The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1875-12-15

JSvso w Su9SSSS SAAS ~"SsS'.~'~ W
gress on which more delicate rela-
lions or more important interests are
dependant.
In the month of July last the bull.
ding erected for the Department Of
State was taken possession of and &C.
cupied by that department. l am
happy to announce that the archives
and valuable papers Of the Govern.
ment in the custody of that depart
ment are now safely deposited and
properly cared for.
REPORT OF THE SECRETARY OF THE
TREASURY.
The report of the Secretary of the
Treasury shows the receipts from
customs for the fiscal year ending
June 80, 1874, to have been $685.
100, $3.50; and for the fiscal year
ending June 80, 1875, to have been
$157, 167, 722, 800; decrease for the
last fiscal year, of $5,956,lll,s4. Re.
ceipts for internal revenue for the
year ending June 80, 1874, were
$l02, 400, 7S4, 60; and for the year
ending June 80, 1875. $4,000, 49,
50, increase $780,, 70s,6s. The re-
port also shows a complete history
the workings of the Department for
the last year, and contains recon-
mendations for reforms and for leg
islation which l concur il, but can
not comment on 50 fully as l should
like to do, if space would permit, but
will continc myself to a few sugges-
tions, which I look upon as vital to
the best'interests Of the people com
ing within the purveiw of "Treasu-
ry."
SPECIE RESUMPTION.
mean specie resumption. Too
much stress cannot he laid upon this
question, and 1 hope Congress may
be induced, at the earliest day prac-
ticable, to insure the contamination
Of the act of the last Congress at its
last session to bring about specie re-
sumption on and after the first day
Of January 1879.
It would be a great blessing If this
could be contaminated even at an
earlier day. Nothing seems to be
more certain than a full, healthy ex-
pertinent. Reaction cannot take
place in favor of the industries and
financial welfare of the country until
we return to measure Of values re-
cognized throughout the civilized
world. While We use a currency not
equivalent to this standard - the
world recognized standard-specie
becomes a commodity like the pro
ducts of the soil, the surplus seeking
a market wherever there is demand
for it. Under our present system We
should want none, nor would We have
any were it not that customs dues
must be paid in coin, and because Of
the pledge to pay interest on the pub
lie debt in coin.
The yield Of precious metals would
flow out for the purchase of foreign
productions and leave the United
States ''hewers Of wood and drawer
Of WATER" because Of wiser legisla-
tion on the subject of finance by the
nations with whom We have dealings.
l am not prepared to say that I can
suggest the best legislation to secure
the end most heartily recommended.
It will be source Of great gratitica-
ton to me to be able to approve any
measure of Congress looking effect
lively toward securing resumption.
UNLIMITED IMITATION,
would probably bring about specie
payments more speedily than any
Legislation looking to the redemption
of legal tenders in coin: But it
would be at the expense Of honor
The legal tenders would have no val
ne beyond settling present liabilities
or properly speaking repudiating
them. They would buy nothing az
ter debts were all settled. There are
a few measures which seem to me
important in this connection and
which I commend to your earnest
consideration-a repeal Of 90 much
of the legal tender act as makes these
notes receivable for debts contracted
after date to be fixed in the act it.
self, say not later than the lst day Of
January, 1877. We should then have
quotations at real values, not fcti-
tious ones. Gold would no longer be
at premium, but currency at a dis
count. A healthy reaction would set
in at once, and with it q desire to
-. ko tho rnrroncu onual IN Shat II