Knoxville journal. [volume] (Knoxville, Iowa) 1874-1986, 1874-12-17
Report OF the Secretary Of thu
Treasury.

5.
s13.76: balance in Treasury June 80, 1874, $50,
ssss, 47s 1855; ordinary expenses, sss1,iss,
$3.50; surplus revenue, ss,s44,sss.@; tota
the present sssp'i .ea ' year. hs sosal
binary expenditures for the same period. SIS, 313
ts9 W balance In the Treasury, Sept: 30, 1874
ki5i, $40 a. estimated receipts for the remain
ing three quarters Of the year, saS, $4,000; est
mated expenditures for the same period. $780,
oO2, 90; estimated total receipts for the current
expenses, S2s5,3l5,iss.4 AZ; surplus revenue
$500, 1851; estimated receipts for the
year ending June 40, 1876, $sa3oo0,0o0;
estimated ordinary expenses for the same period,
$ss2,T7 1000; total estimates from the different
executive departments, 3l0,03O, 1o9Ss; reduction
Of the public debt during the last fiscal year,
$500, si1.65; total public debt less cash in the
Treasury, Abs. s97, s6i.g1
The Secretary recapituates the transactions al
tending the refunding of the public debt, and
states that successful bidders have taken up all
former bids and hold options for the
rest until Feb. 1. He not only takes
sets forth definite plan for reaching the same.
He recommends the repeal of the Legal-Tender
ACT at fixed day, rs TO contracts thereafter
made and except as TO official salaries and orai-
nary expenditures of the Government under exist
ing appropriations. The Secretary recommends
that authority be given for the immediate issue
OF convertible bonds bearing a low rate of inter
est lie 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.
rotary 10 be authorized to raise gold by selling
bonds TO such amounts asmay become necessary
from time to time TO keep the Treasury in condi-
ton 10 redeem greenbacks as presented. II is
recommended that fractional currency be re-
placed by silver, and 10 accomplish this the Sec
rotary desires TO set all the minis at work
coming silver, and that as rapidly as IL is pro-
dueed the fractional currency be recalled and de-
stroyed beginning with the smallest denomina.
tons. The Secretary also asks that the coinage
Of gold be made free in the United States, as IL
is in London, in order to prevent the expor-
tation of bullion for coinage. In regard to print
ing all varieties of Government notes, bonds and
stamps, the Secretary recommends that the
whole be done exclusively at the Treasury De-
partment Government has all the necessary
machinery, obtained at great cost, and all the
needed facilities. IL can perform the work
at the same or less cost than private
firms, when the cost of transportation by ex-
press is considered. hs.de from these minor con-
sideratiOns the Secretary regards the question of
safety as one which should control Al the end
OF the present contracts, or as soon as they can
be legally terminated, he recommends that all
the work Of this nature be performed in the
printing division of the Treasury,
The Secretary recommends free banking ne
part OF the plan for the resumption of specie
payment and this branch of the subject is not
elaborated.
Concerning internal revenue, the Secretary
recommends that the tax be taken of bank
checks, matches, cosmetics and drugs, and TO
meet this loss an additional tax Of ten cents per
gallon be imposed on whisky. This Will raise the
revenue little greater than IL now received from
the articles enumerated. The practical workings
OF putting tea and coffee on the free list have been
fully examined by the Treasury Department Care
fully-prepared tables of prices in foreign markets
and prices 10 consumers for period subsequent
TO the taking off of the tax show that, while the
country lost from S80000oO to $l2,0o0Ooo nom the
decrease of revenue on this account, the removal
of the tax simply added 20 the price In foreign
markets and has not benefited consumers here In
the least
Nh. - L..
danger TO the revenue attending all attempts To
modify the penalties which have heretofore ex-
listed, and which the Treasury has sought TO en-
force. The Secretary II no believer in the sys-
tenn Of mOietes, and does no desire its restora-
ton in any shape: but he expresses serious
doubts whether any benefit has followed certain
notifications OF penalties for the violation OF
customs regulations.
