The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-12-05
FIFTH EDITIO N
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THE LATEST NEWS.
SECRETARY BgUTNFlt'S REp2RT.
The Government Finances.
A FIattering Exhibit.
etc.. Stc.. Etc.. Ete.s Ete.
FROM WASHINGTON.

Dsspotsh 10 the Assossstsd Prsss.
WASHINGTON, Dec. 5-The Secretary OF tn Trea-
sury states that the financial condtsn has improved
during NE past year. Receipts for the 1scu year
ending with June last s411, 255,47'; expenditures
applicable to the payment OF the public debt, In
elndng the amount pledged to the sinking fund by
for the rst quarter of the present year. sl15 9S0
estimated receipts for the remaining three quarters,
$4,000 coo; estimated expenditures for the same
The expenditures fer the same period were $780,
sss s2s showing balance applcasle TO the pay
ment OF the public debt, Including, however. the
$40. In estimating the expenditures Of the next
fiscal year, the Secretary has Included s,5eo,00O,
properly cnargeaoie e. 70 current rsvenus as an ap;
July 1870, relating to tue sinking fund. There viii
be required also the sum Of s4ssS,SS5, being the
ing fund repre- sented on the books OF the depart
ment.
The Secretary estimates the receipts for the year
ending June ~ at 1920, ,0eo; the expenditures,
sses &c., 319 according to which there viii be sur
plus applicable to the payment of the principal of the
public debt, in addition to payments made on that
account through the sinking fund.- OF $40 7Ts6so. An
analysis OF the expenditures develops facts tending
to sustain the opinion that the balance will be
sideraby larger than appears from the foregoing
1t may reasonably be anticipated that the total
duction Of the public debt during the next fiscal
VIII Se aout The WAR II in Erops
has rendered it impractcabe TO refund tse national
debt as authorized by the act approved July - 1870
the preparation OF plates has been SO far advanced
shat whenever favorable opportunity arises the
loan may be offered and the bonds delivered without
delay. 1nasmuch as the war in Europe. and conse-
quent demand fer money, make it doubtful whether
bonds will be taken, it to wise to author.
ize the issue OF three hundred millions additional
bonds, bearing interest at the rate of five per cent
The interest can be paid quarterly without iHcon-
venience aud the Secretary therefore respectfully
recommends that the loan act be 80 nodded that
the payment OF interest may be quarterly instead OF
semi annually Should these recommendations be
approved by Congress- 1t is OF great importance that
an act authorizing the changes be passed without
| delay. Complaints are mace that national bank
for ercUaon and no more new banks are to
| be organized, the Secretary recommends that an
appropriation be made and authority be given for
form as may be designated by the Secretary OF the
The Secretary asks the attention Of Congress to
bill prepared In the department., and submitted at
| the last session. relative to the mnts and the
coinage system OF the country. He states with re-
gard to the question OF the revival OF Americ IN
commerce that, without undertaking to specify
| the means by which 1t ia to be accomplished, he
cannot oversIate the Importance of such legislation
| as will secure that revival. He recommends the In
| crease OF permanent appropriations for collecting
the revenue from customs the Of s2 500, 900,
| and also such alteration OF the law as viii provide
for one principal appraiser at each port where there
are how two, with equal power.
The supervising architect OF the Treasury states
that the expenditure authorized by law for the
structlon OF the post office at New York will be in
| adequate, unless the character OF the work is
changed rom the original design. IL seems TO be
and in consideration OF the fact that the most eligible
site has been secured by the cooperation ana in
some degree, at the expense OF the city, that the
building should not only be a dre.proof structure,
/ but also OF such design and workmanship as to
| rank among the best public buildings OF the
country
The Secretary renews the recommendatloAs for an
| appropriation for steam revenue cutters, marine
| hospitals, and transferring Davlds Island from the
| War TO the Treasury Department, and for a marine
| hospital. He calls attention to the inadequacy and
inequality OF the salaries OF officers Of the Treasury
Department In his annual re port OF December last
he advised the continuance OF the existing system OF
taxation essential condition TO the success OF
! the proposed loan.
France apo Prussia simultaneously with the passage
OF the Loan bill put IL out of the power OF the de-
partmeat to make the negotiation, as had been ex-
ernment continuing without material aeatem .nt
until the present time the Improved credit OF tue
weekly purchases, TO reduce the amount OF surplus
bonds offered for sale, and contributed TO dsprec!ate
| He also expressed the opinion that the settled
| policy OF the country should contemplate revenue
SUFFICIENT to meet the ordinary expenses Of the Gov
ernment pay interest on the public debt, aud from
twenty-five to fifty millions OF dollars OF the principal
| annually. Tho reduction OF the public debt since
thesoh OF June lasthas been go great as to render
it certain that the total reduction for the present
hscal year win exceed sixty millions Of dollars He
says in conclusion that the financial prospect, al
though highly favorable, is not suca as 20 warrant
important changes In revenue system at the pre-
But should the result during the coming year meat
his expectations, il will be possible 1T the December
session OF the Forty second Congress to make very
material reduction ia the revenues without impair
ing the ability OF the Government to make satsfac-
tory payments OF the public debt.
Interest Pacific Railroad Bonds.
| Despatch % the Associated Press
| WASHINGTON, Dec. 5.-Attorney General Aker-
| man heard, on Saturday afterhoon the argument
| by James Storrs, OF New York, counsel OF the
! Central Pacific Railroad Company, upon the ques-
| tion Of the obligation OF ahe company TO pay the
interest the bonds issued by the United states Ia
aid of const uctng its railroad He took the grouad
that the company is not under any obligation TO pay
| these bonds
| from specific sources OF revenue expressly
set aside for that purpose, and asserted
that the United States will be q great galner not
only by saving in freights and In carrying the mails
but In the enhanced value OF public lands aud in the
| increase OF taxable property. That by the act OF
1864, amending the act OF 1869, Congress provided
that only One-haf instead OF the whole OF the a0m-
pensations services rendered for Government
by the companies should be required to be applied
| TO the payment of those bonds, principal and in
| t1a tR,a lou afa.