Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-12-04


oi interest by Pacific railroad companies
S5li-Ao; customs, fines, penalties, etc, labor
drayage, storage, etc. 81, sc l69; sales OF IndiaI
drdSt lands, Sols2s6; lees consular letters
patents, honesteads, etc, sl.s77 22l: proceed.
oI sales OF government property, 81, ,6S ,2S3
marine hospital tax, SsS,0 ,003; steamboat fees
s'-'ts-i ulrect lax SSl5-25i; profits on coinsga
SiNsl5i; tax On seal-sktns, $50 Isl; miscellsn
tous sources, S2,lef.S9l. Total ordinary re
eeelpss ~. ,ll7,67s, Premium ol sales OF coin
sll-2ol.5ss Total net receipts, SSS3, ,7ss,20L Bal
ance ia the treasury June 81. 1873, including
sSJstFl received from unavailable sources
NlA' 67-soL Total available cash, SH ,03O. .069
DISBURSEMENTS.
The net expenditures, BY warrants. duripe
tue sane period Were- For civil expenses Slg
4.,52ls FOR foreign intercoul Sc, Sl571, ,S62: fOi
Indians, s. ,s5l,,Ni; for pensions 80 59, 40; FOL
miHtsrg establishment, including fOrtinca.
uens- river ana harbOr improvements and
sTsenals, s46.525,I3S; Tor the naval establish
Enent, including vessels snd machinery and
improvements st the navy-yards, IS, 81, ,256
lor miscellaneous civil, Including public
building, lighthouses. and collecting
pUbhc debi, sl0i i75O, SIS; for premium on
oondS purchased, - us-gle. Total, exclusive OF
pubic debt, $40 3il rs; redemption OF princi-
pal OF deot, exclusive Of certificates OF de-
post issued under the act Of June Sth, lS7l (for
the redemption OF which a like amount OF
nlIsa Ststes notes y - SET apart and held as
special dspositl. SO Y49S455; outstanding GER
E1ncateS OF deposit mentioned above, added 10
lhe prime pal OF the debt and 70 the cash ball
ancu IN the treasury, So, 10000: leaving the
net disbursements on account OF loans SIS
jS,S55-m =king a total OF sos, 1859; balance
IN The treasury June SON, 1873, So, ,462 02S; to
which add special deposit OF legsl-tender
notes for the redemption Of certidcates Of de-
post added above, SSl, 80. 600; total cash bal
ance July lst, ls7S, SSl ls202Si total si4O S056O9
THE PUBLIC DEBT.
BY the foregoing statement it will be seen
-hai the net revenues for the fiscal year were
50 i,43s,2 =, anu ordinary prices $3.50 2g5 2f5
eeaVlng surplus revenue OF s4S, 81, ,s59, which
las been applied TO the redu ton of the pub
sic debt as follows: Reduction OF principal
account exclusive Of certificates of deposit
So, SO -SS5; increase Of cash in the treasurv
exclusive OF special deposits OF United states
notes for the exemption OF certificates Of de-
poSlts as compared with June 30 lS72, ST. 80 :
reduction in the debt, SIS, 80 959. This state
1nent treats solely Of the principal OF the debt.
BY the monthly statement OF the public debt
into which enter the accrued interest, interest
Que an unpaid, and the cash in the treasury,
-.s ascertained on the day OF publication, as
we'll as TIE principal OF the debt. The reduc-
tlon oi tne oebtdurng the past year amount
-ed 70 500 80; and the total reduction from
March I, 1888, TO November l, 1873, has been
slsSdH,9oSi the annual saving OF interest re-
huitng therefrom being 81 f32, ,9S2 0i. Receipts,
ete-' LOT the INST quarter OF the fiscal yearlend
ing June. o74, were from customs, SsOlS5 zg3:
sales Of public lands S573, ,765; internal revenue
so,oiO,s5li tax on circulation, ETC., Of national
banks, - is0, ,7zs; repayment OF interest by Pa
cine EalIOad company, Sl9S970; customs,
ines etc, S43o,5l4; consular, patent and other
Aeez, SSJsrs.ali proceeds OF government proper
y, 50 A9o5; from miscellaneous sources, 81 l5G7-
a5L Net ordinary receipts, SSl. SIS, ,492; from
IA. from
the government OF Great Britain, in pay
lnent OF award OF The tribunal Of arbitration,
5tJ Geneva, sl5500o9o; total receipts, S9g70,43l.
