The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-12-08
DEPARTMENT REPORTS.

of the various departments, Of some of which
: sufficient eptOme for general purposes is givel
in the presidents message, but of others TIT
: conventional limits of the message render sucl
an cpitomc impracticablc. The report Of thu
7 secretary OF the treasury, for instance is usu
ally more voluminOus than the message its.l
! and covers about as many topics. Indeed M
would be very modest treasury head indeed
i who didn't regard his report and Suggestions
} to congress as of vastly more consequence thar
any recommendations proceeding from 'pud
Il din-hcaded' president.
D Secretary Shcrman's report states the receipts
: OF the government, for the last fiscal year, al
) 100000, jS6G2, and the expenditures at $23S,
; $50 0S03, leaving Il surplus of $3O3iO,juG SO
u The sums compared with the preceding year
} show Il decrease of $1S,4Sl 452.ji in receipts
and decrease of 1879, 1SS40 in cypend
4 lures this last sum showing the exact demo
cratic saving, which the republicans said was
a sham
But aside from mere figures, which no one
can remember but which are always accessi
BILE the most important part Of Mr.. Shcrman's
report is that which relates to the currency
While he uncompromisngly opposes any post,
poncmcnt Of resumption, his way OF bringing
| il about is his own rather than that of the re.
sumption act. The resumption act cOntem-
plates the reduction Of the grccnbacks by Jan.
l, 1879, to 100000, by the issue Of nation
al bank bills at tho rate Of 500 for every $50
grecnbacks retired. At the present rate there
will be no such reduction Of the grccnbacks by
1879, and Mr. Sherman wants to hasten their
retirement by congress authorizing him TO re-.
deem them with silver or fund them in per
cent. bonds, Secondly, the resumption law re.
quircs the secretary Of the treasury to have
gold enough on hand by the lst of January
1879 to redeem in gold the $500 100000 Of
grcenbacks then remaining. Mr.. Sherman
seems 10 have no doubt but he can have the
necessary ampunt Of gold on hand by that day,
though he has mus far been able to accumu.
late but S35 100000, and AS he has no way of
accommodating any more except by the sale Of
bonds, and the sale Of bonds he says has been
stopped by the silver agitation, the unsophlst.
Gated reader is naturally puzzled to know
where he expects to get the other $26j,O00,O0O
or Whereabouts, Of gold by Jan, /, 1879, But
the resumption law also contempiates the can.
COLLATION. Of The $30000O,OO0 Of grcenbacks
when redeemed, while Mr.. Sherman piulsscs
to reissue them, for that purpose proposing,
on the Stanley Matthews plan, 10 keep on hand
a gold redemption fund of 100000 900, but if
at any time this fund is too heavily drawn
upon, he would redeem the grecnbacks in
bonds, and not reissue them until the rcdcmp-
ton fund can be rccuperated Aside from
these S3OO0O0,0OO of grecnbacks, backed by Il
gold reserve Mr. Sherman's currency scheme
includes silver, exclusively as subsidiary
coin, like the existing fractional coin; and
third, national bank notes issued under sys.
TEN of free banking, and rcdeemablc either in
being TO meet the fluctuating demands for cur
recy. A curious feature of his complicated
scheme is n legal provision for suspension in
time of panic, the power of declaring such sus-
tary Of the treasury on the exhaustion OF his
800, 100000 redemption fund and The suspcn-
sion to include national bank bulls rs well rs
grecnbacks.
Both the reports Of Comptroller Knox and OF
the commissioner of internal revenue urge the
repeal Of the national bank taxes. OF the to-
tai internal revenue collections for the late tis.
cal year, $l1S,S70991 only $s630,9OS were
realized from the bank tax on capital and de
posts, stamps on checks, and stamps on match
cs--the three taxes that are most complained
of as irksome and oppressive; and OF this sum
S3,755, 300 is collected from banks and bank.
crs. The revenues derived from the leading
subjects Of excise, spirits, tcrmcnted liquors
and tobacco were, for the year, over $4,000.
GOO, and these receipts are steadily increasing
Both the comptroller and commissioner think
that if the financial interests of the govern.
mcnt will warrant a reduction in its revenues,
these three minor taxes on banks, checks and
matches might with reason be selected for re-
moval, though the commissioner is inclined To
give the match tax preference, rs 1t doubles
the cost of an article of universal consumption
Secretary SchurZ, of the Interior Depart
ment, seems 10 be chiefly exercised about the
Indian problem. lie regards a complete and
satisfactory solution as beyond the possibility
of present attainment, but urges, as among the
means of mitigating the difficulties of the
problem, first and foremost, never 10 promise
the Indians more than we are able and willing
to perform, and then perform what we have
premise With this as the guiding princi
pie, he thinks the solution of the Indian qucs-
ton will be found only in the gradual gather
ing of the Indians upon small reservations,
weaving them from depending for subsistence
on the chase, and gradually, by inducing them
To swap their rifles and ponies for agricultural
implements and cattle, To change them into