The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1871-12-14
NATIONAL FINANCES.
ANNUAL REPORT OF THE SECRETARY
OF THE TREASURY.

TREASURY DEPARTMENT, Dec, 4, 1871,
SIR: The country has been prosperous
during the year now closing,and She pub
lie finances have shared IN the general
prosperity During the fiscal year ending
June 80, 1871, the reduction of the public
debt was $94, 1927, 76484 The total de
crease in the public debt from March 1,
1869, to December l, 1871, was, $277, 211,
S92 16, and during the same period the
annual interest has been reduced $16,741.-
436.O4. The revenues for the year 1871,
ana the receipts since the 1st of July last,
show that the time has arrived when u
considerable further reduction in taxes
can be made, and yet leave the Govern
ment in position to pay fifty million
dollars annually of the principal debt, in
Guiding the amount pledged through the
Sinking Fund.
In my annual report TO Congress for
1870, | expressed the opinion that the set
tied policy of the country should contem-
plate a revenue sufficient to meet the or
binary expenses of the Government pay
the interest on the public debt, and from
twenty five to fifty millions dollars of the
principal annually. To that opinion al
here, and am even stronger in the convic
tion that the payment annually 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 Yeas, our system Of
taxation has not been oppressive to in
dividuals, nor has it in any sensible de-
gree 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
elevated position, not only as an example
to other nations but for its practical
value in enablin the Government to make
loans for large amounts upon favorable
terms, if unhappily in the future an ex~
igency should require such loans to be
made. The power to negotiate a large
loan at five per cent, and enter upon
negotiations for the sale Of bonds draw
ing five, four, and a half and four per
cent interest, is derived entirely from
the exhibition of an honest purpose on
the part Of the people to maintain the
public faith, and the consequent ability,
on the part of the Government to answer
that expectation, by 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 $206,27O, 408O5, against
1888, 374 Al for the preceding yea"
The cost of collecting this revenue was
SO, 800, 672.61 for 1871, being three and
eleven hundredths per cent, while the
cost for the year 1870 was $685. 1928, or
three and twenty hundredths per cent
The appropriations for the collection of
the customs, with the additions derived
from fines and penalties and forfeitures,
exceeded the expenditures by the sum of
more than $800,000- and there is no doubt
that the permanent appropriation will be
ample for the present year and for the
next fiscial year.
The reduction for the rates on duty to
the 1st of January, 1871, under the act of
July Il, 1870, diminished the importation
of many articles during the last six
months of the year 1870, but there was
consequently a large addition to the
revenues for the first six months of the
year 1871. A comparison of the first si1
months of the calender year 1870 shows
an increase of ffty.fve per cent in the
quantity of tea imported, twenty per cent
in the quantity of coffee, fifty three pei
cent. in the quantity of brown sugar
one hundred and twenty percent
in the quantity of pig iron
186 per cent. in the quantity O
melado, 139 per cent. in the quantity o.
spices, and large increase in many Other
articles. The probabilities are that the
customs revenue for the current year will
exceed that for the years 1870 and 1871,
The receipts for internal revenue were
$l48,G98,153.63. being $404,898, 400 lesi
than the estimates presented to Congress
IN December last for the fiscal year ending
June 30, 1871. The estimates for tho cur
rent fiscal year were $126, 418, 900, and II
Is probable that the receipts will be equa
to the estimates. The net receipts fol
the fiscal year ending June 80, 1871, were
as follows: From customs, $206, ,4O8,
05; from Internal Revenue, $l43, O98I 53.
68 from sales of public lands, sass,
CAGES; from miscellaneous sources, S31,
O66,7G6.53. Total -$383, 1926, o44. SO. TIL,
expenditures for the period were: Fol
civil and miscellaneous purposes, $69, 498,
71097 for the war deb, $35,799, 991. 82
This is the net amount after deducting
$S,s80,O03.12 repaid into the treasury a
proceeds of sales Of ordnance, etc. TIL,
true expenditures were $44,080,084.9O
For the Navy Department., $19, 51,027.9
for the Indians $7.426,997,44 TO