Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-12-07
decayed shipping interest, and prompt meas


ures should be taken to give 1t further aid.
The imports of merchandise for the fiscal
year ending June 80, 1872, were 1926, o95, on'
and the exports estimated in gold were Sfff,-
GAG, 0S6, showing a balance against the couh-
try of 1882 ,54S,99l This balance Is IN some
degree apparent rather than real; On lhe gun
of June, 1871, the value OF goods reihsinihe
in warehouses was S6S,5Z4,oos, WINE oh
the 8Oth of June, 1872, 1t was Sl22,Zll,2oo'
showing an excess at tns eiose VA 's "
} cal wear of S53, sSG,6O7.
The exports of merchandise for the year
1872 were $l3, 29S 1888 less than for the year
1871. The exports of wheat, wheat flour,
raw cotton, cotton manufactures, gold, silver,
firearms manufactures of leather, illumina-
ting oil, and beef, fell off $82 ,066, 1926, while
there was a gain of SGS, 767 1892 in the ex-
ports of corn, furs, hides, skins, bacon, hams,
lard, leaf tobacco, manufactures OF iron,
wood, leather, and many minor articles.
There was an increase of exports in every
branch of manufactures except cotton, lealh-
er and firearms.
The Secretary says that the United States
minis are in satisfactory condition. In re-
newing the recommendations heretofore made
for the passage of the Mint bill he suggests
such alterations as will prohibit the coinage OF
silver for circulation in this country, but that
authority be given for the coinage OF O silver
dollar that shall be as valuable as the Mexican
dollar, and to be furnished at its actual cost.
| He also recommends new issue OF nation
al bank notes.
He refers to the deialcation of James j.
johnson, and recommends the passage of a
law by which Mr.. Hillhouse shall be relieved
from responsibility in the matter of that de-
falcation. Referring to the report of the
Architect of the Treasury, he urges the cree
ton OF a brick freproof building upon the
public grounds south of tine Treasury, suffi-
cient for storage and the accommodation OF
the Bureau of Engraving and Printing.
| The operations Of the coast survey, as well
as those of the Lighthouse Board, appear to
have been economically and efficiently man
aged. The revenue marine consists OF ~
steam and sailing vessels, carrying Go guns,
and manned by 1913 officers and $50 men. The
cost of maintaining the revenue marine has
been reduced from 81 ,294, 66l.G7 in lsGS, to
$3.50, 249. 81 for the year ending June so, 1872.
Statistical tables, prepared from the returns,
show that in the essential particulars the work
performed during the last fiscal year is nearly
| twice as great as the average for the proceed
ing years. The fact that the compensation
of the officers in this service is small, and
the nature of the service such as to bring
disease and the infrmities of age upon them
prematurely, he thinks it plain duty for the
government to provide retired list, so that
the active service may be supplied constantly
with able and active men.
| The report speaks favorably Of the life saw
ing stations of the government, and recon-
mcnds the extension of the system to Cape
| Iiatteras. The Block Island station and the
station at Narragansett pier should be annex
ed to the Long Island district. Twenty-Five
vessels have been wrecked on the coasts Of
Long Island and New Jersey since July, 1871,
valued with their cargoes at over $500, 600, on
which the loss was about 100000. The off,
GERS and crews numbered 20G persons. all of
whom were saved through the agency of the
| life saving stations.
From the report ofthe Supervising Surgeon
Of Marine Hospitals it appears that during
the las. fiscal year Is, l56 patients were treat
ed in the several hospitals of the country, at
an average cost of about 81 cents each, per
day, or total expenditure Of 1896, 263.ll
against total expenditure for the preceding
year of $453, 0S2 AZ, or an average cost per
patient Of Sl.04. The Secretary renews the
recommendation for the erection of pavilion
hospitals at New York, San Francisco and
Pittsburg, and the erection in future of pa
vilion hospitals of wood, with the understand
ing that after ten or fifteen years use they
are to be destroyed and new ones built in
their stead.
The Secretary urges further legislation to
provide for the better security Of life on steam
vessels.
He opens his discussion of the financial pol
icy of the government as follows:
"The time has come when the attention of
the public is turned naturally to the future
financial policy of the country. That policy
must rest upon the past and the present. The
war caused three great changes in business
and financial affairs that have received the
careful consideration of the American peoples
| Frst-The country was compelled to i'm
pose heavy customs duties upon merchandise,
and thus, without general observation, and
without argument upon the principles in
volued, the nation entered upon broad sys-
tenn of protection.
Second-The government issued Treasury
notes for general circulation, as currency,
and prohibited banks of issue by state author
ity.
Thrd-A system Of national banks was es-
tablished, and their circulation protected by
the national credit. The wisdom of the mea-
sures, speaking generally, has been estab
lished, and, subject to such changes as the
changing condition and opinions of the coun-
try and people may demand, they will remain
part of our public policy until the financial
consequences of the war disappear"
The secretary anticipates reduction in the
customs uutleS, Dut tnlnkS tnat IL should not
be made without regard to our industries, and
he commends in set terms the tariff policy of
the last ten years.
He enters into an exposition OF the banking
laws of the country, and suggests that the
bank circulation should be limited and fixed.
The argument in favor Of a paper currency,
composed in part of United States notes and
in part Of national bank notes, he thinks is
strengthened by the aid which may thus be
furnished in resuming and maintaining spe-
Gle payments.
The true policy will be found in continuing
the national banking system, without, howev
err, yielding to the claim for material in
crease of its issues in proportion to the vol
ume of paper in circulation. There are two
effectual and certain ways of placing the
country in a condition when specie and pa
per will possess the same commercial value.
BY diminishing the amount of paper in crcu-
lation the difference between the commercial
value of paper and coin will diminish, and by
pursuing this policy the difference will dis
appear altogether.
The Secretary closes his report with q
hopeful view of the financial prospect. lie