American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-12-21
Report Of the Secretary Of the Treas.
ury.

The report opens with tribute to the fidelity
and ability of the officers and clerks of the
increase Of salary to the Assistant Secretary.
Since the last annual report, the business of ne
he rrdenption Of s. oca Of S per cent a
bonds has been completed Further negotiations
on per cent bonds will now be made On the ba-
sis of former negotiations.
The Secretary then gives the financial state
ments Incorporated in the Presidents Message,
which are for that reason omitted here. In rela-
ton to them he says the estimates are based upon
the amount of internal venue collected since
the acts Of May and June. 1872, went into opera
ton. But the imports hav. been large, and con-
siderable sums have been obtained by inter-
claims. Hence it will be wise TO leave the
source of revenue urdisturbed for the present
session 1t is estimated that the expenditures
forthe same period will be, civil expenses, SIS =
000, 900; foreign intercourse. 81, 325 900; indi-
ans "a ,ooo, 600; pensions, $50, 800. 600; military
establishment, including vessels and improve
ments at navy yards, So so 600; miscellaneous
and collecting the revenues, 81 500, 900; interest
on the public debt s9s, Oo,oo interest on Pa
se eai,cay 4 bSnds as 81 sinking fund
mated surplus revenue s33- 200, 600.
The estimates received from several executive
departments show that the following amounts will
be required for the same period: Legislative,
1913, IA 70; executive, 81, I29 2 / 80; judicial
tary $50 naVaI sou Is in mi
100 85 2s pensions, $50, 500, 900; public works,
e ss s,s 80; postal deneieneyi $50, SOS pos
9l.,= permanent, sI5, 2as, lib. 80 interest on
public debt, So, 900 0; interest Pacific Rail
369 2S; total, So 8, 1913, 256.27.
The reduction in taxation according to the fig
nrss presented by the Secretary since the insti-
tuition of the Sinking Fund in ls69, and in ac-
cordance with the act Of 1852 has been 1909
s3o,I,l- On account of the Sinking Fund there
have been purchased up to June 1872, bonds
OF the cost OF S257 ,473, 23s IL The average cost
OF the whole purchase was o. g. per 81 90
IN relation TO the decrease of the carrying trade
OF the United States. the Secretary recomne nds
that the Government shall act at once and in n
liberal and comprehensive spirit. The fact that
the country is carried on under foreign flags he
considers entirely discredtable The imports o
merchandise for the fiscal year were sels 5a5, OF
and the exports were estimated at S444 Ol6 So in
gold, showing a balance against the country OF
Ssle2, $40 ,s9 During the last ten years the com
mercial value of American coin has depreciated
about three per cent. AS compared with gold, and
Its use as currency has been discontinued IN Ger
many and some other countries. The Secretary
yer coin, OF the intrinsic value of gold, SIM ply
for the wants of commerce. He advises the coin
re OF silver dollars only Of the exact value q
exists for new issue of National bank notes.
In the matter OF the stamp defalcations at New
York, the Secretary advises the passage Of a law
relieving rr Hilhouse from the payment OF m,
sum embezzled by johnson
The outside applications for new public build
Ings, the Secretary thinks should be UNDECIDED
during the present session. Lar9e sums %
money VIII be needed for those already author
ings on the eastern side Of the Boston PoSt-o ir,
furnishes an opportunity that ought not TO bs
lo5l ior he purchase of the remainder Of tn,
square He also recommends the erection of a
brick hre-proof building upon the public grounds
south OF the Treasury, for the accOIum Jdaipn oil
adc Ji,il books and papers, and to furnish
ndditicnai room for Treasury EMPLOYEES
The cost % maintainin, the Revenue service has
been reduced from 81 ,si3 65I 81, in IsGs. $3.50
Secretary recommends the extension of The
lIe-saving station system to the coast in the