The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-04
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Interest paid by United States. 2o,447,Ss6 90
Interest repaid by transporta- 40
ton Of malls. &c............ 4,545,453 90
Balance Of Interest paid by the
United States. l5,9O1,o3o OU
The National Finances-AnnuaI Re-
port of the Secretary Of the Trea-
sury.
WASHINGTON, December 2.-Secretary
Richardson in his annual report shows the
receipts from all sources during the fiscal
year to be 1888, 1888, 204.67, and total avail
able cash S440, 800, 6O9.41 ; net expenditures
by warrant, exclusive of public debt, $780,
345, 1858; disbursements on account OF
loans, Sl8, 76S, 335.5S; reduction In the debt
during the year, $43,392 1894.
This statement treats solely Of the princi'
tjal Of the debt. BY the monthly statement
of the public debt, into which enter the ac-
crued interest, interest due and unpaid. and
the cash in the Treasury, as ascertained on
the day of publication, as well as the prin-
cipal of the debt, the reduction of the debt
during the past year amounted to S43,GG7,-
630.05; and the total reduction from Marc b
l, 1869, to November l, 1873, has been $685.
500, 1880, the annual saving of interest re-
sulting therefrom being 1927 49,. 932.04.
THE CURRENT FISCAL YEAR.
The receipts from all sources during the
first quarter of the current fiscal year were
800, 7O4 ,3l0.5S, and the Secretary estimates
the receipts for the remaining tbree-qlarters
of the year at s1S7, 100000, aud the eN-
penditures for the same period at $2OO,63O,-
600, leaving deficiency of $lS.53O,OOO.
REVENUES AND ESTIMATES.
The estimates Of receipts for the fiscal year
ending June 30, 1875, amount to $500, 700 900,
and for expenditures for the same period
S3l9,19l 900. The Secretary points out the
falling off in tho reveDue-cauSed by the
financial crisis-and bases the estimate OF
receipts somewhat thereon, and shows that
the coin receipts are still more than The in
terest on the public debt and other coin ex-
pcnditurcs. He recommends economy and
reduction in appropriations and If the Ell.
fects of the arrangement in business should
continue, and make it necessary to provide
additional means, he recommends judicious
additional taxation rather than resort to
borrowing and increasing the public debt.
REFUND1SG THE PUBLIC DEBT.
The operations under the refundlng act
for the year ending December 81, 1874 make
a saving of one million dollars in annual in
terest, the entire saving Of annual interest
under its operations being three million dol
lars.
The credit OF tire United States has not
stood higher since the close Of the rebellion
than it does at the present time, and it is be-
lcyed that the refunding of the six per cent.
debt at lower rate Of interest can be still
further continued.
THE LOAN OF 1858
was for twenty million dollars, and is partly
in coupon bonds and partly in registered
bonds. No provision has been made by
Congress for its payment, and recommends
ton is made that action be taken thereon
before january l, 1874.
THE BANKS, THE FINANCIAL CRISIS, AND THE
CURRENCY.
On these topics the Secretary treats at
length, condemning 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 opera
lions tend directly to increase the annually
recurring stringency i'll the money market
and to derange business generally: lie de-
tails at some length the history of the pres
sure brought to bear upon the Treasury De-
partment during the recent financial crisis;
states what was done by the Department,
and what was refused to be done.
He alludes to the prevailing sentiment that
more elasticity should be given to the volume
of the currency, and earnestly commends TO
the wisdom of Congress careful considera.
ton of this subject, and that in such inquiry
further mutations of irredeemablc paper cur
rency should be avoided, and permanent
return to the sound basis Of specie payments
should be kept in view. He regards any
large augmentation of legaltender notes in
time of peace as departure from that " de-
claration of public policy and 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 four hum
dred million dollars, as we'll as from that
more solemn pledge contained in the first
act of the Forty-frst Congress, to make
provision at the earliest practicable peI1od
for the redemption Of United States notes in
COIN"
The Secretary says There can be no doubt
that during the eight years since the rebel
lion there has been growing desire among
the people to restore the paper circulation TO
specie standard, and that any steps taken
TO accomplish that object will be received
with general favor. 1t is not possible to re-
sumo and maintain specie payments win SO
large an amount of notes in circulation ana
so small an amount Of gold in the country
The volume of currency must De reduced,
or that of coin greatly increased. should Tue
national banks be prohibited from selline
the coin received by them as interest upon
bonds pledged to secure circulation, returning
the same in whole or in part in reserve
or looming it in the discount oil Dnls
and notes payable in coin, as Congress might
prescribe, there would be gradual accumu'
lation of gold in the banks, which would &c
something towards preparing for resump'
ton. This, with constant increase OF com
in the Treasury, undertaken with the ap
proyal of Congress, would ere long lead tc
The desired result, when other conditions re-
ouired for the maintenance of specie pay
,nents should become favorable. He refer:
TO the uncertainty in the public opinion a.
to the right and policy Of issuing the forty
four millions called the reserve" ana re
commends that the exact status thereof 81
fixed by Congress-. He opposes the issue O
any part of the same to Initiate the currency
and suggests that it be held As reserve, uii
der restrictions which he sets forth.
NATIONAL BANK-SoTEs, &C.
The Secretary also recommends change
In the law authorizing the national bank
notes to be replaced, as there are practlca
difficulties in carrying out the purpose
Congress under the present law. He treat
of exports and imports, showing that tn
latter are decreasing relatively to the former
and considers the present tendency In on