Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1872-12-13
Report of the Secretary OF the
Treasury

Report of the Secretary OF the
Treasury.
Since the last annual report the business of ne
gotiating the sale of 5000, 600 in per cent.
bonds, and the redemption of 100000 of per
cent. $40 bonds has been completed, and the &C
counts have been settled by the accounting officers
of the Treasury. Further negotiations of per
cent. bonds will be made upon the basis of the
former negotiations. think it eXpedlent as a
meaITs of giving additional status to the bonds
authorized by the Funding act of July H. 1870, and
additional security to the owners, that registered
bonds of every issue shall be made convertible into
coupon bonds at the will of the holder When
this privilege is granted the desire to convert them
will cease.
OUR Fol,EIeN COMMERCE.
The details of our trade with foreign countries,
represented by the returns OF the Statistical
Bureau, are unsatisfactory. FROM these returns 1t
fiscal year ending June 80, 1872 were 1925 or,
and the exports estimated in gold were $449,Q46,-
086, showing balance against the country OF Slo2
548,991 This balance Is i'll some degree appA rent
rather than real On the 50th Of June, 1871, the
value OF goods remaining In warehouse was
sos $50, while ON the Both of June, 1872, it was
1922 1885, showing an excess at the close OF the
last fiscal year of S43S86,607 Deducting this ex-
cess we have balance based upon the actual con
sumption of the country of $128662 1884. From this
further reduction should be made of sos, 1884 45
being the excess of exports over the imports OF
gold. After these Deductions there stiIl remainsan
adverse balance of $62, 52S, $50.
The adverse balance has been met, probably, by
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 1872
were $13. 1913 less than for the year 1871. The
exports of wheat, -four, raw cotton, cotton manu-
features, gold and silver, arms, manufactures
of leather, Illuminating Oil aud beef, fell off SS2 066-
1885, while there was gain of 1858, 767,392 in the
exports of corn, furs hides, skins bacon, hams,
1opd Inaf fnh T1JJfn afT1rnG Of rnO
leather, and many minor articles. There was an
increase of exports in every branch OF manufac-
lures except cotton, leather and firearms.
The decrease of our exports in wheat and wheat
flour $4,000 000 raw cotton $37000,0O0; man
ufactured cotton, 81 250000 gold and silver, Sill
100000 re arm IN an 1o an Of
beef So, 600 900.
The statistics of imports show an increase of
100000 in coffee; $1S OOO, oo0in sugar; nearly 81
than $t7,001,0QQ in raw wool; $4,000 600 IN pig
iron; $4,000 900 In manufactplccs of IRON $1,000
coo in manufactures of cotton: "a 0Du sVo IN manu-
features of wool. The statistics are not repre-
sented as affording a basis for legislation, but
rather because they are exceptional in character:
and not likely to be repeated.
The operations of the Coast Survey. as well as
those of the Light House Board, appear to nave
been economically and efficiently managed.
THE REVENUE MARINE
consists of 81 steam and sailing vessels carrying
10 guns and manned by 1913 officers and $50 men
This service has constantly improved in efficiency
and in the economy of it's management since the
summer of 1869. The cost of maintaining the
enue marine has been reduced from 81, 293 661. 67
1879.
From the report of the Supervising Surgeon of
the
MARINE HOSPITALS
it appears that branch of the public service is in
satisfactory condition. During the last fiscal year
1856 patients were treated in the several hos
N rorrhn 6fofo
cents each per day, or a total expenditure OF
$685. II, against total expenditure of the pre-
ceding year of $453,08e.4 or average cost per
patient of $1.O4 per day. The Increased receipt
and diminished expenses for the last fiscal year,
compared with the year next preceding, show net
gain to the Government of $3.50 1921. During the
period the number of districts in which relief
was furnished 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 hospital
dues.
LIFE BOATS. ETC.
From the appropriation of $500, 000 made April |
~ 1871, Tor more etectualy securing hfe and
Island seven of the old life saving stations have
been repaired and enlarged, and sixty-one new
ones have been built and new apparatus, sufficient
for ordinary use has been procured for the larger
number of them.
STEAMBOAT INSPECTION.
Inc dCG Oh f6Druary 1871. TO DrOV1dC Tor the |
better security of life on board of vessels propelled
in whole or i'll part by steam, has not been in |
operation a sufficient time to test its value in
all respects but the result, in the MAN, 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 the
means of realizing the benefits of the protective
policy of the Administration.
CURRENCY.
Under this head is rehearsal of the advantages
enjoyed under the present laws controlling the is
sue and 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
which may thus be furnished in resuming and
maintaining
In the view am now about to take | exclude
the idea that the Government will ever abandon
the issue of National Bank notes and undertake the
issue of United States notes in their place. The
result of such policy may be foreseen. The peo-
pe deprived of the facilities for business afforded
by banks, would seek relief through state
institutions, and, without much delay, Con-
gress would concede to them the right
to issue notes for circulation. This concession
would be followed by surrender by the General
latlon 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 effectual and certain ways of
placing the country in condition when specie and
paper will possess the RE commercial value. By
diminishing the ans 1T of paper in circulation
the difference between the commercial value
OF paper and coin will diminish, and by
pursuing the policy the difference will
disappear altogether. All legislation, however
limited In its operation to the paper issues of the
banks and 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
willprove Intellectual. Accepting this proposition
and believing that the country is not prepared
to sanction the policy of contraction, 1t
only remains for me to consider the meaLs by