The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1869-12-18
Secroi,trv Bout,ceil's Report.

The report OF Mr.. Boutwell,, Secretary OF the
Treasury, is a very interesting document, as it
exhbitsin detail the whole working OF our fnan-
ces. From this report we gather the following
interesting items
The increase OF receipts for first five months Of
the present fiscal ear is $l4 All 1888 .O6 over the
amount collected in the first five months of the
last fiscal year. ~
The total outstanding circulation of notes,
fractional currency and certificates not bearing
interest is $43l ,s6l, 1918.
The various issues of the 20 bonds, (six p'
cent. either now payable or to become so in tw,
or three years, amount to 81 Coz, GIL 100, an
this is the portion of the public debt for the re
demp,ion OF which it is desirable now to make
provision. This it is tho" h. can be done by
new loan OF ST., 1000. oon three classes, run
ming from fifteen to thirty 'rs m ,de expressly
payable pricipal and inier,s; in coin, and aoso-
utey free from taxation, al rate OF interest not
exceeding four and hall per cent, to be paid
either at the Treasury OR in London, Paris, Ber-
lin, or Frankfort, at the option of the holders
The holders of the present bonds are to have
privilege of exchanging them for the new boz
otherwise to be paid off in full with the mon
| derived from the sale OF the latter. The renal
| ing four hundred millions of the present bono
can be left to he purchased and absorbed by tn,
Treasury in the next four or five years, in the
same way that more than SIS, 00O,0 900 have al
ready been purchased from the surplus funds
since the LIST of March last The Report con-
tinues: a.g
"When the five-twenty bonds shall have been
funded to the amount of $1,000, 100000 or 81,
200, 900, 900, the revenues can be reduced mate
RALLY, and yet sufficient sums raised to meet the
ordinary expenses of the Governmental pay the
interest on the public debt, and also to pay $25,
0OO 900 to $50 900, 900 of the principal annually,
should our success in negotiating a new loan be
equal to my expectations based upon the fact
that the. ability and disposition of the people OF
the United States to pay the public debt are suf-
ficient to justify US in assuming that the bonds
of the United States will command the highest
rates in the markets of the world We shall
then be In condition TO enter upon the work OF
reducing the taxes at the commencement of the
next session OF Congress"
The practice of the national banks paying in
terest on deposits, and In certifying checks, the
Secretary thinks ought to be entirely prohibited,
for reasons which he gives and also that their
power to lend upon collateral security Of bonds,
&c. be restricted to ten per cent. of their capital
The conclusion Of the report is as follows:
The following statements exhibits the receipts
and expenditures for the fiscal year ending June
80, 1869: receipts for customs $780, O48, 426 .63
internal revenue, $l58, 356, AGO. Sc lands, $4,
O2O, 344 "a direct tax, $765, 685. 81 miscelane-
Gus sources, $27, 49, S29.77 total exclusive of
loans, 1910, 943, 747.2l. Expenditure-civi SER
vice, $50, 474 O81 SO pensions and Indians, $35,
519, 544.84 War Department, $78 sol 1901 81 ;
Navy Department, 500, OOO 757 81 !; interest on
the public debt, $3.50, 1894, 242 80 premium in
$40 U. s. Treasury notes, $500, 900; total, ex-
elusive of loans 1921 500 597 rs; receipts in
cess of expenditures, $40, 453, l49 46.
| The total receipts for the quarter ending Sep
TENDER 3d. exclusive of oans were 500, 1873, l62. :
e. total expenditures, exclusive OF loans, $s5,
AGO. 5l4.59 excess of receipts, $23 35l, 10Y 43.-
Estma led receipts of the three remaining quarters
of fiscal year, ending June 30, $780, 1926, 00O,-
900 estimated expenditures, 5000, $50, 900 ex.
cess of receipts, SIG, $50, 0OO The estimated re-
ceipts, based upon existing laws, for fiscal year
ending June 80, 1871, 1898 900, 900; estimated
expenditures, 1921, 900, 900 ; excess of receipts,
$lO2, 900, 900.
The foregoing estimates OF receipts are made
upon the assumption that the laws now in force
not be so changed as to materially affect the rev.
enue, and the estimates Of the expenditures are
based upon the expectation that no extraordina-
ry appropriations will be made
|