la in I'm hnnh of pAn1a hr mr.