The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-12-08
THE TREASURY.
Report OF Secretary Boutwell,.
WIsurSorox nA,ol


that TIE financial condition of the eouu.
try has improved during the past wear
The receipts of the fiscal wear. ending
with June last, We're $4ll ,255,477 and
the expenditures during the same period
were S3O9, 653, soc, showing a surplus
applicable to the payment OF the public
deot, including the amount pledged to
the sinking fund by the act Of February
p, 1862, OF Sl0l, 6Ol, 9l6. The receipts
Tor the first quarter of the present wear
were Sis, l0l ,230, and the estimated
receipts for the remaining three quar-.
/ tiers S24i 100000; estimated expendi.
lures for the same period 1920, 5O0. 900.
The Expenditures for the first quarter
were SS6,562, 900, showing balance,
/ applicable to the payment of the public
debt, including, however the amount
payable on account of the sinking fund,
OF $69,03S,3l0.
In estimating the expenditures OF tn e
next fiscal year the Secretary has in
cluded S24,5O0, 900 properly chargeable
TO current revenue as an appropriation
under acts OF February p, 1862, and
July, $50, relating to the 81 king fund.
There will be required also the saln ..
=. N66, 933, being the amount answer
ny TO interest on the capital ofthe sink
ing fund as represented on the books of
the Department The Secretary esti-
, IrateS the receipts for the year ending
January, 1872. at SS20,4lS0OO; expen-
ditures 5000, 639, 3l9, according to which
there will be a surplus applicable to the
payment of the public debt. in addi
ZION to the payments made on that &C
count through the sinking fund of 80
1860.
An analysis OF the expenditures de-
velops facts tending to sustain the opin-
ION that the balance will be considera-
bly, larger than appears from the fore
going estimates; IT may reasonably be
antici patel that the total reduction of
the public debt during the next fiscal
year, including payments on account of
the sinking fund, will be about $4,000
900.
The war in Europe has rendered it
practicable to refund the National
debt as authorized by the act approved
July II, 1870
s portion OF the paper has been man
ufactured and preparation OF plates has
been so far advanced that whenever q
favorable opportunity arises the loan
may be offered, and the bonds delivered
without delay.
Inasmuch as the war in Europe and
consequent demand for money make it
doubtful whether the + and the 4 per
cent. bonds will be taken. il seems 10
me wise to authorize the issue Of $780,
OO0,0 additional bonds, bearing inter-
est at the rate of five per cent. The
interest can be paid quarterly without
inconvenience, and the Secretary, there
fore, respectfully recommends that the
Loan act De so modified that the pay
ment of the interest may be made quar-
terlv instead of semi-annually. Should
these recommendations be approved by
Congress, it is Of great Importance that
an act authorizing the changes be
passed without delay. Complaints
are made that the National bank bills
are worn to such an extent as to be no
longer fit for circulation, and as more
new banks are to be organized, the
Secretary recommends that an appro-
priation be male and authority given
for the issue of new bills, upon such
paper and in such form as may be
designated by the Secretary of the
Treasury. The Secretary asks the at
tent;on OF Congress to bill prepared
in the Department and submitted at
the last session relative to the minis
and the coinage system of the country;
states, with regard TO the question Of
the revival OF American commerce, that
without undertaking to specify the
means by which it is to be accomplish
ed, he cannot overstate the Importance
of such legislation as will secure that
revival recommends an increase Of
the permanent appropriation for col
lectiny the revenue from customs
TO the sum of S2,600000; also such
alteration of the law a. will pro-
vide for one principal appraiser at each
port where there are now two, with
euual powers. The supervising archl-
tect of the Treasury states that the ex-
pendture authorized by law for the con-
struction Of postoffice at New York
will be inadequate unless the character
of the work is changed from the origl-
nal design. 1t seems to be due to New
York for general and apparent reasons,
and in consideration Of the fact that
the most eligible site has been secured
bv the cooperation and in some degree
az the expense OF the city, that the
building should not only be tire-proot
structure but also OF such design and
workmanship as to rank among the
hest public buildings of the country
The Secretary renews the recommen'
dation of an appropriation for steam
revenue cutters and marine hospitals
and transferring Davids Island from
the War 10 the Treasury Department
for a marine hospital; calls attention
to the inadequacy and irregularIty OF
rho salaries of the officers or the Treas
nrv Dep ,rtment. In his annual report
Of December last be advized the con-
tinuance Of the existing system OF TAXA
ton as an essential condition TO tne
success OF the proposed loan. The CIR
cnmstance that war was declared be
tween France and Prussia, slmulta-
nsonslv with the passage OF the loan
I'm mt it out of the power of the De
nartment TO make the negotiation as
soon as had been expected. Inc
large revenues, however, OF the
GnIernment continuing without
meterial abatement until the present
lime the improved credit OF the coun-
trv Enabled the Treasury Department
b! weakly purchases, to reduce reduce the me
smouL: of surplus bonds offered iEr