Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-12-06
DEPARTMENT Reports.
Esenort Of The SECRETARY Of the rr.

e epOrt of the Secretary of the Treasury.
Mr.. BoutwelIs report begins with the follow
ing financial exhibits, estimates and recon-
mendatioEs:
The country has been prosperous during the
year now closing, and the public finances have
shared in the general prosperity. During the
fiscal year ending June 80, 1871, the reduction
of the public debt was S94 337 764.S4. The
total decrease in the public debt from March l.
1862 to December /, 1871, was S277 ,211 1921
and during the same period the annual interest
charge has been reduced S16,74l ,436 o.
REDUCTION OF TAXATION POSSIBLE.
The revenues for the year 1871, and the re-
ceipts since the first of July last, show that the
time has arrived when a further reduction in
taxes can be made, and vet leave the govern
ment in n position to pay fifty millions of dollars
annually of the principal debt, including the
amount pledged through the sinking fund. In
my annual report to congress in 1870, | eX-
pressed the opinion that the sound policy of the
country should contemplate revenue sufficient
to meet the ordinary expenses of the govern
ment, pay the interest on the public debt and
from twenty-five to fifty million dollars of the
principal annually. To that opinion | adhere,
and have even Il stronger conviction that the
payment annually upon the principal of the
public debt should not be less than fifty millions
Of dollars. Large as the revenues of the country
have been during the last three years our SyS-
TEN Of taxation has not been oppressive to in
diyiduals, nor has it in any sensible degree EN-
barrassed the business of the country; and
while relief of taxation is desirable, it is vet
more desirable to maintain the public credit in
its present elevated position, not only as an ex.
ample to other nations, but for its historical
value in enabling the government to make
loans for large amounts upon favorable terms
if uuhappily in the future an eXipency should
require such loans to be made. The power to
negotiate large loan at five per cent, and to
enter upon negotiations for the sale of bonds
bearing five, four and a 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 uublic faith and the CONSEQUENT
ability on the part Of the government to answer
that expectation by large and frequent pay
ments upon the public debt.
THE CUSTOMS AND INTERNAL REVENUE.
The revenue from customs for the wear 1871
was greatly in excess of the estimate, amount
ing to S206 ,270 ,40S05, against 1874 1853 374 "A
for the preceding year. The cost of collecting
this revenue was Sc, $50, 672 81 for 1871, being
three aud eleven hundredths per cent, while the
cost for the year 1870 was 1921, 1875 or three
and twenty hundrcdths per cent. The appro-
prlatlons for the collection for the customs, with
the additions derived from fines and penalties
and forfeitureS, exceeded the expenditures by
the sum of more than eight hundred thousand
dollars. There is no doubt that the permanent
appropriation will be ample for the present year
and for the next fiscal year. The reduction for
". L
under the act of July a. 1870, diminished the
Importation OF many articles during the last six
months of the year 1870 but there was copse-
auenty large addition to the revenues for the
nrst SIX months OF the year 1871. A comparison
OF the hrSt six months of the calendar year 1871
with the first six months of the calendar wear
1870 show an increase of So per cent in the
quantity OF tea imported, 90 per cent. in the
quantity of coffee, 50 per cent. in the quantity
o! brown sugar, 10 per cent. in the quantity Of
pig iron, 1856 per cent. in the quantity of melado
l39 per cent in the quantity Of spices and a
large increase in many other articles. The prob
ability is that the customs revenue for the cur-
rent year win not exceed that for the wear 1870
1871. The receipts for internal revenue are S143-
COS $685. being 81 04S 9S4 80 less than tho esti
mates presented to congress in December last for
the fiscal year June 30, 1871. The estimates for
the current fiscal year were S12G AIS 900, and il
is probable that the receipts will be equal to the
estimates.
NET RECEIPTS.
The net receipts for the fiscal wear endinU
June 20, 1871, were as follows
From customs. ACKNOWLEDGEMENTS. S2O6 go 409 Of
tni I revenue, .l53 GO
miscellaneous sources. ............... 31O6673 So
Total 1888, 1923 ga SO
The expenditures for the same period were:
Civil I and miscellaneous purposes 1853, 49s no 81
NJ, 5 l '''''''........, IS, 1871 81
Navy department. ...,.,,,.....,.... 49, AN O27 81
ihuiins. 1926 997 a
E Inierss1 on nnic io; 34448S9i s.
Interest oH Pu'lic ot''''.''..,.. l25,576565 SO
Total. 1922 III 1s9 Of
The receipts for the first quarter of the pres.
cnt fiscal year were:
From customs ...,................. s62 2Sq 900 97
Internal revenue .................... 35b53l75 N
Sales of public lands. ............. S9S go ei
Miscellaneous sources. .............. S,758i8S 81
NEUTRALITY-SUSPICIOUS.. Sl17 1as ga eo