Jasper Republican, Volume 1, Number 13, Rensselaer, Jasper County, 11 December 1874 — The Report of the Secretary of the Treasury. [ARTICLE]

The Report of the Secretary of the Treasury.

The Secret ary submits in detail the receipts and expenditures for the fiscal year ending June 80, 1874. The aggregates are as follows: Total net receipts, $322,186,231.29; total available cash, $453,345,568.89; total net disbursements. $802,633,873.76; balance in Treasury June 80, 1874, $150,731,691.68; net revenue for the fiscal year, $289,478,756.06; ordinary expenses, $287,183,873.76; surplus revenue, $2,344,882.80; total net receipts for the first quarter of the present fiscal year, $80,884,285.99; total ordinary expenditures for the same period, $86,313,489.42; balance in the Treasury Sept. 30,1874, $151,549,599.44; estimated receipts for the remaining three-quarters of the year, $203,484,000: estimated expenditures for the same period, $190,002,800; estimated total receipts for the current fiscal year, $284,318,285.99; estimated ordinary expenses, $275,315,489.42; surplus revenue, $9,002,796J57; esti-. mated receipts for the year ending June 30,1876, $293,000,000; estimated ordinary expenses for the .same period, $272,778,000; total estimates from the different executive departments, $310,030,769.88; reduction of the public debt during the last fiscal year, $5,762,447.65: total public debt, less cash in the Treasury, $2,139,897,861.27. The Secretary recapitulates the transactions attending the re-funding of the public debt, and states that successful Bidders have taken up all former bids and. hold . options for the rest until Feb. 1. He not only takes ssissjaa/ss. He recommends the repeal of the Legal-Tender act at a fixed day. As to contracts thereafter made, and except as to official salaries and ordinary expenditures of the Government under existing appropriations, the Secretary recommends that authority be given for the immediate issue

of convertible bonds bearing a low rate of interest. He asks that a day may be fixed for the resumption of specie payment, not more remote than three yean, at the end of that time toe Secretary to be authorized to raise gold by selling bonds to such amounts as may becoihe necessary from time to time to keep the Treasury in condition to redeem greenbacks as presented. It is recommended thatfractioual currency be replaced by silver, and to accomplish this the Secretary desires to set all the mints at work coining silver, and that as rapidly as It is produced the fractional currency be recalled ana destroyed, beginning with the smallest denominations. The Secretary also asks that the coinage ofgold be made free in the United States, as it is in London, in order to prevent the expor-tation-of bnllion for coinage. In regard to printing all varieties of Government notes, bonds and stamps, the Secretary recommends that the whole be done. exclusively at the Treasury Department. Government has all the necessary machinery, obtained at great cost, and all the needed facilities. It can perform the work at the same or a less cost than private firms, when the cost of transportation by express is considered. Aside from these minorconsiderations the Secretary regards the question of safety as one which should control. At the end of the present contracts, or as soon as they can be legally terminated, he recommends that all the work of this nature be performed in the printing division of the Treasury. The Secretary recommends free banking as part of the plan for the resumption of specie payment and this branch of the snhject is not elaborated. Concerning internal revenue, the Secretary recommends that the tax be taken off bank checks, matches, cosmetics and drugs, and to meet this loss an additional tax of ten cents per gallon be imposed on whisky. This will raise the revenue a little greater than is now received from the articles enumerated. The practical workings of putting tea and coffee on the free list have been frilly examined by the Treasury Department. Care-fhlly-prepared tables of prices in foreign markets ana prices to consumers for a period subsequent to the taking off of the tax show that, while the country lost from $6,0 0,000 to $12,000,000 from the decrease of revenue on this account, the removal of the tax simply added to the price in foreign markets and has not benefited consumers The attention of Congress is called to the great danger to the revenne attending all attempts to modify the penalties which have heretofore existed, and which the Treasury has sought to enforce. The Secretary is no believer In the system of moieties, and does not desire its restoration in any shape; bnt he expresses serious doubts whether any benefit has followed certain modifications of penalties for the violation of customs regulations. The Secretary does not regard the Treasury Department as a proper place for the adjudication of cotton cases. These are for the most part of a complicated character, requiring tbe taking of much evidence and a jndiclal investigation. He therefore recommends that all cotton cases be withdrawn at once from the jurisdiction of the Treasury and turned over to the courts. Upon the question of tariff the Secretary, without entering upon mnch discussion, says at present it is only necessary to treat it purely as a question of revenne, and not one either of protection or free trade. In the interest of business he does not think any changes should .be hastily made, and if Congress desires to revise the present rates he recommends that a commission be appointed to take the whole subject into consideration, with instructions to report to the next Congress. Great economy is recommended in the expenditures for public buildings. The Secretary recommends that Congress go over the appropriations and estimates for these works with great care, with a view of reducing some and wholly suspending others. He expresses the belief that the needs of the Government do not require such elaborate and costly structures as have of late been erected, bnt that plainer, and at the same time substantial, buildings will answer every' purpose, and save many millions. He thinks there is needless extravagance in furnishing public buildings, and that much greater economy should be practiced in all directions in this matter. He has transmitted the estimates, which have already been carefully revised, but he earnestly requests Congress to unite with him in scanning them still more closely, with a view to their further reduction. The force of the department has been reorganized and diminished exactly in accordance with the laws and appropriations of last session, bnt the Secretary thinks the lowest limit of economy consistent with prompt and efficient performance of public business has not yet been • reached. 1 % The Secretary does not believe the present condition of the Government justifies the extending of aid in any form to private enterprises of any kind.

