The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-12-25
REPORT OF THE SECRETARY
TREASURY.
A Summary Of its Points.

lHreSlueQJ uleS5dS5. lCo POAAN' s'A>
as much enquired about as those Of thu
message. It recapitulates the transac
tions attending the refunding Of the
debt, and states that the successful bid
ders have taken all former bids, anC
hold the option for the rest until Feb
Iruary 1st. The Sinking Fund is ovel
Is2O, 900, 900 behind. The Secretary no
only takes strong grounds in favor O.
specie payments, but sets forth definite
plan for reaching the same.
He recommends the repeal of the LIE
gal Tender act at a fixed day, as to con
tracts thereafter made and except as tc
official salaries and ordinary expenditures
of the Government under the existing
appropriations. The Secretary recon-
mends that authority be given for the
immediate issue of convertible bonds
bearing low rate of interest. He asks
that a day may be fixed for the resump
ton of specie payment, not more limited
than three years, at the endof thattime
the Secretary to be authorized to raist
gold by selling bonds in such amount as
may become necessary from time tc
time to keep the Treasury in condition
to redeem greenbacks represented. The
Secretary recommends free banking as 6
part of the plan for the resumption Of
specie payment, but this branch of the
subject is not elaborated. 1t is recon.
mended that the fractional currency be
replaced by silver, and to accomplish
this the Secretary desires to see all the
mints al work coming silver, and as
rapidly as it is produced, the fractional
currency to be recalled and destroyed,
beginning with the smallest gold be
made as free in the United States as it is
in London, in order to prevent exporta-
ton of bullion for coming.
In regard to printing all varieties of
government notes, bonds, and stamps,
the Secretary recommends that the
whole be done exclusively at the Treas
ury Department. The government has
all the necessary machinery, obtained at
a great cost, and all the needed facilities.
It can perform the work at the same or
less cost than private firms, when the
transportation by express is considered.
Further, from these minor considerations,
the Secretary regards the question of
safety as one which should control at
the end of the present contracts, as
soon as they can be legally terminated.
He recommends that all work of this na-
ture be performed in the printing divis-
ion of the Treasury.
Concerning the internal revenue, the
Secretary recommends that the tax be
taken off bank checks, watches, cosmet-
les, and drugs, and to meet this loan
that an additional tax of ten cents per
gallon be imposed upon whisky. This
Will raise revenue a little greater than is
now received from the articles now
enumerated. The practical workings Of
putting tea and coffee on the free list
have been fully examined by the Treas
ury Department. Carefully prepared
tables of prices in foreign markets, and
prices to consumers for the period sub
sequent to taking off the tax, show that,
while the country lost from S6,000,0O0
to SO, 900, 900 from the decrease Of reve-
nue. on this account, the removal of the
tax simply added to the price in the for
eign markets and has not benefited the
consumer here in the least. The Secre-
tary recommends the restoration of this
tax. The attention of Congress is
called to the great danger to the revenue
all attempts to modify the
penalties which have heretofore existed,
by which the Treasury has sought to en-
force customs regulations. The Secre-
tary is no believer in the system Of
the moieties, and does not desire its res
toration in any shape, but he expresses
serious doubts whether any benefit has
followed the modification of the penal
ties for violations of the customs regula-
tons.
The Secretary does not regard the
Treasury Department as the proper
place for the adjudication of cotton
cases. These are for the most part Of a
complicated character, and require the
taking of much evidence and Judicial in
vestigation. He, therefore, recommends
that all cotton cases be withdrawn at
once from the jurisdiction of the Treas
ury, and turned over to the courts.
Upon the question of tariff, the Secre-
tary, without enteringupona discussion,
says that at present it is only necessary
to treat it p lrely as a question of reve-
nue. 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 into consideration,
with instructions to report to the next
Congress.
Great economy is recommended in the