The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1872-12-11

Y authority and appropriation aske
] for to be granted, care will be take
E to carry the bcnefieenee Of COngres
: into effect, that il shall not he unDer
: iessarily or unworthily bestowed.
TREASURY RECEIPTS AND ExPESDl
9 TUREs
: The money received and cony eve
: into the Treasury during the fscs
year which ended June 80, lsT;
were from customs. S2l6, 3I0,2s6 II
From sales of public lands. S2,575
: ia 10. From internal revenue
sl30,642,lT7 - From tax on ma
: tiOnal bank cireulation. etc, S6, ,523,
, 396 80 From Pacific railw ay com
: panies, $T49,s6l 81. From customs
: fines, etc. 81, l36,442 "a. From fees
consular, patent land etc, 81. 2s4 ,09'
80 From miscellaneous sources
4,4I2,2j4 II. Total ordinary re
eeipts, $364, ,e94 ,229 81 From pre-
MUM on sales of coin, s94 ,4l2, So
65. Total net receipts, 1874, l06, SO
Ga Balance in the Treasury. Jun.
18th. 1871, sl09. 935. I05 SO, inelud
ing SlS, ,22s 35 received from unavail
able sources. Total available cash
I $is4, ,042,573 Is.
The net expenditures by warrant:
during the same period were: Fol
civil expenses, SIC, IS9,059 30. Fol
foreign intercourse, sl,S39,369 H.
Indians, s7,06l,72S So Pension,
I s2s ,533, ,402 T6. For military estab
lishments, including fortifeations,
river and harbor Improvements and
arsenals, $35,3I2,l5 20. For naval
establishments, including vessels and
machinery and Improvements at navy
yards, 81, ,249, 500, 90. For miseel-
laneous, civil, ineleding public build
ings, light houses and collecting the
revenue, S42.65S, ,329 0S. Interest on
the public debt, SlI7,357,s39 y.
Total exclusive of principal and pre-
MUM on the public debt, S210,559,- :
69j 81 Premium on bonds purehas-
ed. 81. .95s, $50 IS. For retention Of
the public debt, s99, 900. 263,54, Total
SlO6, els. S.520 30. Balance in Trea-
sury June Both, 1872, Sl06, ,564, ,356
o. Total, sis5, 5,042,5I3 10
THE PUBLIC DEBT.
From the foregoing statement it
appears that the net reduction Of the
principal of the debt during the fiscal
year which ended June 30th, 1872,
was S99, $50. .250 81. The source of
this reduction is as follows: Net or
binary receipts during the year 1894, :
694 229 81 Net ordinary expendi-
lures, including interest on the public
debt, $50, 696 81 Total s94,-
1884, ,534 90. Add amount received
from premium on sales Of gold in
excess Of the premium paid on bonds
purchased S245, 437, ,0S9: add the
amount of the reduction of the cash
balance at the close of the year ae-
companied with same at the COM
mencement of the year, 1881 ,l34, ,S65
90: total, $99, ,660,253 81. This
statement treats solely of the princi-
pal of the public debt BY the month
ly statement of the public debt. which
adds together the principal and inter-
est due and unpaid, and interest ae-
crued to date, not due, and deducts
the cash in the treasury, as ascer-
tanned on the day of publication, the
reduction was 500, ,544, ,49I %. The
source of this reduction is as follows:
Reduction in principal account, S99,-
$50, ,003 "a; reduction in unpaid in
terest account, 3,33o,952 90; total
$l03, 290, $50 80; reduction in cash
on hand, s2,T46, ,465 22; total, $780,
544,4 ,49I Is. On the basis of the last,
table, the statements show a reduc-
tion of the public debt from the Ist
of March, 1860, to the present time,
as follows: From March ist, 1869, TO
March Ist, lsT0,SST ,l34, ,Ts2 s4; from
March lst, 1870, to March lst, 1871,
sll7, 7,6l9,660 25: from March lst,
1871, to March lst, 1872, S94, 1885,
34s "a; from March lst, 1872 to
November lst, 1872, (eight mOnths),
S64, ,04I, ,23T s4; total, s363, ,696, ,999
81.
With the greatreductiOn OF taxation
by acts of Congress at its last session,
the expenditure of the government in
collecting the revenue will be much
reduced for the next fiscal year. 1t
is very doubtful, however. whether
any further reduction of so vexatious
burden upon any people will be
practicable for the present At all
events as measure of justice TO the
holders of the nations certificates of
Indebtedness, / would recommend
that no more legislation be had on
this subject, unless il be to correct er-
rors of omission or commission in the
present laws, until sufficient time has
elapsed to prove that it can be done,
and still have sufficient revenue to
meet the current expenses of the gov
ernment, pay interest on the public
debt, and provide for the sinkinff fund
established by law. The preserya-
of our national credit is of the high
est Importance. Next in importance
to this comes solem duty to provide
a national currency Of fixed unvary-
ing value, as compared with gold,
and as soon as practicable, having
due regard for the interest of the
debtor class and the yicissitHdes of
trade and commerce, convertible in
to gold at par.
THE ARMY.
The report eff the Secretary of War
shows the expenditures of the War
Department for the fiscal year end
ing june 80, 1871, to be S35, 799, S9l
50, and for the fiscal year ending 80,
1872, to be s35, ,3Il,l5I go, showing
q reduction in favor of the last fiscal
year of s42T ,s34 62. The estimates
for military appropriations for the
next fiscal year, ending June 80, Is
73, are $33, ,S0l,3IS IS. The esti-
mates of the Chief of Engineers are
submitted separately for the forti6ca-
ton of river and harbor improve
ments, for public buildings and
grounds, and the Washington aeque-
duet.
The affairs of the Freedmen's Bu-
-.o., L.. IL - .-o,.f.-roI 20 +ko i