Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1873-12-11
THE NATIONS FINANCES.
Synopsis OF the Report Of the Secretary
of the Treasury.


of the Treasury.
The Secretary of the Treasury points out
the falling of 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
on the public debt and other coin expen1i
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,
900 in the annual interest The entire saving
of the annual interest under its operations is
S3.O60.O0O- He recommends that action be
taken before January next for the payment of
the $50, 000, 900 loans of 1868. The Secretary
condemns the practice of paving interest on
deposits, as tending to accumulate currency in
the large cities. where 1t 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
nends to the wisdom OF Congress a careful
consideration of the subject, and that in such
inquiry the further imitation of irredeemable
paper currency should be avoided and a 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 a 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 S400, 000, 900. well as from that more
solemn pledge contained in the first act of the
Forty-first CoDgeas to provide at the earliest
period for the redemption of United States
notes In coin. He refers to the uncertainty III
public OF inion as to the right and policy of is
suing the S44, 000, coo 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 il be held for a reserve un-
der restrictions.
He also recommends changes IN the law au-
III Jrizipg the national bank notes to be
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. The tonnage tax should be
repealed, and Few 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 oil the Atlantic coasts, and various
changes in the laws respecting our naviga-
ton, are recommended.
The Secretary details what has been done in
the matter ef the Louisville and Portland
Canal and suggests further LEGISLATION.