Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1871-12-14
REPORT OF THE SECRETARY OF
THE TREASURY.

The following is a synopsis of the annual
report OF Geo :. Boutwell,, Secretary OF 1ae
Treasury:
THE PUBLIC nEEr-
During the fiscal year enthnC sane %,
ISL. the reduction of the public debt was
se4 81. .e4si. The total decrease IN the
public debt from March /. lsSs, TO December
|. 1871. was Ss2s Ell ,Sys 10, and during the
same period, the annual interest has been
reduced SIG, III 1854
j. REDUCTION or TAXES.
The revenues for the year 1901, and the re-
ceipts since lst of June last, show that the
time has arrived when considerable iurther
reduction in taxes can be made, and yet ieatc
the government in q position to pay 5000
COO annually OF the principal OF the debt, m
Guiding the amount pledged through the
sinking fund.
THE REVENUE POLICY.
The Secretary still adheres TO his formerly
expressed opinion that the settled pohcy oil
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 y.
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
ton has not been oppressive to individuals
nor has il in any sensible degree embarrassed
the business of the country, and, while re-
lief from taxation is desirable, ii is yet more
desirable to maintain the public credit in its
present elevated position, not only as an eE-
ample to other nations, but for its historical
value in enabling the government 10 make
loans for large amounts upon favorable
terms, if unhappily in the future an exigen-
cy should require such loans TO be made.
KEyENrR RECEIPTS.
The revenue from customs for the wear Isl
was greatly in excess of the estimates,
amounting to s206, 270, sos against 1874,
535 ,374. A for the preceding year. The cost
Of collecting this revenue was ST, $50, 612 81
for 1871, being three and eleyen-hundredths
per cent, while the cost for the year 1870 was
81, 237, 1871 %, or three and twenty
per cent. The probabilities are that the Gus
toms revenue for the current year will exceed
that for the years 1870 and 1871. The receipts
from internal revenue were Sl43, 09S, 153 63, be-
Ing a 0iS. 9S4. 20 less than the estimates pre-
sented to Congress in December last for the
fiscal year to June 80, 1871. The estimates
for the current fiscal year were Sl26, AIS 900,
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, S2O6, 27O, 40s .05 ; internal rev.
enuc sl43, 09S, 1888 sales of public lands,
y, 3sS, 646.6S; miscellaneous sources, S3l,
OCT, 136 .53-making total of 1882, S223, 944 50.
The expenditures We're For civil and mis-
ceaneous purposes, 500, AIS, 1907 war
debt, s44, 0S0, 0S4.90; Navy Department, $40,
43l ,027. ; Indians, 81, 426 99i A pensions,
$4, 444, S94.sS interest on public debt Sl25,
$40, 565 .93-making total Qess $, $50, 092. II
repaid into the Treasury as proceeds of sales
from ordnance, etc. OF 1872, IFS. 1921.
The estimated receipts for the remaining
three quarters of the current fiscal year are
S25S, 00O, 900; expenditures, 500, 800, 600
showing a balance applicable to the pay
ment Of the principal OF the public debt for
the fiscal year ending June 80, 1872, of 81,
19i ,991 .6S.
The estimated receipts for the fiscal year
ending June 80, 1913, are 1853, 100000; eX-
penditures, S30l, 705, 03G.99. At the same
time the Secretary makes calculation for a
reduction in the revenue from customs OF
S20,O0O000, and from internal sources of
sl6,O00OOO. He recommends to the consid-
Grafton OF Congress the reduction of the du-
ties on salt to the extent of 80 per cent; the
duty on bitumiHous coal to 80 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
is inconsiderable. Such list, with the rev
cnue derived from each article, is in course
of preparation, and will be submitted tC
Congress.
THE CURRENCY.
The average premium on gold for the yea
1868, was 39.54 per cent; for the year 1869 i
was 32.56 per cent. premium; for the yea
1870 1t was l4.S3 per cent. premium and TO
the first eleven months of the year 1871, il
was III per cent. premium. The value o.
the paper currency of the country during the
years 1869 and 1870, was apparently apprcci
atcd by the increased use of paper money il
the South, but chiefly by the establishment
of the credit of the United States upon uni
form basis. On the LIST of January, 1871, til,
last-named fact was fully accomplished, ant
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 tn,
country.
One hundred and forty-fve banks have
been organized under the act approved july
II, 1871, providing for the issue of tifty-foul
millions of dollars of additional bank circu
lGtion, and the sum of 81, .3333 900 has beer
issued. BY virtue of the act the Treasury
has redeemed 500, $50 600 of the per cent
certificates then IN circulation, leaving the
sum of So, 49D, 900 now outstanding. TIL,
Secretary suggests that it appears to him tc
be wise to leave the distribution of the cir
culation authorized by said act as it now
stands. Although some efforts have been
made at countcrfeting, the peculiar paper
has rendered their efforts unsuccessful, and
specimens captured are so crude as not tc
excite serious apprchensions as to ultimate
success. Since the first of July, 1869, seventy
millions of paper have been manufactured
all Of which have been accounted for on the
books of the Department. The Secretary
recommends that an appropriation be made
for a new issue of Nationel Bank notes
Those now in use are much worn, and very
successful counterfeits of several denomina
tions have appeared
REVENUE SEIZURES.
The Secretary calls the attention of Con
gress to the Importance of abolishing the
system OF shares in moieties, as far as it eff
fects revenue officers and other persons Off
cially connected with the government.
INTERNAL COMMERCE.
1t is estimated that the internal commerce
of the country is fifteen times as great as
our external commerce, but the statistics
are not trustworthy or complete, and | re-
spectfuliy recommend that a provision be
made for obtaining such returns as will show
fully the trade of the country upon its rivers,
canals, lakes and railways.
THE SEAL FISHERIES.
The report of Mr.. Chas. Bryant, special
agent, who has charge of the fur seal fish.
cries at the islands Of st. Paul and St
George, shows that the business has been
conducted by the Alaska Commercial Com
pany, in substantial conformity to the terms