The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1870-12-16
FINANCIAL CONDITION OF THE
COUNTRY.
Report Of the Secretary Of the
Treasury.
TEEAsUET DEPARTMENT,
WARRINGTON, December S, 1870.
THz RAys OF COLD.


TREAsUET DEPARTMENT,
WARRINGTON. December S, 1870.
TIE BAy1 OF GOLD.
Sn:-The financial condition Of the country
has improved during the past year. The sV-
erags rate Of gold for the year 1869 as sho Wn
by weekly sales was 80 9-10 centUm premium,
and for the first eleven months Of the year
1870 is per entum premium, indicating an
improvement in the value ofpapsr currency OF
about II per centum.
THE PUBLIC DIBf.
From the Ist day Of July, 1859, 10 the soth
Of June, 1870, inclusive, the public debt, a.
shown by the warrant account, was reduced
In the sum of Slo,l60, 1Sl, $50. From the LIST
day Of December, 1869, TO the Both day Of
November, 1870, inclusive the reduction was
Sll9,26lr r240.56, as shown by the monthly
statements under the last session Of Con-
gross.
TIE BANKING SYsEEx.
respectfully recommend that an appropria-
ton be made and authority given to issue new
bills upon such paper And in such form as
may be designated by the Secretary of the
Treasury. The Comptroller of the Currency,
In his repo4t Of 1859, rsoommsnded the ests6-
hshment OF any agency IN the city Of New
York, under the control Of the nationalIbanks
Tor ths redemption Of their iBSus. The sub
stance Of this recommendation seems TO me
not only proper, bat necessary. The expense
should be borne By The banks. Coupled with
the recommendation take this Geo sion to
say that the banking systsm Of the country
appears to be well managed, and to answer
reasonably the purposes for which it was es-
tablishsd. It is no doubt true that the Trea-
sury notes representing an equal amomunt Of
the public debt without interest are the most
economical for circulation by the government,
but it should be considered that the banking
institutions Of the country are the agencies by
which business is established and fostered.
Upon the whole, the system Of banking should
be extended only for the purpose OF meeting
the demands of business; but when the de-
mands Of business are urgent, concessions
should be made, upon the ground that the
prosperity of business is more important than
the mere saving Of the interest arising from
the circulation of Treasury notes, excluding
rsdeposits.
THE AMOUNT OF DEPOSITS.
The amount of gold and silver deposited at
the Mints and its several branches during the
last fiscal year was $50, ,40S, 1870. The coin
age for the year was S24, ,636, oil, and the value
OF the gold and silver bars stamped was So
748, ,8529l. I respectfully call the attention OF
/ OOuBICo8 W . D41l QCDdILmeuLs
and submitted at the last sessions, and accom-
panying report relative to the Mlnts and
the coinage system Of the country
The bill was prepared with care,
and has since been submitted to the criticisms
Of large number Of practical and scientific
men whose views have been published BY the
authority Of Congress. During the yesr sew
erAl branch mints and assay Offices have been
visited and examined by Mr.. Knox and DR.
LiHdermsns OF the assay once In Boise City,
Idaho. II is nearly completed aud will require
small appropriation for the commencement
of business. Provision should be made for the
redemption Of bronze and other tokens issued
/ BY the government. The report Of the CON-
mission of mining statistics Tor the year 1853
has been printed since the close Of the session
of July last, and that for the year 1870 will
be made during the winter.
THE FOREIGN TRADE.
The continuance Of the war appears to be 9
matter of national importance. The proper
| ton of American vessels engaged in the for-
eign trade has not increased relatively during
the year, although there hsa been an actual
increase OF entnes Of American vessels at the
ports OF the United States amounting in the
| aggregate to 10000 tons Ths total tonnage
engaged in the foreign trade entered at all
the ports of the United States has increased
from 6683, 600 tons in 1869 to $685., 600 tons IN
1870, but the proportion of American tonnage
remains as in 1853, at 36 per osnt. Without
undertaking to specify the means by which it
is to be accomplished, cannot oveT-state the
importance OF such legislation as will secure
the revival OF American commerce.
REPORT OF THE LIsHTEoUsE BOARD.
