The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-12-06
DEPARTMENTAL REPORTS.
REPORT OF THE SECRETARY OF TIL
TREASURY.


The country has been prosperous during
the year, now closing; and the public fl
nances have shared in the general pros
perity.
During the fiscal year ending June 80,
1871, the reduction Of the public debt was
s94, 1927, 764.S4. The total decrease in the
public debt from March l, 1869, to Deem
Der /, 1871, was s277 ,2l1 ,s92.l6; and
during the same period the annual interest
charge has been reduced $16,741 1896. 04.
The Secretary says:
1.-The revenues for the year 1871, and the
receipts since the first Of July last, show
that the time has arrived when consider
able further reduction in taxes can be
made, and yet leave the government in o
position to pay at least fifty million of dol
lars annually Of the principal of the public
debt, including the 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 revenue sufficient to meet
the ordinary expenses of the government,
pay the interest on the public debt, and
from twenty-five to fifty millions Of dol
lars of the principal annually. To that
ODNllOu Il 6uilCiCs WIN CsSu - StiOif>-ti Gbl-
yiction 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-
tern of taxation has not been oppressive to
individuals, nor has it in any sensible de-
gree embarrassed the business of the coun-
try; and while relief from taxation is de-
srable it is yet more desirable to maintain
the public credit in its present elevated
position, not only as an example to other
nations, but for its historical value in en-
abling the government to make loans for
large amounts upon favorabls terms if, UNI
happily, in the future an exigency should
require such loans to be made.
the power to negotiate large loan at
five per cent. interest, and to enter upon
negotiations for the sale Of bonds bearing
five, four and half, and four per cent. in
terest, is derived entirely from the exhibit
ton of an honest purpose on the part of
the people to maintain the public faith, and
the consequent ability OH the part of the
government to answer that expectation by
large and frequent payments upon the pub
lie debt.
The revenue from customs for the fiscal
year 1871 was greatly in excess of the esti-
mates, amounting to S206, 270, 40S. 05,
against S194, 53S, ,374.4t, for the preceding
year. The cost of collecting. this revenue
was $0,5G0, 672.6l, for 1877, being three
and elevcn-hundreths per cent, while the
cost for the year 1870 was s6,237, 1925,
or three and Observation-Disclosures per cent.
The appropriation for the collection of
the customs, with the additions derived
from fines, penalties, and forfeitures ex-
ceeded the expenditures by the sum of
more than $500, 900, and there is no doubt
that the permanent appropriation will be
ample for the present fiscal year, and for
the next fiscal year.
The reduction of the rates of duty on the
LIST of January, 1871, under the act of July
ID, 1870, diminished the importation of
many articles during the last six months Of
the year 1870, but there was consequently
large addition to the revenues for the first
six months of the year 1871.
A comparison of the first six months of
the calendar year 1871 with the first six
months of the calendar year 1870, shows
an increase of fifty-five per cent. in the
quantity of tea imported, twenty per cent.
in the quantity of coffee, fifty-three per
cent in the quantity of brown sugar, one
hundred and twenty per cent. in the guam
tty of pig iron, one hundred and eighty
six per cent. in the quantity of meado, one
hundred and thirty-nne per cent. in the
quantity of spices, and large increase in
many other articles.
The probability is that the customs rev.
enue for the current year will exceed that
for the year lS70-'7l.
The receipts FROM internal revenue were
s143 ,09s, 1888, being s4,04s, 9S4.29 less
than the estimates presented to Congress
in December last for the fiscal year ending
June 80, 1871. The estimates for the cur
rent fiscal year were sl26, 418 900, and it
is probable that the receipts will be equal
to the estimates.
The net receipts for the fiscal year end
ing June 80, 1871, were $685., 1923 ,944.S9.
The expenditures for the same period were
s292, III 1925.
The receipts for the first quarter of the
present fiscal year were:
From customs. ................... $50, 2ss s2s 81
From internal revenue-..."........ 35,66S, 1900
From sales of public lands..--... 602,6s06l
From miscellaneous resources. s,733, So. 81
slo7, l9s, S746C
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