New-York tribune., 1874-12-07
WASHINGTON.
REPORT OF THE SECRETARY OF THE
TREASURY,

TREASURY.
A SUMMARY OF ITS POINTs-sTR0NG GROUND iAhTN
IN FAVOR OF SPECIE PAYMENr-rHE sUBsrIio-
TON SILVER FOR FRACTIONAL CURRENCY
MISREPRESENTATION OF THE TAX ON TEA AND
COFFEE RECOaMENDED-ExTRAvAG IN PUB
Lie BUILDINGS DEPRECATED.
iBY TELEGRAPH TO THE TRIBUSEi
WASHINGTON Dec. 6.-The report Of the Secretary
of the Treasury to Congress will go in with the
Presidents message Its points are quite as much
enqured about as those of the message. 1t recapit
ulates the transactions attending the refunding OF
the debt and states that the successful bidders have
taken all former bids and hold the option for the rest
| till Feb. l. The Sinking Fund is over S2oOooooo
behind. The Secretary not only taxes strohg
ground in favor of specie payments, but sets
| forth definite plan for reaching the same
He recommends the repeal of the Legal Tender ACT,
at fixed day. to contracts thereafter made anu
except as to official salaries and ordinary expend-
lures of the Government under the existing appro-
prations. The Secretary recommends that author
ty be given for the immediate issue of convertible
bonds bearing low of interest. He asks that
day may be fixed for the resumption of specie pay
ment not moro limited than three years, at the end
| of that time the Secretary to be authorized
| to raise gold by ceiling bonds in such amounts
| as may become necessary from time to time
| to keep the Treasury III a condition TO redeem
| Qreenbacks as presented. The Secretary recon-
mends free banking part OF the plan Tor the re-
sumption OF specie payment, but this Dianch oI tne
| subject is not elaborated. 1t is recommended that
| the fractional currency be replaced by silver,
and to accomplish this the Secretary desires to set
all the mns at work coming silver. and as rapidly
it is produced, the fractional currency to be re-
called and destroyed, beginning with the smaiest
denomination. The Secretary also asks that coming
| T,..k kal Ntatnl N
London in order to prevent the expectation of
bullion for coming
In regard to printing all varieties of Government
notes bonds and stamps, the Secretary recommends
that the whole be done exclusively at the Treasury
Department. The Government has all the necessary
machinery, obtained at great cost. and all the
needed facilities. 1t perform the work at the
less cost than private firms, when the COST
Of transportation by express is considered. Further,
from these minor considerations. the Secretary re-
CARDS the question of safety as one which should
control at the end of the present contracts, or as
soon as they can be legally terminated. He recon-
mends that all work of this nature be performed ID
the printing division of the Treasury.
Concerning the Internal Revenue, the Secretary
recommends that the tax be taken of bank checks,
watches cosmetics and drugs, and to meet this loss
that an additional tax of 10 cents per gallon be im-
greater than is now received from the articles emu
merated. The practical workings 0f putting
tea aud coffee on the free list have been
fully examined by the Treasury Department.
Carefully tables of prices in foreign mar
kets. aud pIces to CONSUMERS for the period subse-
Gucnt TO taking off the tax. show that. while the
country lost from SjO000O0 to $l2000,OO0 from the
decrease of revenue this account the removal oil
| the tax simply added to the price in the foreign
markets and has not benefited the consumer here In
the least. The Secretary recommends the restoration
of this tax The attention of Congress is called to
the great danger to the revenue attending alt at
teInpts to modify the penalties which have here
oforc existed by which the Treasury mas sought 10
enforce customs regulations. The Secretary is no
believer in the system of moetes and does not de-
sire its restoration in any shape, but he expresses
serious doubts whether any benefit has followed
the modification of the penalties for violations OF
| the Custom regulations.
The Secretary does not regard the Treasury De-
partment as the proper place for the adjudication OF
cotton cases. These are for the most part of com
plicated character and require the taking of much
evidence and judicial investigation lie. therefore,
recommends that all cotton cases be Withdrawn at
once from the jurisdiction of the Treasury, ana
turned over to the courts.
Upon the question of tariff, the Secretary, without
entering upon discussion, says that ut present IL Is
ONLY necessary to treat it purely question OF
revenue and not one either of protection or free
trade In the interest of business he does not thihh
any changes should be hastily made, and II Con-
gress desires to revise the present rates. he recon-
! mcnds that a commission be appointed to take the
whole subject into consideration, with instructions
to report TO the next Congress.
Great economy ig recommended in the eXpendi
lr;I he
mends that Congress 60 over the appropriations and
estimates for these works with great care, with a
view of reducing some and wholly suSpeuding
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, at the same time sub
stantia buildings will answer every purpose and
save many millions. He thinks there is needless
extravaganza in the furnishing of public buildings,
and that much greater economy should be practiced
| in all directions. In regard to this matter he has
transmitted estimates which have already been
carefully revised, but he earnestly requests Con-
gress to unite with him III scanning them
| still more closely, with view to their
| further reduction. The force OF the Depart
mcnt has been reorganzed, and diminished exactly
| in accordance with the laws and appropriations OF
last session, but the Secretary thinks the lowest
| limit of economy consistent with the prompt and
efficient performance of the public business has not
yet been reached As to all plans for increasing the
public indebtedness by aiding private enterprises ot
any kind the Secretary does not believe that the
| present condition of the Government Justihes eX-
| tending aid in any form.
THE FUTURE OF THE DEMOCRACY.
VIEWS OF THE HON. S. $. CoX-sCiiEMES HAICHiN@
FOR THE ORGANIZATION OF THE NEXT HOUSE
THE BELIEF EXPRESSED THAT THEY WILL PROVE
| UNsUCCEssFUL- TIE SOUTHERN DEMOCRATS
WILLING TO DEFER TO THOSE AT THE NORTH
TILE Nrxr ppEsInFNCY DEPENDENT on TIE