The New York Herald Newspaper, December 4, 1866, Page 4

mitted to acoumulate should reach about the | the cost of transportation, duties and other fine peoporon to the : United States notes <xpesiny seen te tesla on hn Pamela that, {a former thecg in the vaulte of well man- | it is req ‘tepay balances to ether countries, it fows jutions ined to their immediate so these Ge.n tow 0p regelar ane oo conain, 05 eaneenee "the Payments ight be resumed without a | Hence, igh the eo metals are produced in tender | considerable quantities tp affect the prices in all. which is local in ha nae onda verti re Setia ehtocsh it swells the volute of currency, it hal increases ——_ mie sal ili 4s expal fmpates to trade, and an A al to) without regard to the con- currency ee as dition of trade between the \ired States tions, SALES OF GOLD FRO\ THE TREASURY. Heder those circumstances feeling sensible of the Great respouripility of bis pation, the Secretary has deemed it safer wad better fokthe country to act a cording to the dictates of his yn judgment, carefuly regarding the condition of the oftheTreasi- | labor, But whem @ paper is an incon- | currenc; 80 , cates how far ry, rather than to take ‘bla ‘ai ~ pot those who, vertiblo currency, and specially when, beng. os we uae’ both in finance however intelligent 200 abJe, we) under no official obi- is made by the ee Power a and ethics, The views of the of mischief. specie gations to the government ung adv ised in regard to the actual affairs, He has regarded a . | results, because the banis ts fi opinions are unchanged, portanoe to the people than b>) natee miles vance as the volume of cur Toe and require | tion during the past year have assured him of their cor- of doliars in the way of interey; ‘observation aid | as they advance furtbe tt, circulating | rectness. Anxious aa he is to lighten the burdens experience have assured him in order 0 | medium; then anew! becomes ‘and “the few | and reduce the public debt, he does not itate to ad- wecure this steadiness in @- | are enrichet #t the expense of the many;’’ then industry | vise that these notes be withdrawn from cit and considerable gree, while busness is condi ‘on payer | declines, and extravagance \® wanten; then, with a | that the furnishing of what paper ci may be re- basis, there must be power in the to prevent #:°- wiminution of products, aad ey yr apd quired be left to corporations, under laws and cessful combinations to brin; flucivations ‘et | there ts an increase of imports, higher are | such amendments of these laws as experience may dic- arely scoslative parpenes, has a peen clea’ in macunecn account of the general expamsion, to which tate for the better protection advancement of the specie - | they, tura, ‘and \ pal eir while a Pp in the redemptiox of gowirn- | ht jodustry ment obligations; but ‘quiexends idutty, increased production, and lower prices, wyich can alone make the United States what thoy ough to be—a creditor and not a debtor nation. These view ex- Plain the course that has been pursued with thazold Sezise which, during bis administration of the Department has come ions ‘Treasury. He bas renitted is 9 ac. with entire deference te Congress, the a when thie use. or brag it was not one mae ine eee inp tor ok tions, or to rent Commeroiai pamioe or successful sombivations apins!’| thelr notes st the Atlastio. 6! the credit; and he ae sold honozeaat ter, at a single city. were to y 7 > reney to ward off Ouencisl crises, or 10 eave se uired by legvimate end. of the country, as far ay fac ‘a careful revision of tha unnecessary and lon. it-eith our damaging deprecit! eo ho alone ia responsible. ‘ inoonacing |: chem, : proritism bas been shown, or if the iJ of any partiouiar class have been it | relieving, yaw raatorials trom \ * has den without his knowledge and ta violation? bisip- | product Of labor may Se, cahanoed and structions, He has not th> stightest reason ¢ Suppose, | ¢@: however, that they have not been conducte honestly, oe we iano af Senta, we, fairly and jud'cioualy. weaty years and bearing iaterest at = Biruition ov Tux CUnRExOY—ePzcm tux op¥ STANDARD | five percent, payable tn England oF Germany, to an a ee te eee ‘OF VALUE. It may be hardly necessary for the Secatary to remark that his opinions have undergone no mee in regard to ‘he importance of a restoration of the»Pecie standard or the tnegns necessary to effect it, He rusts, however, that he has bet been understood as epcepaining the opinion that a reduction of the currenry would of itself necessarily bring about Spxcie paymepss althbugh the chief and essential means to exact the desirel result. He regards @ redundant legal tender currency 4s the prime cause of our Gnancial difficulties, mad a cArtallment thereof in- dispensable to an increase of labor and a reduction of prices, to an augmentation of exports and a diminution of imports, which alone will plipe the trade between the United States and other nationspn an equal and satisfac- era to absorb the. six per cent beads now Ree Gecestees bectictiy: jarhat is enid by the held in Europe, and to meet the demand there for actual | Acting Com ler of the Currency, in hia porn re- ‘manent investment; and— to the importance of furnishing the ple of the ¥. To the rehabilitation of the Southern States. th with the bank note circulation which their busi- First. Tho utitity