Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1875-12-17
The Treasury Report.


Secretary Brislow, of the Treasury De.
partment, renders such n report Of bis stew
ardship as will satisfy the people of his en-
inent fitness for the responsible position he
occupies. The report shows that the net
revenues Tor the fiscal year were S2ss, O00,-
05l against advance estimates Of S2s4,3lS,-
2SG) and the ordinary expenditures S274,-
1893 against S275, ,4s9 estimated a year
ago. Tho surplus revenue Of the last fis-
cal year, therefore, has been Sl3,37G,G5S
The Secretary estimates the revenues OF
the current fiscal year will be 1907, l5G, lij
and the ordinary expenditures S2GS, Az ,543,
giving an estimated surplus revenue Of
S20, OOS,60l. But under existing laws there
will need TO be provided for sinking fund
purposes So, 203, G92, consequently the rev.
enues promise to be S3,2Sj,09l less than the
appropriations made by Congress. Daring
tue year the public debt has been reduced
SlI $685. and the present amount of debt,
less cash in the Treasury, is.s2, l2s, GSS, 1926.
The report is urgently in favor Of gov
ernmental economy, arguing that: THE
general depression OF business which fol-
lowed the era of imitation and extravaganza,
through which we have just passed, hiss
made ii necessary that individuals, ASSOC
cations, and corporations should reduce
their expenditures to the minimum and,
having done 50, the taxpayers have u right
10 demand that the government shall do
| likewise" After devotny space to such
topics as the sinking fund and debt refund
Ing, the Secretary speaks out plainly and
soundly upon resumption and hard mon
| ey. lie is glad 10 notice signs of improved
activity in certain branches Of business
but he has 10 idea that confidence has yet
| been sufficiently restored TO bring about a
| general business revival nor that this will
| be the case until we get nearer to specie re-
| Sumption aud stable currency. Mr.. Bris-
tow well observes "Wilh an unsteady and
varying currency, having no fixed relation
to the money of the world, but always
much below its par value, we eau never at
tain that commercial independence to which
our great resources and active population
| entitle us"
The Secretary holds that hard money is
good for all classes, and that every branch of
industry and all classes OF people are alike
Interested in the restoration Of sound and
stable circulating medium, the laborer and
| producer no less than the merchant, bond
holder and banker. Tho present unequal
and calculating currency Expresses and in
iures laborcrs and producers, who consti-
tute great majority of our people, far
more than it affects injuriously dealers in
money. lie defines the proper Office of the
currency as a medium of exchange be-
tween buyers and sellers, and in the course
of an able argument on this topic signif-
cantly alludes to the Inconsistency of the
political and financial demagogues who
of late have taken to nursing the rag baby,
which when it was born they so loudly re-
pudiated as ilegitmalc. We quote the
Senator's sharp note on this head:
II is worthy Of note that for the most part
those who now oppose the redemption OF
legal tender notes, and vino ask for a fur
Their issue and indefinite reissue of the
notes now in circulation, were most siren
uous in their opposition to such issues dur
| ing The civil war. % Those who OPP
posed such issues at time of supreme ne
| cessity, and insist upon further issues when
the emergency has passed away, put them
selves in the attitude OF opposing war meas
ures in the midst Of war, and advocating
| them in time of profound peace. Congress
carefully confined the operation Of the act
10 the period Of necessity by authorizing
'the reissue from time 10 tune, as the ext
geneies OF the public interests shall re-
quire."
Mr.. Bristow shows how distinctly and
unequivOcllly the public iuilh il pledged to
the coin redemption Of the government is
sues of legal tender notes, and gives a sue
clint history Of the steps taken in their is
sue, and the declarations of Congress and
the supreme Court for their redemption in
cjin. He advises that Congress should
abolish the legal tender quality orthe notes
as to all contracts made and liabilities aris-
ing after fixed day, and suggests January
l, 1877, as a proper date TO fix, in view of
preparing for the redemption process al
ready ordained by law 10 begin January l,
1879. Respecting this latter matter, the
Secretary admits that there are obstacles to
be overcome in the path OF resumption at d
fixed date, but appears 10 be confident that
the thing can be accomplished. The Ma
tonal b anks, the Banking Acts and coin
age next come in for discussion, aud then
we have 4 long and interesting exposition
of custom house affairs, smuggling, under
valuation and tariff defects, among which
latter is named the mistake made in repeal
| ing Inc uuty on Tea anu coIee, ana the res
toration of the duty on these articles is rec.
commended.
The Secretary devotes portion of his re-
port 10 the whiskcy frauds, bat modestly
refrains from magnifying his own personal
services to the country in circumventing
the whiskey hing and bringing its oper-
atoms TO an end. While these are the lead
ing points Of the report, there are, ofcourse,
many other matters discussed, but our
space is too limited 10 allow OF any refer
ence TO them at present.