Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1870-12-08
The Treasury Report.

THE PUBLIC DEBT TO BE REDUCED THE
COMING YEAR $4,000, 000-THE FUND
ING BILL-No PRESENT CHANGE IN
THE REVENUE SYSTEM.
The following are the main points in
Secretary Boutwell's report:
After giving the tables, and showing
the receipts and expenditures Of the year,
he says:
According to this estimate there will
be a surplus applicable to the payment of
the principal of the public debt, in addi.
ton to the payments made on that account
through the sinking fund, of $10,778,6 $50
80.
An analysis of the expenditures devel-
oped facts tending to sustain the opinion
that the balance will be considerably
larger than it appears from the foregoing
estimates. -
The sum of $22, 33s, 27S 81 as tie esti-
mate for public works.
Tie appropriations for these objects for
the present year are less than $12 ,O00, 900,
and it is but reasonable to presume that
the appropriation for the next year will
not much exceed that amount. 1t is be-
lieved, also, that the estimates of the sew.
eral departments for different branches of
the public service, are for themaximum
amounts which will be required under
any circumstances. If such is the case
there will remain on the Both of June,
1879, unexpended balances to be convey
ed into the Treasury. It may therefore
be reasonably anticipated that the total
reduction of the public debt during the
next fiscal year, including payments on
account of sinking fund, will be about
$5O,OOO,OO0. 1t ia noticeable fact that
the estimated expenditures for the next
fiscal year, including payments on account
of the sinking fund, and for the interest
on the pablo debt, are 80 nearly equal to
the receipts as to justify and demand the
greatest caution in dealing with the reve-
nue. and business Of the country.
1t is apparent that a disaster or even a
serious check to business would reduce
the revenue below our necessary expen-
ditures. 1t is apparent also that the past
prosperous condition of the country is
largely due to the revenue system, inaug.
urated during the war, by which manu-.
features and the mechanical arts have
been extended and established. This
policy cannot now be rashly abandoned
or suddenly and radically changed with
out great injury to business and labor and
serious consequent losses Of revenue.
The war in Europe has rendered it i'm
practicable to refund the national debt as
authorized by the act approved July IA,
1870 A portion Of the paper has been
manufactured and the preparation for
the plates been SO far advanced that
whenever a favorable opportunity arises
the loan may be offered and the bonds de-
livered without delay. Inasmuch as the
war in Europe and the consequent de-
mand for money make it doubtful wheth-
er the four and the four and a.half per
cent bonds will be taken, it seemed to
rue wise to authorize the issue of three
hundred millions additional of bonds
bearing interest at the rate of five per
cent The interest can be paid quarterly
without Inconvenience, and therefore
respectfully recommend that the Loan
act be so modified that the payment of in
terest may be made quarterly instead OF
semi-annually. Should these recommen-
dations be approved by Congress it is OF
great Importance that an act authorizing
the changes be pressed without delay.
Since the first of July the currency bal.
ance in the Treasury has been unusually,
and for immediate purpose unnecessarily
large.
The act of July, IL, 1870, authorizing
an increase of national bank.notes. inn.
posed upon the Secretary Of the Treasury
the duty Of providing for the redemption
of equal amounts of three per cent. oerti-
fcates. The certain, though prospective
decrease in the revenue, both Of coin and
currency. made it my duty to reserve .
sum sufficient to enable the department
to comply with the law, without resort.
ing to extraordinary means. Happily the
financial condition of the country has no,
been unfavorsbly affected BY the accumu.
lations in the Treasury. During The
year ending September 80, 1870, The
national banks paid in interest the sun
j of $6,486, 1896,