The report of the Lighthouse Board sets
forth in detail the difficulties which have aEi-
sen In that branch Of the public service from
the operation Of the fifth section Of the sct OF
July II, 1870, making appropriations for the
Legislative and executive expenses Of the gov
ernmsnt for the year ending June 30, 1871.
Legislation il asked for BY the board, and it
seems 70 me 70 be necessary.
TIE REVENUE sBBYIcI.
The report Of the Superintendent Of the
Coast Survey gives bTlsf but satisfactory,
statement OF the progress made during the iasL
surveying year. On the frat day OF October
last, regulations were isEued concerning the
transportation Of merchandise Hom ports Of
impoftancn 70 certain other ports in the Uni
ted States without the sppEalssnsnt or hqul-
dsrion OF the duties at the port Of Arrival,
agrseably 70 previous act, entitled, ''An aeI
20 reduce the internal tax, and Tor other pur-
poses,7 approved July A. 1870. 4 copy Of
the reRulaGIons will BE- transmitted 70 Congress
in mature cases. The regulations Grs stringent,
but when railroad companies sball have gtvslI
the tonds required, and importing merchants
In the interior cities shsil have made arrange
ments Tor the importation Of goods upon the
basis of the act, am satisfied that no serious
difficulties viii arse either trOm the railways.
the merchants or the government. Without
doubt the act increases the opportunity for the
introduction Of foreign goods in the country,
in violation OF the revenue law but the ezami-
nation whichI have given 70 the subject III
the preparation OF the regulation leads me TO
think that the business can be safely conduc-
ted; The appropriation for the collection OF
custom (rsVenue) under an act approved May
81, 1866 is at the rate Of 2,20O,O00 annually, in
addition TO such sums az may be rsceived from
fines, penalties, and for fixtures and trom
storage, carriage, drsyags and labor. Ezpe-
rience has shown that this amount Is insult
hcient, and an additional appropriation viii be
needed at each session Of Congress until the
nermanent appropriation is increased. have
instituted a supervision in the Treasury De-
partment over this branch Of the expendt'
lures, and agents are employed inVesugatm
the expenses Of the custom houses OF the coun-
try for the purpose Of ascertain1ng whether
reduction in the number Of employees and sala-
ries is practicable. By this means some saw
ing viii be effected, but it will In any event be
impossible to reduce the expenses within the
apnrouriation. From 1858 70 1856 the depart
ment appropriation was at the rate OF s5,oOO,-
O0O ner annuun. in addition to the receipts be-
fore enumerated as applicable to tins branch
of the service. From 1886 to 1850 lnelus1ve,
the total receipts from customs were ABOUT
S9T2, ,e00, 600, and the expenses OF collection
were SIS 900, or at the rate OF more than
8 Ia per cent. The receipts tor the year enc
ing June 80, 1870, were SlS4,ooo'Si4.44, ane
toe expenses IS 9l2, 1888, or not exceeding 3
10 per cent, From 1858 to 1860 the revenue
collected did not exceed an average Of S5Os-
OOO. 600 per wear, and the temptation Of snug
Cling and fraud was much less under lay
svstsm of duties than it is at the present time
At the principle importing cities Of the country
Il is necessary to employ large force for the
protection of the wharves and Wnter lines
within or near such cities. 1t is also necessary
to guard against smuggling, by the presence
of several officers upon and around sOeamefs
and other vessels importing large quantities
of goods, while engaged In discharglng their
carpoes. 1t is also apparent that the extern
sive line of the coast on the Atlantic and
Pacific Oceans and the Gulf Of Mexico, every
where furnished opportunities 1or the intro
duction of goods in violation Of the revenue
laws requires the presence Of large number
of skillful and trustworthy persons. Ihe ac-
quisition of Alaska and the establishment OF
interier ports Of entry for the accommodation OF
business by railways and steamers on the
Northern fronties, and materially TO the ex-
pense of collecting and guarding tie revenue
/ therefore respectfully recommend an increase
of the permanent appropriation for collecting
the revenue for customs 10 the amount Of S2,-
600. 900 for each half year from and after the
3Oth day of June, 1870. At several Of the inn
portant ports there are two appraisers, whose
powers are equal. I recommend such an
alteration Of the Law as will poVlde for one
prinoipal appraiser ct each port who shall be
rsgponsibIe for the business OF the ofiee.
PUBLIC BUILDINGS.
The treasury department has the care Of