Rensselaer Union, Volume 11, Number 13, Rensselaer, Jasper County, 12 December 1878 — Secretary Sherman’s Report. [ARTICLE]

Secretary Sherman’s Report.

A summary of th* report of Secretary Hh«rmao I* here given: .- TH* EBTtM'kS. The ordinary revenue* from oil source* lor the fiscal veer ending June 80. IH7H- were $257,7d3.H78.70. The ordinary expenditure* lor the same period were $230.964.32d HO. leaving * surplus rcv. uue of $20.70(1,551.(H1. which was sppiled to the redemption of rolled Histe# notes, the redemption of fractional currency, llic increase of the sinking fund siol the augmentation of the ra-lt balance In the Treasure'. Tbe deflelenty in the sinking fund for the year wa* sl4-629.44 UK). The net def-renae of receipts for tho vear was 811.230707.92. and the net deerea-e in <>xpep dll tires $1,690, 98213, *» compared with the proi'ctlfhg floral year. The *etn*l receipts _for the first quarter of this veer were $73,8Wt.723.43. find the wtitnsled receipt# for the remaining three-quarter#, $101.100,2id.57- The actual expenditure# for thefiivt quarter were $,3.344,873.27, and the estimated expenditure# for the remaining three quarters $100.750.42t1.73. or s total of reei'lpfc for the yesr, of $20419K1.000, ■nd of expenditure# $240 100.001). letv Ittg * balance of $24 400.000. applicable 10 the sinking fund, which is estimated forlhr yenr at $36,964.007.H7. The estimate* furtherin'*! vear 1880 ire. receipts $2»4.500.<KK1: expenditures, Including sinking fund. $276.i:17-25*L94. showing an e*tiniawd dettelt of $10,031,250.94; excluding the sinking flttid then* will be hii eetlpiated siliqilu* <d {2B. 1iUi.0h7.32. Iliese e«ttm*tqr sre based oil the Congreasional approprittlons of the present year. )' The estimate of reventie, hs#ed upon existing Iswr. the Necri'lsry say*. 1# SB-78*1,121.31) more tl.*u the actnul revenue of Hie past year. Till# estimate ran mily tie realized tiy strict snd Impsrtlnl enforcement of the rei i'nno law«. This Is uni only a legal duly of revenue officers, but is the right of every honest taX-peyer. The enforcement of the lax on spirits and tobacco hus. In some places, been reelst.-d liv formidable combination# too powcrftil for Ihe Department, with tlie force# at It# command, to overcome. The customs duties, in msnv eases, have been evaded by smuggling, fraud, undervaluation, and false claims for drawback and damage uHnwance. Some of these ob--tonctlon# are Incident to the execution of auy tax law. but many of them may he overcome by modification* of the laws, a* Mr. Shurmau suggests. speciK hksumption. Iu regard to Ihe resumption of sperle payment*, the Secretary »a.v# he ha- substantially carried in--1875 by the graduul substitution of fractional coin for fraeiloiiul currency, hr the free coinage of gold, and by free hanking There remains only the completion of preparation# for resumption in coin on the Ist day of January, 1879- anil Its maintenance thereafter upon the basia of existing law. The object of tlie Secretary hn* been to accumulate a coin reserve of $138,000,000, that being Hie smallest reserve upon which resumption could prudently be commenced. Tho aniounl of coin held Jll the Treasury, oil the 23d du.v of November, in excea*_of rain sufficient to pay till coin nubilities, was $141,888,100, and constituted the coin reserve prepared for resumption. This sunt would be diminished somewhat, on the Ist of January next, l>y reason of the large amount of Interest Brcraingnin that day in excess of the coin received meanwhile. Th" Secretary had arranged with the New York Clenring-Uotisn for Ihe exchange of drafts a* in ordinary banking transaction*, snd after the Ist of Jaiinan. United spile* notes would be received by the associated bank# of that city a# coin. These preparations for resumption had heeu accompanied, In lil* opinion, with increased business and confidence. The Becretary details at considerable length the means at his command .to maintain the reserve decided on, including the sale of bond*, the reissue of United States notes, the current rev- ' enne receipts in excess of current expenditures, etc,, etc. The gold cerl I lie ales hitherto Issued, in the discretion of Ihe Secretary, will not housed after Jannary 1, hut United States notes of large denomination would be issued instead. The Hocrotary Is of Ihe opinion that a change of tlie law fs not necessary to authorize this Department to receive United States notes for custom# duties on and after the Ist day of Jans, ary, 1879, while they are redeemable and nre redeemed on demand in coin. After resumption It would seem a useless inconvenience to require I element of tnelt duties in coiu rather than In 'lilted States notes. VVilh