Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1876-12-15
DEPARTMENT REPORTS.
Report Or Secretary Nzorrlll.

The report OF the Secretary Of the Treas
ury, contains the usual statements in re-
gard to the financial condition of the Gov
ernment and numerous suggestions In
terest. The report states that the revenues
OF the Government. for the fiscal year end
ing June 80, 1876, were S2s7, ,4S2, ,030 10, and
the expenditures S25s, 797 83. From the
receipts and expenditures OF the first quar-
ter of the present fiscal year, the Secretary
estimates that tue former will amount 10
1924, ,292 449 80 and The latter 10 S237, ,62S 753.
35. The Secretary estimates that the re-
celpts Of the Treasury for the fiscal year
ending June 80, 1873, will be S270,OO5,OO0
and the expenditures S243 ,350,704. OF this
amount 1880, 200 is required TO pay the
interest on the public debt. The public
debt was reduced 10 the amount OF S29, ,24s,-
3s1 81 during the last fiscal year. The re-
duction OF the public debt from August 81,
1865, when 1t was at lis highest figure, to
June 80, 1876, was $3.50 1892, ,226 a, or S223,-
1l4 in excess of the requirements OF the
law relative 10 the sinking fund.
Under the contract with the Syndicate"
Mr.. Morrill, states that S5O,OOO,OOO of $50
bonds have been called in, and S35, ,674, $50
Of the Al per cent. bonds issued.
He discusses the question of resumption
of specie payments at length. He express
es the opinion that the troubles likely TO
result from resumption January l, 1879,
are greatly exaggerated. But whatever
the result, IL belongs to the Government
which necessity compelled to suspend spe-
Gle payment 10 take the initiative in resum-
ing. Mr.. Morrill, says that in order TO
meet the requirements of the act referred
to, there must he an accumulation OF gold
necessary TO redeem the $3.50, 600, 900 out
standing legal tenders. 1t is impractical
BILE 10 accumulate this amount in advance,
as the Government would lose the interest
on the amount, and its retirement would
disturb money exchange. He therefore
recommends that the Secretary be author
lied TO issue bonds bearing AZ per cent in
terest, in such amounts and at such times
as, in his opinion, is required to redeem
these notes. He also makes the suggestion
that the present time is regarded as oppor-
tune for the gradual withdrawal OF legal
tender notes.
Under the provision OF the act Of January
l, 1875, 81, 900, 600 Of silver change has been
issued and SI3,OOO,OOO of fractional cur
rency Withdrawn. BY the provision re-
quiring SO per cent. in legal tenders OF the
amount of notes issued TO national banks
TO be retired, $l4, 1914, 2s4 of the former have
been Withdrawn and Sls,OsO, 600 OF bank
notes issued, leaving 1857 ,5S5,7l6 OF legal
tenders outstanding November l.
q. ha loa Eccal
amounted TO S3s. 49, ,962 50-an amount
nearly twice us large as was coined two
years ago.
The report shows that the contraction
OF the currency since Jan. ], 1875, amounts
10 S43, COZ, ,74s, of which $50 l43, ,464 is the re-
suit OF the withdrawal Of national bank cir
culation by such corporations. The Secre-
tary observes that the above facts and the
lar ge accunIulaiions OF money at the mon
ey centres indicate that the volume Of cur
rency is largely in excess OF the real de-
mands of business, and that portion OF
the legal tenders may be Withdrawn with
advantage.
The Secretary also suggests that II is
quito indispensable that national banks
should accumulate as legal reserve a ratio
of coin, so that on Jan. ], 1879, their reserve
shall consist OF coin entirely. He also rec
ommends that the volume of silver money
shall be increased 10 $50, ,OOO, 900, which shall
he legal tender in amounts orSl0. He dis
cusess at length the question whether or
not silver dollars are 'coinv within the
meaning of the act providing that the ma
tional obligations be paid herewith. He
concludes that they are not.
He recommends the extension OF the
Life Saving Service, aud suggests that
those employed in the Revenue Marine
should have tie provisions Of the navy
pensions extended TO tbem, and that the
service should have retired list.
He does not deem il advisable TO begin
the construction of any new public build
ings at the present lime, but that appropri-
atoms be made for the speedy completion
of those already begun.
Secretary MorrilPs report is brief, practi-
cal, and contains many wise and timely
suggestions relative TO the currency and
the other important interests which are
within the limits OF his department.. II re-
ceives the commentator of all sound busi-
ness men in the country.