Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1873-12-11
Synopsis OF the Report OF the Secre-
tary Of the Treasury
WAsnrNaroN, Dccembcr ?, 1874.

WASHINGTON, December ?, 1873.
The Secretary OF the Treasury points out the
falling OF IN the revenues caused by the financial
crisis, and bases the estimates of RECEIPTS some
whit thereon; shows that the coin receipts are
still more than the interest on the public debt and
other coin expenditures: recommends economy
and reduction In appropriations, and II the effects
Of the arrangement IN business should continue
and make II necessary 10 provide additional
mcans, recommends judiciou- additional taxa
ton rather than to resort 10 borrowing and In
creasing the public debt The operations under
the Rcfnnding act for the year ending December
81 1873, make saving OF 81 ,O000O In the an
nual Interest. The entire saving OF the annual in
ierest under its operations Il S3O0'go lie rec
ommcnds that action be taken before January next
for the payment Of the $2nrc0gO loans Of 1868.
The Secretary condemns the practice Of paying in
tercst on deposits, a. tending TO accumulate cur
rcncy In the large cities, whe~e IT il used largely
in loans 10 spectators, whore operations tend di-
recily TO increase the annually recurring strin-
gcncy IN the money market and to deraDge bust
n - generally.
The Secretary alludcs to the prevailing senti-
mcnt that more elasticity should he given 10 the
volume uf the currency, and earnestly Commends
To the wisdom uf Congress cat eful consideration
Of the subject and that In such "uUiry the further
imitation Of rrcdeemab!c paper irrcncy should
be avoided and permanent return 10 the sound
basis Of specie payments to be kept IN view. lie
regards any large augmentation Of lcRal-tcnder
notes In tune OF peace az departure from the
declaration Of public policy and the pledge Of the
public faith to the National creditors,
made in the act Of June 20 1854 that
the amount Of such notes should
never exceed 300 o00O00 rs well AZ from that
more solemn pledge contained in the first act Of
the F0rty-frst Congress to provide at the earliest
period for the redemption Of United States notes
In coin He refers 10 the uncertainty in public
opinion a. to the right aud policy Of Issuing the
Si4 100000 called the reserve and recommends that
The exact status thereof be- fixed by Congress He
opposes the issue OF any part Of The same 70 in
fate The currency. and suggests that II be held for
"a reserve under restrictions.
He also recommends changes in the law au-
thorizing the national bank notes TO be replaced,
there are practical difficulties in carrying out
the purpose Of Congress undcr the present law.
A thorough revision Of the Custom laws il rec
commended The tonnage tax should be repealed
and new laws regarding the enrolment and H.
censeS Of vessels should be made, so far IA they
affect canal boats and similar craft employed on
the internal waters " The States. The reorganiza.
ton Of customs districts the Atlantic coast- and
various changes In the laws respecting our nayiga.
ton. are recommended.
The Secretary details what has been done in tho
matter Of the Louisville and Portland Canal, and
suggests furtner legislation.