Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1870-12-16
SECRETARY BOUTwELL's REPORT.
TREksuRY DEPARTMENT,
WAsHIvgTON ID. O.. Dec. X.


GOVERNMENT RECEIPTS AND EXPENDITURES
The receipts for the fiscal year ending June, 30,
From customs ....si. .,-...... .s194, ,53s, ,374 AZ
Internal revenue ue................. 1876, 129,Sbq 81
Sales public lands ds..............s. 3,35O,4S1 10
Observation-Disclosures. 28297,762 90
Total, ,,..,,,......,.,"..,.. .s411 Az 90
The expenditures for the same period were: ~.
For civil and miscellaneous purposes 500 OH 10
var Department ''.'.....'..'.'' SI6SSS,@6aS @ az ~
Indians aud pensions. ........... 31,74S, ,140 80
Interest public cdebt........... 129,2S5, ,49s 90
Total. '............... .s3O9,6s5, $50 75
This statement exhibits surplus applicable to
the payment Of the public debt, including the
amount pledged to the sinking fund by the act of
February %, 1862, Of $101, ,GO1, ,gf6.ss tt
The receipts for the first quarter of the present
fiscal year were from
customs f.,.. ..............,.. S5I,72g,413 81
internal revenue. .............. 49,141,1I 81
sales public lands,.... .......,..... St2,487 ca
Miscellaneous. s....................n 1882, ,1Si 80
Total. ..--............. 1O1, ,99O IS
Expenditures for the same period. excluding pay
ments on account of the sinking fund, we're:
For civil and miscellaneous pur-
poses ...............,...... S1S,20I,242. AZ
war Department. ..-................ 1021S,53S 36
Navy Department ................. 4,S1523l 5S
Indians and pensions ............... 13,S2545t 50
Interest on public debt ............ 39,4964 $50 81
Total $50 562 92O 80
The estimated receipts for the remaining three
quarters of the present year are as follows:
From customs .s12s 900 600 90
Internal revenue. ................ eS,0000O0 90
Sales of public lands ......,. go. 100000 90
Miscellaneous sources. ...,....... 16,0000O0 90
Total al.....................,..s ss44, ,OO0, 900 90
The estimated expenditures for the same period
For civil and miscellaneous pur-
poses S54,UUO.OOO W
War Department. 31,000000 90
Navy Department. ACKNOWLEDGEMENTS. 1900 1000 90
Indians and pensions .............. 24,o000O0 90
Interest on the public debt ........ s0,0OO0OO 90
Total.. l.......................s 500, 500 900 90
Showing balance applicable to the payment of
the public debt including, however, the amount
payable on account of the sinking fund, of s69-
In estimating the expenses for the next fiscal
year have included the sum of S2f, 500 900, prop
erly chargeable to the current revenue as an APP
preparation under the acts of February 25 1862,
and July IA, 1870, relating to the sinking fund. Al
though the language employed in those acts Is
not the language commonly used in appropriation
bills it has the force and effect of permanent ap-
preparation. therefore SO treatit. There will be
required aleo the sum of 1886 ,933, being the
amount answering to the interest on the capital of
the sinking fund, as represented upon the books of
the department. This sum have included in the
estimate of the expenditures for the fiscal year.
ending June 30, lS12 Upon this basis l submit
the following estimate of receipts and expendi-
lures for the next fiscal year: .rr
ESTIMATED RECEIPTS AND EXPENDITURES FOR THE
Receipts from customs ......... .. ~ $t75OOO,OOc
From internal revenue .............. 1876 900
From sales Of public lands ......... 30U0,000
From miscellaneous sources. ....... 16,U00,000
Total. ......................... $500, AIS 900
III, EXPENDITURES.
Legislative establishment. ........ So, ,253 9G6 81
Executive establishment, ....... 1928, 165 80
Judicial establishment. ..........., 23,4S7,5O 90
Military establishment ........... 2S,4SS, 1874 90
Naval establishment. .a........... 20,0i5,417 n
lnulan alialrss!... bO2l, ,569 w
PENSIONS - 9O.OOO,OO0 90
Public works Observation-Disclosures. 22,33S, ,27S 81
Postal service .:....s......... 400, 1888 90
Miscellaneous. ..................... 14,305,42S go
Permanent appropriations. 1872 52S, 24 90
Interest upon capital Of sinking fund 4s66,SSs 90
TotaLs......g:s... .......... ssO9, 1886, ,s19 81
According to this estimate there will be a sur
plus applicable to the payment of the principal OF
the public debt, in addition to the present made
on that account through the sinking fund of $10,-
T7S,6 .39S An analysis of the expenditures de-
yelOps a fact tending to sustain the opinion that
the balance will be considerably larger than APP
pears from the foregoing estimates. The sum OF
$22 ,27s.37 is the estimate for public works.
