The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1874-12-10
Report of the Secretary of the Treasury

In his report the Secretary of the Treasury re-
capitulatcs the transactions attending the re-
funding of the debt: that successful bidders have
taken up all former bids and hold options for the
rest until Feb. l. The sinking fund l. over SD
oOO 900 behind. The Secretary not only takes
strong ground in favor of specie payment, nut
sets forth definite plan for reaching the same.
He recommends the REPEAL of the Legal.Tender
act mt a fixed day. AS to contracts thereafter
made, and except to official salaries and ordl-
nary expenditures of the Government under ex-
i-ting appropriations, the Secretary recommends
that au hority be given for the immediate Issue
of convertible bonds bearing low rate OF inter
est He asks that a day may be fixed for the re-
sumption of specie payment, not more remote
than three years at the end of that time the Sec
retary to be authorized to raise gold by selling
bonds TO such amounts ~ may become necessary,
from time To time. 10 keep the Treasury III condi-
ton 10 redeem grecnbacks n presented II Is
recommended that fractional currency De re-
placed by silver, mud TO accomplish this tht Sec
retary desires To the mints ali AT work c"in-
ing silver and that as rapidly r !,
is produced the fractional currency be reeaicd
and DESTROYED. beginning with the smallest de-
nominations. The Secretary also asks that the
coinage of gold be made free in the United STATES
as it il in London III order to prevent ihe ex-
portation of bullion for coinage. In regard 10
printing all varieties of Government notes, bonds
and stamps, the Secretary recommends that me
partment Government has all the necessary
machinery. obtained at great cost ana all 'ne
needed facilities. Ii can perform the Work
mt the same or le-a cost than private
firms when the cost of transportation by ex-
press is considered Aside from these MINOR
considerations. the Secretary regards the ques-
ton of safety as one which should control Az
the end Of the present contracts, or as soon as
they can be legally termina ed, he recommends
that all the work of this nature be performed III
the printing division OF the Treasury:
rh. SurY .fur4y
part of the plan for the resumption Of specie pay
men, and this branch of the subject Is not eiaoo-
rated. c..
Concerning internal revenue the Secretary
recommends that the tax be taken on bahk
checks matches, cosmetics ana dfus-. anu 70
meet this loss an additional tax oi ten ceu's pei
gallon be imposed ON WHISKY. This VIII raise 'ne
revenue little greater than Is now received rori
the articles enumr rated. The practieai "orhihse
of putting tea aud coffee ON th- r." - We e."
fully examined by the Treasury department. 1are-
fully prepared tables Of prices Ia foreign atnets
and prices to consumers for per1o s"o :qa.n. ,h
to the taking off of the tax sh"" tnatc Wn, M @ tns
country lost from $6.OO0.00a to {l2Vn-on from
th. decrease of revenue this account Inc re-
moya of the tax simply added TO the Pflce III
| foreign markets and has not benefited consumers
| here in the least. The Secretary recohuiehue
| the restoration 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 eN-
| istcd and which the Treasury has sought 10 Gu
| force The Secretary is no believer in the system
of moieties and does not desire lie restoraiioh m
any shape; but he expresses serious doupa' do,a
whether any benefit has followed certain modIi-
cations of penalties for the violation oi customs
regulations. ra.r-y No.
The Secretary does not regard the Treasury ', De
parfment as proper place for the adJudlca.lois
of cotton cases These are for the most Pait ~ ~
| a complicated character require tie a .aN"s ~ ~
much evidence, and Judiciaim ~ cn,ien cases he
| therefore recommends that all co,.oH ."ss t .be
Withdrawn at once from the Jurlsaictioh VI 'A~
Treasury and turned over to the courts. Nth
| Trnon the ouestion of tariff the Secretaiy, win
ont enferi no upon much discusslon- says al pres
| ent II is only necessary to treat IL purely "s
ouestion of revenue aud not one ei.nst r =, p
lection or free trade IN .no should be hastily
made and il Congress desires 10 revise !he PIE 30
] an, ra,es he recommends that comhlieeion oS
appointed to take the wno'e eau D.r, ~ the NEXT
| erafinn Win insiue.io
Congress. .n6.d in the expendi-
lures for public buildings. Inc e., nnrnnrations
| men6s that Congress go over Inc appropl M
| and estimates for these works with greal care
| with view of reducing some ana Mncy sh
| ~and;no Others He expresses the beiiei that the
ppe.as of the Government do not require sacn
| eishorate and costly structures az nave VI Ialc
heen erected, but that palmer anu " lne san,.
time substantial, buildings Will snrMei ,h;nL :
| nurnose and save many millions he thinks
| there is needless extravaganza In Iurnlshihs p1o
| iic buildings, and that much greater economy
should be practiced In aii dlrecuons ~ III. h;ah h
| ter. He has transmitted the estimates whien
bn,. ,I,.,tg b.sI ca.ceI.ly revised. nut nc eur
1 nestly requests Congress to unite with MIN IN
/ scanning them still more closely, with view TO
/ their further reduction.
The force Of the department has been reol.
ganized and diminished exactly In accoroanCe
with the laws and appropriations Of last session,
but the Secretary thinks the lowest nmit y,
/ economy consistent with prompt ana emG.em, a
performance Of public business has mol ye' os'A
4 reached. con-
The Secretary does not believe the Preeen.
dition of the Government justines ING W ~ an
Of aid in any form to private enterprises =
kind.