Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1872-12-13
Report or the Secretary OF the
Treasury.

oo3iatIns Inc sale Of Ss60' oco'ooo in per cent.
bonds, and the redemption OF S200,0O00OO OF per
cent SO bonds has been N @ oess
OF the Treasury. Further negotiations OF D per
cent bonds will now be made upon the basis OF tno
means OF giving an additional status TO the bonds
by the Funding act ofJuly ~ lo,V, ana
additional security TO the owners that in,
bonds OF every Issue shall he made converuDle hto
coupon bonds at the will Of the holder. mneu .nr,
this privilege is granted the desire TO convert tn0
our roREuN COMMERCE.
The details of our trade with foreign countries,
~ represented by the returns OF the stauencai
BufeS, ate unsatisfactory From these retnrns mr. M ~
iscai year ending June sO 1872 were fd26 595,0T',
and tho exports estimated In gold were f4a,0dS
Os6 showing balance against the country OF Slox,-
b4seg1 This balance is In some degree apparent,
rather than real. On the 30th OF June, loll' tne
value Of goods remaining In warenoppses, p :, as was
Sig92ii qgB showing nm excess at the close o. the
last fiscal ychr Of S43.SS6,G0l Dcducdng TINS e&
cess we have ~ bnanSG DSsed "a Sn sas "i From this
further reduction should be made OF fbo,loSyoso;
being the excess Of exports over the imPoIs o,
gold. After these deductions, there sun IeHalnsWn
adverse balance of $62, ,52S $50. ,-,, ~,
The adverse balance has been met, probably, py
freight on merchandise carried in American vessels.
profits on exports made on account OF American
merchants and shippers the sale OF bonds abroad
and Investments in the United States by the inhab-
itants of other countries
The exports Of merchandise for the year 1873
were $lS 29S, 1888 less than for the year 1871 Inc
exports Of wheat, -four raw cotton, cotton manu-
faCturee gold and silver, firearms, manufacturers
of leather, Illuminating oileud beef, fell on $S2WS-
325; while there was gain OF $6S,76IaJ2 IN the
exports of corn, furs, hides skins pacon' ond' nS'
lard, leaf tobacco, manufactures Of IRON wooa,
leather, and many minor articles. Therc was an
increase OF exports in every branch OF mahla0-
lures except cotton, leather and firearms -.
The decrease Of our exports in wheat and wheat
flour was 12,000,O00; raw cotton 3IOO0OOOi man
ufactured cotton 81 600 gold and tlVsr, ~
leather, $GOO0OO; Illuminating oils, $s5OOOOOi ana
beef, 81, 600 900. - -,
100000 in coffee; 900 In sugar; nearly Sb,-
d O,00O in tea; nearly $30O0,00O in TN plates; more
than $1700O,000 In raw wool s2OeOVOoO IN obne p,e
iron; $40, 600 in manufactures OF iron SoUvO,-
COO in manufactures Of cotton; $iOO0OOO IN manu-
factures of silk, and about $7,04O,OOO In manu-
facturcs OF wool The statistics are not repre-
sentod as affording a baeis for legislation, but
rather because they are excepuonai III Chai"0'oi'
and not likely to he repeated.
COAST SURVEY.
The operations of the Coast Survey, as wen az
those Of the Light House Board, appear 10 nave
been economically and efficiently managed
THE REVENUE MARINE ,
consists of % steam and sailing vessels, carrying
45 guns aud manned by 1893 officers and $50 men.
This service has constantly improved in ethciency
and In the economy OF its management since the
summer Of 1869. The cost OF maintaining the rev
enuc marine has been reduced from l,293,6bl.bI
ip 1868 to $3.50 24jS1 for the year ending June 5O
ls7a.
FROM tne report OF tne pupeINlHihB p"BSOA VI
the
MARINE HOSPITALS
II pears that branch Of the public service is in
satisfactory condition. During the last fiscal year
49, 1855 patients were treated in the several hos
pitals Of the country, at an average cost OF aDoutv
cents each per day, or total expenditure Oh
1896 1858 H. against total expenditure OF the pre-
ccding wear Of s4s3 0ssqs, or an average cost per
patient OF $1.04 per day. The increased receipt
and diminished expenses for the last fiscal year, as
compared with the year next preceding. snow neb
gain to the Government of $56,S1921. During the
same period the number of districts in when reel
was furnished was greater than ever before and the
salaries OF medical officers at several of the prnci-
| pal ports were increased. The financial improve
ment shown is due largely TO more careful scrutiny
of the applicants for relief to the rejection OF those
| who were not entitled under the law, and also TO
the greater vigilance in collecting the hospltal
| dues
| From the appropriation Of $200,000, made April
| 20, 1871, for more effectually securing life and
property on the coasts of New Jersey and Long
Island, seven of the old life-sav,ng stations have
| been repaired and enlarged, and sixty-one new
ones have been built, and new apparatus suficient
for ordinary use, has been procured for the larger
number Of them.
| STEAMBOAT INSPECTION.
