Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-12-11
The Report OF the Secretary Of the
Treasury.

In hia report the Secretary Of the Treasury re-
capltulates The transactions attending the re-
funding Of the debt; that successful bidders have
taken up all former bids and hold options for the
rest until Feb 1. The sinking fund is over $50
900 Oo behind. The Secretary not only takes
strong ground ia favor OF specie payment, but
sets 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 ordi-
nary expenditures Of the Government under ex-
listing appropriations, the Secretary recommends
that authority be given for the immediate issue
ofconvertible bonds bearing low rate of inter
cst He asks that 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
retary to be authorized to raise gold by selling
bonds to such amounts as may become necessary,
from time TO time, to keep the Treasury in condi-
tiOn to redeem greenbacks as presented. 1t is
recommended that fractional currency be re-
placed by silver, and to accomplish this the Sec
retary desires to set the mints all at work coin
lng silver, and that a. rapidly a. IT
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
as II is in London, IN order to prevent the ex
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 less cost than private
firms, when the cost Of transportation by ex-
considerations, the Secretary regards the ques-
tion of safety as 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 he performed in
the printing division Of the Treasury.
The Secretary recommends free banking as
part of the plan for the resumption Of specie pay
meTt, and this branch Of the subject is not elabo-
rated.
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 is 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
full yprepared 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 $60OO,000 to $l2,OOO,OOO from
the decrease of revenue ON this account the re-
moyal of the tax simply added to the price in
foreign markets and has not benefited consumers
here in the least. The Secretary recommends
the restoration of this tax.
The attention of Congress Is called to the great
danger 70 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 moieties and does not desire its restoration in
any shape: but he expresses serious doubts
whether any benefit has followed certain modlh-
cations 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
a 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 IL is only necessary TO treat 1t purely as a
question of revenue, and not one either of pro-
lection 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-
mends that Congress 60 over the appropriations
and 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 have OF late
been erected, but that palmer, and at the same
time substantial, buildings Will answer every
purpose, and save many millions. He thinks
there IL 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 view to
their further reduction.
The force of tue department has been reOr-
ganized 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 present con.
dition Of the Government justifes the extending
of aid in any form to private enterprises of any
kind,