New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-12

Report Of the Secretary Of the Treasury
The last report of Secretary Boutwell,
besides containing an able and elabol
ate statement of the condition of the nation
al finances, enters largely into other matter
that come under the supervision of tn
Treasury Department. 1t represents tn
country as prosperous during the yea
now closing. and asserts the public finance
have shared in the general prosperity
While not attempting to trace out the ex
act causes which have contributed to tn,
public prosperity during the term of til,
present national administration, Mr.. Bout
well says there is no substantial reason fo
questioning the truth of the statement tina
the last few years have been the most pros
porous in the history Of the cOuntry-years
without parallel in the Affairs of any Other
, government.
! The report represents that during the
financial year ending June 30, 1871, the re
duction of the public debt was $94, 1877 ;,
76l 81. The total decrease in the public
debt from March l. 1869, to December l,
1871, was SGT ,2Il 1922 Is; and during the
same period the annual interest has been
reduced sl6,74l ,i36 OF. The Secretary says
the time has arrived when further reduc-
ton in taxes can be mad and the nation
continue to pay at least fifty millions of
dollars Of the public debt yearly. lie be
aieves this can be done and the public credit
maintained in its present elevated condi-
ton, not only as an example to other ma
tons. but for its historical value in enabling
the government to make loans for large
amounts upon favorable terms if unhapp-
ly in the future an exigcncy should require
such loans to be made.
The very prosperous condition of our
country, and its disposition to meet faith
fully all its obligations has rendered. it
easy for the government to negotiate large
loans ut reduced rates of interest in foreign
plarkets. The Secretary says it is prac
tica1le to dispense with all revenue from
internal sources. except that derived from
stamps, spirits, tobacco and malt liquors.
reduction Of duties is recommended on
salt, TO the extent Of fifty per cent, and on
bituminous coal to fifty cents per ton. A
reduction is also recommended on raw hides
and skins; and the removal suggested Of all
duties from large class of articles pro
duced in other countries. which enter into
the arts and manufactures of this country.
and which are not produced here
The report speaks of our present system
of currency as follows:
The value OF the paper currency of the
country during the years 1869 and 1870 was
apparently appreciated by the increased
use or paper money in the South. but chiefly
by the establishment of the credit of the
United States upon a firm basis On the
first 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 increased demand
tor 1t in the business affairs Of the country
The difference between the value of PAPER
money at the present and its value on the
first Of December. 1870. may he attributed
to the latter cause. and furnishes the best
means which the country has vet had for
aseertalning the quantity OF paper currency
which can be used and it's value kept ar
par with gold. The result of this test
concurs with what seems to me to be
the best opinion upon the subject that
the amount OF paper money in circulation
Is still SD great that ii can not be main
tanned in statu at par with coin There are
two modes o. relief. One is to reduce the
volume OF currency, as was recommended
by me in my ANIMAL report. submitted to
Congress in December, 1869 The other
mode Is to await the growth of the country
and the increasing demands of business.
which in time will produce the desired re-
suit, The chief means of securing the end
sought without a reduction in the volume
OF paper currency, would be the use III
paper money upon the Pacific coast win
this object IN view steps have already been
taken by this department for the purpose of
a-certaining whether it is practicable to
paper for coin. and have reason
to anticipate that a change may be made in
the laws relating to national banks tending
to that result. which will not affect nm. |
Iavorably the general character of the
system.
The Secretary repeats his recommendation !
% have Congress abolish the system of
shares IN moleties "a far as the benefits inure |
o revenue officers and other persons off. |
Tally connected with the government |;
) thought that while the agents Of TIN, gov
.rnment have an interest in benefits that ac-
rue in this way importers and Others whose
tets are made subject of investigation
rave just cause Of complaint.
Secretary Boutwell, informs Congress that
eturns tor the fiscal year 1901 show that
he ocean commerce of the United States is
PASSING rapidly into the hands of foreign
merchants and shipbuiders, and believes
he loss OF the shipping to this country is
ue chiefly to two causes: first, the deStruc-
ion OF American vessels by rebel cruisers
urng the war: and secondly, the substitu-
ion of iron steamships for the transporta-
ion of freight and passengers upon the
cean in place Of vessels built of wood. 1t
estimated that the value of our exports
nd imports has already reached the sum of
early eleven hundred million dollars, and
hat during the present decade it will exceed
fteen hundred million dollars annually.
n continuation of this very important sub,
,ct. che report concludes:
In view of the facts of our extensive coast
pom the Atlantic and Pacific oceans, and
ar position with reference to Europe nd
STA. the country ought not to he satisfied
18th any policy which does not look to the .
Establishment and continuance of ship build
lg III the United States, the announcement ,
our own seamen and merchants and the
'ntrol of SO much, at least of the com
cree of the world as is derived from the q
sport of our products and the importation
articles required for domestic consume ,
on.
The removal OF duties uDOn foreion art; r