Year: 1872




For three years the Secretary of the Treas
ury has been able to announce reduction OF
the National Debt at the rate of One Hundred
millions Of dollars per annum. He does so In
his report of yesterday, but for the last time.
He estimates the reduction for the current
year at less than Sixty millions, and for the year,
ending June 80, 1874, only 1hirty-three millions,
which seems too small, supposing the present
prosperity of our foreign trade to continue.
For better OF worse, however, we are through
with the years when our public officers could
boast of One Hundred millions marked off the
national score in single twelve months.


Closely connected with the receipts of the
Treasury and the reduction of the National
Debt ia the amount of our imports. Nearly
two4hirds the revenue is derived from Customs
duties. The Secretary laments the unfor-
tunate state of our trade with foreign
nations, pointing out that our consump-
ton of foreign goods last year ex-
ceeded our exports of specie and merchandise
by about Sixty million dollars. Certain it is
that for the last three years our consumption
of foreign goods, and in consequence the
income of the u. s. Treasury, have increased
amazingly, and the first five months of the
current year show an increase OF i'm
ports over tho large figures of last
wear. But tho case of last year is
in some respects exceptional; and at all events
ia not 30 black as the Secretary paints it. In
spite of very light cotton crop, and heavy
falling off in the exports of cereals, except
corn, the aggregate value of our products and
manufactures sent abroad holds its own with
II. J;,c fa
very considerable increase. The balance Of
trade, whatever significance may be attached
TO it, will tend more in our favor for the cur
rent year, without our imports necessarily di-
minishing, or the Treasury suffering


Both the Secretary and the President join
in advocating system of liberal subsidies for
the announcement of American steamship
building 1t is difficult thing to check the
alarming inroads of foreign capitalists and
foreign ships on our carrying trade. There
are objections to every plan. The natural
course Of things Is said 10 be against us.
Money, labor and the materials required are
cheaper abroad than here. Companies
receiving Government subsidies are apt TO be
extnvagant, and certain to be the subjects of
envy and hatred; yet who does not long for
the day when nc can SAIL 10 Europe oncc
more on an American steamer under the Stars
and StripesH


The latter part of the Report is taken up
with the discussion of currency problems. Mr..
Boutwell, repeats his well-knOwn views of the
methods of approaching specie payments. In
his opinion there are but twO-contraction and
growing up" to the present volume of paper,
that is waiting until paper appreciates to an
equal valte with gold. He evidently regards
contraction with favor, but thinks the people
can never be brought to accept it. In dis
cussing the periodical stringencies IN tue
money market, he advocates the delegation OF
power to the Treasury Department to IN
crease or diminish the issues Of the national
banks within certain limits to be fixed by
Congress- This seems 10 us very duestiona-