of compelting national banks to re- | ness may require, and agrees with him fn the deem their notes at commercial centres, as well as at the their own counters, is appar:nt, The object of Gangress, inthe establishment of the national banking system, | national banks in the Southern Was to furnish tho people with a» solvent currency of uniform value Paap ans the United States, .. The sol- vVency of the notes of the national ney is seoured by a deposit of bonds with the Treasurer at Washington; but, asthe banks aroscattered throughout the country, and many of them are in places diffioult of access, a redemp- ae a ee their notes Spare respective counters is not . that ts ju to make them. through- In order tbat his views on this int may not be mis- | out the United” States” ayer wrem through. apprehended, the Secretary trustAthat he will be par- | ia ‘true that the notes of all national banks doned for referring (even at a risk \t a repetition of what | are receivable for all Public dues, except duties he has heretofore presented in otha communications to | upon imports, and must be paid by the Treasurer in case Congress and in other ways. to fan ‘Geog to certain | the banks which issied are unable to redeem them, but reduction of the amount awarded to other States, than by an increase of the volume of currency. REVISION OF TIR TARIFF, The third roe, suggested is a revision of the tariff for the purpose of harmonizing it with internal taxes, a reduotion of taxes upon raw material, &c., &c. The G6th section of the act entitled “An act to reduce internal taxation,” &c., approved July 13, 1866, provides ‘‘that the Secretary of the Treasury is hereby authorized to appoint an officer iv his department who shall be styled ‘Special Commissioner of the Revenue,’ whose office shall terminate in four years from the 80th day of June, 1866. It shalt be the duty of the’Spocial Commissioner of the Revenue to inquire into all the sdurces of national revenue, and the best method of collecting the revenue; the relation of forcign trade to domestic Industry; the mutual adjustment of the sys- tems of taxation customs and excise, with thé view of insuring the requisite revenue with the least disturb- ance or inconvenience to the progress of industry and the development of the resources of the country, and to inquire, from time to time, under the direction of hi Seoretary of the Treasury, into the manner in laws, well understood, but too often YWisregarded, which | it will not be claimed that the notes of regul ae pore eee aa Pears ne movements permauy solvent, but situated in interior towns trope . im the specie stand- | ti as valuable as the notes of ban! seaboard ae ioe. are Figg ace tre regard bf Our actual financial alien, trai lon ani ions with other countries, by an it may be urged that tocompel remote banks tl infla‘ed and irredeemable currency, andby the exporta- would be a bardship. but as very aoe tion of our seourities, that frequent recure: to inexo- | managed banking institutions in the United States tail rable commercial and firancial Jaws is n¢ 5 to keep accounts and balances in some of the Atlantic Ever since trade commenced between tho eomnie of | cites, this haraship would be found upon trial to be different nateepols and silver have been the only re. | imainary rather than real. But if it should be a hard. Mable and recognized measure of value and medium of | slip it would bea necessary one, and the interests of the exchanges. While in their internal trate other repre- | banks must bend to the interests of the people. Be- sontatives of vaiue have, toa greater or less exent, been | sides, without such redemption thete will be practical: the used oy all natiens, money made of these metals has | none at all, at least until sp-cio ‘ments are resum: which officers charged with ‘the administration and been pronounced by the ji ent of the worldthe only | and when there are no rederaptions there is always a | collection of the revenues perform their duties. And currency possessing the att: necessary fora unji- | constant tendency to inflation and’ ‘illegitimate banking. | the said special commissioner of the revenue shall, from form and universal circulating medium. From this judg. | The frequent and reguler return of their notes is needed | timo to time, feport through the Secretary of the Trea- ment there is no appeal. Notonly is it the trie and ‘untversally acknowledged measure of value and medium of exchan; Dut by its regulating flow it indicates the n to keep the business of the banks in a healthy condition, and thus invariably proves no less advantageous to the ders than to the public. Unless the banks shall sury to Congress, cither in the form of a bill or other- wise, such modifications of the rates of taxation, or of the methods of collecting the revenues, and such other Condition and the resuls of trade between di be compzlied to redeem in’ United States notes many of | facts pertaining to the trade, industry, commerce, or mations. Water does. not more naturally seek el | them will neither lend their inflaence in favor of a re- taxation of thie Sbantry, as he may find, by actual obser- than does flow from one nation to another for the }| turn to specio payments nor be Prepared for them when | vation of the operation of the law, to be conducive to the payment of balances created by an