The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1878-12-12
Secretary sherman's Report.

The Secretary of the Treasury, in his re-
port, says that he regards the progress to.
wards the resumption of specie payments as
having been most satisfactory, and finds no
difficulty in the way of the successful full
fllment of the law. He says that the steps
towards it have been accompanied by " in
creased business and confidence" He &C.
cepts the theory that the redeemability of
greenbacks makes them receivable for GUS
even if not approves, the theory of the leg
islation which provides a permanent place
for greenbacks in the currency of the coun.
try. The act of Congress providing it
seemed, as he estimates, to have been in
Difference to a popular sentiment. Never
theless, he argues the value of National
bank circulation as well as of that system
of banking generally, for reasons that he
specifically states.
The issue of gold certificates will be stop
ped on the LIST of January, because green
but for the convenience of depositors he
will provide greenbacks of large denomina-
tions.
As to silver, he proposes that its coinage
shall be limited or its weight increased to
the parity of gold, thus recognizing the
gold measure in bullion in England as the
standard. He argues that such an issue of
small l~egal-tenders be maintained as will be
popular, claiming that people should have
their preference. He states that much the
largest proportion of the Government bonds
are now held in this couDtry-only about
5000, 0 1000 being abroad.
The National banking system is referred
to a~pprovingly, with no recommendation
OF important changes.
In referring to the coinage question, the
~ H. Il
trade dollar coinage, giving its history,
stating that that coin was made solely for
the convenience of merchants in the China
trade, and that they can only be treated as
bullion, the Governments relation to their
coinage being only mechanical. He sug-
gests no remedy.
He recommends that the Pacific Rail.
roads, which are debtors to the Govern
meut, and which have been arbitrary as to
rates of transportation to a degree almost of
prohibition, should be provided by legisla.
ton with equitable scales of rates.
The work of engraving and printing is
spoken of with appreciation.
The methods OF adjusting the disbursing
business for the District of Columbia are re-
lated, and seem to be in the direction of
greater efficiency and safety.
Legislation as to methods of adjusting
claims that go to the Treasury Department
in all vari"ty OF classes and styles is asked
for, and a suggestion made that there
be a specific limit placed upon the life of
claims, so that there shall be a inality in
the decisions made to govern the Depart
ment. He also recommends that an i'm
portant class of claims which have hitherto
been acted upon by the Department under
existing laws, should be adiudicated by the
Court of Claims.
Arguments are made in favor oil. some
notifications in the custom laws. especially
recommending specific duties instead of
Gd Udtorem, wherever practicable. Other
recommendations are made as to matters in
this branch of the revenue service, espe-
cially to those in reference to sugars.
Our foreign appears, by the
report, to be in a most assuring state. The
exports of agricultural products alone were
greater for the last fiscal year than our en-
tire imports of foreign merchandise.
The internal revenue shows a falling off
for 1873, as against 1877, of over seven
of dollars, of which the greater
part is on the collections on spirits. The
needs of the public service are such as to
require that internal revenue taxes should
not be reduced; besides, changes are
to be dinturbing to the course of
There has been a reduction of tonnage
in the United States vessels, though the
of vessels has increased
pr cent.