The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-12-06
Receipts.
Expenditures.

Total. 5000 639,3l961
According 10 this estimate there will be sur
plus applicable to the payment of the principal of
tile public DEBT in addition TO the payments made
on that account through the sinking fund Of sl0,-
NS,6oOS9 An analysis OF the expenditures de-
VelOps facts tending TO sustain the opinion that
the balance will be considerably larger than ap-
pears from the foregoing estimates The sum of
SD 33S 27S37 is the estimates Tor public works. The
appropriations Tor these objects for the present
year are less than Sl2 O0O0O0 and II is reasonable
presume that the appropriations for the next year
will not much exceed that amount. 1t is believed,
also, that the estimates made by the several de-
partments for the different branches of the public
service are for the maximum amounts which will
be required under any circumstances.
If such is the case, there Will remain on the 31th
into the Treasury. IL may, therefore, be reason
ably anticipated that the total reduction OF the
public debt during the next fiscal year, including
payments on account OF the sinking fund will
be about fifty millions of dollars. 1t is Il notice
able fact that the estimated expenditures for the
next fiscal year. lncluulng payments on account OF
the sinking fund and for the interest on the public
debt, nearly equal To the receipts as TO JUS
Jlfy and demand the greatest caution in dealing
with the revenues ana business Of the country. It
j. apparent that disaster, or even serious check
TO business, would reduce the revenues below our
necessary expenditures.
Its apparent, also, that the prosperous cond
tiOn OF The country is largely due 10 the revenue
system lnaugurated during the war, by which
manufactures and the mechanic arts have been
extended and established. THIS policy cannot now
be rashly abandoned or suddenly and radically
changed without great injury 10 business and
labor, ana serious CONSEQUENT losses OF revenue
The war III Europe mas rendered IL lmpractlcaOle
10 refund the national debt, as authorized by the
act approved July A. 1870. portion of the paper
has been manufactured, and the preparation of
the plates has been so far advanced that whenever
a favorable opportunity arises, the loan may be
offered and the bonds delivered without delay.
Inasmueh as the war an Europe and the conse.
QuenJ demand for money, makes IL doubtful
whether the four and the four and half per cent.
bonds Will be taken, lt seems To me, wise 10 au-
thOriZe the issue of three hundred millions addi-
uOnal OF bonds bearing interest at the rate of five
per cent The interest can be paid quarterly with
out Inconvenience, aud i therefore respectfully
recommend that the Loan act be SO modi1ed that
the payment of interest may be made quarterly
instead of semiannually, Should These recnal-
mendatOns be approved Dy Congress, iI Is OF g eat
Importance that an act authorizing the changes
be passed without delay.
Since the lst of July the currency balance in the
Treasury has been unusually, and for immediate
purposes, unnecessarily large. The act OF July II.
1870, authorizing an increase OF national bank
notes, imposed upon the Secretary OF the Treasury
the duty of providing for the redemption OF equal
amounts OF three per cent. certificates. The GER
tain though prospective decrease IN the revenues
both Of coin and currency. made it my duty 10 re
serve a sum sufficient 10 enable the department u
comply with the law without resorting 10 eXtraOr
binary means.
Happily, the financial condition of the country
has not been untayorably affected by the accumu
latiOns in the treasury. During the year ending
September 80 1870 the national banks paid in in
teTest the sum of sG,4S6l7266 IL is estimated tina