unequal exchange of commodities. Trade between nations is conabally and ohiefly conducted by an exchange of their produciions; ‘but as these exovanges are never exactly equal, :here @re constantly occurring balaaces to be paid in some- thing else, and in their payment nothing but the pre- cious motals tea irgal tender. It is this nec for balances in coin which regulates the trade of na- It ig. this great commercial and financial law ‘which makea the nation that aells more than it bays the Oreditor nation, and the natfon thas buys more than it without their agency apecie payments shall be brought about. If the determination of the question was loft to the Secretary all the banks would be required to redeom in New York, the acknowledged commercial metropolis ‘of the Union. Thre dostenation of that city as the re- deeming point for a! national banks would not only give public interest.” On tho 16th of July last, (Mr. David A. Wells was ap- Pointed Special Commissioner of the Revenue, under tho authority above recited, and he was instructed to proceed at once to perform the contemplated work, giving his chief attention to the tariff, with the view of ascertaining ‘abrolute uniformity to their circalation; but would so | what modifications are required to adjust it to the system facilitate the asgorting and returning of notes that | of internal taxes, stimulate tedustry, and make labor ractical and sil redemption would be - | more productive. forced, It ws ct in thet this wit! not be done The ability displayed by Mr. Wells in the performance under tho exisiing provisions of the law; uted pot |. of his duties as one of the commissioners for the revision 8 shall aelis the debtor nation, and recognizes no medium bot | certain that it ‘be, uniess all bank: com- | of the internal revenue lawn, and the heartiness with coin tn the Rayment Of balances, that determines tte | pelled to rodocm at asingle point. This might be ob- | which he is prosecutiy his investigations, give the best question of the ability of the United States to resume to by the! banka im other Atlantic cities on the | assurance that be will perform the work ins mauner @nd mainta!p specie payments, Ifthe balance isin our ind that it would aggrandize New York at their ex- | creditable to himself, and satisfactory to Congress and favor, or if not in our favor, if the balance against us is . Bat New York is already the financial and com- | the people. addressed to" hin on the | J fourteenth day of September, 1866, a letter ‘from which the following ts extracted:—‘In view of the fact that the tog an of oe ys is poe to forage, food atten- al Bext sesai cons it tlally Gente Department. should be @0 small that it can be paid withoutan exhausting drain Upon our precious metals, specie payments can at onco resumed. Such, unfortunately, is not the fact. Not- ‘withstanding our heavy exports during the past year Mmerciat emporium of the Union. Most of the interior aber keop thet chief Valances’ tn that city, because ‘they are more avaliable: and valnable there than else- ‘where, and in compelling all the banks to redeem at the (that of cotton having been 650,672,820 pounds, or nearly | metropolis of ‘would be only yielding to hat the Tr-asury Department should be 600,000 ®@ Quantity greater than our ire crop nwritten ‘bat col img law to whet statutes: to furnish as much information pertinent to the prevent year, tho United States are largely a conform. ‘The: course of trade compels, and will ibject as can bo obtained and collected within the debtor to Europe. compel, thore mtional banks whoee’ business is based Se (and these const‘ am keep New York, wacther Choy reabten there or not. If ex- Detween that city and other cities should be in the year 1848, when gold was first discovered in Califor. | changes substitute for all acts imposing customs dutl i ES. and the Ist of July, 1866, the uct of the gold | favorof the later, the redemption by their banks would | which will render the adi fatetrstion, of this ranch 0 $1,100,000 000, ‘wes eee Dated teal ee ae oe ee own ae ond no seerites be bt ed system more simple, economical and ‘earl i that of local . ‘woul volved effecetiv rorids genera stock; dl it not, probabl that th x hy 2 | Inthe iectarge of this daty you will consider the necessity of proviting for a large, certain and perma- m vat ; lo e | thelr bein; ired by to red at the common of and silver now in the United States is . sbalt ‘arbtor Boston vor son fargo han it waa nie years —, sed Ph tare dy Sra Pi ie july 30, 1866, United | pi ry th ear onding Btatos imported: — Foreign merchandise free of Gays sscesecssinencs eres 308,608,081 Of foreign merchandise there was re-exported of duty. 907,157 oseee . . 9,434,263 Total, mixed and currency value.. 