Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1871-12-14
REPORT OF THE SECRETARY OF
-- THE TREASURY. o.

The following is synopsis of the annual
report of Geo. S. Boutwell,, Secretary of the
Treasury:
THE PUBLIC DEBT.
During the fiscal year ending June so, I
1871, the reduction of the public debt was
S94, 50, ,764.s4. The total decrease in the
public debt from March /, 1869, to December
l, 1871, was S227 ,2l1 ,S92. .16 and during the
same period, the annual interest has been
reduced SIG, IA, 1864.
REDUCTION OF TAXES. !
The revenues for the year 1861, and the re-
ceipts since 1st of June last, show that the
time has arrived when n considerable further
reduction in taxes can be made, and yet leave
the government in position to pay 5000
600 annually of the principal of the debt, in
Guiding 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 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
cipal 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 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,
] tn INST
/ SIS, ,3I4.A for the preceding year. The cost
l of collecting this revenue was =, SO, ,6l2, 81
for 1871, being three and eleven-hundredths
/ per cent, while the cost for the year 1870 was
/ Sc, ,23I, 131 p, or three and twenty -hundredths
! per cent. The probabilities are that the Gus
toms revenue for the current year will exceed
that for the years 1870 and 1SI1. The receipts
from internal revenue were Sl43, ,O9c, 153.63, be-
ing S4, ,O4S, 9S4 % less than the estimates pre-
/ scented to Congress in December last for the
fiscal year to June 80, 1871. The estimates
for the current fiscal year were Sl2o, AIS, 600,
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, ,21O, 40S. .05 internal rev.
enue, S143, ,O9S, 1888 sales of public lands,
=, ,3SS 646.6S miscellaneous sources, S3l, :
066, ,I36. .53-making total of s3S2, So, ,944. 50.
The expenditures were For civil and mis-
debt S44, ,0S0 OS4. 30 Navy Department, Sl9,-
431, or. .21 Indians, 81, ,426, ,991 A; pensions,
S:j4, Az S94.SS interest on public debt, S125,
sac, ,5G5. .93-making total Qess SS,2SO, or. Il
repaid into the Treasury as proceeds of sales
from ordnance, etc.) of S292, 11S. 1921
The estimated receipts for the remaining
three-quarters of the current fiscal year arc
S25S, ,000,OO0; expenditures, 500 SOC, 600
showing balance applicable to the pay
ment of the principal of the public debt for
the fiscal year ending June 80, 1872, of S1l,
T94, IS.
The estimated receipts for the fiscal year
ending June 30, 1873, are S359, 10000; ex-
penditures, S301, ,105, ,u36.9g. At the same
time the Secretary makes calculation for a
reduction in the revenue from customs of
S2O,0O0OO0, and from internal sources OF
S16,OO0OO0. He recommends to the consid-
Grafton of Congress the reduction of the du-
ties on salt to the extent of 50 per cent; the
duty on bituminous coal TO 30 cents per ton;
the reduction of the duty on raw hides and
skins, and the removal of all duties from a
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 list, with the rev
enue derived from each article, Is in course
of preparation, and will be submitted TO
Congress.
TUE CURRENCY.
The average premium on gold for the year
1865, was g. 81 per cent; for the year 1863 ii
was ESQ per cent premium; for the year
1870 il was Ass per cent premium and for
the hrst eleven months OF the year 1911. IL
was 12.1 per cent premium The value OF
the paper currency of the country during the
wears 1869 and 1870, was apparently appreci
atcd by the increased use of paper money in
the South, hut chiefly by the establishment
of the credit of the United States upon uni
form basis. On the LIST 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 it in the business affairs Of the
country.
One hundred and forty-fve banks hav,
! been organized under the act approved July
IL, 1871, providing for the issue of fifty-fouI
millions of dollars OF additional bank circu
laiion, and the sum of 81, 335 900 has beer
issued. By virtue of the act the Treasury
has redeemed So, 80, goo of the ) per cent
certificates then in circulation, leaving the
sum Of SO, 10000 now outstanding. The
Secretary suggests that il appears to him tC
be wise to leave the distribution of the cir
: culation authorized by said act as il now
. stands. Although some efforts have beer
: made at counterfeiting, the peculiar papel
, has rendered their efforts unsuccessful, ant
: specimens captured are so crude as not Il
: excite serious apprehensions as to ultimate
/, success. Since the first of July, 1859, seventy
! millions of paper have been manufactured
: all of which have been accounted for on thu
, books of the Department. The Secretar!
, 4 recommends that an appropriation be mad
, for A new issue of Nationel Bank notes
a Those now in use are much worn, and Yer.
q I successful counterfeits Of several denomina
: tious have appeared.
n REVENUE SEIZURES.
l. The Secretary calls the attention of Con
e gress to the importance OF abolishing tn
l. system of shares in moieties, as far as it ef