The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-11-15
The Forthcoming Report Of the Sec
rotary OF the TreasuTy.sHiS Posi-.
tion as to the Forty.Four Millions

u NO i AASkSAs - 49, ~SS-
reIary Of the TreasuTy.sHiS Posi.
tion as TO the Forty.Four Millioni
Of Reserve.
AWashipgton special dispatch in tht
Cincinnati Commercial Of yesterday, sayl
that the points Of the report to be submit
ted to Congress in Q few days BY the Sec
retary Of the Treasury have been ascer
tanned by repeated interviews with him
and that they are believed to be in the
main as follows: ssi ,,5ly ar
He will recommend that the forty
four million Of legal.tendtr reserves be
made q part OF the permanent currency
whether he recommends this or not, II
seems assured It will be the first act Con.
gress will pass. The Secretary says thai
whether he goes for initiation or contrac'
ton, he will make enemies, but he "a on
good terms with himself, and thinks he
has saved the Treasury once or twice al
ready. He will favor the convertible
bonds OF small denominations, beginning
as low down as twenty five dollars, bear:
Ing one cent day interest, and convert.
BILE into greenbacks at pleasure. The old
bonds Of higher denomination will, Of
course, bedrawn in as these smaller bonds
are put out. The object OF this scheme,
as has often been explained, is to make
working people, servants, and the lsbori7
Gus classes have an interest In the Nation.
sl securities. Itis thought that this issue
Of small bonds will be favored by both
contractionists and expansionists.
The most important admission by Mr..
Richardson Is, that he will probably be Q
borrower OF gold and greenbacks within
three months, TO pay the current expenses
Of the government and the interest on
the public debt. 1nterrogated on this
head, he said that there was no way TOR
the government but to go into the open
market and buy like any other purchaser.
The reasons for this policy are the falling
of In customs, duties and internal revenue
receipts. The bonded warehouses are
filled with goods which importers, and
even tourist purchasers can not pay duties
upon. The stopping Of factories has lesa'
ened the quantity Of materials on which
internal revenue can be collected.
Another suggestlon Of the Secretary
will attract general attention. he expects
to recommend to Congress the restoration
Of the duty on tea and coffee. he shows
that placing these articles on the free list
has not reduced the prices to consumers,
and that the Congressional cry Of cheap
enlng the poor mans beverages, and max.
ing q free breakfast table, has not proved
a success; whereas these articles formerly
brought twenty millions Of reserve every
year.
The Secretary admits having used over
six millions OF the legal tender reserves
already, but he feels compelled TO make
this deficit good when he shall have the
resources to do 90; he will ask legislation
to authorize the measure. He holds that
the recent general criticisms on his course
have seasoned him and made him indie
pendent and free 10 declare his opinions
without regard to low.tarif men or pro.
tectlonists OF; any other school of political
economists. The Secretary Is guarded In
his discussion Of the above propositions,
but his curiosity to sound In advance the
probability OF their acceptance by the
public has fastened the attention ol jour
naliststs upon them. ~