Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1880-12-10
THE NATIONAL TREASURY.
Secretary sherman. Annual Report,

Secretary Sherman's Annual Report.
The annual report of the Secretary of the
Treasury shows that the revenues for the ifs
cal year ending June 80, 1880, were 1888,
26,GlO.9S, an increase over the previous
year of $50, 900, 42G. 80 and the expenditures
were S2G7, GAP, 957.7S, an increase over the
previous year of $3.50, O74.25. The amount
applied to the sinking fund was S73, 90i, G17.-
Al, an excess of nearly $50, 900, 600 over the
amount actually due to that fund. Mr.. Sher-
man estimates the revenues for the present
fiscal year at $3.50, 600, 900, with IA surplus,
after providing for the sinking fund, of S4s,-
$4,000. The question is presented to Con-
gress, whether this surplus shall be applied to
"A further reduction of the public debt, or to
a reduction of taxation. The secretary in
clines to the opinion that the revenues should
not be reduced unless they bear oppressively
upon certain interests; but, if Congress de-
cides to reduce taxation, he recommends that
all internal revenue taxes except those on
spirits, fermented liquors and tobacco, be
abolished
The United States bonds maturing before
July next amount to SGS7, $780, 600. OF this
amount, Sl3,4li, 600, due December 81 will
be paid from the revenues. For the rest it is
necessary to provide the means of refunding
The secretary thinks that large portion of
this debt can be provided for by treasury
sued in such sums as can, by the application
of the sinking fund, be paid as they mature
He proposes that provision be made for the
issue of 800, 900, 600 of these notes in de-
nominations not less than $40 and bearing
interest not exceeding four per cent, to be
sold at not less than par, the amount matur-
ing in any one year not to exceed the sinking
fund maturing in the same year. He also
recommends the issue of bonds not exceeding
q - a. - -
redeemable after fifteen years, the proceeds
to be applied to the redemption of the and
6 per cents. With this authority he says the
interest on the public debt will be reduced
So, 100000 per annum, leaving the debt in a
shape for easy gradual payment.
Nothing has occurred to embarrass the easy
maintenance of specie payments There has
been less than u million dollars presented for
redemption, while over $7l 900, 600 of coin
and bullion has been deposited in the treasury,
assay Office and mints. 1t is believed that the
entire volume of United States notes now out
standing can be maintained at par, but it is
absolutely necessary that the coin reserve be
kept unimpaired. The secretary thinks the
legal tender quality of the notes is of no par
ticular consequence, and, as it excites distrust
In some quarters, 1t might be removed with
out detriment. These notes are the best cir
culating medium known, and, as form of the
public debt, save over 81, 900, 900 of interest
annually, besides being a convenience rather
than burden to the people Regarding the
silver dollar, the secretary recommends that
its compulsory coinage be suspended, or that
its weight be increased to an equality in value
with the gold dollar. The latter manner, he
thinks, would tend to fix the relative value of
silver, and make steady market for the sill
Yer product of this country.
The national banks are now doing a healthy
business on specie basis, and the only legis-
lation proposed regarding them is the remis-
sion of taxation on their capital and deposits,
retaining only that on circulation. Among
other matters discussed, that of the foreign
carrying trade is one of the most important
The increase of our registered shipping is i'm
portant, and the only available method of
accomplishing this is either to allow American
citizens to purchase vessels of foreign build
or to offer bounty on home-built vessels
The present facilities for freighting in foreign
vessels appears to be a greater discourage
ment to home ship building than would be
the privilege of purchasing such vessels In
concluding the secretary recommends, for the
full efficiency of his department, that provi-
sion be made for the tenure of Office for II
fixed period, for removal only for cause, and
for some increase of pay for long and faith
full service.