New-York tribune., 1870-12-06
THE TREASURY.

Secretary Boutwell, In his Annuai Report BtartS
out with the assuring statement that tho
Financial condition of the country has i'm
"proved during the past year, as evidenced
in the fact that the average premium on gold
for the first eleven months of the year has
been 1873 per cent, while for the year
1869 it averaged SEQ, showing an in.
creased value in paper money of about
II per cent He also tell US that the Public
Debt was reduced during the year ending
Nov. 80, S119,251 ,240, and from the 1st of
March, 1869, to Dec. 1. covering the period Of
the present Administration, $40, ,151 ,665, which
carries with it a reduction in the interest ac-
count at the rate of something more than ten
millions per annum. He estimates that under
existing laws the Public Debt will be TO
duced, including payments on account Of
the Sinking Fund, about $5O,OOOOOO dur
ing the next fiscal year, but suggests
caution on the part of Congress in dealing
with the revenues of the country, as, with
estimates of expenditures for the next year SO
near the estimated receipts, any disaster or
sefiOus check of business would reduce the
revenues below the expenditures, O view of
the case which win not prove especially COM
forting to our Revenue Reformers.
1t has been found impractcable thus far,
owing to the war in Europe, to fund the
Naton Debt with 4 or Al per cent bonds, and
the Secretary therefore suggests the propriety
of authorizing the issue of s3OO,0OO,O0O of per
cents, with interest payable quarterly instead
of semi-annually. An agency In this city
under the control of the National Banks for
the redemption of their issues is recommended.
The recommendation of last year for the i'm
provement of the Coinage system Of the coun-
try is repeated, and the Importance of such
legislation as win secure a revival of Amer
lean commerce is strongly urged. The busi-
ness Of transporting merchandise in bond
from the seaboard to the interior, under
the act of July last. has not yet been fairly in
augurated but the Secretary is confident that
under stringent regulations it can b Q conducted
with safety to the revenue. After a careful
examination of the subject the Secretary re-
oommends an annual increase of one mill
lion, from $4,2O0,0O0 to $5,2OO000. In the ap-
preparation for collecting the Customs revenue.
The Secretary, in the course of some sensible
remarks concerning the construction and care
OF the Public Buildings, recommends such leg
islation as viii result in the speedy compile
ton of our New Post-0flice as fre-proof
structure of such design and workmanship as
to rank among the best public buildings in
the country. We trust that Congress will
give heed to the Secretary's suggestion.
An appropriation of 100000 is asked
for the construction OF new revenue cutters,
accompanied with plan for materially reduc-
ing that branch of the revenue service An
additional appropriation of $4,000 per annum
is asked for clerks in the Treasury Depart
ment, and system Of thorough examination
of candidates as to capacity and fitness is
recommended. Attention is also called TO the
erroneous notion that the clerkships and
Offices in the Treasury Department are prizes
which the young men of the country may
wisely seek.
The Report closes with a forcible appeal for
the continuance Of the existing system of taxa
ton, and settled policy which cOntemplates
revenue sufficient to meet the current demands
of the Treasury, with proper surplus for an
annual reduction of the Public Debt. as al
essential condition for replacing our bonds at
u lower rate Of interest.