Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-12-02
TIE RErORT oF TIRE sESRETapy OF
TEE Treasury.
IIt-IpIs sNE, ExpENDlIrREs


d.T'rs The hscsl wear to he SSa3 T3s %. Ct and
tel available cash sIio 30s SO II net sv-
Tsr dturts by warrant exclusive of pnbI;c debt
: "a ,2iS 20; disburst ments on account o.
hans Sis,Ies 3S5 70 reduction in the ,sb.
curing the yesr 81. 1872 95s "a
THIS statement treats solely of che prjpcipsl
OF the debt; BY the monthly debt statement of
the puhll debt, into which enter the accrued
interest, interest due ard unpaid and the cash
in the Treasury, ss ascertained on the day OF
the reduction of rhe debt during the na,t wear
amounted to si3 ,e6I $50 O5 and the total re-
duction from March l, 1879. to November l.
a interest resulting therefrom being ~, 1872
s3.-04.
TIE CURRENT FISCAL YEAR.
The receipts from all sources during the first
quarter OF the current fiscal wear were s9l TG4
slO5s, and the Secretary estimates the receipt-
SIS 100 eco, aud the expenditures for tho INA
period at 500, $50 600. leaving a deficiency OF
Sl3,53O,CO0. u
REVENUES AND EeTfMATKs
The estimates OF receipts for the fiscal YEAR
ending June 80. 1875, amount To sax 7On- mo
and ior expenditures for the same period,
The Secretary points out the falling off in the
revenue, caused by the financial crisis, and
bases TIE est mate OF receipts come thereon
and shows that the coin receipts are stIn mora
than TIE Interest on the pubic a. bt And ofhar
coin expenditures. He recommends economy
and reduction in appropriations and n the
effects Of the arrangement in business shonId
continue, and make il necessary 10 nrnzid, 81
jiioLai means ne recommends iudicious add
IOnsi TAXATION rather than resort TO borrnwing
sBd increasing the public debt
EhFU sDISG The PUBLIC DRIFT
lie year ending December 81, 1874. make n
saving of one million dollars in annual iutrr
1t, me entire saving of annual interest under
10. operations beng three million dollars
The credit of the United States has nor stood
l. ghtT since the close of the rebellion than il
ioes at the present time, and it is believed that
ENN nj nf h.
iInued.
THE LOAN OF ISIS
was for 1--WE ty million dollars and IL partIv in
COUPON bonds and partly in registered bonds
No provision has been made nv CONGRESS- for its
Iaymen' and recommendation is made that
acuon be taken thereon before January /. IS34
THE BANKS, THE FINANCIAL CRISIS, AND THE
CURRENCY.
IN these topics the Secretary treats at length
concerning the practice OF paying interest on
deposits as tending 10 accumulate currency i'm
tbe large cities where 1t il used largely in loans
20 spectators whose operations tend directly 10
increase the annually recHrring stringency i'm
the money market, and TO deTange bus. ness
generally. lie details at some length the his
tory of the pressure brought to bear upon the
treasury Department during the recent fuan-
Cial crisis; states what was done by the depart
rent, and " hat was refused to be done.
He alludes to the prevailing sent meut that
more elasticity should he given to the volume
o. me currency, and earnestly commends to
the wisdom of Congress a careful consideration
OF this subject, and that in such inquiry fur
ther mutations of irredeemable paper currency
should be avoided, and a permanent return to
me SOUND basis OF specie payments should be
Kept IN view. He regards any large augmeuta-
ton Of legal tender notes, Ia time OF pracs As
adePartuTe from that " declaration of public
policy and pledge Of the public faith to the ma
uynal creditors made in the act OF june 90,
l-el, that the amount OF suCh notes should never
exceed four hundred million dollars as well as
from that more solemn pledge contained in the
nTst act of the 4ist Congress. to make prO-
vision at the earliest practicable period for the
redemption OF [. ). notes in COIN
Tie Secretary says:-There eau be no tloubt
That curing the light wears since the rebellion
tAere has been growing desire among the peo-
PIE TO restore the paper circulation to a specie
standard. and that any steps taken TO accom-
Push that object will he received with general
favor, u II not possible TO resume and maintain
specie paI mtut- with 50 large amour. OF
notes IL circulation, and 50 small an amount Of
gold IN the country. The volume OF currency
must be reduced OF that of coin greatly increa>-
cd Stouid he national banks be prohibited
nom selling the coin received by them a. IN
teI'st upon OOnd- pledged to secure circuia-
zion. retaining the same in whole or In part in
reserve, OF lcaning il IN the discount of bills
and notes payable III coin, a. Congress might
dIescrIbe, there wsuid be a gradual sccumuia-
ton OF gold in the banks, which would do sOrls.
thing towards Paepsring for resumption. This.
with a constant increase of coin in the Urea
sUTy, undertaken with the approval of Con
gTess, would ere long lead TO the desired result,
when other conditions required for the m ain
tainspce of sIeeie payments should become
favorable.
He refers TO the uncertainty in the public
opinion 10 the right and tie policy OF Issuing
the fOrtt-iOur millions called the a. reserve"
and recommends that the exact status thereo'
be fixed by. Congress, be opposes the iS'ue o.
any part OF the ssme to initiate the currency,
q nd suegt SIS that il he held a. a reserve undo
restrictions biCh h. sets forth.
NATIONAL BANK NOTES, &c.
The Secretary also recommends changes in
the law authorizing the national bank notes %
carry ing out the purpose OF Congress under the
present law.
He treats of exports AMI imports, sho wing
that the latter are decreasing relatively to the
former. and considers the present tendency in
our favor as an important element to assist US
TO a resumption of specie payments.
thorough revision OF the customs laws is re-
CONNIE nded.
The tonnage tax should he repealed, and new
laws regarding the enrolment and license OF
vessels should be made 50 far as they effect
Ial boat, and similar craft employed chiefly
on the internal waters of states
The reOrganiZation of customs districts on
the Atlantic coast, and various changes in the
laws respecting cur navigation interests are re-
commended.
INTERNAL REVENUE.
There has been an increase in the receipts for
taxes on spirits, tobacco, ferme nted liz uors, and
The decrease In the receipts from banks and
bankers l. due principally TO that provision in
the act OF June 8, 1s.2, which raises the eNemp-
ton Of all sums deposited in savings banks, Sc.
in the name Of one person. from $500 to 81 300
The repea OF all stamp taxes imposed under
Schedule Il, act of June 80. 1864. except that of
took effect OCTOBER /, 1872, and has caused
falling of from that source.
The spstem Of collecting taxes by stamps, and
without assessments, has been found 10 give
general satisfaction. Since ITS application to
special taxes they have been collected more
promptly and thoroughly, and a more crafty.
ing and healthy increase in the receipts there
from Is apparent.
REVENUE MARINE AND LIFE-sAvING SERVICE.
marked Improvement has been made dur
ing the past year in the Revenue Marine Ser
vice. The number of vessels boarded aud exam
ined, and the number of those reported FOR
violation of revenue laws, and of those assisted
IN distress, as well rs the number of lives saved
through the agency Of the revenue cutters, is
largely in excess of like service performed dur
ing any previous year. / desire to renew the
recommendations heretofore submitted {, Con-
gress that the navy pension laws be made ap-
plcable to the officers and seamen Of the rev.
epue marine, and that provision be made for a
retired list OF officers. These measures are de-
manded to aid in promoting efficiency, and in
justice TO meritOriOus Off GERS and seamen whose
lives are spent in the performance OF hazardous
public service.