Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1872-12-16
THE TREASURY DEPARTMENT.

The report OF Secretary boutwell, Is
by all odds the most important, next to
the Presidents message, of all the pub
lie documents. 1t opens with refer
ence to the negotiation of the five per
cents, and says further loans can now
be negotiated on the same basis. The
total net receipts for the last fiscal year
were 1914, 1O6,S69.50 the total dis
bursements were $377,t7S,216.2o, in
Guiding 500, 800, 253.54 on the princi-
pal of the public debt.
The total reduction of the debt from
March l, 1869. to November l, 1872,
was 1868, COG, 999.S7, accompanied by
a reduction in the annual interest to the
extent of S24.1S7,854. The receipts
for the first quarter Of the fiscal year
were SlOO,915, 134.7O; the expenditures
$lO5, 1856, 355.79, including $685.
1922 on the public debt. For the re-
mainder of the fiscal year it is estimated
that the receipts will be S2lS,5OO,OOO,
leaving surplus of s44, 100000 ap-
plicable to the redemption of the debt.
The amount required under the sinking
fund law will be 500, 100000, so that
there will be an excess beyond this sum.
For the fiscal year ending June 80, 1874,
the receipts are estimated at $32O,O0O,-
900, and the expenditures at 206,600,-
900, leaving an estimated surplus of
$33, 100000. The reduction of taxa
tion by the several acts passed since the
close of the war amounts to the internal
revenue to S249,65l, 900, and in the
customs to $6O,699,l7l, making total
reduction of $3O9,35O,lS1-a very
handsome showing u.,
The Secretary earnestly directs atten-
ton to the condition of our carrying
trade and to the necessity of doing some
thing to improve it. The imports and
exports of the United States during the
past fiscal year, excluded gold and sill
yer, amounted to 81 ,070.64l, 1913. And
yet of this immense trade only eight and
a half percent. was in American vessels.
In 1860, the proportion was seventy-one
per cent, and there has been a steady
decline. The earnings of the vessels
engaged IN the foreign carrying trade
exceeds one hundred millions a year,
and our vessels secure less than third.
The Secretary thinks the act of Congress
allowing drawback on materials en-
tering into the construction of American
j vessels has given encouragement to ship
building, but that something more is
needed. Precisely what measures he
+ would recommend he does not say, but
I he argues that the country can afford tc
establish and maintain lines of steam
ship rather than surrender this carrying
trade, for the indirect benefits woulC
: transcend the cost. England controls
the markets of the world because sh,
2 controls the channels of communication
: We must make new efforts in that di
/, rection.
: The state of our foreign trade, a
n shown by the statistics, is not very sat
e isfactory. The imports of merchandis
e for the last fiscal year we're s636,596,
n OF, and the exports estimated IN golt
d were $444, O46,O66, showing balanc
against us of SlS2, 548.2Ol. This, how
l. ever, is not all real For the excess c
II goods in warehouse, $50 ,0S6,607 shoul
2. be deducted and S66, 1873, $40 for tn
If excess of exports over imports of golC
t. leaving real adverse trade balance c
g $62,528,53 The exports of merchar
r disc for 1872 were 81 1928, 1888 less tina
ID for 1871. The exports of wheat, fou
N cotton, cotton goods, gold and silve
&c manufactures of leather, beef and 0
v fell off $50, 1926, while the export
lg of corn, furs, hides, skins, hams, toba,
co, manufactures of iron and many m
is nor articles increased 69,767.392. {
I'd imports there was large increase
a. coffee, sugar, tea, raw wool and MANI
d. features of wool and cotton, pig iron ar
IF manufactures of iron.
to The Secretary makes various recon
1g mendations- others one for tt
relief of Assistant Treasurer Hillhou
ut from responsibility for the defalcatit
ry of James I. Johnson-and then procee'
he to consider the future financial pole
Is, of the country. The war, he says, pr
he duced three great changes in the bus
is ness and finances of the nation. In t
- first place, it imposed the necessity
k, heavy custom duties, and thus necess
es. rily and without special intent. t
ig- country entered upon policy Of bro
Ike protection. In the second place, it
or to the issue of Government Treasu
he notes as currency. And in the thi
be place, it created system of nation
IN banks with circulation resting upon
En- national credit. and prohibited banks
re, issue by State authority. Mr.. Boutw
Try strongly sustains the policy of Prot'
Bile ton and makes cogent argument
it it He believes that it has largely &C
lie tributed to the prosperity Of the countl
yht and that, for the present at least, in t
bis adjustment of taxation If shall be ma