OCR Text |
Show ii EiS LSI A L. j Ileiiorl ol i lie cci eiai-y of i he Ti t'D- j "Washington, 4, Tlio fullowin lire 1 tho leading points in the report of the j secretary of the treasury; He says the : public 'nances have shared the general i prc-Hperitj during the year now closing, j The reduotion of the ptihlic debt for tho j fhcul year ending Juno COth wa J'Jl,-i 327,70 f; tho totnl deereaFc from Mart-li 1st, 'OV, to Docemher 1st, '71, wns .77,211,89.10. During the saiuo pi;-j riod the anuunl interest lias been vo 1 luced i?10, 741, 430.04. Tlie revenue! ' show that the time has arrivud when a consideral)lo reduction in taxation irnn bo made and yet leave Iho government in the position to fulfil its obligations. The sccretnry adheres to tho recommendations recom-mendations of his last aiiuual report, that the country requires a revenue sutiicient to meet the ordinary expense! of the government, pay ill o interest on tho public debt and SIXMOOU to o0,-OOU.OOO o0,-OOU.OOO on tlie principal. Tho jiowor to nogotiato a largo loan at five per cent, and outer upon negotiations for tho sale of bonds drawing live, four nnd a half and four per cent., is derived entirely from the exhibition of tho honest purpose on tho part of tho people to maintain the public faith. t i practicable. to dispense with all internal tnxos except til oat) derived from stamps, spir-, spir-, its, tobacco nnd malt limiors, making an estimated reduction in taxation of $10,000,000. Ho recommends a reduction reduc-tion of the duties on milt, bituminou.-1 coal, rawhides and skins, and largo additions ad-ditions to tho free list, making un esti-; esti-; mated roduction in tho larilf of S'JU,-000,000, S'JU,-000,000, and a total reduction of $30,000,-: $30,000,-: 000. In his suggestions in reference to j tho roduction ot taxes, ho says he keeps in view tho ability of the nation to pay I at lea3t $60,000,000 annually of the prin-: prin-: eipal of tho debt and that in the change 1 of the revenue system no violoneo is 1 dono to tho business interests of tho j country. ! Tho secretary recommends the ahnll-1 ahnll-1 tion of tho system of shares and moieties in the revenue service, and suggests ; that th a distribution of circulation be i allowed to remain as now. It is stated I that the national banks have subscribed ! over a hundred millions of the new loan, lie recommends nn appropriation for a now issue of national hank notei and asks an appropriation to rebuild tho custom house and post otlicein Chicago, and marine hospital in t-nn Jj'ranciscOj etc. Ho suggests the passage ot a bill i'or I lie organization organi-zation of the internal revenue bureau,! He says the report of Charles Bryant, j special agent, shows that the Alaska i commercial compnny conducted tho fur , and seal Jlsheries in substantial accord- i ance with thoir contract. He reviews ! tho history of tho now loan and says there is no doubt tho wholo business can bo concluded in a brief poriod, and advices iho increase of com missions for negotiating the 44 per cent, loan, and thinks such action will remove all obstacles to iu negotiation. Ho recommends recom-mends appropriate legislation to revive tho shipping and ship-building interest. Ho suggests that drawbacks bo allowed on materials entering into tho construction construc-tion of ships nnl sitfliciont subsidies granted to make their construction nnd ; maintenance proiilablo. Tlie IIounc Com ml i u-a. Washington, 4. Members from tbo Pacilic coast havo places on the following follow-ing houso commitioes; Pacitlc K. it., Houghton, of California; commerce, Slater, of Oregon; postollices, Houghton, Hough-ton, of California; private land claims, Coghlan, of California; mines nnd mining, min-ing, Hnrgcnt, of California, chairman, and Kendall, of Nevada; expenditures ol the State Department, ivcndall, of Hevada. |