Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-08

establishment Of business, but capital
with its accustomed sensitiveness to dan
ger, Is slow to return to the avenues O
trade. Values are nuctuating and uncer
tain. Labor receives its reward in a cur
rency that is unsteady, and whose pur
chasing power changes almost daily
Neither the reward Of labor nor the value
OF commodities is measured by any certain
standard.
ssThe enactment Of law having for It's
purpose the substitution Of a sound and
stable medium of exchange for an ire
deemable paper currency will tend to re
store confidence, and thus cause q revival
OF industries and general business.
'There will be no better time in the
future 10 enter upon the work Of returning
to specie basis, and the Secretary feels
that he cannot too strongly urge the adop-
ton Of the measures he has indicated, or
such Others as will more certainly lead to
the desired end.n
Economy Recommended.
The Secretaryreeommends rigid economy
in publi2expenditures-
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 Cur
rency fully establish the conclusion that
there is large amount Of currency in ex-
cess Of the legitimate needs Of business,
which should serve to dispel the fallacy
that greater expansion Of currency is the
proper remedy for the general depression
and contraction Of the volume Of business.
Revenue frsm Customs.
Under this heading, the Secretary thus
squints at re-establishing the duties on tea
and coffee: "On the importations Of coffee
in 1873, the rate Of three cents per pouHd
would have yielded nearly 100000, and
two cents per pound almost $6,00O,OO0.
The record Of foreign prices for coffee tends
strongly to the conclusion, making due al
lowance for the effect of short crops on
prices, that the duty repealed by the act of
1872 was added to the selling price abroad,
with no advantage to consumers here,
while the country, as a whole, has paid
more 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 were
$1l4, 075, 456.0S in 1873, and S102,644,-
1868 in 1874, falling off Of 81 49,
709.10, which is attributed to various causes.
The suggestion Of the Commissioner of In
ternal Revenue that the taxes now collected
by stamps on bank checks, matches, per-
fRmery, cosmetics, etc, may be abolished,
and compensation m de therefor by in
creasing the tax on spirits ten cents per gal
lon, is commended to the consideration Of
Congress. By making this change the
items Of internal taxation would, the Secre-
tary thinks, be consideIab reduced, and
the system simplifed without loss Of rev
eEue.
Exports and Imports
The total excess of exports of merchau-
disc, 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 submit
ted for decision, and acted on as follows:
REJECTED .............-..... 437
Continued for further evidence and still
under examination. ............... 1SS
AllONeO ..................... %
Of the aggregate number Of claims pre-
sented there remain, not yet fully prepared
or submitted for final decision, $50. The
claims allowed as aforesaid were for the
proceeds of 1886 bales, and the amount
paid out on such claims is S133, O1S.27.
There remains in the Treasury SIO,495,-
S33. IA on this account, against which claims
to the amount of Sc, 1874, OTS.O4 have been
filed. II is 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 says, to the courts,
which aIe armed with power to ascertain
the truth, and are better organized for this
purpose than an executive department Of
the government.