Savannah morning news. [volume] (Savannah) 1868-1887, 1881-12-08
SECRETARY FOLGER'S REPORT.
Important Suggestions and Recon-
men datIOna.

WASHINGTON, December 7.-In the annual
report OF the Secretary of the Treasury,
submitted to Congress yesterday, attention is
called to the impracticability of executing
the law as It now stands requiring public
disbursing officers to draw for funds placed
to their credit only in favor OF persons to
whom psymsnt is to be made The passage
Of bill authorizing the renewal of the
charters OF national banks upon the eX-
piration Of their corporate existence
is recommended. Relative to the
reserve for redemption of United States
notes, the report says that it is generally
conceded that for safe banking a
reserve of 40 per cent TO meet
current obligations is necessary. 1t is
recommended that the act requiring the
issue OF silver certificates be repealed. The
issue OF gold certificates is considered very
Objectionable, in view OF any possible de-
mand for redemption in coin OF
legal tender notes. It is suggested
that Congress prohibit national banks from
retiring heir currency except upon a pre-
viOus notice OF given length. The ques-
tiOn is raised whether the notes of the gov
ernment can and shall be maintained as
legal tender currency since the government
resumed the payment of its debt in gold
manent appropriation be made for the re-
demption of the fractional paper currency
outstanding and for the liquidation Of the
pubic debt, which matured before 1860 and
remsins outstanding.
Referring TO payment of United States
bonds in gold, the report says: Equity, if
not a strict construction OF the law, requires
that the holders of such bonds should re.
ceive payment thereof iu gold or its equiva-
lent, and that the government is abundantly
able 10 di-charge It's obligations in money
which Is everywhere accepted as a
true standard Of value" The re-
port urges as the most potential
means of bringing about any concert of ac-
tion In regard TO a bimetallic standard
among the differt Mt nations that the United
States susperd for the present the further
coinage Of silver dollars. The report calls
attention also to the necessity of revising
the tariff to meet the condition of
many branches OF trade. Con-
d-rable space is devoted to
discussion of the subject of the reduc-
lion of taxation. The tax on deposits in
national banks and upon their capital, in
the judgment of the department, may with
proprieiy and justice be lessened, whenever
it is determined that the public revenue X
ceeds the public needs. There are other
minor sources of internsl revenue that
might be given up. The propriety of es-
tablishing a new tribunal for trial of Gus
iom cases is suggested.
After reviewing the bond operations of
'he year, the repO says, upon the suthori-
tY Of men engaged in financial operations,
that a new loan of 3 per cent. would be
taken up If it was by its condition ire
deemabe save by a long term. 1t is recon
mended, in case Of 8 new loan, that a long
term of payment be given 10 the bonds.
Among other things the attention of Con-
gress is called TO Inc necessity of more di-
rect legislation respecting quarsntiniDg fCr
eign cattle. The subj. Ct of prosecuting the
search for the Arctic exploring vessel Jean
pette is also commended 10 the attention OF
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