The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-12-23
DEPARTMENT REPORTS,
Accompanying the Presidents Message

The following is an abstract of the
more important reports of the heads OF
Departments, which accompanied the
message of the President, and which
have not heretofore been published:
REPORT OF THE SECRETARY OF THE TREASURY.
The net revenues for the fiscal year were ; >
OOO ,t5I 10, and the ordinary expenses S2I4 ,615,
3gs2 81 leaving a surplus fevenue, exclusive OF
the sinking fund of l3 .S76 65S 26. The receipts
exceeded estimates by about S3 800 600, ana tne
expenditures fell below estimates about SO 90
The estimate of revenues for the ensuing year,
based on theigures Of the first quarter, Is s29l,-
4j1 ISL and of expenses, Is S2bS -. a45. 20,
giving a surplus Of - 0OS COL .3S, Insufficient by
- $50 900 to provide for the sinking fund. Ihe
reduction of the public debt has been slf ,3S9,-
5l4 81 being 81 ,t22 $50. SO more than the sur
plus of revenues The Secretary declares that
he regards the requirement of law directing tne
maintenance of the sinking fund as second only
in importance to the payment Of interest on the
public debt and he VIII act So Inc secretary
| il abe to aRneunce that $500 900 900 OF o per
cents have been funded into per cents. He oe-
Heves the remainder can be refunded IN accord, 3,
ance with the provisions of the acts of 1870 ana
So" But he recommends that furthe' legisia-
ton be had extending the time for the redemp-
ton Of the -, per cents from Il to 30 wears from
the date of their issue On the subject OF the re-
sumption of specie payments the secretary con-
sumcs much space. In order TO insure resump-
tjuu by the day fixed by law-,lan. /, letg-he
recommends the abolition Of the legal tender iea-
ture of the greenbacks as to contracts entered lu
! to after the first day Of january, lsH. Mean
time he also recommends that authority De gwen
him To fund the legal tender notes win long lllle
4 bonds for small sums-as low as 3 bearing a
| low rate of interest, say per cent, ana thit
/ these bonds be made available 10 nallunal bahke
| as security for their circulauon. lie suggests
that this authority might be limited to 81 % O,rO
/ per month. The Secretary regrets That ne mas
been compelled to make sales of gold, but neccs-
/ sity has enforced him to the measure as means
lfY he I.
| The number of National banks organized up 10
the st inst. is ,307, of which ,Osi were uGlns
/ business Oct. !. Reports of the last named date
show their capital to have been 5U4 SD bl clI-
culatOn S3lS, ,3E ,379, deposits, S6bt, ai",biSi
| loans, : $50 80 95l; specie, including com Ger
| tifcates g., ,Oj0, $40. Under the 1ree- banking
| clause Of the act Of January IA lS1, 80 500
/ Of national bank notes have BEEN issued and : =
/ 7tiS : Of legal tender notes retired Jhtef Ih'
| act Of June o., 1874, which provides Tor the re
/ tirrment Of national hanE circu"uon, ann t,t
| surrender of bonds ,i,puste'i as security by me
substitution ot legal-tender notes, 20, bic
| Of such legal tenIer nnt's have been depo- itrd'
/ OF this sum IL ,337 80 has been paid o IN re
/ demptiOn of NATIONAL bank notes, and so Is,
| CA remain in the Treasury. On account OF The
silver resumption scheme S,24i, " ounces o
! silver bullion have been purchased, at an aver
age price Of III 40 cents per standard ounce
and il has been coined % the amOun. OF 10 ,V"y,
| 600 But the Secretary declines o. use H. it'
! saws. ''Fur obvious reasons 1t mas been, an'
vet is, impracicahle to put or Keep silver in CIR
/ wears ending june 3, l-I4. ami l-t7, arr
| gwen, showing "a fall ~ of IN the lat'e
| wear Of 3, 1886, III "a The views of the Secre
| tary in support Of a tariff for revenue ~
expressedi his report Of last year are relteratri
he refers to two evils in the collection OF custom
duties namely. smuggling and uniervalultl"n
! The restoration of the duty ON tea and conec D
I recommended. During the fiscal year $50 th'
cost of collecting the customs revenue has Oeel
reduced more than ha a million dollars by urOp
ping employees and reducing the salaries O
others Fines and penalties ar among the lhlng
that were, only S2S, > IL having been collecte'
for the first quarter Of the current fiscal year, oI
the basis of which the falling of for the wear, a
| compared with 1873 will be $50 600. TINS los
has been met by further reduction Of expense
/ to the amount OF more than million dollars pc
aunum. But the Secretary doubts II the re'uc
ton ca be maintained with utinIury the ser
vice The Internal Revenue exhibit Is nor
| gratifying than that of customs. The total re
c pts for the fiscal year 1874 were , lO2 ,6il
AS gS while those for the last year aggreg tJ,'
SlIO, "a, ia 3, an increase of 81 80 40. .
There was also an increase Of 81 1872 .IO5.2 fJ
the m nths of October and November of tlls yea
| as compared with the corresponding months {
ls74 The subject OF frau by the WHISKY Rln
, and their prosecution Is discussed at lenStt
Reasons are given for the refusal to cOmprOmls
any cases Of fraud and it is declared that per
sistent and systematic frauds Will be visited VII
the severest penalties Of the law.