Evening star. [volume] (Washington, D.C.) 1854-1972, 1871-12-04

REPORT OF THE SECRETARY OF
IKE TREASURY.

The country has been prosperous during the
year row 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 S9f.3g1 :.
1Gi.Si. The total decrease in the pubIic debt
from March 1, 1869, TO December !, 1871, was
S2i1 ,2ll SOP lG; and during the same period The
annual interest charge has been reduced SlG,-
7il,4G6.04. The Secretary says:
The revenues for the year ISL, and the re
c6ipts since the fist of July last, show that the
time has arrived when a considerable further re
ductiOn in taxes can be made and yet leave the
government in position to pay at least fifty mil
lions of dollars annually of the principal OF the
public debt, including the amount pledged
through the sinking fund. In my annual report 10
Congress tor 1870, expressed the opinion that the
settled policy Ofthe country should contemplate
a revenue sufficient to meet the ordinary eX
penscs of the government, pay the interest on
the public debt, and from twenty-five to fifty
millions of dollars of the principally annually.
To that opinion adhere, with even a 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 system of tax
alton has not been oppressive TO individuals, nor
has 1t in any sensible degree embarrassed the
business of the countryi and while relief from
taxation is desirable il Is vet more desirable %
maintain the public credit in its present eleya-
ted position, not only as an example to other
nations, but for its historical value in enabling
the government to make loans for large
amounts upon favorable terms if. unhappily, II,
the future an exigeney should require such loans
to be made.
The power to nego tate large loan at tiveper
cent interest, and H. enter upon negotiations for
the sale Of bonds bearing five, four-and- a-half
ard four per cent interest, is derived entirely
from the exhibition of an honest purpose on the
part of the people to maintain the public faith,
and the consequent ability on the part of the
Government to answer that expectation by large
and frequent payments upon the public debt.
1871 was greatly in excess of the estimates
amounting 10 s206.27O 40s 05, against sl94 $685.
ga A, for the preceding year. The cost of col
being three and eleven hundredths per cent.
while the cost for the year 1870 was 49, 25
or three and twenty hundredths per cent.
The appropriation for the collection of the
customs, with the additions derived from fines
penalties, and forfeitures, exceeded the expend-
itures by the sum Of more than eight hundred
w that the
present year, and for the next fiscal year.
The reduction of the rates of duty on the Isl
of January, 1S1 under the act of July Ia, 1870
diminished the importation of many articles
during the last six months of the year 1870, but
there was consequently large addition 10 the
revenues for the first six months OF the year ISL
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
ffty-fye per cent. in the quantity of tea inn
ported. twenty per cent in the quantity OF cot
fee, fifty-three per cent. in the quantity of
brown sugar, one hundred and twenty per cent.
in the quantity OF pig iron, one hundred and
one hundred and thirty-nine per cent in the
quantity Of spices, and large increase in many
other articles.
The probability is that the customs revenue
for the current year will exceed that for the wear
1S10-Il.
The receipts from internal revenue were
s143 0S 1855, being - OiS 9SI - less than the
estimates presented to Congress i'm December
last for the fiscal year ending June so, 1871 The
estimates for the current fiscal year were
Sl26 eco, and il is probable that the receipts
will be equal To the estimates.
The net receipts for the fiscal year ending
June 80, 1871 were $3.50 ,323 9I4.s9 The expendi
lures for the same period were S292 II 1885,
The receipts for the first quarter Of the present
fiscal year were:
From customs. INSTRUMENTATION. SEQ 2so, 800 81
From internal revenue......... $685., 175 OF
From sales OF public lands....... Coz, ESQ 81
From miscellaneous sources...... $3.50, 1S9 81