Los Angeles daily herald., 1874-12-11
REPoRToE SECRETARY BRIsToW.
a Definite Plan for Arriving al Specie
Payment-E Economy Recommended
In Public Esuildings-Isestor tiOn OF
Tax oil Fen ANA COiFec-Ete.

WASHINGTON, December Tth.-The
report of the Secretary of the Treasury
recapitulates the transactions attend
ing the refunding of the debt. Sue
cessful bidders have taken up all the
first bids and hold options for the rest
until February lst. The Sinking
Fund is over $4,000 coo behind.
The Secretary not only takes strong
grounds in favor of specie payment,
but sets forth definite plan for reach
| ing the same. He recommends the
repeal of the Legal Tender Act at a
fixed day. AS to contracts thereafter
made and except as the official sala-
ries and ordinary expenditures of the
Government under existing appropri-
| ations, the Secretary recommends that
authority be given for the immediate
issue of convertible bonds bearing
low rate Of Interest. He asks that
day may be fixed for the resumption
Of. specie payment not more remote
than three years; at the end of that
time the Secretary to be. authorized to
raise gold by selling back bonds to
such amounts as may become neces-
sary from time to time to keep the
treasury in condition to redeem
greenbacks as presented. 1t is recon-
mended that fractional currency be
replaced-by silver, and to accomplish
this the Secretary desired to set all
the Alints atwork coming silver, and
that, as rapidly as produced, the frac-
tional currency be called In and de-
stroyed, beginning with the smallest
denominations. The Secretary also
asks that the coinage of gold be made
free in the United States as it is in
London, ia order to prevent the expor-
tation of bullion for coinage. In re-
gard to printing all varieties of Gov
| ernment notes, bonds and stamps, the
Secretary recommends that the whole
be done exclusively at the Treasury
Department.. Tbe Government has
all the necessary machinery, obtained
at great cost, and all the necessary
facilities. 1t can perform the work
at the same, or at less cost than pri-
vate firms, when the cost of transpor-
tatiou by express is considered Aside
from these minor considerations the
Secretary regards the question OF
safety as one of great importance. The
Government should control the busi-
ness at the end of the present con-
tracts, or as soon as they can be legal
ly terminated He recommends that
all the work of this nature be per-
1 formed in the printing division of the
| Treasury. The Secretary recommends
| free banks as part of the plan for the
| resumption of specie payment, and
| this branch of the subject is much
| elaborated. Concerning internal rev.
! enue the Secretary recommends that
| the tax be taken off of bank checks,
watches, cosmetics and drugs; and to
| meet this loss, an additional tax of ten
cents per gallon be imposed on whis.
ky. This will raise the revenue lit
tie greater than is now realized from
the articles enumerated.
The practical workings of putting
tea and coffee on the free list have
been fully examined by the Treasury
Department Carefully prepared ta-
bles of the prices in foreign markets
and the prices to consumers for pc
riod subsequent to the taking off of
the tax show that while the country
lost from S6,000,000 to $50, 600, O0O from
the decrease of revenue on account of
the removal of the tax, it is simply
added to the price in foreign markets
and has not benefited consumers here
in the least. Herecommends the res
toration of this tax.
The attention of Congress is called
to the great danger to the revenue
attending all attempts to modify the
penalties which have heretofore exist
ed and which the Treasury has sought
to enforce. The Secretary is no believer
in the system of moities, and does not
desire its restoration in any shape, but
he expresses serious doubts whether
any benefit has followed certain mod
ifications of penalties for the violation
Of custom regulations.
The Secretary does not regard the
Treasury Department as q proper
place for the adjudication of cotton
cases. They are for the most part of
complicated character, and require the
taking OF much evidence and a judicial
investigation. He therefore recon-
mends that all cotton cases be with
drawn from the jurisdiction of the
Treasury and turned over to the
Courts.
THE TARIFF AND PUBLIC, BUILDINGS.
Upon the question of tariff the Sec
retary, without entering upon much
discussion, says at present it is only
necessary to treat it purely as ques-
ton of revenue, and not one either of
protection or free trade. In the inter-
est of business he does not think any
changes should be hastily made, and
If Congress desires to revise the present
rates, he recommends that a Commits
sion be appointed to take the whole
subject into consideration, with in
structions to report to the next Con-
gress.
Great economy is recommended in
the expenditures for public buildings.
The Secretary recommends that Con-
gress go over the appropriations and
estimates for these works with great
care, with view of reducing some
and wholly suspending others. He
expresses the belief that the needs of
the Government do not require such
elaborate and costly structures as have
OF late been erected, but that palmer
and at the same time substantial
buildings will answer every purpose
and save many millions. He thinks
there is needless extravaganza in fur
nishing public buildings, and that
much greater economy should be prac-
ticed in all directions. In this matter
he has transmitted the estimates which
have been already carefully revised,
but he earnestly requests Congress to
unite with HIM in scanning them still
more closely, with view to their fur
ther reduction.
! LOWEST LIMIT OF ECONOMY.
The force of the Department has
been reorganiZed and diminished ex-
actly in accordance with the laws and
appropriations of last session, but the
Secretary thinks the lowest limit of
! economy consistent with prompt and