The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-12-14
REPORT
OF THE
SECRETARY OF THE TREiSRT.
TREASURY DEPARTMENT,
December 1, 1T7I.

TREASURY DEPARTMENT, ,
December 1, III.
SIR:-The country has been pros
porous during the year now closing,
and the public finances have shared in
general prosperity.
THE REDUCTION OF THE DEBT.
During the financial year ending
June 80, 1871, the reduction of the pub
lie Gebt was So, ,327, ,764 81 The total
decrease in the public debt from
March /, 1869, to December l, 1871,
was S277, ,2l1, ,S92 l6; and during the
same period the annual interest has
been reduced SIC, 74l ,436 Of.
A FURTHER REDUCTION OFTHETAXEs
POSSIBLE.
The revenues for the year 1871, and
the receipts siuce the lst of July last,
show that the time has arrived when
a considerable further reduction in
taxes can be made, and yet leave the
government in a position to pay fifty
millions of dollars annually of the
principal of the debt, including the
amount pledged through the sinking
fund. In my annual report to Con-
gress for 1870, / expressed the opinion
that the settled policy Of the country
should contemplate a revenue suffi-
cient to meet the ordinary expenses of
the government, pay the interest on
the public debt, and from twenty-five
to fifty million dollars of the princi-
pal annually. TOthat opinion adhere
and even have a stronger conviction
that the payment annually upon the
principal of the public debt should be
not less than fifty millions of dollars.
Large as the revenues of the country
have been, during the last three years,
our system of taxation has not been
oppressive to individuals, nor mas it
to any sensible degree embarrassed
the business of the country, and while
relief from taxation is desirable, yet il
is more desirable to maintain the pub
lie credit in its present elevated posi-
ton, not only as an example to other
nations, but for its historical value in
enabling the government to make
loans for large'amounts upon favOra-
BILE terms if, unhappily, in the future
an exigency should require such loans
to be made. The power TO negotiate
a large loan at per cent. and enter
upon the negotiations for the sale of
bonds bearing 5, Al and 4 per cent. in
terest is derived entirely from the eX-
hibition of an honest purpose on the
part of the people to maintain the
public faith, and the consequent abil-
ity on the part of the government for
large and frequent payments upon the
public debt.
THE REVENUE FROM CUSTOMS
for the year 1871 was greatly in excess
of the estimates, amounting to S206,-
go, 40S 05, against SI94, 53S, ,374 Al for
the preceding year. The cost of col
lecting this revenue was So, $50, ,672 81
for 1871, being 3.11 per cent, while
the cost for the year 1870 was Sc, ,237,-
1877 25, or exceeding 20-l00 per cent
The appropriation for the collection
of the customs, for additions derived
from fines, and penalties, and forfeit
lures, exceeded the expenditures by
the sum of more than $780, 900, and
there is no doubt that the permanent
will be ample for the pres
ent year and for the next fiscal year.
reduction of the rates of duty on
The 1st of January, 1871, under the act
of July IA, 1770, diminished the i'm
portation of many articles during the
last six months of the year 1870, but
there was consequently a large addi-
ton to the revenues for the first six
of the year 1871. A compari-
son with the first six months of the
year of 1870 show an increase |
of So per cent. in the quantity of tea
20 per cent. in the quantity
of coffee, . per cent. in the quantity
Of-brown sugar, 120 per cent. in the
quantity OF pig iron, lS6 per cent. in |
the quantity of meladO, 139 per cent. |
in the quantity of spices, and a large
increase in many other articles. The
are that the customs rev.
enue for the current year will exceed
that for the year lST07l.
THE RECEIPTS FROM INTERNAL REV.
ENUE
were SI43, ,095, ,153 So, being S4,O4S, ,9S4
20 less than the estimates presented !
To Congress in December last for the
fiscal year ending June 80, 1871. The |
for the current fiscal year
were Sl26, $4,000 and it is probable
that the receipts will be equal to the
estimates.
AND EXPENDITURES FOR |
THE CURRENT YEAR.
The net receiDts for the fiscal wear