The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1869-12-24
REPORf OF TINE snCnnRAHY0R
THE TREhE{JxY.

Inc decrease In the cost OF c0llecung
revenue has not been attended by any loss
If efficiency in the service. On the other
hand it is believed that the means for the
detection of smuggling are better than
ever before, and that the custom-house
service is also constantly improving.
Under the existing laws certain revenue
officers and other persons appearing - in
formers are entitled to shares in fines
and forfeitures. The 6ecretary'S
experience has convinced him that the
evils attending this system are greater than
the benefits derived from it
In March last there were employed In
the Treasury department at Washington,
Z, S4S clerks, messengers, and hborers, ct
3 monthly cost of $685., 921.51. At present
the whole number of employees Is 2,441,
and their monthly pay amounts TO t246,-
280S1, showing decrease Of expenses at
the rate of $57, 168.04 per annum. II was
found necessary, however, during the Pc
RODS mentioned, to increase the force in
the Internal Revenue Office, and in the
Office of the First Comptroller. This
increase, in the aggregate, is ct the rate OF
480,440 per annum. This statement does
not relate to the force in the bureau Of en-
craving and printing. istst -
In March last there were 90 special
agents in the service Of the department,
receiving, in the aggregate, for their SER
vices the sum of S371.10 per day. The
number now employed Is "a, and their
daily pay $36S.S5. The pay of the agents
has been increased generally, in the hope
that more efficient service might be OBJ
tanned.
Arrangements have been made for the
manufacture of paper for the currency
and other obligations of the United States,
and for the printing of the same, which
will increase the security Of the govern
ment against unlawful issues from genuine
plates. 80,
The revenue marine system is an Inn
portant and expensive branch of the Gus
toms revenue service. There are 80
vessels belonging to the department, of
which - are sailing vessels, and "a are
steamers. They vary in size from 10 to -
tons. One hundred and seventy three Of
fcers and 2, 400 men are required to man
these vessels, and their running expenses
amount to about $685., 900 q year. From
one half to three fourths Of the vessels
now in the service are not adapted to the
business.
The attention of Congress il called to
the inadequacy of the salaries paid to Of
fcers in the Treasury department, who
exercise discretion and whose acts bind
the government or affect directly its ex-
penditures or revenues, and an increase of
their pay is earnestly recommended.
The Secretary also states that this in
crease of pay should be extended to the
revenue officers in the customs service,
such as collectors, surveyors, naval off,
Gers, and especially to appraisers and
examiners in the appraisers department
Including interests earned and not
paid, and deducting the cash on hand,
the debt of the United States on the LIST
of March last was $2,525, ! 63, 260G1, and
subject to the same condition it was g.
453, $50, 1888 on the list of the present
month, showing q decrease of 81 ,903,-
EATS. This apparent decrease of the
public debt is less than the actual de-
crease. Considerable sums have been
paid on war and other old claims not
previously ascertained, and therefore not
included in any debt statement. The &C.
count of March 1, from the necessity of
the case, included only the interest &C.
crued and not then payable; but - mat
ter OF fact there were outstanding and over
due interest coupons and several millions
have since been paid out of the ordinary
revenue. Previous to March 1, No inter
est account had ever been kept with the
several loans Such measures Is were
found practicable have since been taken
to ascertain the exact condition of these
accounts. The bonds issued by the United
States in aid of railways, amounting to
So, 625, 800, being in the nature Of . loan,
are not included in the foregoing state
ment.
During the fiscal year ending June so,
1869, there was an excess of receipts over
expenditures, including the interest on
public debt, of $40, As, 1915. OF this
excess, $12, 992, 37003, as nearly a. can
now be ascertained, arose previous to
March 1, and the remainder, go, 400, 770
.43, between that time and the first day
of July. This excess was applied from
time to time to the purchase Of $40 bonds,
and the excess of receipts since July 1 has
been used in the same manner. The pur-
chases amounted in the aggregate, ON the
30th day of November, to $76, Az, 800.
CAS- large part of the excess of re-
ceipts was realized in coin,l sales of gold
have been made from time TO time, and
the proceeds applied to the purchase Of
bonds. With the exception of the sale Of
moderate amounts of coin in Chicago, New
Orleans, St. Louis, and Baltimore, for the
payment of duties, the sale Of gold, and
the purchase of bonds have been made
uniformly through the agency of the
United States Treasurer in New York,
and without any expense to the govern.
msnt except the comparatively small
amount paid for advertising the proposals.
The average premium on gold sold sincs
March LIST has been 80 $40 per cent, and
the average premium paid for bonds has
been 16 $500 per cant. Upon this basis
of the sales of gold, and the purchase Of
bonds, the average prices paid for bonds
in coin has been SS $500 per cent
"The act of February IS, 1862, provided
that the coin received for duties on i'm
ported goods should be annually set apari
as sinking fund to the extent of one PEI
cent. of the entire Indebtedness of the
United States. In conformity with THU
requirement, have purchased bonds t.
the amount of 800, and designated
them as belonging to the sink
ing fund These purchases are q
substantial compliance with the stat
ute from the 4th of March last
have not felt myself authorized OF
required to make any provision for the
time that elapsed after 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 purchased fol
the sinking fund to the amount of SIS, 49,.
600. These are held as q special fund
! subject to She action of Congress, and
respectfully recommendth that they be added
to the sinking fund, and that any further
purchases that may be made be 80 added
until the gross amount shall constitute q
fund equal to that which would have been
created if there had been no delay in the
execution of the law.
"The depreciation Of currency il due to
two causes: First, an excessive issue, and,
secondly to the want of faith in the gov
eminent and the extent of the influence
of the first named cause cannot be ascer-
tanned until the second is removed sub
stantially. Whenever our credit shall be
90 much improved at home and abroad
that holders of our bonds are disposed to
retain them; when the public mind is
excited upon financial subjects, we shall
be able to judge more accurately the ex-
tent of the over-issue of paper money. II
Is also true that the quantity of currency
necessary for the transaction of the bust
ness of the country cannot be fixed accu-
rately. Since the close Of the war, the
wants of the States of the South have in
creased, and, consequently, q large amount
Of currency has been Withdrawn from
other sections to supply the demand
there created. The amount necessary for
the purposes Of the South will steadily In
crease for the next two years.
"The construction of the Pacific Rail-
road is likely to result in the substitution
of paper for coin by the people on the