Year: 1875

In this issue will be found the full text of
the report of the Secretary of the Treasury
upon the national finances. Notwiths.and-
ing its great length, it will be found so full
of interest to all who take part in discus
sions upon the currency and the tariff that
no one who begins its perusal will be able
to forego Its complete examination. 1t will
impress the mind of the reader as plain
business statement by practical man to
business men. Its positions are distinctly
stated, with precision and clearness which
disclose practical familiarity with the sub
jects discussed, and an utter absence of that
rhetorical display and buncombe eloquence
which so frequently mar the efforts of the
modern politician. 1t is the work of the
statesman and political economist rather
than of the political partisan. The candor
of its statements bear the impress of truth,
while the simple though comprehensive
language in which they are conveyed will
bring them home to all classes with con.
vincing force.


The Report abounds in choice senti-
ments, some of which should be engraven
upon the minds of the youth of the coun-
Try. The following extract upon economy
and retrenchment is worthy of frequent
reproduction and careful commemoratun:


"Frugality in administration is among the
foremost and most important points of sound
financial policy. Faithful collection of the
revenue and reduction of expenditures to the
lowest point demanded by the necessities of
government constitute the first duty of those
intrusted with making and administering the
law. The obligation to adhere strictly to this
duty has peculiar force while the public in
debtedness is large and the industries of the
country are suffering from financial depres-
sion. Rigid economy at such q time must
lead TO two important results; first, advance
ment of the credit of the Government through
out the financial world, and hence ability to
refund the debt at q lower rate of interest;
second, and by no means least in importance,
greater willingness on the part of the people
TO bear the burden Of taxation, when they see
that their Government, like themselves, is re-
ducing expenditures to the lowest practicable
point, and applying the revenue received from
them 10 its necessary and legitimate purposes.
The general depression Of business which
followed the era-of imitation and extravaganza,
through which we have Just passed, has made
it necessary that individuals, associations and
corporations should reduce their expenditures
TO the minimum; and having done so, the tax
payers have right to demand that the Gov
erIment shall do likewise. While the interest
on the public debt and all other national obli-
cations must be promptly met, there are many
points at which, it is believed, consid-
cradle reduction of appropriations can prop
erly be made; and the Secretary invites critf-
cal examination of all the estimates submitted
. to Cong css. Increase Of public expenditures
in time of great prosperity and extravagsnce
is accomplished by an easy process, but cor
responding reduction when the reverse comes
can be brought about only by the closest vigis
lance and most determined resistance to every
appeal for appropriations not required BY the
existing necessities OF Government. No ap-
preparation of money should be made without
reference TO the probable amount of revenue
10 accrue within the year in excess of existing
obligations and liabilities"


The careful and rigid execution of the
Sinking Fund Act and the reasons given
for this policy are especially noteworthy
and commendable.


The faith of the country is pledged to
apply the receipts from customs 10 the pay
ment of interest on the bonded debt and
the extinction of one per centum annually
Of the principal, and with Secretary Bris-
tow this pledge is sacred. The refunding
Of the public debt has progressed with most
satisfactory success II is believed aasothat
the process of funding skies into new four
and.a-balf per cents. may shortly bs intro
duced with favor


Upon the currency question the Secre-
tary is firm, clear and earnest in favor of
resumption of specie payments. The follow
ing statement of the present condition of
the country upon this subject will be gen.
orally recognized as truthful and forcible


9Although there are gratifying indications of
increased activity in certain branches Of bust
ness in the United States, it must be admitted
that confidence has not yet been restored to