The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1872-12-25
TIE TREASURY.
Synopsis of the Annuol ,Report Of
Secretary Beut,DeN.


tanning competent and faithful officers
in the public service The report
gives in detail the figures showing
the receipts and expenditures of The
Treasury for the fiscal yeal, which, az
they were amply summarized in the
Presidents message, it is unnecessary
to present here. The total reduction
Of tbepublic debt from March l, 1869
to November l, 1872. was, in round
figures, 1868 696, ,99987 and the reduc.
tion in the annual interest, $24, 1o7 ,S5I
The receipts for the remaining three.
Quarters Of the fiscal year are estima
ted at S2l8,00O,O 900, and the expendi-
lures at Sl73,7O0,O00. For the fiscal
year ending June 30, 1874, the revenue
is estimated at s32O,3OO,O00, the ex-
! penditures at S286,6O0,000, and the
surplus for reduction OF the debt,
S33, 100000. The reduction of taxa
tion since the close Of the war,
secured by various acts, is estimated
at s248, ,651 900 in tho internal revenue,
and sG0,699,l71 in customs.
Since the institution of the sinking
fund in 1869, and in accordance with
the act of February 25, 1862, there
has been purchased on this account,
up to and including June 80, 1872,
S98, 1864, 500 in bonds of the various
issues known as 5.20s, at net cost in
gold of s94.097, ,24382 In addition to
these purchases for the sinking funds,
bonds have been purchased to the
amount of Sl78,237 $50, at net cost
in currency of Sl95, ,008, 1883, or an
estimated cost in gold of S163, ,376,-
054.35.
The imports and exports of the
United States for the fiscal year were
Is1,070,64l 1853, and Of this vast trade
only 27t per cent. was in American
vessels. The acts of Congress allow
ling q drawback on foreign articles
used in the construction Of American
vessels have given encouragement TO
Iship-building but Mr.. Boutwell, is of
the opinion that this measure is mad.
equate to the revival of our decaying
commerce. "When," he says, tive
consider that nearly three. fourths of
THE foreign commerce OF the country
|is under foreign flags, it is plain that
there can be no considerable and
speedy change unless the Government
shall act at once, and in liberal and
comprehensive spirit"
The details of our trade with for
eign countries. are also represented rs
unsatisfactory. The imports on mer-
chandise for the. fiscal year ending
June 80, 1872, were s626,595, OF, aud
the exports, estimate in gold, were
s44, ,046,086, showing balance
against the country of sl82,548,99l.
The imports of merchandise for the
year 1872 were sl3,298, 933 less than
for the year 1871. The exports of
wheat. -four, raw cotton, cotton man
ufactures, gold and silver, firearms,
manufactures Of leather, Illuminating
oil and beef fell off se2, ,a25, while
there was a. gain Of S68, ,767 1892 IT,
the exports Of corn. furs, hides, skins,
bacon, hams, lard, leaf tobacco, man
ufactures of wood, iron, leather, and
many minor articles. There was an
increase of exports in every branch of
manufactures except cotton, leather,
and firearms. The decrease of our
exports in wheat and wheat -four was
s12,000,0o0; raw cotton, S37 100000 !;
manufactured cotton, 81 $50, 900; gold
and silver, sI1 100000; firearms, sl2,-
0O0,O0O; manufactures Of leather,
100000; Illuminating oils. $1,000, 900, |
and beef, s2,0OO,O0O. The statistics of
imports show an increase of 100000
lin coffee, slS,0OO,O 900 in sugar, nearly
$1,000, 900 in raw wool, s2,00o,000 in
pig iron, s10,00000 lin manufactures
of iron, s5,000,0OO in manufactures of
cotton, s3,OOo,00 in manufactures of
silk, and about s8O,0OO,O0O in manu-
factures OF wool.
On account of an expected contin.
uance of the depreciation of the value
of silver, the Secretary recommends
the discontinuance Of the use of silver
coinage for homo circula ion. He
says:
"In the last ten years The CONNER.
cial value of silver has deprecated
about 8 per cent as compared with
gold, and it's use as currency has been
discontinued by Germany and some
other countries. The financial condi-
ton of the United States has prevent
ed the use Of silver as currency for
more than ten years, and I am of
opinion that upon grounds of public
policy no attempt should be made to
Introduce it, but that the coinage
should be limited to commercial pur-
poses and .desi gned exclusively for
commercial uses with other nations.
The intrinsic value of a metallic cur
rency should correspond to it's COM
mcrcial value, or metal should be used
only for the coinage of tokens re-
deenable by the Government at their
nominal value. As the depreciation
of silver is likely to continue, it is
Impossible to issue coin redeem in
gold without ultimate loss to the
Governme ent, for when the difference
becomes considerable, holders will
present the silver for redemption, and
leave it in the hands Of the Govern
ment,to be disposed of subsequently,
at o loss, If the policy should be
adopted of issuing silver coin ire
deemable, but whose intrinsic value
shall correspond to gold, the time
mnst come when the country would