The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1874-12-12
REPORT OF THE SECRETARY OF TEE
TREASURY.

SUMMARY OF ITS PoINTS-STRONG GROUND
TAKEN IN FAVOR OF SPECIE PAYMENT
SUBSTITUTION OF SILVER FOR FRAC-
TIONAL CURRENCY URGED-RESToRA-
TON OF THE TAX ON TEA AND COFFEE
RECOMMENDED, AND ExTRANAGANCEI IN
PUBLIC BUILDINGS DEPRECATED.
1t recapitulates the transactions attend
ing 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 1. The Sinking Fund is over
$50, 900, 600 behind. The Secretary not only
takes strong ground in favor of specie pay
ments, but sets forth definite plan for
reaching the same. He 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
expenditures of the Government under the
existing appropriations The Secretary
recommends that authority be given for the
immediate issue of convertible bonds bear
ing low rate of interest. Ho asks that a
day may be fixed for the resumption of
specie payment, not more limited than three
years, at the end of that time, the Secre-
tary to be authorized to raise gold by sell
ing bonds in such amounts as may become
necessary from time to time to keep the
=
backs as presented. The Secretary recon-
mends free banking as a part of the plan
for the resumption of specie payment, but
this branch of the subject is not elaborated.
1t is recommended that the fractional cur
rency be replaced by silver, and to accom-
plish this the Secretary desires to set all the
minis at work coming silver, and, as rap
idly as it is produced, the fractional cur
rency to be recalled and destroyed, begin
ming with the smallest denomination. The
Secretary also asks that coming gold be
made as free in the United States as it is in
London, in order to prevent the exporta-
ton of bullion for coming.
In regard to printing all varieties of Gov
ernment notes, bonds, and stamps, the Sec
rotary recommends that the whole be done
exclusively at the Treasury Department.
The Government has all the necessary ma
chinery, 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 express
is considered. Further, from these minor
considerations, the Secretary regards the
question of safety as one which should con-
troll at the end of the present contracts, or
as soon as they can be legally terminated.
He recommends that all work of this ma
ture be performed in the printing division
eff the Treasury.
Concerning the Interval Revenue, the
Secretary recommends that the tax be taken
off bank checks, watches, cosmetics, and
to meet this loss that an additional tax of
10 cents per gallon be imposed on whisky.
This will raise revenue little greater than
is now received from the articles enumer-
ated. The practical workings of putting
tea ard coffee on the free list have been
fully examined by the Treasury Depart
ment. Carefully prepared tables of prices
in foreign markets, and prices to consum-
ers for the period subsequent to taking off
the tax show that, while the country lost
from $6,OOO,O00 to $12 900, 900 from the
decrease of revenue on this account, the
removal of 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 all attempts to modify the penal
ties which have heretofore existed, by
which the Treasury has sought to enforce
customs regulations. 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 the modification
of the penalties for violations of the Gus
toms regulations.
The Secretary does not regard the Treas
ury Department as the proper place for the
adjudication of cotton cases. These are
for the most part of complicated charac-
ter, and require the taking of much evil
dence 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 Secre-
tary, without entering upon discussion,
says that at present it is only necessary to
treat it purely as a 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 CON-
mission be appointed to take the whole sub
ject into consideration, with instructions to
r,port to the next Congress.
Great economy is recommended in the
expenditures for public buildings. The
Secretary recommends that Congress go
over the appropriations and estimates for
these works with great care, with view of
reducing some and wholly suspending 9TH
ers. 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 substantial, buildings will an
swer every purpose and save many mil
lions. He thinks there is needless extrava-
gance in the furnishing Of public build
ings, and that much greater economy should
be practiced i'll all directions. In regard to
this matter, he has transmitted estimates,
which have already been carefully revised,
but he earnestly requests Congress to unite
with him in scanning them still more closely
with view to their further reduction.
The force of the Department has been reor-
sanized, and diminished exactly in accord
ance 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
of any kind, the Secretary does not believe
that the present condition of the Govern
ment justifies extending aid in any form.