Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1873-12-11
THE NATION,s FINANCES.
Synopsis of the Report of the secretar
of the Treasury.

Synopsis of the Report OF the Secretary
of the Treasury.
The Secretary of the Treasury points out
the falling off in the revenues caused by the
financial crisis, and bases the estimates of re-
ceipts somewhat thereon; shows that the
coin receipts are still more than the interest
the public debt and other coin expeRdi-
lures; recommends economy and reduction
in appropriations, and if the effects of the
arrangement in business should continue and
make it necessary to provide additional means,
recommends judicious additional taxation
rather than to resort to borrowing and in
creasing the public debt The operations
under the Refunding act for the year ending
December 81, 1874, make a saving of 81, 000,-
600 in the annual interest. The entire saving
of the annual interest under its operations is
SO, ,000, 900. He recommends that action be
taken before January next for the payment OF
the 500, 600 600 loans of 1868. The Secretary
condemns the practice of paying interest on
deposits, as tending to accumulate currency in
the large cities where it is used largely in
loans to spectators, whose operations tend
directly to increase the annually recurring
stringency in the money market and to derange
business generally.
The Secretary alludes to the prevailing senti-
ment that more elasticity should be given to
| the volume of the currency, and earnestly COM
mends to the wisdom of Congress careful
| consideration of the subject, and that in such
| inquiry the further imitation of irredeemable
paper currency should be avoided and per-
manent return to the sound basis of specie
| payments to be kept in view. He regards any
| large augmentation of legal tender notes in
time of peace, as departure from the
declaration of public policy and the
| pledge of the public faith to the national
| creditors, made in the act of June 80, 1864.
| that the amount of such notes should never
exceed $400, ,000, 200, well as from that more
solemn pledge contained in the first act of the
Forty-frst Congess to provide at the earliest
period for the redemption of United States
notes in coin. He refers to the uncertainty In
| public OF inion to the right and policy of is
| suing the S44, 600, 600 called the reserve, and
recommends that the exact status thereof
be fixed by Congress. He opposes the issue
of any part of the same to initiate the currency,
and suggests that it be held for reserve un-
der restrictions.
He also recommends changes IN the law au-
| tn Orizing the national bank notes to be re-
| placed, as there are practical difficulties in
carrying out the purpose of Congress under
the present law.
| A thorough revision of the custom laws is
| recommended. Tho tonnage tax should be
repealed and new laws regarding the enroll
ment and licenses of vessels should be made
so far as they affect canal boats and similar
craft employed on the internal waters of the
States. The reorganization of customs dis
tricts on the Atlantic coasts, and various
changes in the laws respecting our Daviga-
ton, are recommended
The Secretary details what has been done in
the matter eff the Louisville and Portland
Canal, and suggests further legislation.