FINANCES OF THE UNITED STATES. 



191 



justification of the present protective system 

 by the Secretary of the Treasury, 294; his 

 views on the tariff system, 295; argument in 

 favor of paper currency, 295 ; the aid of such 

 currency in the resumption of specie payments, 

 295 ; his reasons for anticipating a permanent 

 financial improvement in the affairs of the 

 country, 295 ; monthly range of Government 

 securities as represented by actual sales at the 

 New York Stock Exchange during 1872, 296 ; 

 table of gold at New York for each day during 

 1872, 297 ; table of sterling exchange for every 

 day in the year 1872, 298 ; prices of State se- 

 curities during the year 1872, 299 ; prices of 

 railroad and miscellaneous stocks during the 

 year 1872, 300. 



XIII. Prosperity of the country, 279 ; rev- 

 enues maintained, 279; panic of September 

 18th, 279 ; receipts and expenditures, 279 ; 

 balance applicable for payment of the princi- 

 pal of the public debt, 280 ; reduction of the 

 debt, 280 ; statement of the outstanding prin- 

 cipal of the public debt, 281 ; effect of the 

 financial derangements, 282 ; alterations in the 

 tariff laws, 282 ; value of merchandise import- 

 ed, 282; increase in importation of tea and 

 coffee, 282 ; increase in other articles, 282 ; 

 decrease in silk, precious stones, fruits, and 

 other articles, 282 ; value of exports, 282 ; in- 

 crease in certain articles of export, 282 ; ex- 

 port of gold and silver, 282 ; statement of in- 

 crease and decrease from general sources of 

 revenue, 282 ; repeal of stamp-taxes, 282 ; ar- 

 ticles exempted from taxation, 282 ; abolition 

 of offices of assessors and assistant assessors 

 of internal revenue, 283 ; system of collecting 

 taxes by stamps, 283 ; arrangements for re- 

 funding the debt, 283 ; the Geneva awards, 

 283; condition of the carrying-trade, 283; 

 ship-building, 283 ; action of the Treasury De- 

 partment during the panic, 283 ; letters of 

 President Grant, 284 ; most prominent feature 

 of the panic, 285 ; remedies used in New York 

 to allay the panic, 285; cause of the crisis, 

 285 ; cost of railroad construction, 285 ; bur- 

 den of the bankers, 285 ; sale of United States 

 bonds during the excitement, 285 ; closing 

 prices of securities in London, 286 ; table of 

 prices of railway and miscellaneous stock, 

 286 ; views of the Controller of the Currency 

 on the redemption of national bank notes, 

 286 ; table exhibiting the resources and lia- 

 bilities of the national banks of New York 



and the United States, 287 ; table of deposits 

 and depositors in New England savings-banks, 

 288; table of coinage of the United States 

 mints from their organization, 289 ; remarks 

 of the Secretary of the Treasury relative to 

 expansion and contraction of currency, 290 ; 

 range of prices in New York for Government 

 securities, 290 ; for State and railroad bonds, 

 290 ; movements of gold, 290 ; foreign ex- 

 change, 290 ; statement of production of pre- 

 cious metals west of the Mississippi, 291 ; fail- 

 ures in different States, 291 ; New York lia- 

 bilities, 291. 



XIV. Receipts and expenditures of the 

 Government, 296 ; estimates, 296 ; revenues 

 estimated, 297 ; reduction of the public debt, 

 297; statement of the outstanding principal 

 of the public debt, 298 ; remarks of the Sec- 

 retary of the Treasury on refunding, 298 ; rev- 

 enue of the Government, 299 ; receipts of cus- 

 toms, 299 ; reduction of duties, 299 ; general 

 depression of business, 299 ; customs depleted, 

 299 ; imports of coffee and tea during four 

 years, 300 ; decrease in each source of internal 

 revenue, 300 ; do. from spirits, 300 ; from to- 

 bacco, 300 ; from liquors, 300 ; coin value of 

 exports and imports, 300 ; imports showing 

 an increase in value, 301 ; those exhibiting a 

 decrease in importation, 301 ; articles of ex- 

 port showing an increase, 301 ; do. showing 

 a decrease, 301 ; the question of expansion or 

 contraction, 301 ; letter to President Grant, 

 301 ; memorandum of his financial views, 302 ; 

 views of the Secretary of the Treasury on the 

 resumption of specie payments, 302 ; the act 

 of Congress, 303 ; its provisions, 303 ; new 

 national banks, 303 ; resources and liabilities 

 of the banks, 304 ; bank act, 304 ; gold banks, 

 304; legal tenders, 304; gold and silver coin 

 and bullion, 304 ; coinage, 305 ; prices of Gov- 

 ernment securities, 305 ; range of State bonds, 

 305; railroad bonds, 305; range of stock 

 prices, 306 ; price of gold, 306 ; imports and 

 exports of specie, 306 ; debts of cities, 306 ; 

 mercantile failures, 307. 



XV. Eeceipts and expenditures, 280 ; esti- 

 mates, 281 ; reduction of the debt, 281 ; the 

 outstanding principal of the public debt, 282 ; 

 views of the Secretary of the Treasury on the 

 resumption of specie payments, 282 ; coinage 

 for the fiscal year, 284 ; sources of revenue, 

 284 ; value of importations, 285 ; smuggling, 

 285 ; under-valuation, 285 ; receipts from va- 



