Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-05

sinking 57Sy 80 %
,5OoU5o w
These estimates sheW a bG.ancs of S., ,294 !.
s63 o., applicable to the payment of Ihe de-
pRrtment, in addition TO the sum of S29 1872
e2 dus on sceount of the sinking fund, or
mates for the next fiscal year have not in
eluded in the receipts the premium on gold
the premium which may be paid on bonds
10 bs purchased in currency. In the suggss-
ttons have the honor TO make in reference
t. the reduction OF taxes, l keep in view two
First-Thst the ability of the nation to pay
81 least hfEy millions annually of the prln-
cipsl Of ths public debt shall not be impaired /;
Second-That in this change OF the revenue
system no violence shall be done to the buSt-
ness interest OF the country.
While do not undertake TO state precisely
the causes which have contributed to the pub
lie pros pertty, there is no substantial reason
for questioning the truth of the statement
that the last few years have been the most
prosperous in the history OF the country
years without an example IN our own afairS
and without parallel in the affairs OF any
other government. 1t is practicable to dis
penSe with all the revenue from internal
sources except that derived from stamps
spirits, tobacco and malt liquors; these sources
should furnish for the years lS72-3 & revenue of
about tlU00O0,U00, making reduction in taxes
to toms % Under the e Existing % laws % and and
from lands and miscellaneous sources
would amount to about SIS, 10000 more, max
ing total revenue OF Ss4S,U0,0OO. The ex-
penSes OF the government, not including the
sinking fund, are estimated at $273,02o,77S " /;
IL to tR Ssum re added $4,000 o for payments
on account or the public debt, including the
amount due on the sinking fund, there re-
mains a balance of ABOUT S3U,UV0,0O0 within
which reductions may be made In The revenue
from customs. This amount, added 10 the re-
ducIiOn proposed under the internal revenue
laws, gives q total reduction Of So, 100000. In
this view l respectfully recommend 10 the
duties on salt TO the extent Of nve Per cent Z,
the duty on bttuminOus coal TO nfty cents per
ton, the reduction Of the duty on rawnides
and skins, and the removal OF all duties from
large class of articles Produced in other
countries which enter to the arts and manu-
lectures u this country, and which are Lot
produced in the United States, the revenue
from which Is inconsiderable. Such list,
with the revenue derived from each article, is
IN course OF preparation and will be sub
Initted to Congress. The removal OF duties
from a large class of articles used in manufac-
turesi and the reduction Of the duties upon
coal, furnish an opportunity for a moderate
decrease in the rates of duties up0n those DO
ducts whose cost viii be diminished by those
changes, while nothing than the consequences
OF the legislation could be more disastrous to
the public prosperttyza policy which would
de troy or seriously disturb the manufactur-
ing interests of the country.
A. IB stIIl pOssit ls by wise and moderate
changes, adapted 10 the condition of busin ess
and labor, TO reduce the rates OF duties with
benent 10 every class Of people.
4AG SNGAahC
PREMIUM ON GOLD
for the year 1858 was sC-64 per cent for the
year 1859 1t was 81 so per cent; for the year
1870 It was 4-S3 per cent, and for the FIRST
eleven months OF the year 1871 1t was III per
The value of the
PAPER CURRENCY
Of the county during the years 1859 and 1870
apparently appreciated by the increased
use OF paper money IN the south, hut chiefly
ahnaNa ahaw.. a.
United States upon a nrm basis.
On the lst of January, 1871, the last-named
fact was fully accomplished, and since thai
time the appreciat on of the paper currency
has been due wholly 10 the increased demand
tor 1t in the business Affairs OF the country.
The difference between the value of paper
money 1t the present moment and its value
en- the lst OF December, le7U, may be attributed
to the latter cause, and furnishes the best
means which the country has yet had for as
certainlng the quantity OF paper currency
which can be used and its value kept at par
with gold. The result of this test concurs with
what seems TO me to be the best opinion upon
the subject-thst the amount Of paper money
in circulation is still great that IT cannot be
maintained at par with gold coin. There are
two modes OF relief:
FirSt-To reduce the volume OF currency, as
was recommended by me in my annual report
submitted TO congress in December, lssO.
Second-To await the growth OF the country
and the increasing demands OF business,
which, in time, will produce the desired result.
The chief means Of securing the end sought
q
rency, would be the use of paper money upon
the Pacific coast With this object In view,
steps have Already been taken by this depart
ment for the purpose ef aScertain1ng whether
II is p tacticable TO substitute paper for coin,
and have reason TO anticipate that change
will be made in the laws relating TO national
banks tending to that result, and which will
not affect unfavorably the gene. al character OF
the system.