11,341,420 hid, feaond to curency value, was dais we. tet eeeeeenesees 10,263,233 At or ase ae widely ap ‘Total net imports foreign merchandise, ‘matter of sectional and: political valued in gold. $417,046,577 century, and the sentiment of th Imporu, mene. 10,329,156 {s atill quite as much divided as when o = fi sm | tiguent tribtinnteet tks esemiey time snsedeeticcaine-| tt parcecity bones prestas times sinter sb tne re f tril ‘thei alarly bo 0 Te. Total uot imports, foreign merchandise and has been affirmed, and they have become so interwoven } Dellion it had bo relatien to faternal taxes, for this form $423,975,086 | with the business of the country, and such large inveat- | of federal taxation was then unknown to our people. Tt had little connection with the currency, for until the fnited I yonr 1362, althoogh the banks had 2 would tuvolve consequences of & very serious character, guspond tic mervhandise, currency value, ees Whether or not the country would have been more Specie payments, specie was the only legaily recognized 040,903, reduced to gold value, 333,322,085 perous without them—whether the stimulus they i we | standard of value in the United States, Now the ques- Bpecie exported. 62,643,376 given to enterprine and the facilities they have extended | tion of the tariff is to beconsidered in connection with £0 trade have or have not bapn counterbalanced by the | & permanent system of internal taxes and a depreciated, $0, ments have been made im them,’ that thoir destruction Total domestic exports, valued in gold.. 415,965,459 | artificial prices which they have created, and the actual | but, it is hoped, a temporary legal tender currency. It is — losses which the!people have sustained by the crises they | obvious thata scale of dnties apon importa which might Apparent balance of trade, valued in gold. $8,009,677 bave been sufficient, judicious, and beneficial when there have occasioned, and by their suspensions and faii- urer—it {is too late to consider, When the National Currency act was ‘were no internal federal taxes and business was conducted upon a specie basis, may be insufficient, injudicious and injurious now. A large revenue {s at present indispens. But these figures, taken from the roporta of the cus- ¢om houses, do not present the whole truth. For many by Congress, passed. State banks were in fulloperation, and not loss than ee crrocdee tanned ae cee element | Soar bandrea sullions of dottare were teed iathen | cbie fur Ge paytaent’ of she ordioary of the and large amounis have been smuggled into the | % capital. In some States, by judicious logisiation and | government, the interest upon the public debt, and for a gradual and regular reduction of the principal. Free trade, although in accord witb the principles of the gov- ernment and the instincts of the people, cannot be adopted as a policy as long as the pablic debt exists in anything like ite present magnitude. The iong-hoped-for period whan there shall be no legal obstructions to a free exchange of commodities between the United States and other countries js still far in the fature. Daties upon imports are pot only necessary for revenue, but also for the protection of those home interests upon which heavy internal taxes are to be assessed. The quostion now before the country is therefore one of adapta along our extended seacoasts and fron- pe i 2 Pid under ava tah and lor cost oan ier chee to foreign shipowners, twenty per cont at t should be added to the imports, which would make the past against the United States nearly $100,000,000, | It evident that the batances have been largely against the t @ years past, whatever may careful management, they had ‘afforded a local circula- tion gatisfaétory and safe. In other States, where no reliable security, or in suffich security, had been re- quired for the protection of the public, and their man- agement had been confided to incompetent or dishonest hands, there had been pumerous failures. and neavy losses had been sustained by the holders of thoir notes. Soon after the Crp of Se sation it be- House returns. On no other | Came apparent thata heavy national debt was to be Ground can the fact be accounted for that avery largo | created, the interest and principal of which could only amount of American bonds is now held in Kurope, which | be pald’by a general system of internal taxes, involving Are estimated as follows, to wi a necessity for circulating medium — equal i United States bonds $250,000,000 | in value throughout the country, and safe for | tion, rather than principle. How shall the State and municipal 150,000,000 | the government to receive in paymont of dues, | necessary revenue be raised under @ sys- Railroad and other stocks 100'000'000 | This subject, of course, demanded and received | tem of internal and external taxes without sustaining 4 the earuest and careful consideration of the | monopolies, without Shonen industry, without dis TOM. oe oe eee ee cece ccccecee ceeeesee «+ $600,000,000 | “istinguished gentleman at that time the financial | couraging enterprise, without oppressing Inbor? In other wt t, from these figures, that the balances are | Minister of the government, who caused to bo words, bow shall the revenue be raised in a manner the aga and, chiefly by the exportation of our gov. | %94 submitted to Congres a bill ‘to provide a national | least oppressive to the Pe. without checking the erameut yond, are being temporarily and { j. | Currency secured by a pledge of United Staté bonds, and | prosperity and growth of the country? The Secretary 1s not dixposed to discuss the question in this report. This will, it is expected, be done elaborately and ‘thoroughly in the report of the Commissioner, de. sires, however, to cal! attention to a few important facts in regard to some branches of business in th ited States, the consideration of which may tend to give a proper direction to the public mind upon a question so absorbing and