this view Of tbe Resumption act the Secretary will direct, unless Congress otherwise provide*. that after Jan. 1, and while United Htates notes are redeemed St the Treasury, that they be received the tamo a« roia by the officers of tne Department in at) payments lu all parts of the United States. THE SILVER DOLI.AU. The Secretary discusses at considerable length Ihe silver dollar, and says it wa* not to supersede th" gold dollar: nor did Congress propo-e-to adopt the single standard of silver, but only to create a Wmeiattie standard of silver and gold, of equal value and equal purchasing power. Congress, therefore, limited the amount of silver dollars to he coined to not less than two millions nor more than four millions per month, hut did not limit the aggregate amount ltor the period of time during which this coinage should eontinoe. The market value of the silver in tiie dollar-, at the date of the passage of the art. was 93 i cents iu gold coin. Now tt is about 88 cents in gold coib. If it was intended by Congress to adopt the silver instead of the gold standard, the amount provided for is totally inadequate for Ihe purpose. Experience, not only in this eoqntry, bat in K>ir,q,.--Hti countries, has established flint a certain amount of silver coin may he maintained ill circulation at par with gold, though of le.-s intrinsic bullion \ulue. it was, no doubt, thm of Congress to provide a coin lit stiver which would answer a multitude of Iho pnposes of business life, without banishing from circulation the, established gold coin of the country. To accomplish this it is indispensable either that the silver coiu be limited in amount, or that It* bullion value be equal to that of tlie gold dollar, if not, its use will be limited to domestic purposes; It cannot he exported except at it* commercial value as bullion. If issued in excess of demands for domestic purports#, it will necessarily fall In market value, and, hv a well-know n principle of finance, will become the sole coinstttmiaid of value. Cold will be either hoarded or exported. When two currencies, both legal, are authorized without limit, the cheaper alone will circulate. If. Tuovcver. the issue of the silver dollars is limited to an amonnt demanded for circulation, there will be no depreciation, and their convenient use will keep them at par with gold, as fractional-silver coin, issued under the act approved Feb. 21 1853.' was kept at par with gold. The Secretary concludes that it would lie tlie best policy for the present to limit the aggregate issue of the silver dollar* based on tlie ratio of sixteen to one, to such stuns a* can clearly tie maintained at par with gold, until the price of silver iu the market snail assume a defined ratio to gold, when that ratio should lie adopted and our coins made to conform to it. and u-k.* that he he authorized to discontinue the coinage of the silver dollar when the amonnt outstanding shall exceed $50,000-000. He states that, meantime, fie shall redeem all Unitod Stales notes, in Mini* of not less than SSO, with either gohl or silver coiu. as drained by the holder- but reserving the legal option of th"e Government; and to pay out United Stales notes for all other demands ou the Treusnrv. except when coiu is demanded on coin liabilities. roCR-FBR-CEXT. BOND*. During the prestfkf y#©. prior toNov. 23. SIOO.270,900 of -Fpcr-cent. Itonds had been -old. ant) ti-per-cent. bonds of an equal amount redeemed.* or will be redeemed as lb- calls mature. A* front best advices, only $200,000 000 of United Mate* bonds are held abroad, it might he fairly anticipated thut the sale of the 4-per-cent*, ivotild largely increase. In order to avoid the payment of double interest on the two kinds of bonds, ns well as the temporary contraction of the currency. - the Secretary recommends that the notice to he given for called bond# be, at his discretion, not less than ten days, nor more than three months. In order that the freest opportunity nitty be given to invest In the public securities, flic Seeieittry recommends that the Department be auiltorized to issue certificates of deposit of Ihe United Mates of the denomination ol $lO, bearing interest at the rate of 3.85 per cent, per auanm and convertible at any time within one year after their issue imp tlie 4’per-cent. bonds authorized by the reftuiUing act, and to be issued only in exchange for United Mates notes sent to the Treasury 'by mail or otherwise. Such a provision of law, supported by suitable regulation#, would enable any person readily, without cost or risk, to convert his money into an interest-bearing security of the United States, and the money so received could be applied to the re demption'of the 6-per-cent, bonds. .. -j • NATIONAL BANK*. - - On the Ist of October, the number of National Banks in existence was 2.053. The amount of their circulating-notes outstanding, including those in liquidation, wa* 8323 147.