II is my duty to call the attention OF con-
gress to the Importance OF abolishing the
system Of shares IN moieties, as far as It
benefits revenue officers and other persons
officially connected with the government.
This measure was recommended IN my last
annual report, and a statement was submitted
to congress showing the amount received by
officers Of customs, together with bill In
creasing their salaries without any Increase Of
appropriations from the treasury, the sum
now paid from moieties being quite sufficient
70 place the en!ire force upon satisfactory
During the last fiscal year the Offices of col
lector and surveyor OF the port OF New York
sl9,2l5 50, and the naval officer the sum OF
SIS, lgo SO, and, in most cases, the officers
do not perform the special services
entitling them to the amount granted; and
importers and others, whose acts are made the
subject Of investigation, complain, and l
think, with just reason, that the agents OF the
government have pecuniary interest in pur-
saing those charged with violations OF the
law. The government ought to pay fair sala-
rtes and rely upon the good faith Of Its officers
for the performance Of their duties. One OF
the difficulties which the department has to
meet frequently is that the custom officers
have an interest in proceeding for the discov-
cry Of fraud, in the settlement Of cases, OF the
prosecution of them, which Is different from
the real Interest of the government, and, as .
necessary result, the conduct OF such officers Is
open 70 susrtelIn, both on the part OF those
who are punished by them and the govern
ment that they ostenstbly represent.
II n-ay be deemed sxpeoisnt 20 leave the
law as ii now stands in regard TO tnt0rmert
who are not ON ,ers, making II penal o.
tense for any U1nser 20 enter into any ar
rangement with an informer for any share
of the pTocseds of the Information. and Civ
Ing 10 the 1nformer, perpetual right OF &C
ton for the recovery OF any money or other
valuable thing paid or given TO any omcer
engaged In the discovery or prosecution OF
ment.
The report OF the
ConPTROLLER OF THE CURRENCY
shows that one hundred and forty nve routes
have beea organised under the act approved
July l2Ih, lsl, providing for the tsEus Of
1tty-four millions oil dollars OF sddt2onal
bank circulation, and that the sum of S2y ySSS,-
sct the treasury has redeemed t2y[5Olo0J.
1t was aiso agreed that the subscription
and certificates OF deposit be issued by said
banks 10 the secretary OF the treasury the
bonds 70 be lodged with the treasurer for the
amount Of the deposit.
by . printed circular issued on the 10th Of
August, 1870, 1t was announced that national
banks making or obtain ng subscriptions pay
tary OF the treasury as repositories OF public
money on the usual conditions or placing In
the hands Of the treasurer OF the U n1ted states
bonds of the United States for the security Of
such depos Is, and that at The commencement
O each month notice be given Of the redemp-
ton Of an amount OF ponos equal 70 the
amount of subscriptions in coin for the pre-
ceding month, interest to cease in ninety days
from the date OF such notes.
1t was also stated in the circular that as the
bonds called should mature the deposit would
be drown from. several banks proportionately
further agreed that the subscriber TO the loan
should receive a. 2 &C e9mmISsion mn & n. wnatevsr @
lowed py laV upon the 500, 100000, after paying
the cost of the paper for the bonds,
for engraving printing, a9ysrising. az YER osnveery
this agreement the books were opened In TINS
country and In Europe, and by the last OF
August subscriptions were ootA1neo Ior tns
on the lst OF September public notice was
given that certain dYe-twenty bonds, 10 the
Of Lhe three per cenI. csrlncales then 10 CIR
cuiation. leaving the sum OF szS.e10o out
5 anding, take the liberty of suggesting
diStrfb1Iion Of the circulation authorised BY
SAID act as II now stands, should the states
that have already received their proportion
OF Circulation be autho lied 70 lake what
may remain, only brief period win elepse
before q demand viii be made irom States
with limited cireulstion ior an IN,
uisfri oution In THESE States now hay.
irg claim to II, on fhs basis
Of equality OF spportionment. The details OF
the Subscription 70 the loan show that the
national banks have on tbs whole acted hbe-
rNlIy, more than a SlC0,O0l 100 having been sub
scribed by them on their own account: II is
not unreasonable TO tender 10 these instltu-
tions the opportunity 70 subscribe Tor bonds.
Under the act Of July IA, 1870, an amount equal
10 the deposits was required OF them as secure
" for their circulation, and 70 couple that
eftsr ninety days To the extent thas
the onsr may be declined, other bank
ing associations may be formed In the
seyaraI States where the existing banks
shall have failed 70 make the required sub