important. to provide for the circulation and redemption thereof," which, after baving been carefully considered and tho- a discussed, became « law on the 26th of February, 1863. Prior to the passage of this act, issnes by the gov- ernment had been authorized, and ® large amount of government notes bad been put into circulation. But there is nothing in the acts aut the communications of the Secretary, or in dently ; temporarily, because a large portion of there Semathane bese bought on »j Sw, grin will be likely to be returned whenever financial troubles in in whioh they are held shall make it neces. for the hoiders to realize upon them, or whenever setcncory proate can be made by returnis them, sions in Congress, to justify the opinion that they were | DECLINATION OF OUR FOREIGN COMMERCR—REASON® FOR IT. intended tobe @ permanent circuiation, On the contrary, No single inserest in the United States, fostered ai- though it may bo by legislation, can long at the the provimions in the law for their conversion into dia and the arguments of the advocates of their issue, afford ampie evidence that t expense of other great interests. Nor can it Interests be crushed by unwise or unequal laws, with. were regarded as merely tom- rary, and nly by an emergency which {t | out other interests preju For illus. es "Tippossa omens cise could 80 sdequaiely meet, | tration: the of the United States are naturally Had it been proposed that these notes should be a per- | ® comi and maritimo people—fond of adventure, jow, manent ciroulation and take the place of bank notes, | bold, ing, persistent, Now, the ble there \s good reason to suppore that the ition | fact must be admitted that, with jualled ities would have had few, if any, advocates. er ee tbe eee the materials, and with nonsense skill ational banking system pared its aathor, nor | im shipbat w Lt oe8 coast, adopted by O “4 to enter the aiate banks, nor to | indented with the finest harbors in world—with sur. divert capital from banking, but rather to compel all that require in their exportation a and banking institations issuing motes ag money to secure | increasing we can profitably buiid them, beyond any conceivable contingency, om ships nor com, with English ships in with the Treasurer of the United States; thus, without our own productiona, Twenty the agency of a national bank, providing @ nat! eur. ago it was that ere this United t rency nee save the government and people from ‘would be the first maritime power in the MS An irredess went; ‘cur. | losses, of which there was constant it, from a local to our expectations, our commeree Feney, driven oat oe ene ae a ereaee cuperior to | aNd unsecured cireaintion, The national banking ayatem | declined meariy Ay per cent withia the laat six years tendor, while ite real | W89 tatended, while not invading the rights oe u 6 tonnage of American vessels engaged in the foreign Mtyelf; and if made by law ea Btates, mor damaging private interests, to furnish ‘vaihe is not thereby sahanced, RL @ falee and | one People with © permanent paper circulation, The United Songs Mead bos a vane 4 temporary e Fetired when the emergency had emergsoey, jergency THR SRCRETARY 1H FAVOR OF FUSTAINING THE NATIONAL BANK [ACES AND WITHDRAWING Leoal TRXDERS, Prices advance in a ratio eveal depreciation. Very , y and general the effect of the metas. The coin which ativer producing 41 Whouy affecte prices Tho present Secretary wan not the advocate of the pp td distccta, following ‘ course of trade, and | natioual ban! Batter laims only the credit of ion, Obedience to its laws, soon finds ite way to other | having wsed hi a4 Comptroller, to put it Gountnies, and becomes part of the common stock of the | into successful poral! it he has no hesitation in ) increasing in amount by the regular | prowouncing {t ® vast improvement upon the systems ‘whieh, a mine, and in activity by boy | which (t euperseded, and one admirably adapted to our commerce, advances the price of labor peculit ‘orm of There are substantial commoditige throuKtont the Commercial world. Thus the | pojections to all bauks of. tne, and it none xiated “4 sooo Bat verican, Australian and Russian min United States it might Questionable if 4 Tied toot bo aaranes pricse a hele Teepe eee | ae ee ee aaer bering: kta the pies ore 410,424 tes these pro- State banks, and furnishing as they do a circulation as ‘rom o0 aa any that Ne ene enero oy coe ttom to: te counection with the comma fi 4 ete | Sea eoamen. ‘The revenue cutters on the Atlantic and Pacific coasts and on the lakes have been dili; and pred in preventive eavine Ge r found nt to sell, as au gross'sh is lat staalon, Une. voces: horotadore reported as unsuitable for the cutter service—with the exception ore of the Caebces, Soa locgen otabecians, San tone It te true there has recently been some inorease in our offered for sale, but.haa not ‘been disposed of—untal increase their places should be lied by others, Consequeati: Sooke onip] tal ro oth ag they have Poon wept ‘on active” duty, fd will ‘not 4 ithdrawn up! sailing vessel ja num- ee oo ber, wien have | been recently shaiactod fer, all be completed, as are course {wo of three months, So soon as these can be assigned to duty the others will be withdrawn and sold. (n the second day of August last im scoordance with the provision in the Civil Appropriation, aot, approved