The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1875-12-09
The Reports.
THE TREASURY REPORT.

THE TREASURY REPORT.
The report of the secretary OF the
Treasury shows the receipts from GUS
toms for the fiscal wear ending June 30.
ls14. to have been Sls3, lOJ .s33 90, and
for the fiscal year ending June 80. ls.j,
to have been Sl57 1912 81 n decrease
for the last li.cdl year of 1886, III "a.
The receipts from internal revenue for
the year ending June 80. 1874, were SlO2.-
lOJ,7Si 90 and for the year ending the
thirtieth Of June. 1875, were SllO,OO,,-
IJ3 IS. an increase of 1853. T0.sG.
The report also shows n complete his
tory Of the working OF the department
for the last year and contains the recon-
mendations for reforms and for legisla-
ton which concur in. but cannot COM
msnt on so fully as should like to do il
space would permit but will continc
myself To u few suggestions, which look
upon asyital TO the best interests of the
whole people coming within the pnrvicw
OF the treasury. mean
SPECIE RESUMPTION.
Too much stress cannot be laid upon
this question, and hope Congress may
be induced at the earliest day practicable
10 insure the contamination of the act OF
the last Congress at its last session To
bring about specie resumption on aud
after the LIST OF January, 1879, at the
iurthe.t. IL would be Il great blessing
ii this could be consummated. even at an
earlier day. Nothing seems to me more
certain than that 4 full, healthy and per-
maucnt reaction cannot take place III
favor of the Industries aud financial wei.
fare Of the country until we return to u
measure Of values recognized throughout
the civilized world. While we use cur
at t,,(. tn IL 81 Al, MI
the worlds recognized standard, specie,
becomes n commodity like the products
of the soil, the surplus seeking a market
wherever there is "a demand. Under our
present system we should wont none or
would not have any, were it not that GUS
tom dues must be paid in coin, and be-
cause of the pledge 10 pay the interest OF
the public debt In coin. The yield OF
precious metals would flow out for the
purchase of foreign productions, and
leave the United States hewcrs of wood
aud drawers of water, because Of wiser
legislation on the subject OF finance by
the nations with whom we have dealings.
| am not prepared to say that ] can sug,
gcst the best legislation to secure the Gnu
most heartily commended,
1t will he Il source OF great eratiiicat'oii
to me to be able to approve any measures
OF congress lOOhiuk cncSSSy
curing resumption. Unlimited imitation
would probably bring about specie pay
,nents more speedily than any legislation
looking to the redemption of legal teli-
ders i'm coin, but 1t would be at the exs
nense of honor. The legal tenders would
have no value beyond settling the pres
ent liabilities, or, properly speaking, re-
pudiating them. They would buy moth.
lug after the debts were oil settled.
THE PRESIDENT : THEORY.
There are Il few measures which seem
TO me important ia this connection, and
which commend to your consideration,
rs follows A repeal of so much Of the
legal tender act AZ makes the notes re-
ceiyablc for debts contracted after Il date
to be fixed In the act itself, not later than
the first of January, 1877. We should
then have quotation at real values, not
tlcticious ones. Gold would no longer be
at a premium, but currency at q discount.
A healthy reaction would set In at once,
and with u degree to make the currency
equal TO what 1t purpOrts to be. The
merchants, manufacturers, and tradesMcn
ofevery calling, could do business on .
fair margin of profit, the money received
having an unvarying value; laborers
and all classes who work for stipulation,
day or salary, would receive more than
their income, because extra profits would
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