The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-12-08
THE TREASURY.
Report Of Secretary Boutwell,.
WASHINGTON. December &

Is
The following is an abstract Of tn
report of the Secretary of the Trea
ury:
The Secretary OF the Treasury state
that TIE financial condition of the cour
try has improved during the past veal
The receipts of the fiscal year, endin
with June last, were $4n 1854 an
the expenditures during the same perio
were S3O9,653, 500, showing surplus
applicable to the payment Of the publ
debt, including the amount pledged. t
the sinking fund by the act Of Februar
25, 1862, OF $l01, 6O1, GIG. The receipt
for the first quarter Of the present yea
were Sis, l0l ,230, and the estimate
receipts for the remaining three quar-
tiers $244,000,000; estimated expend
lures for the same period $230, 500, 00C
The expenditures for the first quartz
were $50, 562, 900, showing balance
applicable to the payment Of the publ
debt, including, however, the amour
payable on account of the sinking fund
Of S69,03S,3lO.
In estimating the expenditures OF tn
next fiscal year the Secretary has IN
cluded S24, 500, 900 properly chargeabl
to current revenue as an appropriation
under acts OF February rs. 1862, an,
July, 1870, relating to the sinking fund
There will be required also the SUM 0
81, S66, 1888, being the amount answer
ing to interest on the capital ofthe sink
ing fund as represented on the books o
the Department. The Secretary est
nsates the receipts for the year endin,
January, 1872, at 1920, 4lS,000; expen
ditures 5000, 639, l9,according to whicl
there will be a surplus applicable to tn,
payment Of the public debt, in add
ton to the payments made on that &C
count through the sinking fund OF $40
778,6S0.
An analysis OF the expenditures de
velops facts tending to sustain the opin
ion that the balance will be considers
bly, larger than appears from the fore
going estimates; it may reasonably b
anticipated that the total reduction o
the public debt during the next fisca
year, including payments on account o
the sinking fund, will be about $50, 600,
600.
The war in Europe has rendered i
impracticable to refund the Nationa
debt as authorized by the act approved
July IA, 1870.
A portion of the paper has been man
ufactured, and preparation of plates hal
been so far advanced that whenever 6
favorable opportunity arises the loar
may be offered, and the bonds delivered
without delay.
Inasmuch as the war in Europe anC
consequent demand for money make i
doubtful whether the 4 and the AZ pei
cent. bonds will be taken, it seems tt
me wise to authorize the issue Of 5000,
100000 additional bonds, bearing inter
est at the rate Of five per cent. The
interest can be paid quarterly without
inconvenience, and the Secretary, there
fore, respectfully recommends that the
Loan act be so modified that the pay
ment of the interest may be made quar-
terly instead of semi-annually. Should
these recommendations be approved by
Congress, it is of great Importance thai
an act authorizing the changes be
passed without delay. Complaints
are made that the National bank bill:
are worn to such an extent as to be nc
longer fit for circulation, and as more
new banks are to be organized, the
Secretary recommends that an appro
priation be made and authority giver
for the issue of new bills, upon such
paper and in such form as may be
designated by the Secretary Of the
Treasury. The Secretary asks the at
tention of Congress to bill prepared
in the Department and submitted a
the last session relative to the mints
and the coinage system Of the country
states, with regard to the question o
the revival of American commerce, that
without undertaking to specify the
means by which it is to be accomplish
ed. he cannot overstate the importance
Of such legislation as will secure thai
revival; recommends an increase o
the permanent appropriation for col
lecting the revenue from customs
to the sum of 100000; also such
alteration of the law as will pro
vide for one principal appraiser at each
port where there are now two, with
equal powers. The supervising archi
tect of the Treasury states that the ex
penditure authorized by law for the con
struction Of postoffice at New York
will be inadequate unless the character
of the work is changed from the origi
nal design. 1t seems to be due to New
York for general and apparent reasons
and in consideration Of the fact that
the most eligible site has been secured
by the cooperation and in some degree
at the expense of the city, that the
building should not only be fre-prooi
structure, but also of such design and
workmanship as to rank among the
best public buildings OF the country.
The Secretary renews the recommen
dation of an appropriation for steam
revenue cutters and marine hospitals
and transferring Davids Island from
the War to the Treasury Department,
for a marine hospital; calls attention
to the inadequacy and irregularity Of
the salaries of the officers OF the Treas.
ury Department. In his annual report
of December last he advized the con
tinuance OF the existing system Of taxa
ton as an essential condition to the
success OF the proposed loan. The cir
cumstance that war was declared be-
tween France and Prussia, simulta
neously with the passage OF the loan
bill, put it out Of the power of the DE
partment to make the negotiation az
soon as had been expected. The
large revenues, however, OF the
Government continuing without
material abatement until the presen
time, the improved credit OF the coun
=,