The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-12-24

be further enhanced by the adoption Of meas
ures for return to q specie basis, leaves no
room for doubt that a loan for such purpose
would be readily taken at low rate OF inter
est. Measures should also be adopted requir-
ing the banks 10 hold gold reserves prepare
tory to resumption on their part.
" But the secretary does not deem it proper
TO pursue the matter into further detail. II
congress shall conclude, as he earnestly hopes
it viii, that the time has arrived for the enact
ment Of a law having for its object resunp-
ton OF specie payments, its own wisdom Will
supply the necessary methods. > hat which is
OF the highest Importance Is the adoption OF 8
definite policy for resumption When the gov
ernment shall have resumed specie payment
it may be expected that gold will flow into the
country in obedience to the law of supply and
demand the export Of our gold product will
greatly diminish and the millions OF gold
which now coDstitute only a commodity OF
trade will resume its proper functions by be-
coming again part Of the circulating medium.
With the adoption Of the policy Of resumption,
free banking ulhY be safely Allowed, and the
deficit OF the actual amount OF coin available
for circulation can be supplied by bank notes
convertible into coin, IN lieu Of an inconVert-
tble paper currency
81 The business OF the country has not vet
recovered from the disasters Of the last years
financial panic, the causes OF which is by no
means difficult to trace. 1t was the direct and
Immediate result of that excessive develop
mcnt OF speculative enterprises, over trading
large issues OF incOnvertible paper currency.
The almost boundless resources and energies
Of the country must compel the gradual re-
establishment OF business, but capital with its
accustomed constituencies to danger, is slow
to return to the avenues OF trade. Values are
fuctuating and uncertain. Labor receives its
reward in a currency that il unsteady, and
whose purchasing power changes almost daily.
Neither the reward Of labor the value
of commodities is measured by any certain
standard.
" Lhe enactment OF a law having for its
purpose the substitution Of a sound and sable
medium of exchange for an irredeemable pa
per currency viii tend to restore confidence,
and thus cause s revival Of industries and
general business.
"There will be no better time in the
ulure to enter upon the work of returning
10 a specie basis, and the secretary feels that
he cannot too strongly urge the adoption of
the measures he has indicated or such others
as viii moro certainly lead to the desired end ="
ECONOMY RECOMMENDED.
The secretary recommends rigid economy in
public expenditures.
NATIONAL. BANKS
After calling attention to various changes
needed in the national banking system, the
report SAYS that the facts and figures furnished
by the comptroller Of the currency fully estab-
lish the conclusion that there is large
amount Of currency in excess Of the legitimate
needs of business, which would serve to dis
pei the fallacy that greater expansion of cur
depression and contraction OF the volume Of
business.
REVENUE FROM CUSTOMS.
Under this heading. the secretary Thus
squints at Te-establishing the duties tea
aud coffee: "On the iInportations of coffee
ia 1873, the rate of three cents per pound
would have yielded nearly $4,000 600 aud two
cents per pound almost So, GEO. 900. The record
OF foreign prices for coffee tends strongly to
the conclusion, making due allowance for the
90 hot ItrNrr
repealed by the act Of 1872 was added to the
selling price abroad, with no advantage to con-
sumers here, while the country, as whole
has paidmore than before for the entire stock.
The repeal of the duty on tea caused little or
no reduction of prices to consumers here, but
an increase Of prices abroad"
INTERNAL REVENUE.
The receipts from internal revenue wore
S114, 075.456. 0S in 1873, and SiO2.644 746.9S in
2874. a falling OF of 81, 43O 7O9. 10, which is
attributed to various causes. The suggestion
of the commissioner Of internal revenue that
the taxes now collected by stamps on bank
checks, matches, perfumery, cosmetics, etc,
may be abolished, and compensation made
therefor by increasing the tax on spirits ten
cents per gallon, is commended to the con-
sideraton Of congress. BY making this change
the items of internal taxation would, the sec
rotary thinks, be considerably reduced, and
the system simplifed without loss of revenue.
EXPORTS AND IMPORTS.
The total excess OF expo rts of merchandise
specie and bullion, over imports of the same
was S57, O52, 1900 during the past fiscal year
COTTON CLAIMS.
OF the claims that have been presented to
the department, $50 have been submitted for
decision and acted on as follows
AttIttLtu tOf
Continued for further evidence aud still
under examination. ...........-.-...... 198
AlloWeu.-. -s--.-.----.-. ------..-.- 70
or the aggregate number OF claims pre-
scented there remain, not yet fully prepared or
submitted for final decision, CSC The claims
allowed as aforesaid were for the proceeds of
], 346 bales, and the amount paid out on such
claims is St33, OlS27.
There remains in the treasury SO, 495. 1873. u
on this account against which claims to the
amount of S96, 1874 .O4 have been fled. 1t
il submitted for the consideration Of congress
that the treasury department is not suitable
tribunal for the ultimate decision of such
claims. They belong properly, the secretary
saws, to the courts, which are armed with
power TO ascertain the truth, and are better
organized for this purpose than an executive
department OF the government.