The New York herald., 1871-12-05
Another Imm ense Amount Of
the National Debt.
A Reduction Of $36,OO0,OOO Of
Taxation Recommended.

| ~~.>oo~~-~~~>~~~>~~~ I-at5f
The Building Of Iron STEAMSHIPS in American
Ports and the Granting Of Subsidies.
| TREASURY DEPARrxENr,(
| WASHINGTON, Dec. 4, 1871.
| SrR-The country mas been prosperous during the
year now closing and the puOlic and public finances
| have shared IN the general prosperity during the
! fiscal year ending June go 1871 The reduction OF
the public debt $94s27,7e4; the total decrease
In the public debt from Marcn I, 1859. to December
| l, 1871. was $277, ,S92, and during the same
period the annual interest charge has been reduced
$I674l 43a The revenues for the year 1871 and tho
receipts since the lst OF July last show that the
| time mas arrived when considerable further re-
| duction in taxes can be made and yet leave the
governments in position to pay $5o 900 annually
Of tao principal debt including the amount pledged
| through the sinking fund. afs-g
THE NATIONAL DEBT
In my annual report TO Congress 10 1870 l ex.
pressed the opinion that the settled policy Of the
country should contemplate revenue sufficient to
meet the ordinary expenses Of the government pay
the interest on the public debt and from twenty
to fifty millions OF the principal annually. To tnat
opinion l adhere, with even stronger conviction
that tine payment annually upon the priacipal OF the
OF dollars. Large as the resources of the country
have been during the last three years our system
OF taxation mas not been oppressive TO individuals,
nor has 1t In any sensible degree embarrassed the
business OF ine country. And while relief from
taxation Is desirable, 1t Is yet more desirable to
MAINTAIN the public credit IN its present elevated
position, not only as an example to other nations.
hut for Its historical value In enabling the govern
ment 10 make loans for large amounts upon favor
able terGs, n unhappiy the future an exigency
should require such loans TO be made. 0t &
THE POWER TO NEGOTIATR A LARGE LOAN
at I'VE per cent ana to enter upon negotiations for
the sale OF bonds bearing five, four aud half and
four per cent interest is derived entirely from the
exhibition OF an honest purpose en- tine part OF the
people to MAINTAIN the public falth and the conse
quent ability the part OF the government to an.
swer that expectation by large frequent payments
upon the pubic debt. 2Vs rs gas3aUsa Z
tH 81 REVENUE FROM CUSTOMS. T
The revenue from customs for the year 1871 was
greatly In excess Of the estimates, amounting to
5000 27O 4Os against $l0453s374 for the preceding
year. The cost Of collecting this revenue was
80 e72 for 1871, being lll0o per cent, while the
cost for the year 1870 was 1877. 2olo0 per
lures by the OF more Than eight hundred taou-
sand dollars, and there = no douot thar the perma-
| year and for the next fiscal year.
| the reduction OF the rates OF duty on the 1st OF
Jannary 1871 under the act or July IL, 1870, dlmn-
fshed the importation of many articles during the
last six months OF the year 1870, but there
sequentiy large addition 70 the revenues Tor tho
6rst SIX months Of the year 1871.
comparison OF the first six months OF the
calendar year 1871 with the rst SIX months OF the
Calendar year 1879 SHOWS an increase OF nifty fve
per cent In the quantity OF tea imported twenty per
csns 10 1ss o sugar 10 per Cent IN
quantity Of pig Iron, ls6 per cent IN the quanty ol
eado ss per cens " oeer oae arcs 81 anu
| me PROBABILITY is that the customs revenue Tor
year VIII eXGeeq or .n 10, ne sars
were xI13O0a l53 Ueng 81 048, yS4 less than the es
timates presented in DecelnDer last Tor the 1scal
wear ending June 81, 1871. The estimates Tor the
yurrent fiscal year were $126 0OO aud il prob
ape tnat the receipts Will be equal 10 the estimates
-S TIE NET REcFIPrS
for the fiscal year ending June so 1871 were as foi
From customs $2o6, 270, 408
From IN ernal revenue. A4oyss, lo3
From sales oil public lands. 23sS, $40
| From miscellaneous sources.......... 3i,o'o'13s
THE EXPENDITURES
% For cyil aud miscellaneous purposes. 4es 10
For war Department. as,,ss,ysi
INTO the Treasury proceeds of safes of ord
n1nce &c. The true expenditures were s4i0SJ ,60!
For Navy Department ............. sls45i'oo, 81, oo
| For Indians. ..................... !,i.o,W!
FOR interest on tine pubic dcDt. iSoo'o'ooo
ro,,, expenditures s2o2, III, lss
the miscellaneous revenues for the fiscal year end.
ING June 80, 1871, were derived from the following
Premium on sales Of coin...... S. 500, s39
,aos srnn, United states Consuls. ..... OTIS. 5j3
s,oraae, rent, labor &C.. at Custom Houses 4i4,slo
| n res- penaltleS and I0rielture5 l0r Viola.
| iions OF Customs laws. be2519
Fees on letters patent. $40, 3l9
| Tax on circulation, deposits, DC, Of ma
RepaymeSt ma1an Sof oi interest BY Paciac Railway
Home lead and Otner land fees .......... 6i5,9,3
! Ateamboat fees ana Marine Hospital tax. 3SJ,5Jj
~a and special funds ds............. y70l, ,ss2
JudlClary fnes. penalties and f0rIeures.. 1885
RemTurscmeni pah Hu rse to tue United States ior
salaries OF storekeepers IN Internal Reve-
nue. bonded Warehouses. ............... 657, 235
nirect ~ " ......................... $50, 355
GnSrses SiUH. for refining gold and SILVER bullion slS2i
INDIAN trust lan0s 1,l40 100
dian trust fund stocks ana interest on
deferred payments on Indian trust lands. 3s7,921
Relmbursements TO the United states Tor P
moneys advanced 10 meet maturcd Int.
rest on nonpayinQ stocks held In trust
for various Indian fribes... 35, 635
oro two three and i've cent cuinage...... $4,000
UnenumerAt0d.. .............s.s.......... Ho,s4l
ro,a, ssi, 500, 7ss
the receipts Tor the nrst quarter OF the present
fiscal year wcre- HN. 40. ... -
From Fron, ,risrnai $685. i7S
rr, rr0n sa,es or pnblic ands .......... COZ $50
sron, nrisceaneOyls sources. .......... 8,753,1s9
Total .........................$1 .$107 1ss. 374
1He az nenditures for the same period, excluding
ravmenta IN account Of the sinking lund, were:--
Eor Vii and miscellaneous purposes. 579 732
war rtment IL 59O, 653
Novv Denartment. nt....................... 6Sl3,840
ims,ans ........................... 3l04, l33
pensious NEUTRALITY-SUSPICIOUS.. ......... 5000, ,vgs
ror interest on the public dcbt....... SO. .12l
Total. ......................$ $s3 eoa, ss2
'rhe estinated recelpts for the remaining three.
auariers OF the present year are as follows
FROM customs. 900 900