Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-12-18
TIE DEPARTMENT REPoRTS


The report Of the Secretary of the Treas
ury rccapitulates the transactions attend
ing the refundng of the debt, and states
that the successful bidders have taken all
former bids, and hold the option for the rest
till February /. The sinking fund is over
100000, 900 behind. The Secretary not on
ly takes strong ground in favor of specie
payments, but sells forth a definite plan for
reaching the same. lie recommends the
repeal of the legal tender act at a fixed day,
as TO contracts thereafter made, and except
as to official salaries and ordinary eXpend-
tues of the Government under existing
appropriations. The Secretary recon-
mcnds that authority be given for the inn
mediate issue of convertible bonds bear
ing low rate of interest. lie asks that n
day may be fixed Tor the resumption of
specie payment, not more limited than
three years at the end of that time, the
Secretary to be authorized to raise gold by
selling bonds in such amounts as may be-
come necessary from time to time to keep
the Treasury in a condition to redeem
grcenbacks as presented. The Secretary
recommends free banking as part of the
plan for the resumption of specie payment,
but this branch of the subject Is not elaDo-
rated. II is recommended that the frac
tional currency be replaced by silver, and
set all the minis ut work coming silver,
and as rapidly as it is produced, the frac-
tional currency to be recalled and destroy
ed, beginning with the smallest denomn-
alton. The Secretary also asks that coin
ing gold be made as free in the United
States as ii is in London, in order TO pre-
vent the expectation of bullion for coin
ing.
In regard to printin all varieties Of Gov
eminent notes, bonds and stamps, the Sec
rotary recommends that the whole be done
exclusively at the Treasury department.
Concerning the Internal revenue, the
Secretary recommends that the tax be TAX
en- of bank checks, watches, cosmetics and
drugs, and to meet this loss that an addi-
tiOnal tax of ten cents per gallon be i'm
posed on whiskey. This will raise the rev.
euue u little more than the amount now re-
ceived from the articles enumerated. The
practical wOI kings of putting tea and cof-
fee on tho free list have been fully exam
ined by the Treasury department Care.
fully prepared tables OF prices in foreign
markets, and prices 10 consumers for the
period subsequent to taking of the tax,
show that, while toe country lost from
$4,000, 900 to 81 OO0, 600 from the decrease of
revenue on this account, the removal of the
tax simply added to the price in the for
eign market, aud has not benefited the con-
sumner here in tho least. The Secretary
recommends the restoration OF the tax.
Upon the question of tariff, the Secreta-
ry, without entering upon discussion,
says that at present it Is only necessary to
treat it purely as question of revenue,
and not one either of protection or free
trade. In the interest 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
commission be appointed to take the whole
subject in,o consideration, with instruc-
tons to report to the next Congress.
Great economy is recommended in the
expenditures for public buildings. The
Secretary recommends that Congress 20
over the appropriations and estimates for
these works with great care, with a view
Of reducing some and wholly suspeudiug
others. lie 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 mil
lions. lie thinks there is needless extrav-
agance in the furnishing of public build
ingS, and that much greater economy
should be practisod in all directions. In
regard to this matter, he has transmitted
estimates, which have already been care
fully revised, but he earnestly requests
Congress to unite with him in scanning
them still more closely, with a view TO
their further reduction. The force of the
Department has been recognized, and d-
minished exactly in accordance with the
laws and appropriations of last session, but
the Secretary thinks that 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 indebt-
edness by aiding private enterprises of any
kind, the Secretary does not believe that
the present condition of the government
justities extending aid in any form.