The appropriations for these objects for the pres
ent year are less than S12000,0O0 and it is reason
able 10 presume that the appropriations next yeal
will not much exceed that amount 1t is believed
also, that the estimates made by several depart
ments for the different branches ofthe public service
are for maxi1num amounts which will be required
under any circumstances. If such is the case
there will remain on the Both of June, 1872, al
ury. 1t may, therefore, reasonably be anticipated
that the total reduction of the public debt during
the next fiscal year, including payments on ac
count of the sinking fund, will be about $4,000,
O0O. , go ---- a. . g. 81 so sr "a
EsrIE PUBLIC REVENUE. II
1t is anoticeable fact that the estimated expendi
lures for the next fiscal year, including payment
on account of the sinking fund and for interest
the public. are so nearly equal to the receipts
as to justify and demand the greatest caution IL
dealing with the revenues and business of tn,
country. : 1t s apparent that a disaster, or ever
serious check to business, would reduce the reve
nues below our necessary expenditures. 1t Is ap
parent also that the prosperous condition of tn
country is largely due to the revenue system in
augurated during the war by which manufacture
and the mechanic arts have been extended and es
tablished. This policy cannot now be rashly aban
doned or suddenly and radically changed withOu
great injury TO business and labor, and serious con
sequent loss of revenue.
THE FUNDING SCHEME. ".
The war in Europe has rcnderedit mpracticabl
TO refund the national debt as authorized by tn
act approved July IA, 1870, A portion the pape
has been manufactured, and the preparation @
plates has been so far advanced that whenever
favorable opportunity arises, loan may be o
fered, and bonds delivered without delay. Ina;
much as the war in Europe and consequent dc
mand for money make it doubtful whether4 an
"a per cent; bonds will be taken, it seems to m
wise to authorize the issue of 500, 100000 add
tonal of the bonds bearing interest at the rate
per cent. The interest can be paid Quarterl
without Inconvenience, and therefore respectful
ly recommend that the loan act be so modfe
that the payment of interest may be made qua
terly instead of semi-annually, Should these re,
ommendQuons be approved by Congress, 1t is {
great Importance. that an act authorizing tn
changes be passed without delay.
THE BANKING SYSTEM.
Since the 1sts ofJuly the currency balance in III
Treasury has been unusually, and for immediat
purposes, pos unnecessarily large The act Of Jul
notes, imposed upon the Secretary of the Treasur
the duty Of providing for the redemption Of equi
tain though in revenues Bot
of coin and currency, made il my duty TO r.
serve sum sufficient to enable the department
comply with the law without resorting to extrao
dinary means. Happily the financial conditions
the county has not been unfayoraby affected
the accumulations in the Treasury. During Il
year ending September 30 1870, the National Banl
paid in interest the sum of $6 4S6 1896 1t is est
mated that Of this sum two millions more wei
paid to private parties. ! cannot doubt that Il
practice Of paying interest, except upon balance
due from one government TO another, is a meal
by which large amounts of capital are diyerte
from extreme portions of the country to CONNIE
cia and financial centres, tending to injure bus
ness severely The province of the bank IL TO loa
money; and its proper duty is, by loans and d
counts, to facilitate and develop business In Il
neighborhood of its location. As matter of fac
under the present system the banks are agenc,
by which capital is gathered and sent away TO di
tan cities, there to be loaned on call and used Il
speculative purposes. Complaints are made fro
all parts OF the country that bills Of National Banl
are worn and defaeed 10 such an extent as TO be /
longer at for circulation. As many new banl
are TO be organized, under the act of the last Sc
sion of Congress, respectfully recommend tin
an appropriation De lnaue ana hutnOrlty given
issue new bills upon such paper and in such for
as may be designated by the Secretary Of II
Treasury. The Comptroller OF the Currency,
his reportQf 1869, Recommended the establshmel
of an agency IN the city OF New York, under Il
control Of the National Banks, forthe redemptio
OF their isslIes The substance of this recommend
ton seems TO me not only proper but necessar
The expense should be borne by the bank
Coupled with this recommendation, take this o
casion TO say that the banking system Of the coui
Try appears to be well managed and TO answ'
reasonably the purpose for which II was established
II is, doubt, true that Treasury notes represen
ing an equal amount of the public debt withol
interest are the most economical circulation for Il
government, but II should be considered that d
banking Institutions Of the country are agencies
which business IS established and fostered. Upo
the whole the system of banking should be extent
ed only for the purpose Of meeting the demands
business; but, when the demands are urgent, col
cession sheplg be made upon the ground that Il
prosperity Of buHiness is'mOre important than Ii
mere saving Of interest arising from the crcuatlo
OF Treasury notes.
COMMERCE.
The proportion Of American vessels engaged
foreign trade has not increased relatively durin
the mast wear although there has been an actual ii