New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-12-07
THE TREASURY REPORT.


Mr.. Boutwell, has to tell US what he has done
and the record is such as to insure praise lie
has to tell us what he proposes; and here no
encounters rival interests, varying opinions the
theories of bankers, and the selfish wishes OF
spectators.
What Mr.. Boutwell, has done is to collect
the Revenue, protect the Government Credlt,
and push the payment of the Debt ; to find the
outstanding Debt $685. 063,2G0, and to report
it in his first communication to Congress-
S7f ,9O3, 52i less; to find the Sinking Fund pro-
vision of law utterly neglected, and to report
it carefully complied with during his TERM
with surplus of S55, 900 in redeemed bonds,
to be added to it for account of neglects under
previous Administration to find Treasury
which, according to the predictions OF pro-
fessed experts, must soon be bankrupt, and to
repOrt its excess of receipts over expenditures
at $40, 4j3,140; to secure an appreciation OF
bonds and depreciation of Gold which has
brought our Greenbacks nearer the specie
standard than they have been since 1862.
What Mr.. Boutwell, proposes is to delay
resumng specie payments until part OF the
Five-Twenty bonds can be funded in new
A. per cent Gold loan, which he would limit to
81 900, 100000, or ut most Sl,9OO,OOOOOO, one
third payable after fifteen and within twenty
years, One-third after twenty and within twenty
five years, one-third after twenty five and WITHIN
thirty years, for which Five-Twenties should
be exchangeable, which National banks should
be required to keep as the basis OF Their CIR
cuation, which should be free from taxation
and the interest of which should be payable
either here or at the leading money centers OF
Europe, as might be desired.
TO make such a loan successful, Mr.. Bout
well wisely thinks C) that we must maintain
and increase the efficiency of our Revenue sys-
tenn, (2) that we must take every step to APP
preciate the value of our paper Currency, (3)
that we must sedulously protect our good
faith, and must make the terms of tho new
loan so explicit that there can be no possible
ty of misunderstanding.
The Secretary condemns once more the eyll
system of paying interest on temporary he
posts and certifying checks in our city banks.
He urges an increase of salaries for certain
responsible officers in his Department; and
strikes at the root of sundry evils in our Gus
tom House and elsewhere by recommending the
discontinuance Of allowances to iniormers and
officers for the detection of frauds on the
revenue.
Nh Boutwelrs views on the desirahility of
a revival of our navigation and ship-bullding
interests before the resumption of specie pay
mcnts will command general approval So will
his belief that the increasing wants of the South
and the introduction of our paper currency on
the Pacific coast tend to diminish the
difference between Grecnbacks and Coin. We
may differ fror2 him as to the cXpcdicncy OF
delaying the return 10 specie payments Ger
talnly we would be glad If some of the Treas
ury operations to that end could be conducted
with "A frmer and more vigorous hand But
we take thankfully the good we get, aud need
only now add that the Secretary has given US
most valuable careful, able, and in the main
sound Report Let Congress supplement 1t
with legislation equally good, and sc shall see
brighter days ahead.