The Secretary does not regard the Treasury De-
partment as proper place for the adjudication
of cotton cases. These are for the most part of u
complicated character, requiring the taking OF
much evidence and Judicial investigation. lie
therefore recommends that all cotton cases be
withdrawn AZ once from the jurisdiction of the
Treasury and turned over 10 the courts.
Upon the question OF tariff the secretary,
without entering upon much discussion, says at
present Ii is only necessary TO treat 1t purely a.
question of revenue, and not one either oil pro
lection or free trade. In the interest Of business
he does not think any changes should be hastily
made, and IL Congress desires 10 revise the
present rates he recommends that commission
be appointed to take the whole subject into con
sfderattoD. with INSTRUCTIONS TO report 10 the
next Congress.
Great economy H. recommended In the expcnd
lures for public buildings. The Secretary recon
meDds that Congress go over the appropriations
aud estimates for these works with great care
with a view of reducing some and wholly sus,
pending 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, hut that palmer, and at the rHme
time substantial, buildings will answer every
purpose, and save many millions. lie thinks
there is needless extravaganza In furnishing pub
lie buildings. aud that much greater economy
should be practiccd in all directions In this mat.
ter He has transmitted the estimates. which
have already been carefully revised, but he ear
nestiy requests Congress to unite with him In
scanning them still more closely, with view ~
their further reduction.
The force Of the department has been re-
organized and diminished exactly In accordance
with the laws and appropriations OF last session.
but the Secretary thinks the lowest limit OF
economy consistent with prompt and efficient
performance Of public business has not yet been
reached.
The Secretary does not believe the pxescnt con.
dition of the Government justihcs the extending
Of aid IN any form 10 private enterprises OF any
kind.
For the wear ending June 10, ts7a, the define In
receipts from customs from the previous year was
considerable falling on from SissUs9,'22 10
si6Als9,s33, loss OF nearly 500 O,ioO The re.
cclpts for the first quarter of the current fiscal
ing period Of the last year The receipts for the
months Of October aud November, 1873. were
s2i ,2i33}325. For he same months of the cur
rent year they were g2s7t5,sll.
II II certain that the aggregate amount now re-
ceived from this source ~ necessary for revenue
10 meet demands, which cannot be safely stated
al less than Slbp0 0,UD0 In gold, besides the re.
Ceipts from internal revenue and other sources.
The impost statements for isl2'13 show how
heavily the revenues from customs were depleted
by the reduction Of 1917 coffee alone having
yielded SlU9g9, ~ ~ 1871 aud SI,ig2VI4.9l
In s72. On the imp0rfaiions Of coffee,
IN 1873 the rate of three cents per pound would
have yielded nearly 8 $3.50. and two cents per
pound almost ss,O0L00. He therefore advises
that the duties upon coffee aud tea be restored.
The export of coin aud buili0n was s2i, a52, lE
less than for the preceding year, while the eE
ports III domestic merchandise have Increased
S65.Br3.lla
There appears 10 have been decrease in i'm
portations for the lat year of S7i729,sts n com
pared with the previous fiscal year. aud OF s'9,
1878 compared with the fiscal year ended
June 30, 1872.
The following imports show an increase IN
value respectively: Coffee. si1,9ii so; molasses
SI086,173 salt 1851, i2T; hax seed, ~ 1,2@ brass
and other metals. s 10 49, medicinal barkr
S4is,49B: coal. Sil0,iG2; hair 81 s.sab; raw hemp
-12s.g.4: indigo aud c0chipeal. $3J3,4i4, unnaH
ufactured wood, s5s go articles expo ted and
returned, 81 ~ ~ Opium3 SO; spices. &5o
Gi.; barley, 81, ~, 5T2; dress good, sl.il1,ss
Those exhibiting decrease Ia importation are
principally manufactured wool. 81 '.63s;
manufactures Of wool. Si,1 a,1g5. raw silk. g.,
B0B.hl manu- acturer Of siik. $3.50. ~: me
linen. laces. and other manufactures of fax. 81.
Or No u Vrl.H