The act Of February 2S, 1871, to provide Tor the
better security of life on board of vessels propelled
| in whole or in part by steam, has not been in
operation a sufficient time to test It's value IN
all respects, but the result in the main, is salts
| factory. The Supervising Inspector General, In
! his annual report recommends several alterations
in the law, not affecting its character literally.
| NAVIGATION AND CUSTOM LAWS
| The Secretary favOrs the consolidation OF tne
| navigation ard custom laws one OF the best
means of realizing the benefits of the protective
| policy Of the Administration,
| CURRENCY.
Al Ter this head is u rehearsal of the advantages
| d under the present laws controlling the is
su, aud circulation of the currency of the country.
| 1t concludes as follows:
The argument in favor of paper currency COM
posed in part OF United States notes and in part OF
| National Bank notes, is strengthened by the aid
OVtd
maintaining
SPECIE PAYMENT.
| -. view am now about to take, exclude
md TIA thar the Government will ever abandon
Lev6le of National Bank notes and undertake the
80 2 OF United States notes in their place. The
fhSNet OF such policy may be fOreseen. The peo-
-lNo deprived of the facilities for business afforded
/ ~ banks, would seek relief through State
| Institutions and, without much delay, Con-
10 Issue notes for circulation This Concession con
would be followed by surrender by the General
government of all control over the paper ci'cu-
lation Of the country. The true policy will be
found in continuing the national banking system,
without, however, yielding an increase of its
Issue IN proportion to the volume Of Government
paper in circulation.
There are two efectual and certain ways Of
placing the country in condition when specie and
| paper will possess the same commercial value. By
| diminishing the amount of paper in circulation
the difference between the commercial value
| of paper and coin will diminish, and by
pursuing the policy the difference will
|
limited in its operation to the paper issues of the
banks snd of the Government, whether bearing
interest or not, and which in effect shall tend to
diminish the market value of coin, will be found
upon analysis, to contain plan for controlling
the volume OF paper currency, and all legislation
so limited which does not contain such plan,
will prove Intellectual Accepting this proposition,
and believing that the country is not prepared
to sanction anbG the policy Of contraction, !, 1t
which the yalue OF our currency may be improved.
The basis Of policy Of Improvement must be
found in steady refusal TO add to the paper in
circulation, until II is OF the same value substan-
TALLY as coin. This being accepted the settled
purpose OF the country, there can be no permanent
increase OF difference between paper and coin, and
an opportunity will be given for the influence OF
national causes tending upon the whole to better
financial condition. We may count first among
these the increase Of population and its distribu-
tion over new fields of business and labor. Sec
ondy, in the South especially, the number of per-
sons having property and using and holding money
will increase. Next, We may anticipate more gen
eral use of paper in Texas and the Pacific States,
by which, practically for the rest Of the country,
the volume of paper will be diminished and the
quantity of coin increased. Two facts tending to
produce an equality of value in the infu
ences Of these natural causes will be counteracted
in some degree by the increasing facility
for the transfer OF money from one point to
another and by the greater use of bank checks and
certificates OF deposit The rapid transit of mer
chandise in bringing the period of its consumption
nearer to time Of its production Is an agency of a
similar sort. Giving these views their full weight
! am prepared to say that the experience OF the
last three years comedies with the best judgment
can form, and warrants the opinion that, under the
influence OF existing natural causes, our financial
condition will gradually improve.
During the last fiscal year there were several
circumstances tending to counteract the natural
course OF affairs Our exports of cotton fell OF
thirty-seven million dollars, and there were ex'
cessive imports Of wool, tea, coffee and sugar
The stock Of wool in warehouse on the s0th Of
June was sufficient for six months consumption
OF sugar, for four and a half months; OF coffee
for five months, and after for twelve months. In
the ordinary course of trade, the importation o.
these articles will be small during the curren
year., with consequent favorable effect upoI
the balance between this and other coun
tries. This anticipation OF the wants of tn,
country, in connection with the decrease of oul
exports, augmented the balance OF trade; created
an active demand for con and advanced the price
Notwithstanding these adverse influences, gold hai
averaged substantially the same premium from Jan
to Nov /, Of the present year, and for the CORE
> spending period of 1871.
, Not doubling that natural causes will in tint
produce the result sought for II is yet advisable e
I bring the power OF the Government in aid of thu
movement as far practicable. The revival OF ou
| fo ,falNkv rhav.a