Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-05
Trsasursr's Report.
TREASURY DHPARTMHNr,


Washington, December 4, 1871.
SiT-The country has Leen prosperous during
the year now closing, and the public finances
have shared in the general prosperity. During
reduction OF the public debt was S94 81, ,7t4 ~.
The total decrease in the public de0t from
So, IA, lS9,2l6; and dur lng tue same period the
annual interest has been reduced sl6, IA ,4S6 o..
THE REVENUE
for the year lS7l, and the receipts since the lst
of July last, show that the time has arrived
VIII IN a considerable further reduction In taxes
can be made, aHd yet leave the government in
a position TO
PAY S5O,oOOOOO ANNUALLY
Of the principal Of the debt, including the
amount pledged through the sinking fund.
In my annual report 70 congress for $50, l
expressed the opinion that tie settled policy
Of the country should contemplate revenue
sufficient to meet the ordinary expenses OF the
government, pay the interest = the public
debt, and from twenty-five toA1fty million
dollars of the principal annually. To that
opinion adhere, and express even
A STRONGER CONVICTION,
that the payment Annually upon the prinel-
pal OF the public debt should not be less than
s50,0000OO. Large as the resources OF the cOun-
try have been during the last three years, our
system Of
TAXATION HAS NOT BEEN OPPRESSIVE
to individuals, nor has 1t to any sensible de-
gree embarrassed the business OF the country,
and while relief from taxation Is desirable, II
is yet more desirable to maintain the public
credit IN It's present elevated position, not only
as En example to other nations, but for its
historical value IN enabling the government
to make loans for large amount upon favora-
bic terms II, unhappily, in the future an eXt-
gency should require such loans to be made.
The power 70 negotiate q large loan at i've per
cent and enter upon negotiations for the sale
of bonds drawing Ave, four and half and
four per cent. interest Is derived entirely from
the exhibition OF
AN HONEST PURPOSE.
on the part Of the people 10 maintain the pub
lie faith, ana the consequent ability on the
expectation by large and frequent payments
upon the public debt.
THE REVENUE FROM CUSTOMS
for the year 1871 was greatly in excess OF the
estimates, amounting TO s2O6, ,270, ,40S o., against
Sl9t,5S 574 "A for the preceding year the cost OF
collecting this revenue WAS So76,0 ,25 for 1871,
being ll-lOO per cent, while the cost for the
year 1870 was s6E7,la ., or exceeding 4-lOO
ET cent The sppropri atoms for the collec-
tnSA OF custom less additions derived from fines
andSsqenalties and fOrfeitures, exceeded the
eXpei -iiture by the sum of more than $50, coo,
and there is no doubt that the permanent sp-
preparation will be ample for the present year
ana for the next fiscal year.
THE REDUCTION
uDon the rates on duty to the lst of January
1871, under the set of July Il. ls70, diminished
the i'm portation of many articles during the
last six months OF the year. lS70 but there
was consequently large addition TO the rev.
comparison or the irst six months of the
calendar yesr, 1870 shows an Increase of ff.
ty-nve per cent. IN the su Sntity of teas i'm
ported; tTenty per cent in the quantity o.
cofi5s; nfty.t three per cent. In the quantity OF
brown sugar; one hundred and twenty per
cent. In the Quantity OF pig iron; one hun
dred and siguJy-slx per cent. in the quantity
OF melsdo; one hundI ed and thirty mine pei
cent. in the quantity of oil and spicss, and .
larger incTeSse in many other articles. The
probabilities are that the customs revenue
for the current year will excsed thas for tbs
years, 1870 and 1871. The receipts from
INTERNAL REVENUE
were sl4S OeS los s. being S40Is,9S4 - less than
the estimates presented to congress in Decem-
Der last, for the fiscal year ending June 50, 1871.
The estimates for the current fiscal year are
Sl21 S,OOO and II Is probable that the receipts
viii be equal 70 the estimates.
THE NET RECEIPTS
for the fiscal year ending June 30, ls7l, were a.
follows:
EASAAA W
From Internal revenue....-.......l4 l43 ,JsS 1853 63
From sales Of public lsnds-...-...... 2,SSS64 Is
From miscellaneous souroes.....--. a,u6o7SS 81