on the 28th of July, 1866, Mr. J. rowae was appointed a special commissioner to collect reliable statistical information concerning the gold and silver ‘to che | wince American ships } cought account of their superiority and ; ‘Of vessels were built in Maine and account, or sold to our own marine was Now many of our sbipyerds , Sad iw others very little activity prevails. Congress impending saantia! troubles, He presents, be his duty to do, his own views, May receive careful consideration, adopted if they commend themselves to the wis- m of Congress, and rejected if measures better calcu. to the desired end can be devised. The most EEE i f Hi fl fy been ‘season to be iid before Congress early: in the season. The well known. pg nape Ad 2 z energy of famil with the gaten ot “ ry to expect thelr tuveatigarions be thorough, ‘and their full reports interesting and valuabie. ‘THE CALIPORNLA MINT. 5 is tion be understood in vs that the proper remedies ‘TUE STATISTICAL BUREAU. be applied. There is no insurmountable obstacie in The Statistical Bureau, authorized by the act entitled the way of restoration to perfect financial heaith, with- | ‘An act to protect the revenue and for other pu’ ‘out the painful trials to which it has been apprehended | approved July 28, 1866, was organized on the Sth day of ‘we must first be subjected. To be a coworker with Con- | September last, by tho psec of Mr. Alexander grees and the poopie in effecting this most desirable Deine’ as Director. 4 jmar ly enjoys’ a result bas been, aud will continue to be, the highest aim | high reputation as ast and it is expected that that existing high prices are not only oppressing the of the Sec: under his direction this bureau will be of great masses of the people, but are seriously checking the de- velopment, growth and prosperity of the county. It is a8 thi losses which the country sus- After a careful survey of the whole field the Secretary | to this department to the country. at ee bey ei ae On the Abs is ps cause of | is of opinion that specie payments may be resumed, and After putting in Pigs condition merous existing high prices; but mainly they are the result of a | Ought to be resumed, as early as the first day of July, | relating to comm and navigation whigh have been 1868, while he indulges the hope that such will be character of future legislation, and such the condition of our productive industry that this most desirable event may be brought about at a still earlier day. STATEMENT OF THE PUBLIC DEBT JUNE 30, 1866, EXCLUSIVE PF CASH IN TREASURY. Bonds, 10-40's, 6 per cont, due in 1904... $171,210,100 Bonds, Paci! redundant currency and high taxes, THE RBVENUR QUESTION. To raise the large revenue which is now required, by systems of internal and external duties, which, working in harmony, shall neither repress industrys nor check enterprise, and alg oo be 80 hei d wo bod taxation bear most heavi! upon those who are mi benefitted by taxes and by the Robt which rendera taxa- fic Ratlroad, 6 per cent, due in tion necessary, requires great practi jowledge and 1805 and 1806........---.-..0+.s0.0..- 6,042,000 wise statesmanship, This subject, al rays ‘0 interesting 6-20's, 6 per cent, due in 1882, one to the heavily indebted nations of E7rope, has be- 1884 and 1885. +. seer come, as one of the results of the war, deeply interest- | Bonds, 6 per cent, due in 1861. ing to the people of the United States. The Secretary | Bonds, 6 per cent, due in 1880. does not, as before stated, intend to discussit, buthe ven- | Bonds, 6 per cent, due in 1874 tures to that the following general principles, | Bonds, 5 per cent, due in 1871. some of which have been acted upon by Vongres*, and the correctness of all of which bave pees proved by. wahor romp nations, may foly adopted asa le to the tion that is now feaueds - Bonds, 6 i cont, di 186" First—That the foweet number of articles, consistent | Compound interest notes, due in 1867 with the amount of revenue to be raised, should be sub- jected to internal taxes, in order that the system may be simple in its execution, and as little offeasive and annoy- ing a4 possible to the tax payers, Seond—That the duties upon imported commodities should correspond and harmonize with the taxes upon home luctions; ‘and that these duties should not be 80 high as to be prohibitory, nor to build up home mo- nopolies, nor to prevent that free exchange of commodl- tios which Is the life of commerce. bs on the other transferred to this bureau the Director will prepare re- Mable statistics of the resources of the country aod the extent - which Lapel being —— reports of imports and exports, taxes, imposts, wages, Precants and markets wit tae be regularly proparet, and every means employed to ascertain the progress population and industry. The Secretary is happy to be able to state, although little more than two months have elapsed since the bureau was organized, that good pro- gress has been made in the work devolved upon it. ‘THE COAST SURVEY. The work under the coast survey has been prosecuted during the past year with accustomed energy, and ite operations have been recommenced on the coast where they have been for some years past interru importance of these surveys was fully established during the recent civil war, and they cannot fail to be of con- stantly increasing value to commerce, The work ia steadily advancing towards completion, and the Seore- tary recommends for it the proper and necessary appro- priations. MINT STATIBTICS. The total value of the bullion deposited at the Mint and branches during the fiscal year was $38,047,156, of which $37,223,640 was in gold and $1,723.516 in silver. 