Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1871-12-15
REPORT OF THE SECRETARY OF
THE TREASURY.

]
The following is a synopsis of the annual
report of Geo. S. Boutwell,, Secretary Of the
Treasury:
THE PUBLIC DEBT.
During the fiscal year ending June 80,
1871, the reduction of the public debt was
$94 327, ,764.S4. The total decrease in the
public debt from March l, 1869, to December
l, 1871, was S227, ,211 ,S02 Is, and during the
same period, the annual interest has been
reduced SIG, ,74l 1864.
REDUCTION OF TAXES.
The revenues for the year 1861 and the re-
ceipts since lst of June last, show that the
time has arrived when considerable further
reduction in taxes can be made and vet leave
the government in position to pay S50,000,-
600 annually of the principal of the debt, in
cluding the amount pledged through the
sinking fund.
THE REVENUE POLICY.
The Secretary still adheres to his formerly
expressed opinion that the settled policy of
the country should contemplate n revenue
sufficient to meet the ordinary expenses of
the government, pay the interest upon the
public debt, and from twenty-five to fifty
millions of dollars of the principal annually.
He thinks the annual payment on the prin-
ctpal of the public debt should not be less
than fifty millions, arguing that, large as
the revenues of the country have been dur
ing the last three years, our system of taxa
tion has not been oppressive to individuals;
nor has it in any sensible degree embarrassed
the business of the country, and, while re-
lief from taxation is desirable, it is yet more
desirable to maintain the public credit in its
present elevated position, not only as an eX-
ample to other nations, but for its historical
value in enabling the government to make
loans for large amounts upon favorable
terms, if unhappily in the future an exigen-
cy should require such loans to be made.
REVENUE RECEIPTS
The revenue from customs for the year 1871
was greatly in excess of the estimates,
amounting to S206 270, ,40s.05 against S194,-
5jS, S,3i Al for the preceding year. The cost
of collecting this revenue was Sc, $50 672 81
for 1871, being three and Observation-Disclosures
per cent, while the cost for the year 1870 was
81 2S1, l31 %, or three and twsnty-hundredths
per cent. The probabilities are that the GUS
toms revenue for the current year will exceed
that for the years 1870 and 1871. The receipts
from internal revenue were S143, ,09S, 1858, be-
ing S4,O4S, % less than the estimates pre-
sented to Congress in December last for the
fiscal year to June 80, 1871 The estimates
for the current fiscal year were S126, ,4lS COO
and it is probable that the receipts will be
equal to the estimates The net receipts for
the fiscal year ending June 80, 1871, were
From customs, S206 270, ,40S.05 internal rev.
enue, Sl43, ,O0S, 1858 ; sales of public lands,
s., ,;}SS, ,6466S; miscellaneous sources, S3l,
O66, 36,53-making total Of S3S2, S23, Oh So
The expenditures were : For civil and mis-
cellaneous purposes, $50, ,47S, ,T10.97 war
debt, S44, ,0S0, 0S490 Navy Department, $19,-
431, ,O2I.21 Indians, 81, 426 997 A. pensions,
S34, ~, S04.SS interest on public debt, sl25,
576, ,565. .93-malling a total Qess So $50, 092. IL
repaid into the Treasury rs proceeds of sales
from ordnance, etc.) of S292, IFS, 1921.
The estimated receipts for the remaining
three-quarters of the current fiscal year are
S25S, 100000; expenditures, S209, 500, 600
showing a balance applicable to the pay
ment of the principal of the public debt for
I a pf
794,99l IS.
The estimated receipts for the fiscal year
ending June 30, 1878, are $3.50, 900, 600; eX-
penditures, 1901, ,705,0 ,036.99, At the same
time the Secretary makes calculation for
reduction in the revenue from customs of
$20,000,000, and from internal sources of
Sl6,O0O,OO0. He recommends to the consid-
Grafton of Congress the reduction of the du-
ties on salt to the extent of 30 per cent. the
duty on bituminous coal to 80 cents per ton;
the reduction of the duty on raw hides and
| skins, and the removal Of all duties from
! class of articles in other countries which en-
! ter into the arts and manufacture of this
| country, and which are not produced in the
| United States, and the revenue from which
| is inconsiderable. Such a list, with the rev
enue derived from each article, is in course
| of preparation, and will be submitted to
| Congress.
THE CURRENCY.
| The average premium on gold for the year
/ 1868, was 30. "a per cent; for the year 1869 it
| was 32.56 per cent. premium; for the year
/ 1870 il was l4.S3 per cent. premium and for
/ the first eleven months of the year 1871, it
! was H. per cent. premium. The value of
the paper currency Of the country during the
| years 1860 ard 1910, was apparently appreci-
| ated by the decreased use of paper money i'm
! the South, but chiefly by the establishment
of the credit Of the United States upon uni
| form basis On the lst of January, 1871, the
last-named fact was fully accomplished, and
since that time the appreciation of the paper
currency has been due wholly to the increas-
/ ed demand for il i'm the business affairs of the
| country.
One hundred and forty-ive banks have
| been organized under the act approved July
II, 1871, providing for the issue of tifty-four
millions of dollars of additional bank crcu-
lation, and the sum OF S22 333, 900 has been
issued. BY virtue of the act the Treasury
has redeemed S92, ,230000 of the 3 per cent.
certificates then in circulation, leaving the
/ sum of S23, 100000 now outstanding. The
| Secretary suggests that ii appears to him to
! be wise to leave the distribution of the cir
/ culaton authorized by said act as il now
| stands. Although some efforts have been
made at cOuntericitng, the peculiar paper
has rendered their efforts unsuccessful, and
/ specimens captured are so crude as not to
! excite serious apprehensions as TO ultimate
/ success. Since the first of July, 1853, seventy
millions of paper have been manufactured,
all of which have been accounted for on the
books of the Department. The Secretary
recommends that ap appropriation be made
for new issue of Nationel Bank notes
Those now In use are much worn, and very
| successful countenelts of several denOmina-
tions have appeared.
REVENUE SEIZURES.
The Secretary calls the attention OF Con-
gress TO the importance of abollshing the
system Of shares in moieties, us far as 1t ef-