Not to provide for the sinking fund is a partial failure
to comply with the contracts and obligations of the Government. At the
last session of Congress a very considerable reduction was made in rates
of taxation and in the number of articles submitted to taxation; the
question may well be asked, whether or not, in some instances, unwisely.
In connection with this subject, too, I venture the opinion that the
means of collecting the revenue, especially from imports, have been so
embarrassed by legislation as to make it questionable whether or not
large amounts are not lost by failure to collect, to the direct loss of
the Treasury and to the prejudice of the interests of honest importers
and taxpayers.
The Secretary of the Treasury in his report favors legislation looking
to an early return to specie payments, thus supporting views previously
expressed in this message. He also recommends economy in appropriations;
calls attention to the loss of revenue from repealing the tax on tea and
coffee, without benefit to the consumer; recommends an increase of 10
cents a gallon on whisky, and, further, that no modification be made in
the banking and currency bill passed at the last session of Congress,
unless modification should become necessary by reason of the adoption
of measures for returning to specie payments.
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