“lfl: the capital invested was $46tk14i.430: the surplus fund and profits wi re $157,833,993; tlie loans and dtscouuts'were SB3O-521 548. l COINAGE. t 1 The value of the gold coinage executed during the last fiscal year. 552,798.980 00 Of trade-dollars. 11,378,010 00 Of standard-silver dollars.,. 8.573,500 00 Of fractional-silver coin.:. 8,339,315 50 And of minor coiu 30,694 00 A total coinage of $81,120,499 50 In addition to the coinage, fine and nnparted bars were prepared for depositors in tho amonnt of $12,501.920 23 in gold, and $11,864,5185.87 in silver, The amount of goid coin and bullion In the countrv Sept. 30, i* estimated bv the Director of the Mint at $259,358,390. and of silver coin and bullion at $99.090,557-a total of $358,443,947. ENGRAVING.AND PRINTING BCREAf. At the close of the last fiscal year there was an unexpended balance of $052,836.17 of the appropriation for labor and other expenses of this bureau. Of this amount, in accordance with the Ml approved tatoe.2o, ltgauhs «21,58tM» will be expended -In ilia purchase or * site for and the erection df a fire-proof build* Jng for tire bureau, the wAtk t>H Which i* now, progressing satisfactorily, mad will probably be com pleted during the fall of 1879. It is as*unied. from action of tongrer# at.Ua last session. that it hold* that the engraving and printing of the public securities can be more cheaply, perfectly and safely done iu this bureau than in private establishments, aud the Secretary has, therefore. directed that all work of Hrfc dcacriptian. ex Cpp. certain pruprietarv stamps, shall bo done therein. The cost of the work is lose than onehaif the ptices previously paid. Cl.ilJlg. The Secretary calls the attention of Congress to Ihe necessity of some legislation aa to the adjudication of claims which ate now wiihin the Jurisdiction of hi# Department. While the Department is writ organized for the investigation of account* accruing in the ordluarv course of current business, it is nut adapted to ftte examination of old and disputed claims #f a different character. For the proper investigation of such claims the methbda adopted in all outacotirla for ascertaining he truth, are undoubtedly tne tuft. For this purpose a tri:

bund, which wilt require the IH-it eVlflenee ol which the nature of the ciw will admit, the frodilution of original paper* rather than pretfudod copies, the awuru slalrment of the witness himself to facia In bis ow u knowledge suit not the hearsay of third parlies, the examlomton aud crnss eiannnallou of the witness, not si- ex parte statrmenl privately taken, a pehllc hearing and a public ree onl of prw< edlnifao|» ii to inspection, la essential, lie recommends the Conn of Clalaaa aa a tribunal to whom such claims might with propriety ba referred. ( ou.ar-no’* or u stoms. Vr. Hherman discusses, at considerable length the uiieslion of the collection of duties on Imports, and describes the suits brought for the putilahment of parlies engaged In defrauding the rex enties. lie advises a change In the mode of collecting duties on sugar. In this connection be' calls allenlton lo the ope/atluu of the irealy w ith Hawaii. anitgdiows that, during (beyear IM"i, the dut*es surrendered, by virtue of the Heaty, on goods ini|H>rtod luto the l ulled States, aggn-gsled sX3l2<>6. a sum ol $15,061 more than the entire value* of llie excesses of Imports In IH*7 over those ol 1H75, the year before the opeiatlon of the treaty. The advantages of this treaty, the Socretaw thinks, are not reciprocal, lit- also recommends such a general modification of lln- law as shall do away with the temptation lo smuggling and uiideniliiallou. —■ «■ kxpohtn and iwroßTti. The gold value of tlxe exports of merchandise for the year was $684,865- <tMI: Imports, $437. 