The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-12-17
QuIhiral.
THE FIN NANCES
Report of Secretary Boutwell,.


vel report we transfer to our columns
nOl >aoh portions as commend them
yes especially to the consideration Of
the people:
After referring to the collection of
revenues, and congratulsting the coun-
try on the improved condition of the
finances, because of faithfuluess on the
part of those charged with their collec-
ton he INDUCES in sweeping condem-
nation of that part of the law which
gives to informers and revenue officers
portion of the fines and forfeitures
imposed on violstors of the laws, and
urges its repeal with a substitution Of
higher salaries to officers, instead Of
these contingencies.
CHANGES RECOMMENDED.
There are two changes in the organi-
cation of the treasury department which
l consider important. The first change
to which l refer is to the creation of a
chief comptroller of the treasury, who
shall be authorized to CONTROL the sys-
tenn of accounting by the several audi
tors and comptrollers, and to whom all
appeals shall be made upon questions
arising in the accounting Offices Of the
treasury. The creation of this Office,
clothed with the powers indicated, viii
give uniformity to the accounting sys-
TEN, and l trust it will be in the power
of the officer appointed to simplify the
system and materially reduce the ex-
penses of the department in this psrtie-
cular. The second change to " hich
1 call attention is, in my opinion, even
more important. At present there are
eight divisions in the secretsry's Office
whose duties are connected exclusively
with the custom revenue system. There
is no person except the secretary Of
the treasury who is by law authorized
to pass finally or in any way author
itatively upon questions arising in the
administration of the custom revenue
laws. At the present time the revenue
from customs is as large as the revenue
from the excise system. The number
of men employed aud the field Of its op-
peratious are nearly as great. tits i'm
nossible for the Secretary of the Treas
ury to give the various questions that
arise in the administration of the sys-
TEN that attention which is essential to
the service. The duties of superinten-
ding the collection of customs revenue
are so varied, delicate and important as
70 Justify and require the exclusive at
tention of the most competent persons
whose service can be obtained. The
experience of this year in the admins
tration Of the internal revenue system,
and the collection of the excise tax
iustifes the opinion that the establish
ment of the Office of commissioner Of
customs revenue corresponding in pow
ers and position to that of commissioner
of internal revenue, and the appoint
ment of a competent commissioner,
would render the execution of the Gus
toms revenue laws much more efficient
and harmonious, while the revenue
would probably be increased to the a
mount of many millions of dollars anu
ally. Nor is it probable that the ex-
penses would be materially greater.
Including the interest earned and
not paid, and deductiDg the cash on
hand, the debt of the United States on
the first of March last was 50, 525, 463,-
26O, OIL, and subject to the same coDdi.
ton it was 50 ,45S $50, ,787 %, on the
the first of the present month, showing
a decrease of $71,9o3, ,524,7s. This
apparent decrease of the public debt is
less than the actual decrease. Consid
cradle sums have been paid on account
of war and other old claims not pre-
viously ascertained, and, therefore, not
included in any debt statement. The
account of march 1st, from the necessi-
ty of the case, included only the inter
est accrued and not then payable, but
as matter of fact ther were outstand-
ing and over due interest coupons, and
several millions have since been paid
out of the ordinary revenue. Previ-
GUS to March 1st no interest account
had ever been kept with the several
loans. Such measures as were found
practicable have since been taken to as
certain the exact condition of these a
mounts. The bonds issued by the
United States in aid of railways, a.
mounting to S62, 1925, 800, being in the
nature Of loan, are otincluded in the
foregoing statement. During the fiscal
year ending June SOth, 1859, there
was an excess of receipts over expendi-
lures, including the interest on the
public debt, Of 53,149.46. Of
this excess s12, ,992, ,S7O,.OS, as nearly
as can now be ascertained, arose prev
lious to March first, and the remainder
SO. AGO, ,779.43, between that time and
the first day Of July. This excess was
applied from time to time to the pur-
chase of fvs-twenty bonds, and the ex-
cess of receipts since July first has been
fused in the same manner. The pur-
chases amounted in the aggregate, on
the 30th day of November, to $75, ,476-
800. 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, with the exception
| of moderate am cunts of coin in Chica-
90. New Orleans, St Louis, and -Balti-
more, for payment of duties. The
sales of gold and the purchases of bonds
have been made uniform through the
agency of the United States treasurer
| in New York, and without any expense
to the government, except the compar'
atively small amount paid for sdvertis-
ing the proposals. The average pre-
MUM on gold sold since March first
has been 80 $40 per cent, and the
average premium paid for bonds has
been 100 S-l0O per cent. Upon thu
basis of the sales of gold and the pur,
chase of bonds, the average price paid
lfor bombs in coin has been SO 55-lOC
per cent
PERTAINING TO THE SINKING FUND.
The act of February 25th, 1852
provided that the coin received for du
. ties upon imported goods should be an
ually set apart as a sinking fund, to tn
extent of one per centum of the entlr