The sun., 1873-11-05
THE TREASURER'S REPORT.
views AVID sUGGEsTIONs ON THE
MONETARY CRISIS.
Heavy Increase in Public Fxpepditures-Dc.
crease In Receipts Payment of the Pubiic
Debt nj stand stiIi-A Flexible Currency
Wanted-FinanciaI Theories.
WAsnISGToN, Nov. 4.-Treasurer Spi

In comparns the tables Of reccpts and Of eSpg99dl
u s wsn m asRe AZ me nexnofSh f ShS S Year
!. VIII De seen that there has b, ,en iags iag % 9 and
tiG s6 OF internal revenue This decrease 10 revenue
Is mainly due to The erea, reduction Of taxation IN PSsh @
OF these the main sources Of the national Income % t
y, inn made n the 9s 6onSS r S9cs sanction %ls ana sp
further INSPECTION that the expenditures are largely IN
.,gs .. sS s,gsndSS nS TS0 Se las.
srGs in excess cf the estimates made BY ne Ihe
executive depaflmsni, 1I 'v of espend
lures nave PIT cheek upon the rate PER nSul xat ~
Eese fact. tss Ss make su an
renccuon, the study Of which Will make Eool guiae
oSs as %d Y the Ssur:e dR Ra should PSac
Pes a es Sary Sd adnt si o. o
ations must be Kept spcy below the rcccpt, other
rested 4 % not S6ssdSnSd ] Few n any believe the yol
unc Of the circulating medium, as hheu pl ia"' e'nus
EXACTLY RIGHT
II must be obvious to all who have an interest IN, and
Who have watched the e3nrsg OF business anI ,s an
the real wants Of The county demahd anu there sh9ul
times when Ie safety ali legitimate business requres
tiat 1t should BE- largely reduced Whathr'aly uccd'
date Itself and the 6usness wants of The country
,on95 ss & SAng 9SS', e cmeq se Whole %
ground scheme has cntcd Itself that would be SO
ton 81 Cossress oi he issue Of certain amount Of
into a currency Interest bearing stock of the United
States, and for which the holder OF such stock 80
authorized could at pleasure at anv time receive legal
Icnd notes with he accrued interest from he day
believed that rate Of interest no higher than e5i0
per cent WI be hgn enough to absorb he a., desired
mcrcia purposes, aud low enough to force the return
mes S2en the 6nsiness wants q The country Shall re
qnrc more currency Ihls rat q. Interest being Just
win the MISSES Of the people because OF the with
I'M ksS H1 of e oSys pna 4 ond nav hsve run
it tsycry probable that the legally auhorEed amount
creased in ofdcr to carry out
THIS SCHEME,
and It s than likely that under the then changed
2raa S, Wa OF o ee snd c s eS he To S sU
mum amount Of tSss cooo would, on account Of lir
posea a ocR. be ":t ."Seni for '6e e.y vi traas,coa
Snen eCIIcTeisl interests shall need tse largest
amount. 1t Is believed With this new attribute Of the
for more paper currency VIII become satisfied that
chic,ously rcdundant aud mndrance ~ the resump.
uon OF ,sIcce PAYMENTS Nh have an opportunity 70
In addition TO The urgent economical rcasons tn,re are
again he made to be convertible INTO United states
Tor The more easy tr -iction of business and no for
he purPo'e Of oorroSns y for the pgrposc Of peca.
trade aud commerce. 70 long A. they connnc them-
themselves and the community as well. but the mo.
men, they reyerse .he ssass ana , become $ eSrrSS
own Interests in peril but become instrumens OF great
tee un the part Of national BANKS of pang Interest on
deposits and especially that q one bank alowiue IN
mied 10 hold 'ne or9Posea bonds a. part o, !heir
severe penalty OF lie forfeiture of thei c6srofs 6S.
jccuon viii no doubt be made to the new attribute
proposcd 10 be gwen &C. TIE legal tender notes ON The
ground that interest will have TO be paid that part
Of them which Will be represented by the proposed
.iock. The minimum amount OF iesaI tender holes,
t5e,pr,Vo is nov
LOAN FROM TIE PEOPLE
To the Government without Interest Should the plan
par these note- represented by stock, amount
10 tiS".up, and that at other times wOulf not he
SygT%ST Sn9n,, % ,,s q tg;c5e. e about r.