051.532. Kxcess of ItniKirls over exports, $257,KII.JH. Compared with the prevlons year the exports are greater by •1W.111g1.1i40, and the Imports less by si4-271-004- The animal average of the t xoess (dlinports over exports of merchandise. Air the leu ream ended •lum-IRI. IS7H. waa $164,706,822: blrt, during tho lost three yeara there has been ail exeesa of exporta over Importe, as follows: In lH7tli $78,643,431; In 1877, *lOl-102-004; and In 1878, *207,814,234- Tho exporta of specie and bullion this war have been 933,740,125, and the Imports 920.821.314, an excess of exporta over Imports of 53.818S 3.818,811. Of the exports of domestic nierchaulae, the products of agrlcnlturo comprised 77 per Cent. The decrease of Imports consisted chiefly of manufactures of cotton, flax and silk, of w 00l and manufacture* of wool, and of Iron and ateel anti maurtfacturcH I hereof. Of the latter, the importation of railroad-bars decreased from 585,321 tons in 1872 lo 12 tons In 1878; but their product In the Culled Stales increased from 2c 858.141 tons during the five years from 188710 1871 to 4.058,340 tons dnrlue the live rears from 187310 1877- From this product has been supplied the demand for such bars necessary for (lie extension and renewal of rallroada, of which there are in operation 70,000’tHlUwr' ALASKA. The Sectetary recommends that authority .be con fared on the Department to prevent the shipment to Ala-ka or molasses or other articles from which Intoxicating liquors arc ordinarily made, aud the establishment of some form of government competent to restrnln disorder and tnsnrc the safety of the Inhabitants. The Alaska Commercial Company bus taken during tke preseut season the iiirfxfmniii number of 100,000 seal skins allowed by law, which represents an Income to the Government of $317,500. INTERN AL REVENUE. The receipts of Internal Itevenue for 1878 were $111,087,725.48, a decrease of 98 545.118-53 from the receipts of the preceding year. The needs of the public service require that no rednelion of Internal revenue taxes be made. The commodities from which the tax is mostly collected are those which property hem the bnrdon of tho tax, and the present rates are lu the main satisfactory. COMMERCE AND NAVIOATIOJt. The total tonnage of United States vessels Is 4.212.784 tons, a decrease of 28,838 lons from that of the la«t decal year. The total number of entries of vessels into iHirls of the United Slates from foreign countries, us returned by the Bureau of Statistics, during the year ended June 30.1878, wa« 30,788; of these entries, ] were of American vessels; the total number of clearances foreign, during the same time, was 31,384; of thla number. 10-872 were clearances of American vessels. Of the total tonnage thus entered, als mi 25 per cent, was American and 75 per cent, foreign; of llic total number of clearances foreign, about 28 per cent, was American and 74 per cent. foreign. During the year there were inspected 4-137 steam vessels of an aggregate tonuage of 1,017,432-03 tons, and the lees realized aggregated 9272,703-85. The salaries and other expenses paid were 9218,248.65, leaving an unexpended surplus of 958-454.20. The lfevenue Marine consists of 37 vessels. During the year they cru!«e'd »u aggregate of 238.505 miles, ami their ollicers boarded and examined ttl .088 vessels, of which 2,008 were found to have violated the law ami were accordingly reported or • seized. One hundred and ninety-two wrecked vessels were relieved aud 142 parsons saved from drowniug. The expeuae of this branch of the service during the year wa« $844,001-70-I.IKE-SAVrSO SERVICE. The statistics of the past ycarshovv that (He cases of disaster have been more numerous ami severe than during any year of the existence of the service. The number of disasters to vessels reported bv the Superintendents ol'the several districts during Ihe fiscal year, is lilt*. These vessels had on boad I.6ll'persons. of whom 221 were lost. Of this hitler number, 183 perished at the wrecks of the Huron and Metropolis. Three hundred aud ninety shipwrecked persons were eared for at the stations, 818 days of succor beiug afforded them. The vatne of property involved was 92,622,335, of which SI .084.875 was saved, aud 91.527.380 lost, there having been flfty-nine Instances of tho total loss of vessels and cargoes. Numerous suggestions are made fur increasing Ihe efficiency of this branch of ihe public satviee. * - LlltHT-UOtTBE*.* During Ihe last fiscal yesr, 8 new light-houses, 151 river-lights, 1 fog-signal, 51 dav-beacous aud 47 buoys have been established, and 1 light-house, 04 river-lights and two light-ships have been discontinued. The total at ihe close of the year was 000 light-houses. 630 river-lights, 22 light-ships. 55 steam log-signals, 471 day-beacons and 3,002 buoys. THE VIAIIIVK HOSPITAL SERVICE. During the year 18,223 sick and disabled seamen were can’d for din ing the rear ended June 30, 1878—the number exceeding by 1.415 the largest number relieved in any previous vepr. As in the preceding year, there was again a small surplus of receipts over expenditures, as shown by the statement of the Register of. the Treasury, the receipt* eoVereil into the Treasury being $11011,678 67 And the expenditures. 385,282 80 Leaving unexpended............ $4.385 77 The Secretary concludes by commending the conduct of the officers of his Department.