The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-12-24
DEPARTMENT REPORTS,
accompanying the President 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 netrevenues for the fiscal year were -
90 % l.lt. and the ordinary expenses ssI .t23,
1872 -, leaving surplus revenue, exclusive ~
the sinking fund Of sl5 $40 .6S-. ~. The receipts
exceeded estimates by about sS. so Co., and the
expenditures fell below estimates about z 40 on.
The estimate Of revenues for the ensuing year,
based on the figures Of the first quarter, Is ~
- AS u, and Of eNpenses Is 2e~ ~ .af3. ~,
giving surplus % 49, CO. sol 3S. insufficient by
3. 90 70 provide for the sinking fund. The
reduction OF The public debt has been sl4 $50,
5l4 -, being . or .sG.5. more Than the sur
plus Of revenues. The Secretary declares that he
regards the requirement 81 law directing the
maintenance Of The sinking fund second only
in importance 70 the payment Of interest on the
public debt. and that he wll act 40. The >ecre-
tary sable % announce that $50. o00 90 Of per
cents have been funded into per ceutS. lie be-
ievcs the remainder can be- refunded - IN Accord
ance with the provisions Of the act- u 1870 and
l-sJ." But he recommends that further legl-
ton be had extending the time for the rcicmp-
ton 81 the z per cents from lj ~ - years from
the date Of their issue. ON the subject ~ the re-
sumption Of specie payments the secretary con.
sumes much space In order q insure rr-umD-
ton hy the day hxci hy law-Jan. T. ls1H, he
recommends the abolition u the legal tender
feature OF the green BACK. al. 70 contracts entered
into after the first day o. January. Isl. Mean.
time be also recommends that authority be given
him 10 fund the legai-tcnder notes with long time
bonds for small sums-as low As sJo-beariDg
low rate of interest cay per cent. and that
these bonds be nade available 70 national
banks security for their circulation.
lie suggests that this authority might
he limited to 100000 per month.
The Secretary regrets that he has been compel
led 10 make sales Of gold but necessity has en-
forced him 70 the measure a. means Of meet
number ~ National banks organized upt the lst
inst. Is ,, sO1, OF which U~1 doing business
Oct. L. Reports of the last named date show
thor capital 70 have been 80. ~ ,I6l circula.
tion ssIS 40 s79; deposits, se4 80 .Gl9 loans
3 Sf ~, a5l; specie Including coin certfc ates,
= .OO. so. Under the free.banking clause Of
bank notes have been issued and e., 7e5, 80 o.
legal tender notes retired. Under the act OF June
-. 1874, which provides for the retirement OF ma
tional bank circulation, and the surrender Of
bonds deposited as security by the sub.
stitution OF legal tender notes. s37. 57G. l7o
OF such legal tender notes have been deposited.
of thls sum 81. -, ~ has been paid out IN re-
-. remain in the Treasury On account Of the
silver resumption scheme ,2f3 $40 ounces OF
silver bullion have been purchased, at an aver
age price OF Ill 4 10 cents per standard ounce,
and u has been COINED To the amount Of sl0 go,
600. But the Secretary declines to use IL. lie
says. For obvious reasons II has been, and
yet H., impractcablc 70 put or Keep silver In cir.
culaton." The receipts from customs for the
years ending June 10, I,5s. and ISIS. are
given, showing a falling of In the latter
year Of Q :, gB, 81. The views ~ the secre.
tary In support Of tariff for revenue as
expressed nhls report Of last year are reiterated
He refers 20 two evils In the collection ~ customs
duties, namely, smuggling and differentiation.
The restoration Of the duty On tea and coffee IL
recommended. During the nacal year 1878 the
cost Of collecting the customs revenue has been
reduced more than half million dollars by drop.
ping employees and reducing the salaries of
Others. Fines and penalties are among the things
that were. only e2s .52l IS having been collected
for the first quarter Of the current fiscal year.
the basis of which the falling on for the year,
compared with 1873, will be ESQ. 600 This loss
has been met bya further reduction OF expenses 10
the amount OF more than n million dollars per an
mum. But the Secretary doubts II the reduction
can bc maintainesi without injury 70 the service.
The Internal Revenue exhibit u more gratifying
than that OF customs. The total receipts for the
necal year lisa were fl0l ga ,fiG -, while those
for the laet year aggregated sllO. SO. l5i. 81 an
increase 81 $50 ,tei.ls. There was al-o an In.
crease Of l6I, sOi.9p for the months Of October