ia.cresilo 20 be pald by soV'o. eeing an average q
lhl,a sSi% Gcr cent. Would amount TO t!,s;o per
ment including the rlciional currency would then be
about ,ip.9So & on ysich the int M est M ;peI cent
n,s: Ssr Sss sosd TSes b % PaS os he
over .sSca a. he saving Of gold interest," hy raa.s of
this aTsc loan 10y me people to thr GoYernm,nt on
e, *, sS'p ~ and o9ea pSH KIM a. Il 4ss N Sgryncy
ncr, trne a, compared Win nc great gan that sou
eccru- 70 ne hole ccuni in co9scquenec Of the bet
witch It !. bcleyed ouid protect lhem in future IRON
.cerngrs oi AT Minds. and rom nnanci, eonyu.i ns
thcrc been an ,astc and fSSbe instead of o1r rc,ca
rli and unyieIdIue cirr,ucy liner, Is scarce dou I
but TINS financial revolution has
COST THE PEOPLE
IN the aggregate hundreds Of million. of dollars
70 say nothing Of Ihe los OF revenue TO le
Doyrrnmrnt There are no aoubi th.se who
matters remain ss tley nov are who prefer a
.atc - ,urpei,rn ana unsettled values TO- he r.sun.
measure ~ tntcanls eommoaii.s on inr eround
searce and u. prodn,r great shTinksse n al valve =
ftncy uSsl. as to amount riga Ike ours maze. an IN.
certain measure Of commodities, while circulating
S & 'aAt rs Irg qi&r am Hon p ZOE
narIl 4
certainly increase lie asrfcs,tc circulation Of the
s%Gid InereSy y hS added 20 T. ksRsn'oa raaasr than
however the OF legal tender noies au horzsd
pr pEyca G IL the a Snd. az and sh5 eH afss
inArts and Who nj times conspre against tue public
Wta. by " locA ups, making
MONEY SCARCE WHEN MOST NFEpEp
for business purpos,s thereby ronblng whole commu.
Treas,ty mibt b, tbr,ld by law M sDcb ca. W 'n mr.
A. AMI, ohat lime when th, 5uct". "f th fras,,Ty
hny require the same e issue an additional limited
amount of such conyertble legal tender notes N ea-
change for anvil tnltcdstnes sx per cent stoeks ALLOW.
ing o and pisSlnI oe IGn ,i & pr cent m stocks on sue
gair- thereof in the orcn stock market In the city q
such purchase ana exchange. should THIS bee Jne
neccfsr ma he done ne saoing q interest the slx
np' nr wS9i pg p1a Gn e ngS eona. ipio
as hcrcno, fore proposed thus not only makag the n.
tcr,N on the puhc dr.t les thln would otherwise be
our Nn people At home instead Of IN gold to foreign
me Postmaster General has dout me the honor to
consult h me IN regard 10 scheme that he propose
q recommend to Congress for the creation of n
United states savings institution under the lOlt man
ngcmcut OF the Post once nud the Treasury Depart
rents y this scheme which Ia some shape mas been
adopted u Great Britain and u other countrl', am per
sons t be- euAhiod 10 dcio. WITH Pustmastcrs m al
pttts of the country amounts OF money for which
when received AT the Treasury, VIII be issued to
them currency interest bearing bonds of liz,
character AZ herenOcfore described. As this would
change large amount OF the Indebtedness vi
the nation from ex per cent gold interest bearing bOnd
| to Others bearing lower rate uf interest pas abll
In currency, thus maEng great saving TO the nation
and az the time giving To all people who choose tu
avail themselves OF IT. benefits place Of safe deposit
where they viii be able TO receive interest ON thcr
plus MEANS and lt viii be An auxiliary and help ~
tue project before indcaed for the Improvement O
the currency, the plan commcnds Itself strongly to my
Judgment mat NOu not only be Of great bench
TO the individual depusitorr who would at all times h.
but 10 the people of the whole cOuntry well shou,
the plans herein proposed into operation they wOu
| NO doubt on the one hand arrest the
| WILD SCHEMES
| OF yisiUnareg who contract large debts abroad fO
which there Is contnuQus Drain on TINS cnul Try 10
| the plymcm Of the Interest ON their uuproducNe IN
dcrahings, and the other hand would Facilitate IN
cary and rapd transportation OF the staple lruduit
OF the country TO the scaboard for expectation to for
tgn aud profitable market Both comblned would soui
bring the balance Of trade largely m our fANor attt
which II would require statutory cnactmenls TO en-
force return to specie ments lhe natural laws
| bring about the desired resumption in way locuih
! TO themselves, ana the transmission from state o
suspension to that OF honest specie payments VIII be p
easy that the world will wonder WEy II uld ~ tik