The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-12-05
THE TREASURY DEPARTMENT,
Report Of Secretary Boutwell,.
TREASURY DEPARTMENT, Dec.

Jus uuIlLB buG year uOW CludluB hLu VII
: public finances have sharedin the genert
b prosperity. /.
During the fiscal year ending June BOT
: 1871, the reduction Of the public deb
+. was $04, ,327,7G4 81. Tie total decreas
in the public debt from March 1st, 1885
: to December 1st, 1871, was $977 ,2ll
! 500 10, and during the same period tn
annual interest has been reduced $40
TAI ,l38 Oh.
! Tho revenue for the year 1871, and tn
receipts since the first OF July last, shOV
=, that the time has arrived when q cOnsid
, cradle further reduction In taxes can b.
made, and yet leave the Government In
: position to pay $50,0O0,000 annually o
! the principal ol tho debt, including thl
amount pledged through the sinking fund
: In my annual report to Congress for 1870
, | expressed the opinion that the settled
policy Of the country should contemplate
u revenue sufficient to meet tho ordinary
expenses OF ihe Government, pay the in
terest on the public debt and from twenty
to fifty millions Of the principal annually
To that opinion adhere, and / have
even stronger conviction that the pay
ment annually upon the principal Of the
public debt should not be less than fifty
million dollars.
Large rs the revenues Of the country
have been during the last three years ouI
system Of taxation has not been oppressive
to individuals, nor has 1t in any sensible
degree embarrassed the business Of the
country; and while relief from taxation Is
desirable, 1t Is more desirable to maintain
the public credit In It's present elevated
position, not only as an example 10 other
nations but for It's historical value in ena-
bling the government TO make a transfer oi
blarge amounts upon favorable terms, II
unhappily in the future on agency should
require such lOans to be made.
The power TO negotiate large loan at
five per cent, and enter upon negotia-
tions for the sale Of bonds bearing five,
four and q half and four per cent interest,
Is derived entirely from the exhibition Of
an honest purpose on tho part Of tho
people to maintain the public faith, which
can bC best shown by large and frequent
payments upon the public debt.
The revenue from customs for tho year
1871 was greatly In excess Of the esti.
mates, amounting to $2O8,97O, ,409 05,
against $104 53S,874 A for the preceding
year. The cost of collecting this revenue
was $G5O0,572 OF for 1871, being 311
per cent, while the cost for the year 1870
was $0,237,137 25, or3.23 per cent. The
appropriation for the collection Of
customs, withIthe additions derived from
fines and penalties, and for failures, ex.
ceeded tho expenditures by the sum Of
more than 100000, and there Is no
doubt that tho permanent apprOpria.
tlon will be ample for the present and for
the next fiscal year.
The reduction for the rates on duty to
tho 1st OF January, 1871, under the net
of July IA, 1870, diminished the importa
tiOn OF many articles during the last six
months of the year 1870, but there was
consequently n largo addition to the rcv.
enues for the first six months Of the year
1871. A comparison Of the first six
months Of the calendar year 1870 show
an increase Of So per cent on the quantity
OF Tea imported, 20 per cent In the Quan.
tity Of Collee, SO per cent In the quantity
OF brown sugar, 120 per cent In the quan.
tity Of pig iron, 1876 per cent In the quans
tity Of meladO, 130 per cent In the guam
tity Of spices, and large increase in
many other articles. The probabilities
are that the customs revenue for the cur.
rent year will exceed that for the years
1870 and 1871.
The receipts from internal revenue
were $i43, ,009, 1893, being $4049,09420
less than the estimates presented to Con.
gress In December last for the fiscal year
juno 80, 1871. The estimates for the cur.
rent fiscal year were $t2G, AIS 900 and Il is
probable that the receipts will be equal to
the estimates. The net receipts for the
fiscal year ending June 8Oth, 1871,
were as follows; From customs, $780,
270, ,40905; from internal revenue, $l43,.
09S, 1898; from sales Of public
lands, $2,399, ,G4BGS; from miscellanc-
Gus sources, $3l ,09G, ,73G G53--total $685..
1898, ,04S0. The expenditures for the same
period were For civil and miscellaneous
purposes, 800, ,409, ,710.70; for War Depart.
ment, COS 100 O9OlS2. CThis Is the net
amount after deducting $9,2SO,0O3.12 re-.
paid into the Treasury as proceeds Of the
sales Of ordnance, &c. The true expendi.
lures we're $44,0S0,O9i.D0) For Navy
Department, $40 431 ,02T2i; Indians, 81
420, ,0974l; for pensions, $34, ,443,9 ,994 49,;
for interest on the public debt, $125,57G,.
5O50 03; total, 5000, in, 1895. , 4
The miscellaneous revenues for the
fiscal year ending JUNE 30, 1871, were de.
rived from the following sources Pre-.
| ,i,,,,,n ,,k, Tin aa1na NJ nntt, cp1O OQn 0k,
fees from United States consuls, $685.
5O324; storage, rent, labor, &C., at
Custom House, $4l,3tO0l; fines, pen.
altes and foffeilures for violations
Of custom laws, $502, $40. 80; fees on letters
patent, $G20,3i0.11; tax on circulation de.
pOsits, &C., Of national banks, $0003,-
694. 90; repayment OF interest by the Pacific
Railroad Companies $913284.75: home.
stead and other land fees, S645, 1923. II;
steamboat fees and marine hospital tax,
$3.50 5351O; proceeds oi sale Of coin in
terest on sinking and special funds,
S770i GB2 73; from miscellaneous sources,
| $9758,i ,iSO0t. Total, $37, 1881 ,87480.
The expenditures for the same period,
excluding payments on account Of the
sinking fund, were: For civil and fniscel.
laneons purposes $40 $40, ,7S2 40; for War
Department $i2 ,590,653 05; for Navy De.
patttnent $0,553,040 %; for Indians $8,.
40I, ,449 42; for pensions S9,090,699 60; for
interest on the public debt $88, 8,725, 1874 81.
Total $50, ,0O3, ,8s9 o. agI
The estimated receipts Of the remaining
three quarters for the present year arc as
follows; From customs, $l49,000, 900
from internal revenue, 800, 0,O0O, 900; from
sales Of public lands, S2O00,0O0; from
miscellaneous sources, $lS,OOOOOO; total
$S5sOOO0O0,
Tie estimated expenditures for the
same period, excepting payments on &C.
count Of the sinking fund, are For civil
and miscellaneous purposes, $50,0000 900
for War Department, 30,000,000
C,s rnvy 1aNo Fttnont etV Enfl mn. foy In