559,000 pee se redeposita, the amount of actual deposits is $81,911,719, » 3,815,675 The coinage for the year was in gold coin, 18,066; ———— | gold bars, $0,115,485; silver coin, $680,264; silver bars, Total... .. .---seseee sees ens $4,374,675 $o10,382; cents coined, one, two, three and five‘cent hand, should they be so low as to serio loan, ten days’ notice. if the | Temporary +. 120,176,196 Total coinage, $29,640,779. Total revenues, nor te gutject the home apupaierers bur. | Certificates of indebtedness, past due, not bars stam} $10,031,867. dened with pare internal hae ne a arene with WOE. ee eeee The & depouits ae fenony 4 Leta yyy Mom ee Wr pe, Oe ee ‘ork, '$8.661,064; ’ Denver. s100,082, The silver bie to sustai: + dey wore, at Philadel 118; San Third—That the raw materials used in building and aly ere peat re * Francisoo, manufacturing, and which are to be hat be enhanced in value by the labor which is to be expen upon them, The gold and ailver deposits of foreign productiog were $2,047,674, — should be exem from taxation, or that the taxes it parison The amount of gold coined at Philadelphia pen eee etna ‘thie tet wie teat ant $10,000,645; af San isco, $13,217.300; of silver, at ‘upon other articles. is the policy of other en- lightened nations, and it is believed that the diminutio Philadeiphis, $808,314; at San Francisco, $280,050; of direct revanee fopted by bron! Vand Rickel and coppors, at ‘Philadelphia, ? ee $983,687,281 Bonds, Treasury votes, prosonted...........- Total debt June 30, 1866. Cash in Treasury $132,887, STATEMENT OF THE PUBLIC DEBT OCTORER 31, 1866, EXCLU- SIVE OF CASH IN TREASURY, Bonds, 10-40's, 6 cone duo in 1904.... $171,069,350 — Pacific Raliread, per cent, due in 1696 and 1896....... 9,882,000 of direct revenue which it would involve, if adopted by the United States, would be more than made up by the augmented value which {t would give to labor. and by the increase of productions and of exports which would de sure to result from it, It should be emia borne in mind that taxes upon raw materials kha increase the cost of production, and thus tend either reduce the uct of labor or to prevent oxportations to foreiga ots. Es ago abi bysiemed of taxes ei arbi mn those whose interests are protected Ma upon those to whom the public debt is a Wuace'et BOARD OF APPRADEMENT. ‘The law onacted at the last session of Congress, pro- viding for the reorganization of the system of appraise. ments at pe a New York has been carried into effect. time has elapsed since the new board was organized that the necessary refo;ns have not th oo much euergy and Juagsaeot by Use appraiser, Me with so much energy and judgmei ‘appraiser, Mr. Thomas McElrath, that the best results are confidently anticipated from the reorganization. wealth and profit, and lightly upon the laboring classes, NECESSITY OF MORE STRINGENT LAWS FOR THR GOVERNMENT to whom taxation and the debt are without so many OF OUR MERCANTILE MARINE, compensatory advantages. Recent catamities at sea, especially the disaster to the TWENTY YRAR BONDS—PRINCIPAL AND LNTEREST PAYABLE steamship Evening Star, on the 34 of October last, IN BUROPR whereby two handred and fifty lives wore lost, indicate eee eae aae pete ne pren nes seingties ie faaue a necessity for the enactment of judicious laws for the of bonds, bearing tnterest at the rate of not exceeding sesseecesceese stssceesessese 168,512,140 | government of ‘Our mercantile marine, with especial ret- ibd grhennathe parable ia Khrone, 60 ah amount eat in 1867 and 1868. 724,014,300 | erence to the more jete security of Te tnd supply she Kuropeas. demand for United’ $005 60,t01 | other nations, and white thie the cane we shall Rot wt and so] ‘ail . h other Ons ; wi is the case we ent Ne ‘more tain that maritime strength and prosperity to which we should aspire. An inqutry into the cause to the Even- ing Star, le in . M. lew, an tioue from this a uated voveral ob earnest attention um showing they the radical defects in existing laws, and indi cy lecialation required to prevent loss of life and to the value and security of property in shipe. : REORGANTEATION OF THE DEPARTMENT. The attention of ie respectfully called to the accompanying Interesting of the heads of the re- $428,680,775 | spective bureaus, all of which contain valuable informa- $2,681,636,066 | tion and sui and indicate the satisfactory man- purchases ————_—_ | ner in whic! ae generat business of the have been stimulated and increased by the facility of | Cash in Troasury................