For the year ending June 3CK 1874, the decline in receipts from customs from the previous year was considerable—falling off from $188,089,522 to $163,103,883, a loss of nearly $25,000,009. The receipts for the first quarter of the current fiscal year were two and a half millions less than for the corresponding period of the last year. The receipts for the months of October and November, 1878, were $21,243,383.25. For the same months of the enrrent year they were $22,7 6,811. It is certain that the aggregate amount now received from this source is necessary for revenue to meet demands, which cannot be safely stated at less than $160,000,000 in gold, besides the receipts from internal revenue and other sources. The impost statements for 1872-’iß show how heavily the revenues from customs were depleted by the reduction of 1872, coffee alone having yielded $10,989,098.77 in 1871, and $7,192,074.91 in 1872. On the importations of coffee, in 1873, the rate of three "cents per pound wonld have yielded nearly $9,000,000, and two cents per pound almost $6,000,000. He therefore advises that the duties upon coffee and tea be restored. The export of coin and bnliion was $24,952,138 less than for the preceding year, while the exports of domestic merchandise have increased $63,803,118. There appears to have been a decrease in Importations for the last year of $74,729,868 as compared with the previous fiscal year, and of $59,188,735 as compared with the fiscal year ended June 30,1872. The following imports show an increase 1n value, respectively: Coffee, $10,941,570; molasses, $1,046,778; salt. $556,127; flax seed, $447,229; brass and other metals, $475,489; medicinal barks, $418,436; coai, $410,762; hair, $409,826; raw hemp, $328,994; indigo and cochineal, $353,474; unmanufactured wood, $384,810; articles exported and returned, $1,287,622; opium, $561,726; barley, $2,838,872; dress goods, Those exhibiting a decrease in importation are principally; Unmannfaclured wool, $12,183,632; manufactures of wool, $4,149,298; raw silk, $2,606,613; manufactures of silk, $5,893,258; fine linen, laces and other manufactures of flax, $2,955,636; cotton goods, $7,007,4%; kid gloves, leather and manufactures of leather, $1,107,528; furs, $379,427; hides and skins, $1,391,586; jute and jute butte, $1,471,727; paper stock, $1,059,297; paper and paper hangings, $734,892: horse-hair, $792,675; old and scrap iron. $5448,870; copper ingots, $2,847,626; manufactures of copper, $8»7,986; pig and bar lead, $1,091,240; tip plates, $2,000,721; watches, *900,681; Jewelry and precious stones, $976,997; fancy goods and perfumery, $168,986: tobacco, snuff and cigars, $1,804,002; wines and liquors, $623,000; fruit and nnts, $1,892,044; sugar, $829,490; tea, $8,853,860; dutiable chemicals, $873,711; chemicals, drugs and dyes, $1,444,919; dye woods, madder, argols, bleaching powder, and nitrate of soda, $718,063; soda ash, $928,448; earthen, stone and china ware, $1,183,570; common window glass and glassware, $1,399,841; lumber, $3,591,827; crude indiawubber and guttapercha, $708^21. There was a falling off in the importation of iron and steel and their products of *20.366,686 in value, upon the following articles: Rails, $8,982,267; steel and manufactures of steel, $3,324,518; pig iron, $8,916,747; bar Iron, $2,266,170; sheet, hoop and band iron, $1,169,308; machinery, $400,192; anchors, chains, cables, castings and hard ware, $308,339.

There was also adecrease in the importation of live animals of $702,381, and of provisions of $849,331 in value. Of domestic prodnets exported the following articles show an increase in value, in currency: Wheat, $49,969,205; wheat flour, $9,878,430; rye and rye flour, $1,440,999; corn and corn meal, $1,029,829; cheese, $1,400,985; batter. $139,462; pork, $801,677; beef and tallow, $1,678,044; fish, $603,71*; leaf tobacco, $7,710,046; oil cake, $487,798; horned cattle, 464,900; hogir $838,435; agricultural implements, $503,889: timber, wood, and manufactures of wood, $2,288,919; coal, $909,676; manufactures of hemp, $691,021; iron and manufactures of iron, $846,197;J1re-arais^ sl4sß,369; sailing vessels sold - The <£ere«i*invhe exportation of domestic Broducta appears principally in the following arcles:' Raw cotton, $16,019,489; bacon, hams and lard, $3,576,025; hides, $1,044,641; furs and far skins,s39l,lß6; leather and manufactures of leather, $518,976; sewing machines, $566,484; crude mineral oil, $910,354; crude turpentine and rosin, $585,566; and silver ore, $969,303. ® The proceeds of captured and abandoned property covered into the Treasury aggregate $20,910,666,44. Of this amount, $10,495,831.74 have been paid to claimants, leaving a balance of $lO,495,833.74, against which there are claims pending of $36,834,078.47. They say now that Kaiser William pats out the clothes-line Monday mornings. Of course he does, mid he murmurs the while: “ Never was a woman yet that didn’t knot a clothes-line into a snarl.”