National Republican., 1873-12-03
Tho Report Of the Secretary Of the Treas

ury
Commences with the tables showing tho re-
oeipts and expenditures for the last fiscal year
and for tho nrst quarter Of this year, with the
estimates for the next nine months and the next
fiscal year; points out the falling on in the reve-
nues, caused BY the financial crisis, and bases
the estimates Of receipts somewhat thereon;
shows that the coin receipts are still more than
the interest on the public debt and other coin
expenditures; recommends economy and reduc-
ton In appropriations, and II the effects Of the
derangement In business should continue, and
make It necessary 10 provide additional means,
no recommends judicious additional taxation,
rather than resort TO borrowing and increasing
the public debt.
THE RErUSDrse OF TIE rUBLIC DBBT.
The operations Of thessefunding act for the
year ending December 81, 1874, make saving Of
q, 900 900 In an annual interest, the entire saving
Of annual interest under Its operations Is q, ,o0o,-
900.
THE LOAN or isss.
THIS loan was for s20, 900, ,0Oo and is partly In
No provision has been made by Congress for Its
payment, and q recommendation Is made that
action be taken thereon before January 1, 1874.
THE BAsKs, THE FINANCIAL CRISIS AND THE
CURRENCY.
On these topics the Secretary treats at length,
deposits e tending TO accumulate currency in
the large cities, where 1t is used solely In loans
to speculatorn, whose operations tend directly
he money nsIsss @ % and 70 % dsrsnEe business Zen, n
orally. He details At some length the history Of
the pressure brought 70 bear upon the Treasury
Department during the recent financial crisis;
states what was done BY the Department and
what vas refused 70 be done.
He alludes 70 the prevailing sentiment that
more elasticity should be given TO the volume Of
. tka anil 10 aFxAa st,a
wisdom Of Congress . careful consideration Of
this subject and that In such inquiry further In
nstion Of irredeemable paper currency should
bssis Of specie payments should be kept in view.
He regards any large augmentation Of legal
tender notes In time OF peace as departure
from that declaration Of public policy and
itors" made In the act Of June 80, 1864, that the
amount OF such notes should never exceed $780,
100000, a. well a. from that more solemn pledge
gress, "to make provision at the earliest practi-
notes In coin."
He refers to the uncertainty in the public
opinion Is to the right and the policy Of issuing
the forty -four million called the "reserve," and
recommends that the exact status thereof be
nxed BY Congress-. He opposes the issue OF any
suggests that 1t be held a. . reserve under re-
strictlons which he sets forth.
The Secretary also recommends changes In the
law hutnOItklnH tnt nAuOnAl Dhnk uOtes 70 DC
replaced, ~ there are practical difficulties In
carrying ont the purpose OF Congress under tho
present law.
that the latter are decreasing relatively to the
former, and considers the present tendency In
our favor a. an Important element to assist US
TO q resumption Of specie payments.
,.,.ro a thorough revision Of the customs laws Is
The tonnage tax should be repealed, and new
laws regarding the enrolment and license Of
vessels should be made so far as they affect
cAnal-soats and similar craft employed chleny
on the internal waters Of States.
The reorganization OF customs districts on the
Atlantic coast, and various changes In the laws
respecting our navigation interests are recon-
mended.
lie also reviews the operations Of the revenue
marine and llfe-savinR service, the coast survey,
lighthouse board. the mints, marine hospital
service, and the department OF public buildings.
On all these subjects practical suggestions are
made which are well worthy the attention Of
Congress.
He details what has been done In the matter
Of the Louisville and Portland canal, and sug-
gests further legislation.
The report 10 Interesting and valuable. It is
clearly and forcibly written, and has throughout
the marks Of careful, intelligent preparation.
No branch OF the public service inuusted to the
Treasury Department has been overlooked by
the Secretary, and however people may differ as
10 the views expressed IL will be readily con-
ceded that the Secretary has made business
document which will not suffer In comparison
with any which has heretofore emanated from
the Department.