+--+-+-+ §130,826,960 | is being con under existing laws paying for them in bonds, can hardly be doubted. Our | ESTIMATED REORIFTS AND EXPENDITURES FOR Tas THRES | tions. The efficiency of all the bureaus would, a importations of goods have beon increased by nearly the QUARTERS ENDING JuNR 30, 1867. ever, have been tly increased. and the expenses amount of the bonds which have been exported. Not gb he Pope] for the three | thereof would dou! have been reduced, by the pas- sage of the bili for their reorganization, which was of the departavent, sufictent for the prompt and proper of the ont, Bu it © prompt pet ce of the public business before the war, ts Insufficient now. The bureaus need reorganization, and Justice and economy demand higher compensation to officers and clerks. The is under obligations to the officers and clorks of the department for the very satisfactory man- ner in which, with few exceptions, oer have, during the ear, performed their important responat- ble ration HUGH McCULLOCH, A Hon. Scavyier Covrax, Speaker of the House of resanatives. one dollar in five of the amount of the Ove-twenties now 1867, held in d and upon the continent, has been re- ipts from customs... . ._$110, turned to the United States in the form of real capital, | Receipts from tands....... | But if this were not a true statement of the case, the | Receipts from internal rev... 186,000,000 fact exisis, as has been already stated, that some three | Receipts from miscellaneo: hundred and fifty millions of government bonds—not to . mention State and railroad bonds and other securities— aro in the bands of the citizens of other lech ta] which a be returned at any time forsale in tho United States, and which, being #0 held, mav seriously be as follows: — 000,000 ™ oan: $316,500,000 6 ex a to his colaetes, otto For the civil service... For pensions and Indians. lod Sex + | For the War De; ent, i cluded that it is advisable that he should be author. eluding 916,000,000 , for ized to issue-bonds not having more than twenty years bounties . ceteseses+ 68,804,657 to run, and bearing a low rate of interest, payable in | For the Navy Department 23,144,810 England or Germany, to be used in taking up the six | For interest on public debt... 106,661,512 per cents now held abroad, and in meeting any foreign a demand for investment that may exist. The question 30, 1866, sGRERABLY TO WARRANTS “IsaURD. 237,160,148 -—-—— The receipts into the Treasury were as follows: — now to be considervd is not how shall our bonds be pre- | Leaving a surplus of estimated receipts From customs, viz:— vented from going abroad, for a large amount has already | over estimated expenditures of........ $79,330,856 Dues. the quarter ending September 30, gone, and others will follow as long as our credit 1s good The receipts for next fiscal year ending June 30, 1867. .... $47,000, 683 aod we continue to buy more than we can pay for in any | 1868, are estimated as follo During the qui other way, but how shall they be prevent from being 1366. 39,216,338 thrown upon the home market, to thwart our efforts in ding March 31, restoring th @ standard. The Secretary sees no Bale 46,646,607 practicable method of doing this at an early day, but by Jane 30, 1966 46,175,138 substituting for them bonds which, being payable prin- $436,000,000 -_—_— cipal and interest in Europe, will be leas likely to be re- ‘The expenditures are estimated asfollows:— =| Total oo. e ee cece cece cee e eee $179,046,661 turned when their return is the least desired. The hold- | For the civil service. 067, ore of our securities in Ew are now sibieot to great ber 30, inconvenience and not a little Srnense in collecting id $132,800 Ive per cent, or por! ee f i PR non Theda 175,248 rank fc coul for our six per cents, ‘or the Navy no witnoal ay other expense to the United States than the | For interest on the public were the is through whom the «+ 188,678,243 The 4 might be made, saving of interest to be 360,247,641 would be no inconsiderabie item, and the Total. ... of having our bonds in Europe placed in the | Leaving a surplus of estimated receipts From direct tax, viz:— hands of seaain deat tia on bow age hg ote over estimated expenditures of......... $85,752,358 ep Ay quarter ending September goutte arded. e ani remedy suggest , the ccd eevetececs . x Tebabliitation of the States recently in insurrection. | 7%. O\eRNCTAL terERooCRAR, Ttercourse betecen ihe | During the quarier ending Docem! NRCESSITT OF THE REHABILITATION OF Tum sovTuERN | United and British America, the Secretary adheros pom 368,948 In along to thi mtjecd the Secrtary feta sat ne | Seat asl ear teeaue often fully Picasasee: | 1m t0a in al ue 4 5 Dodockuisisy does sbcedevueds 096, “y he may be | Justed to the financial ‘situation of the country this sub. During the qi ending June shoald . ows $1,074,764 r san consequently industrial status of the Southern States, Dene, the quarter ending September Embracin, of the richest 80, 1965........ of great Dut the quarter e; to other coun = cannot conti! to be seriously such a diminution of the production ag must necessarily affect i via;— 90, fsgps, Caner cRaing September gy, 904,206 Pi fesbe. fonreacntine Decemver’ gorste Di Teen hisrae ending 11,718,298 ae ect $07,119,300 Total receipts, exclusive of loans. $558,002,620 Can the be regarded as Under ths aatheliey ouateeren oy Congress ot te tan | one 1 tweatysear bonds, por act 6 u when the industry of so large a of feasiou the marine hospitals st Burlington, Vt., at ity at cpp hipaa teh . $72,000 And can the tabor queation at South Charleston, 8. C., and at Cincinnati, Ohio, have boon | United States notes, per act February (te daa a ate Sines Reade een whee st dulitiaad oo Can the E be unless the Southern for them. cage 236,000, 344 the public revenues conte tong ‘ 64,240,088 u 12,600 17,851,720 142,000 08,403,600 8,882,600 \ Louse ‘Oeancial