The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-01-18
Richmond Palladium


RICHMOND, JANUARY Is, 1879 |
= HEraEAsUHA REroRT,
rhsrspoft 81 the Secretary Of the
Treasury states that the total cash
for the public expenses
during tho past 1scal year was
v4Sz. Ol2 600, and the net disburse.
ments were $o77, 478, 900. The net
reduction q the principal of the
debt WA .oo0, $50, 900. The re
oeipts 1ors the fiscal year ending
June 30, 1873, are estimated at
1920, 8OO, 900. and the expenditures
q e266, 0O0, 900; estimated surplus,
e88s 700, 900. Tho total reduction
Of taxation since the close Of the
war 10 estimated 81 o309, $50, 900. !
Taxes should not be further re-
duced ct present The imports
and exports OF the United States
the last fiscal year aggregated o1,-
O7O. 64l 600, Of which only 28& per
cent. was carried in American
yessels, whereas in 1860 nearly II
per cent was in American vessels.
The recent drawback measure lie
quite inadequate for the revival of
the shipping interest. The Secrc-
tary thinks We could well afford to
maintain several lines Of ocean
steamsEips at the public expense
for the sake Of the carrying trade
which they would stimulate, he
sides what they themselves could
accommodate. The net balance of
trade against us the last year was
e62,528,O0c. In View OF the dimi
nishing value Or silver, as COM
pared with gold, the Secretary
recommends that NO more silver
be coined for use in this country,
but that . dollar equal in value to
the Mexican dollar be coined and
furnished at actual cost for use in
trade With China. eHa
The revenue marine service last
year cost $3.50, 900 against 81, 293,-
600 in 1868, while the work per-
formed was nearly twice as great
~ in the average ofprevious years;
the efficiency OF the service has
been greatly improved by the sys-
TENS Of examinations introduced in
1869. The navy pension law
should be applied 10 this service,
and retired list provided. Sew
enty-two new life-saving stations
have been erected on the New Jer-
sey, Long leland and New Eng
land coasts; this service has saved
two hundred lives during the year.
and should be extended to the
Carolina coast. The Marine Hos
pital service has cost $3.50, 900, the
net saving over last year being
CSC, 600: the Secretary should have
authority to increase the inadequate
charges for relief 10 foreign sea-
men; pavilion hospitals should be
built ct New York, San Francisco
and Pittsburg. The operation oi
the Steamboat law has been in the
main satisfactory. but some amend
ments Of detail will be recommend
ed. The Secretary says he can
dispose Of another supply Of five
per cent. bonds on the Same terms
80 he before obtained from the
syndicate. For currency both M
tional bank notes and greehbacka
should continne 70 be used, the
bank circulation being de nitely
limited, end the Treasury having
to certain extent power to ex-
pand or contract according 10 itf
view Of the needs OF the Govern
ment and Of business. The way
to q resumption Of specie pay.
ments, since the country will moi
consent to contraction, 10 through
an increase OF business to = point
ct which the present volume Of
currency win not be dieproportion
ately large; meanwhile the presen
volume must not be increased
There are indications that bust
ness and wealth are making sensi
BILE progress toward such . point
though that progress was retarded
this year by . falling OF Of Isl,
O00, 600 il our exports Of Cotton .
tho Same time that imports Of Tea
Coffee aud Wool have been exces
sive. Still with these disadvanta
ges the premium on gold has no
increased. A restoration Of tn
carrying trade to American ship
would greatly diminish the balarc
OF trade against 10. the outflow o
coin, and its consequent hig
price in paper. The burden Of re
dsmption must be borne BY th
Government, not by the Banks.