The Portland daily press., 1871-12-06

The report commences by saying: The coun-
try has been prosperous during the year now
closing, and the public finances have shared in
the general prosperity. During tho fiscal year
ending June 3Oth, 1871, the reduction of the
public debt has been !$94, 327, 764.S4. The total
decrease in the public debt from March l, 1869,
to December 1, 1871, was $277, 211 1892, JIG, and
during the same period the annual interest
charge has been reduced $16,74l, 43604. The
revenues for the year 1871 and the receipts
since the LIST of July last, show that the time
has arrived when further reduction in taxes
can be made, and yet leave the Government in
position to pay $50,00O,OOO annually of the
principal of the debt, including the amount
pledged through the sinking fund. In my an
nual report to Congress for 1901 expressed the
opinion that the sound policy of the country
should coirteanplate-a revenue sufficient to meet
the ordinary expenses of the Government, paw
the interest on the public debt, and from twen-
ty-fiye to fifty million dollars of the principal
annually To that opinion adhere, and even
stronger conviction that the payment annu-
ally upon the principal of the public debt
should not be less than fifty millions of dollars.
Large as the revenues of the country have been
during the last three years, our system of taxa
ton has not been oppressiveSto individuals, nor
has it in any sensible degree embarrassed the
business of the country, and while relief from
taxation is desirable, it is yet more desirable to
maintain the public credit in its present elevat-
ed position.
y The Secretary thinks it is practicable to dis
pense with all the revenue from internal seryi-
ces except that derived from the stamps of
spirits tobacco and malt liquors. These
sources should furnish for the wears 1879 and
1873 revenue of about $40, 1000, 900, making
reduction of taxes of $4,000, 900. He recon-
mends to the consideration of Congress the re-
duction of the duties on salt to the extent of
fifty per cent; the duty on btuminous coal to
fifty cents per ton; the reduction of the duty
on raw hides and skins and the removal of all
duties from large class of articles produced
in other. countries which enter into the arts
and manufactures of this country, and which
are not produced in the United States, and the
revenue from which is inconsiderable The
amount of paper money in circulation is still so
great that it cannot be maintained in value at
par with coin. There are two modes of relief;
one is to reduce the volume of currency the
other mode is to await the growth of the coun-
try and the increasing demands of business,
which in time will produce the desired result.
The chief means of securing the end sought
without reduction in the volume of currency
would be the use of paper money on the Pacific
coast. The Secretary says he intends to recon-
mend Congress to abolish the system of shares
in moietes as far as the benefits inure Ito reve-
nue. officers, and to make itan offence for any
officer to enter into an arrangement with an in
former for any share of the proceeds for infor-
nation The erection of flrst-class building
for custom house, court house and post office
in Chicago is recommended but the Secretary
says he cannot advice appropriations for other
public buildings until some of those in process
of construction shall have been completed The
points at which the erection or repair of public
buildings is most needed are Hartford, Indian
apolis, Cincinnati and St Louis. The Secreta-
~ recommends an appropriation of $50, 600 for
the purchase of land and the construction of a
pavilion hospital at Pittsburg, Pa, for sick
sailors, the supervising surgeon being of opin-
Ion that they are cheaper and better than edi-
fees of stone and brick. He renews a recom
mendation for similar hospital near New
York. He recommends the sale of a portion of
the lake revenue steamers. The department is
about to issue proposals for four small iron pro-
pelers, two for the Pacific and two
for the Atlantic coast. Tho change pro-
posed contemplates the use of vessels
Of less tonnage and consequent reduction
IN the number of men employed The Secreta-
~ urges the passage of law for mint bureau.
ana recommends that provisions be made for
obtaining such returns as will show fully the |
trade OF the country upon the rivers canals.
laKes anu railways. He again calls the atten-
tlon OF Congress to the importance of increas
ing the salaries of the Bureau officers and |
heads OF divisions in the Treasury Department. |
ana recommends an increase of the salary of |
me surgeons of the marine hospitals
=, Inc Secretary thinks the Solicitor of the |
treasury and the Solicitor of the Internal Rev
niue Office should receive their appointments
through the Treasury Department. and be re- |
ponsble to its head. He recommends the |
estoration of these officers to their former Do
ltions in the Treasury. The examination of |
ersons designated for clerical service and for
IN the Treasury Department has
'een continued with beneficial results. and tbe
Aaanlhatlon is even more exacting in its re-
lihreihenI than at the date of fine last amman |
epolU. measures will be taken to extend the
81 T,; ;t;o sucn notifications the differ
iciency, IT possible, to the nrincinoi do"s.e.
ouses and to other branches of the nuhI;o So,
ice under the control of this department t'0 'ei-
Mr.. Boutwell, then details at length his ne,,o-
ations in this country and Europe of the ne1,-
%, 600, and says that by the last of August
Inscriptions were obtained for the, entire
mount offered ON the first of September The
ork of disbursing the bonds subscribed for at
lat date IS now going on, and under such Cir
instances as to leave no doubt that the whole |
lslness will be concluded in a brief period of |
me.
The Secretary says: The credit of the coun-
Is fully established in every financial centre |
Europe, and the bonds of the United States
IN be negotiated at their market value in a |
rger number of cities than the bonds of anv
.ner country in the world Under these cir.
n aM"nces think it my duty to advise such |
/ . NOV nce Tor commissions upon the d and |
on IF tb oent. bonds as will secure the nepotia
Iso recomma WITH the least possible DELAY. !
ayment OF interest in 10y NC glVeh Ior the !
one without the least cost or rel, t ~ can De
-nment. VI risk TO the Gov &
Returns for the fiscal yoou. 500,
III show that the ocean commSa eafs 1870 and i
States is passing rapidly into the eh Inc Unit
reign merchants and ship builders ' No q. Of
ar 1860 nearly II per cent of the foreign the
cree of this country was in American sbins !
In considering the means for the restoration !
our ocean commerce two facts must be ac-
pted First, that it is useless to attempt to
vive it with wooden ships: and, secondly, that
IN ships moved by sails cannot compete with
IN ships propelled by steam, hence the only
acncal questions for consideration are these: