The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-12-01
The Treasury Report.

Secretary Sherman's report, is graf
ifyingly full and explicit, and strong testi-
mony to that revival of business and of the
gaeat industries of the country which some
people even now affect to doubt. For the
first time since the panic the Government is
enabled to announce an increase of the rev.
enue. Despite the reduction in the tobacco
tax and the increased appropriations the
Treasury is in.better estate than for many
years, and the prospect is that unless
Congress favors eXtravagant outlay, the
receipts will not only be amply sufficient
for all necessary expenses but will permit a
considerable reduction of the public debt.
The story of resumption and the refund
ing operations, as delightful to American
ears as the tale of Midas to children, is told
at length, and the course which the Treasury
should follow under the changed conditions
in which it finds itself surrounded is suffici-
emily indicated. Due credit is given to the
national banks for the great aid rendered by
them to the efforts of the government to
return to specie payments and to refund its
debt in Notwithstanding securities. The
Secretary shows that the banks have been OF
most essential service, and points out that
the advantages Of our banking system over
any system Of banks hitherto devised are
that their circulating notes are secured
beyond peradventure of loss, they are OF
universal credit in the country wherever
issued, they are more perfectly protected
from counterfeiting, they equalize exchanges
between distant parts of the country, they
are promptly redeemed on demand at one
common place, the banks are subject to a
sstrict and vigilant surveillance by independ-
ent officers of the Government, their con-
dtion is frequently made known to the
public, and they contribute very large
percentage of their profits in the way of
taxes. A system of banking, he says, that
after an experience of sixteen years, through
war and periods of great imitation and great
depression, has produced such results, may
fairly appeal to the confidence and support
of Congress.
In regard to the question of preference
between bank-notes and greenbacks as
circulating mediums Secretary Sherman has
nothing to say, but he wisely suggests that
the legal-teuder act may with propriety be
repealed, thus placing the notes of Gov
ernment on level with other notes and
depriving the greerback circulation of the
obnoxious feature of forced loan. The
merits Of this plan are obvious and need nc
demonstration. AS he says, the legal-tendel
act is a useless and Objectionable assertion
Of power, which Congress might now repeal
on the ground of expediency alone. When
it is considered that it's constitutionality is
seriously contested, and that from its nature
it is subject to great abuse, it would now
appear to be wise to withdraw the exercise
of such power, leaving it in reserve to be
again resorted to in such period of war Oh
grave emergency as existed in 1862. He
also recommends the limitation OF the coin
age of silver dollars to such sum as can be
| maintained at par with gold. Ii we really
| desire the double standard instead of 6
| single standard, of silver, this is the onl,
| course to pursue. His recommendation in re
gard to the sinking fund should also be heed
| ed if the country wishes to rid itself of thu
| burden of the public debt.
The recommendations as to taxation
customs revenues, sugar duties, registration
| of ships and coast surveys, deserve th'
| immediate and careful attention Of Congress
| We may not agree with all ofthem, but the,
are worthy of studious consideration. Yer.
| important, too, is the suggestion that
portion of the sinking fund be invested il
the promissory notes of the Government
until the amount of greenbacks in circula
ton is reduced to $30O,0O0,000. The reduc
ton might, with advantage, be carrie'
| farther