Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1869-12-16
GRt yoma Woter.
A. r. sperry, Editor.
sec,y Boutwell,s Report.

" SkesJS >
Sec'y Boutvvell's Report.
The Report of the Secretary Of the
Treasury is so long that it is found
only in the larger Dailies. He COM
pliments Gen. Spinner very highly
for his services as Treasurer; and says
that the administration of affairs in
the Internal Revenue Department
has been constantly improving since
the appointment of Mr.. Delano as
Commissioner. It has cost less, by
over one million dollars, to collect
the revenue during the last fiscal
year than it did in the year preced-
ing.-The Sec'y disapproves Of the
"Spying System" among revenue
officers.-Especial pains has been
taken to guard againstcounterfeiting
of any U. s. paper.-There are now
six MINIS in the country; but it is
probable that one on the Atlantic
and the other on the Pacific coast
will now do most Of the business
Increase of salaries is asked for a
large number of officers in the Treas
ury Department.-The apparent de-
crease of the Public Debt, as reported
in the Monthly Statements, is less
than the actual decrease, by large
amounts which have been paid in
taking up various old claims against
the Governmental. s. bonds to the
amount of $50, ,432, 600 have been
taken up, in addition to $50, ,O44 800
in bonds purchased for the Sinking
Fund.-The depreciation of the cur
rency is due, first, to excessive issues,
and second, to want of faith in the
Government; but in consequence OF
the Pacific Railroad commerce, coin
must increase in the East and paper
currency circulate more freely on the
Pacific coast, thus tending to equalize
values.-Specie payment may be re-
sumed when our exports to Europe
equal our imports, and when, on ac-
count of the improved credit OF the
Government, our bonds are transfer
red to capitalists for permanent In
vestment.-It would not be good
policy to fnud the whole of our 500
bonds at once.--In regard to taxation
of U. S. bonds, the Secretary states
the argument SO briefly and plainly
that we quote his words in full:
"There are two reasOns-and each
seems to be the controlling reason
why bonds should be exempt form
State and local taxes. If not SO ex-
empt, the amount of the taxes i'm
posed by the local authority will lie
added to interest the Government
will be required to pay, and thus the
National Government will be COM
PEELED to provide for taxes imposed
by the local authorities. Secondly,
inasmuch as the ability to borrow
may, under some circumstances, be
essential to the preservation of the
Government, these powers should
not, even in times Of peace and pros
perity, be qualified by any concession
to the States of the right to tax the
means by which the National Gov.
ernment Is maintained. The right
to use lawful powers, free OF any
condition, restriction, or claim OF
another, is an essential condition OF
sovereignty; and the National Gov
ernment should never surrender or
qualify it's power in this particular. r."
The Secretary holds that the pres
ent Revenue system must be kept up
until our bonds are refunded at a
lower rate of interest. If all goes
we'll as anticipated, the next session
of Congress may well begin to reduce
taxation.-There are two great evils
in the present National Banking
System:-the practice on the part OF
the Banks Of allowing interest on
deposits, and their practice of maxi
ing excessive loans on collateral secu-
rity;-both of which practices should
be prohibited.-The Secretary esti-
mates the total receipts Of the Gov
ernment for the remaining three
quarters of the fiscal year ending
June 80, 1870, at $286, 600, 600, and the
expenditures for the same time at
$2O9, ,25O, 900; and he further estimates
that, If the present revenue laws are
not materially modified, the excess
Of receipts over expenditures for the
fiscal year ending June 80, 1871, will
be 3lO2. .OOO, 900.