The Portland daily press., 1870-12-07

sinking fund, of $10,77s,6SO 80.
An analysis OF the expenditures develop
facts tending 10 sustain the opinion that the
balance VII be considerably larger than ap-
pears from the foregoing estimates, as the ap-
propriations for certain purposes are much less
than the estimates, and there will doubtless
remain other uneX pended balances to be COW
cred into the Treasury.
1t may therefore be reasonably anticipated
the Secretary says, that the total reduction of
the public debt duringthe next fiscal year, in
Guiding the payments on account of the sink
ing fund, will be about fifty millions of dollars.
1t is notable fact that the estimated expen-
ditures for the next fiscal year, including pay
ments on account of the sinking fund and for
the interest on the public debt, so nearly
equal the receipts as to justify and demand
the greatest caution in dealing with the reve-
nues and business of the country. 1t is ap-
parent that disaster or even a serious check
to business would reduce the revenues below
our necessary expenditures.
1t is apparent also that the prosperous con-
dition of the country is largely due to the rev.
enue system, inaugGrated during the war, by
which the manufactures and the mechanic
arts have been extended and established
This policy cannot now be rashly abandoned
or suddenly and radically changed without
great injury to business and labor and serious
consequent losses of revenue.
The war in Europe has rendered it imprac-
ticable to refund the national debt as au-
thorized by the act approved July 14th, 1870.
A portion of the paper has been manufactur-
ed, and the preparation of the plates has been
so far advanced that whenever favorable
opportunity arrives the loan will be offered
and the bondsl delivered without delay. In
asmuch as the war in Europe, aud the con-
sequent demand for money make it doubtful
whether the and 1-2 per cent. bonds will
be taken, it seems to me it would be wise to
authorize an issue of $3OOOOO,OOO additional
bonds, bearing interest at the rate Of 5 per
cent. The interest can be paid quarterly
without Inconvenience, and l therefore res
pectfully recommend that the loan act be so
modified that the payment of interest may be
paid quarterly instead of semi-annually, should
these recommendations be approved by Con-
gress. 1t is of great importance that an act
authorizing the changes should be passed
without delay. The Secretary recommends
the issue of new national bank bills, and
speaks, incidentally, good word for the man
agement of the banking system of the coun
try. He reports that the amount of gold and
silver deposited at the Mint and its several
branches during the last fiscal year was $780,
40S,7S8. The coinage for the year was $24,-
636,99O. and the value of gold and silver bars
stamped was $S,748,S52.
The continuance of the war appears to be
a matter of national Importance. The pro-
portion Of American vessels engaged in the
foreign trade has not increased relatively
during the year, although there has.bern an
actual increase in the entries of American
amounting in the aggregate to 10000 tons.
The total tonnage engaged in the foreign
trade, entered at all of the ports of the Unit
ed States, has increased from 5,5S3,OOO tons
in 1869 to 5,957,, 600 tons in 1870; but the
proportion of American tonnage remains as
in 1860, at SO per cent. Without undertak-
ing TO specify the means by which it is to be
Accomplished, l cannot overstate the impor-
tance of such legislation as will secure the
revival of American commerce.
Agents are employed in investigating the
expense of the custom houses of the csun-
try, for the purpose of ascertaining whether
reduction of the number of employees or
salaries is practicable. By this means some
saving will be effected. But in view of the
present difficulties the Secretary recommends
an increase of the permanent appropriation
for collecting revenue from customs. He
thinks much money is wasted on public build
ings, but wants larger appropriation for
keeping them in repair. He recommends
revenue cutters. The condition of the
marine hospitals has been much i'm.
proved, but more are wanted. Government
has realized for the year 1860, $S9O,OOO from
the seal fisheries. Attention is called 10 the
inadequacy and inequality of the salaries of
officers IN the Treasury Department, and $16,-
600 more year asked for. An examination
board for department clerks is recommended.
The Secretary believes that the present ten
of off fiIrr, c1, Lac%
the people of the country can have that the
business OF the Government will be efficient
ly and properly performed. The work of the
Treasury Department does not differ essen
| TALLY from the business done in the banking
houses andu merchants counting rooms, and
there is Go reason why the tenure of office
should be permanent in one case that does
not apply with equal force in others.
The reduction of the public debt since the
3Oth day of June last has been so great as to
render it certain that the total reduction for
the present fiscal year will exceed sixty mil
lions of dollars. The natural increase of the
business of the country during the next
eighteen months is likely to be such as to
show surplus for the fiscal year ending
June 3Oth 1872, of about $4O,000,O0O. The
principal OF the public debt on the last day of
November, 1870, not deducting money on
hand, was $2,41S,673, ,044, ,43. or this
amount 1896. .269, ,237,0S was represented
by United States notes and fractional
currency not bearing interest. The banks of
the country, acting within the authority of
existing laws. will require about $500, 100000
of bonds to be placed on deposit as security
for their circulation. Should the present sys-
TEN of furnishing paper circulation for the
country, partly by the treasury and partly by
the natioual banks, be continued, or the en-
tire circulation be furnished by the treasury
nv the hanks the orn6it of I,o Init tod