Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1874-12-17
The Report of the Secretary of the
Treasury

The Secretary submits IN detail the receipts
and expenditures for the fiscal wear ending June
20, 1874 4 ne aggregates are rs follows: Total
net receipts, - Isl, - 20: total available cash.
S53 355, 568.3G; total net disbursements $392 63
376; balance IN Treasury June 81. 1874. $780,
73l 6A 81; net revenue FOR the fiscal wear.
S2c9,4Io SOS; ordinary expenses. S2o7. 49,
a13.T6; Eurplus revenue. SD a So 30; total
net receipts for the first quarter of
the present fiscal year. SS0.5Si 2S59 g.; total or
binary expenditures for the same period, 55z.,35.
1872; balance in the Treasury Sept. -. IS14,
Si5l549,5994 II: estimated receipts for the remain
ing threequartera of the year, s203,43ii co. estl-
mated expenditures for the same period, $780,
OO2OOO; estimated total receipts for the current
fiscal year, 2S4,316, 1853; estimated ordinary
expenses 52l5,3i5 1912; surplus revenue.
5000 1851; estimated receipts for the
year ending June 30, 1876, S2e&C0a! o.:
estimated ordinary expenses for the Same perio J..
o2t2.TtS, 90; total estimates from the different
executive departments, S3lO,030, 1899; reduction
Of the public debt during the last fiscal year.
5,762 1876; total public debt, less cash in the
Treasury. S2,13s, 81 S61.27.
The Secretary recapitulates the transactions
attending the refunding Of the public debt, and
states that successful bidders have taken up
rest until Feb. l. He not only takes
strong ground in favor Of specie payment. but
sets forth q definite plan for reaching the same
He recommends the repeal Of the Legal-Tender
act at a fixed day. As 10 contracts thereafter
made, and except as to official salaries and Ordi-
nary expenditures Of the Government under eX-
listing appropriations the Secretary recommends
that authority be given for the Immediate issue
Of convertible bonds bearing low rate Of inter
est. He asks that day may be fixed for Inc re-
sumption Of specie payment. not more remote
than three years, at the end Of that time the Sec
retaTy 10 be authorized TO raise gold b. selling
bonds to such amounts as may become necessary.
from time TO time, to keep the Treasury in cOndl-
ton 70 redeem greenbacks as presented 1t ls
recommended that fractional currency be req
placed by silver, and to accomplish this the Sec
rotary desires TO set the minis all at work coin
is produced the fractional currency be recalled
and destroyed, beginning with the smallest de
nominations. The Secretary also asks that the
coinage of gold be made free in the United states,
il is in London, IN order to prevent the cN-
pOrtation of bullion for coinage. In regard to
printing 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. 1t can perform the work
at the same or less 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 one which should control. AT
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 as
part OF the plan for the resumption Of specie pay
ment. and this branch Of the subject is not elabo-
rated.
Concerning internal revenue the Secretary
recommends that the tax be taken off 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 Is now received from
the articles enumerated. The practical workings
of putting tea and coffee the free list have been
fully examined by the Treasury Department. Care
fully-prepared tables of prices in foreign markets
and prices to consumers for period subsequent
to the taking off of the tax show that, while the
country lost from S6,UOO,OOO to Sl2OOO,COO from
the decrease of revenue on this account. the re
mOval of the tax simply added to the price in
foreign markets and has not benefited consumers
here in the least.
The attention of Congress Is called to the great
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 is no believer in the system
of mOeties, and does not desire its restoration in
any shape; but he expresses serious doubts
whether any benefit has followed certain mOdlti-
cations of penalties for the violation of customs
regulations.
The Secretary does not regard the Treasury De-
partment AZ proper place for the adjudication
of cotton cases. These are for the most part of
q complicated character, require the taking of
much evidence, and Judicial Investigation. He
therefore recommends that all cotton cases be
withdrawn at once from the jurisdiction of the
Treasury and turned over to the courts.
Upon the question of tariff the Secretary, with
out entering upon much discussion, says at pres
ent it is only necessary to treat 1t purely as a
question of revenue, and not one either of pro
lection 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 pres
ent rates he recommends that q commission be
appointed to take the whole subject into cOnsId-
Grafton, with instructions to report to the next
Congress.
Great economy is recommended in the expendi-
lures for public buildings. The Secretary recon-
menGs that Congress 90 over the appropriations
and estimates for these works with great care,
with 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, but that palmer, ana at the same
time substantial, buildings will answer every
purpose, and save many millions. He thinks
there is needless extravaganza in furnishing pub
lie buildings, and that much greater economy
should be praCtlced in all directions in this mat
ter He has transmitted the estimates, which
have already been carefully revised but he ear
nestly requests Congress to unite with him in
scanning them still more closely, with i view to
their further reduction.
The force Of the department has been reOr-
gained and diminished exactly in accordance
with the Jaws. and appropriations of last session,
but the Secretary thinks the lowest iimir OF
economy consistent with prompt and efficient
performance of public business has not yet been
reached
The Secretary does not believe the present con
ditiOn Of the Government justifes the extending
OF aid in any form to private enterprises of any
kind.
For the year ending June 30 1874, the decline
in rec eipts from customs from the previous year
was COnsiderable-falling off from SlSS 0S9,, p to
ceipts for the first quarter of the current fiscal
year were two and half millions less than for
the corresponding period Of the last year. The
receipts for the months Of October and NOvem-
Der, 1873, were S21,243 %. For the same
months of the current year they were S22, 155S 11
1t is certain that the aggregate amount now re-
Ceiyed from this source is necessary for revenue
to meet demands, which cannot be safely stated
at less than S160,C00,0uO in gold, besides the re-
Ceipts from internal revenue and other sources
The impOst statements for 1S12-73 show how
heavily the revenues from customs were depleted
by the reduction of 1872, coffee alone having
yielded S10,969, 09S.G7 in 1871 and S7192.0749l
IN 1872. On the importations of coffee
IN 1873. the rate OF three cents pound woulC
have yielded nearly Sg0O0,0O0, and two cents pei
pound almost S6,000.00O He therefore advises
that the duties upon coffee and tea be restored.
The export of coin and bullion was S24 952, 14$
less than for the preceding year, while the ex
ports of domestic merchandise have increased
sos, SOB, 11S.
pOrtations for the last year of S74729.S6S as com
pared with the previous fiscal year, and of $50.
1SS 1856 as compared with the fiscal year ending
June 80, 1872.
The following imports show an increase in val
ne, respectively: Coffee, S10,94l.510; mOlasseS
S1O46,173; SALT 1856, 127; flax seed, S447.229
brass and other metals S415, 439; medicinal barks
S41S,436; coal S410 TO-; hair, sos S26; raw hemp
S32S,994; indigo and cochineal, S353,474; unman
ufaCtured wood, S3Si,SlU; articles exported anC
returned, S1,2S1 81; opium, S561,G26; spices
S5S6,642; barley, S2,S3S,672; dress goods, S1,714
S3S.
Those exhibiting decrease in importation are
manufactures of wool, S4,149,29S; raw silk, 81,
606,613; manufactures of silk, S5,S93,25S; fine
linen. laCes and other manufactures OF flax. s..
955 $50: cotton goods, O455; kid gloves. leath