The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-12-16
TIE TREASURY DEPARTMENT.

/ us ~ pHiiS f"'f lCiD 10 lldNt DGtu gl1l
35; decrease for the last fiscal year of -, :
1856, Ill 81. Receipts from internal revenue
| for the year ending 30th June, 1874, were
| S102, 409, 1S4 80, and for the year ending
! 30th OF June, 1878, were Sl10, ,007, ,493 jS ;
| increase, 1851, 10e 6S. The report alsO
shows complete history of the work of-the
| Department for the last year, and contains
recommendations for reform and for legisla-
ton which / concur in, but cannot comment
on so fully as l should like to-do If space
would permit, but will conffney myself to a
| few suggestions which look upon as vital
| TO the best interests of the whole people
coming within the purview Of the Treasury
i mean Fl. % .-7.
SPECIE RESUMPTION.
Too much stress cannot be laid-upon this
question, and hope Congress may be in
| duced at the earliest day practicable to in
sure the cOnsummatiOn of the act of the last
! Congress at its last session, to bring about
! specie resumption on and after the first day of
January, 1879, at furthest. 1t would be a
great blessing if this could be consummated,
| even at an earlier day. Nothing seems TO me
more certain than that a full, healthy and
/ permanent reaction cannot take place in
! favor of the industries and financial welfare
| of the country, until we return to q
measures of values recognized throughout
| the civilized world. While we use a cur
rency not equivalent to this standard, the
worlds recognized standard, specie, be-
| comes commodity like the products of the
soil, the surplus seeking market wherever
| there is a 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 the interest of the public debt
| in coin, the yield of precious metals would
| flow out for the purchase OF foreign produce
tions and leave the United States hewers of
| wood and 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 suggest the
! best legislation to secure the end. Most
! heartily commended, it will be source of
| great qualification to me to be able to ap-
prove any measure of Congress looking effec-
| lively toward securing resumption. Unlim-
| tied imitation would probably bring about
specie payment more speedily than any legis-
| latiOn looking to redemption of legal -tenders
in coin, but it would be at the expense OF
honor. The legal-tenders would have no
value beyond settling present liabilities. or,
properly speaking, repudiating them. They
| would buy nothing after debts were all
settled. There are a few measures which
seem to me important in this connection,
and which l commend to your considera-
| ton:
LEGISLATION RECOMMENDED.
l. A repeal of so much of the Legal tender
act as makes the notes receivable for debts
contracted after date to be fixed in the act
| itself, so it is not later than January, 1877.
We should then have quotations at real val
ueS not fictitious ones; gold would no long
/ er be at a premium, but currency at a dis
count; a healthy reaction would set in at once
and with a degree to make the currency What
| it purports to be; the merchants, manufac-
| turers and tradesmen of every calling could
1 10 htnc, on fair maj arCrIn n
money to be received having an unvarying
value; laborers and all classes who work fol
stipulated pay or salary would receive more
benefit from their income, because the extra
profits would no longer be charged by the
capitalists to compensate for the risk of /
downward fluctuation in the value of tho
/ currency.
\ 3. That the Secretary Of the Treasury bt
authorized to redeem, say not to exceed
-. 200, 900 monthly of legal-tender notes, by
issuing in their stead long-term bonds bear
ing interest at the rate of 25-1O0 per cent
per annum. of denominations ranging from
$500 to 81, 200 each. This would in time re-
duce the legal-tender notes to volume tina
could be kept afioat without demanding
redemption in large sums suddenly.
3. That additional power be given to tht
Secretary of the Treasury to accumulat,
gold for final redemption OF currency, in
creasing the revenue, curtailing expenses
or both. 1t is preferable to do both; and
recommend that a reduction of expenditure
be made whenever it can be done withou
impairing Government obligations or Grip
pling due execution thereof.
One measure for increasing the revenue
1 and the only one, think, is the restoration
of the duty on tea and coffee. The dutle
would add probably SIS, 900, 200 to the pres
ent amount received for imports, and woult
in no way increase the price paid for thes
/ T-ti ialas- bxrt tho These article
are the products of countries collecting rev
enue from exports, and rs we, the larges
consumers, reduce the duties, they proper
tionatcly increase them. With this addition
to the revenue, many duties now collected
and which give but an insignificant return
for the cost of collection, must be RENTED
and to the direct advantage of consumer
alone. | would mention those articles whicl
enter into manufactures of all sorts. Al
duty paid upon such articles goes directly {,
the cost of the article when manufacturer
here, and must be paid for by consumers
The duties not only come from the consume
alone. but act as a protection to fOrelgl
manufacturers of the same competing artl
Gle in our own and distant markets.
| will suggest, or mention, another sub
iect bearing upon the problem of how t
enable the Secretary of the Treasury to ac
cumuate balances. 1t is to devise som
better method of verifying claims agalns
the Government than at present exist
through the Court of Claims, especial
those claims growing out OF the late war
Nothing is more certain than that larg
percentage of amounts passed and paid ar
part or wholly fraudulent, or are far IN eX
cess of the real losses sustained. The larg
amount of losses proven on good testllnon
are according to existing laws, by affidavit
of fictitious or unscrupulOus persons, |
have been sustained on small farms an
,lw. "a lnxr NN4if Nefng
Sible Weld of those places for any one year
but as every one knows who has eXperienc
in tillng the soil and has visited the scene
of spoliatiOns, are in many instances MOI
than the individual claimants were eve
worth, including their personal and rei
estate. The report of the AttOrney-Gene
: (which will be submitted to Congress at a
early dav, will contain detailed history {
awards made of claims pending Of the cla'
here referred to.
THE WAR DEPARTMENT. -.y
The report of the Secretary of War, a.
l cOmpanying this message, gives detallt
account of the army operations for the yet
lust passed, expenses for maintenance, etc
with recommendations for legislation,
which respectfully invite your attention,
| /. The necessity of making $50, 900 of Il
appropriation for the Subsistence Depar
5 ment available before the beginning of Il
l next fiscal year. Without this proVlsl(
troops at points distant from supplies mu
2 either 90 without food, or the existing lay
{ must be violated, if not attended with di
e proportionate cost to the Treasury.
2. His recommendations of an enactme
: of a system of annuities for families OF d
I ceased officers by the voluntary reductlo
from the monthly pay of officers. This plan
n not attended with burden upon the Treasur
and would for the future relieve much di
G tress which every old army officer has WI
Y messed in the past, in case of officers dyll
T suddenly or being killed, leaving famllI
d without even means of reaching their friend
7 if fortunate enough TO have friends toa
them.
+ 8. The repeal of the law abolishing mill
e ace and return to the old system.
; 4. The trial with torpedOes under Z
: corps Of Engineers, and an appropriate
t for the same. Should war ever occur b
d tween the United States and any maritir
y power, torpedoes will be among the etfe
y tive and cheapest auXiiiaries for the defen
e of harbors and also in aggressive operatlo
d that we can have; hence it Is advisable
II learn by experiment the best construct
u and application as well as effect.
II 5. A permanent organization for the y
u nal service Corps. This service has now
q come necessity of peace as well ss W
1 under the advancement made by the prese
u able management. -t-
~. low