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Amount of principal and interest pad S4l5 O33 90
There has been received in the time revenue
about five hundred millions ofdoars principally derive
from customs duties tonnage and sales Of public lands
direct taxes excise having only been enforced from 792
to 1902, and from 1918 to lsl7he latter period being
account OF the war. This gives some idea Of the i'm
mense resources Of the government and the people, while
it issucent to establish and confirm confidence in our
public credit The Secretary Of the Treasury audes to
the position Of the delinquent States in connection with
the credit of the General Government Those who
qnainted with our form Of government know that there
is not the slightest connection between the different
states and the general government but there many
living abroad not intimately acquainted with the
ture Of institutions who have lost all confidence in
the general government in consequence Of the repuda
ton of Of the staes thinking the whole closely
connected the counties constituting the kingdom
Great Britain. This belief has tendency TO rjure the
credit of cur government in foreign countries which,
however, much to be regretted have very little nfu
ence on our financial affairs


Mr.. Secretary Bibb suggest the establishment OF a
sinking fund.- not only for the purpose Of hng
the debt Of the government but to the safety OF
the surplus revenue, and to reduce the interest the
debt The depostes used by the banks selected
for the keeping ofthese funds for whatever they moy
deem proper, withou. allowing the government the





amounts, in short time, to very large sum. sinking
fund.- increased at the rate Of about two millions per an.
nun, which could easily BIO carried into eject with the
present large surplus would, in short tme annually
proauce amount interest full large that accru.
ing the government debt. modification and reduc.
tion Of the ari also recommended. The Secretary
suggests that reasonable time should be given before III
slightest alteration is made in the existing Of duty
to enable those interested likely to be effected to 20.
vern themselves accordingly is estimated that
the present tariff with importation simlar that OF
the past year, the surplus Of the year 1868,
would after paying oil the expenses and Indebtedness
ofthe government exceed fifty millions Of dollars and
Is in liberation Of this and other facts that the secre.
tary ofthe Treasury recommends gradual reduction in
the rate Of duties. Ii Is argued that the domestic In
terests of the country do not require such high
average and that is unjust extract from the people
revenue so much greater than the wants oil govern
ment require


Our trade with foreign nations for the year ending
June 30h 1914 has been Ia favor than we have
anticipated According to the official returns from the
Treasury Department there was FOR the fiscal year end
ing June eoth, 1874, balance In our favor.