Balance in the treasury June 81, 1873, SlSl ig2-
US; total available, S230. .gq6Sg The expendi-
lures during the same period We're as follows:
fOF clyll ana miscellaneous expenses, tnclud-
ing public buildings, LIGHTHOUSES and collect
ing reveuues, sI7,S72-2sS; Indians, S2OJs7 rs: |
pensions, S,,5ss, ,l55; military establishm snt,
tltluolng vessels and machinery, and i'm
pruEements al navy yards, SO 792 81; for inter
est on the public debt, including Pacific rail- 4
ROAD bonds, = O5l97; total. exclusive Of prin-
cipal ana premium on public debt, sSS, S,7ls.57s: |
Awards by the Geneva tribunal Investment /
account, sl5,5lO0J0; net redemption on public /
debt 81 ss5 ~; total, si9i7SS775. Total net ex-
pendliure, SlZo5g7 ,355: balance in the tre .sury
September 20, 1878, Ss 0SS $50; total $40 500 s
OWING 10 The large proportion Of interest /
on Jhe pubic debt maturing on July 1
lst- the amount paid out on that
account during the first quarter OF the year is 1
more utaan half as much as viii be required |
Tor the next nine months, ana although in |
enters lnlO the expenses Of this quarter, il is |
properly chargeable to a longer period OF |
tine. Many other expenses are greater also |
during the nrst than subsequent quarter by |
Tea-Dn OF the necessity OF supplying disburs- |
ing ofncers With money under new appropri- |
ATOMS Whieh beceme available on the first Il |
July. For the remaining three quarters OF the /
current nseal year, il is estimated that the /
receipts viii be from customs Sill 100000; from
sales OF public lands, 81 .5OuOg0; from internal
revenue, sdd,oo0,000; from tax on national
banks, s3dooOi IRON Pacific railways $780,
r
patent and other fees, 81, 800 OJj; sales OF
public property, 100000: miscellaneous
sources $4,000 total, e.S7 10000. For same
perlOds the estimated expenditures will be |
For civil expenses, Sl52j0 0O0 for foreign inter-
course Sl,l01,0o0: for military establishment.
s800oo01; FOR naval establishment, SlsOOOO0O:
ior miscellaneous civil, including public
uulldlngs, S4000.000. EOr interest on the public
debit T0,V0f00 Total. s20.G0,OO0 This viii |
leave a deficiency in revenues of Sl3,5SO,OOO. |
E5yIMATES FOR THE FISCAL YEAR
ENDING JUNE 30, 1875.
II is estimated that the receipts for the
nscal year ending June 30, 1875, will be: From
customs, sls0,00oOo0; from sales Of public lands,
sZ5oOOuO; from internal revenue, slOSOeO eco: |
from tax on national banks, $4,000 |
900; from Pacific railways, $4,000; from Gus |
tom nnes, etc, 81 OO0; from consular patent
and other fees, 81, 500.000 sales OF public prop
erty, Sl-50,OOO; from miscellaneous sources. |
S4iVlVyJJi total, s55,fJ.g,0, II Is estimated /
be; Tor clYil expenses, sl93,50O 90; foreign in
tercoufse, t5yt51010; Indians, 100000; pen /
slons, So 5000; military establishment, in |
cludlng IotuneatlOuA, river aud harbor i'm /
proveme us and nails, s50O),0O0; naval es- /
EabliHhmeDt, including vessels and machf q cry |
ahc improvements a. naYy-yards, sI3Ie000O0 |
miscellaneous civil, including public build |
lng> lighthouses, and collecting the reve-
nues, Sj4OJ7 ,l4&; interest On public debt S9S-
ses'S, L-tstSst -, on facinc rallsay DOnds, So
sSls,l9I,OOO.
REFUNDlSG THE PUBLIC DEBT.
Under an arrangement made by my imme-
dlats predecessor, IN January last, the /
reiunding OF the public debt has been success
fully continued, and is sttm progressing in |
precisely the same manner as previous negO-
uations we're cor0n"' g. subscriptions have L
Deen made 70 L. 4t-w ave per cent. funded /
loan % the extent - cighty.four and a half /
million dollars, and The proceeds are applied /
a. iasl as subscriptions mature 70 the redemp-
ton OF an equal amount Of 5-z0s bearing six /
per cent. interest In addition % that amount
nfteen ana half million dollars was received |
from Great Britain in payment Of the Geneva |
award, under the first article OF /
the treaty OF Washingtos, which |
mas Deen used 10 redeem 50 far
the outstanding public debt bearing six per /
cent. Interest, and an amount equal 70 the deb
20 redeemed has been invested in five per cent
bonds oi the fnnded loan, and registered
bond therefor has been Issued 10 the secretary
Of state, IN trust, 70 be held subject 10 the 70
ture disposition OF congress, according 10 the
ari Of March 3, la7a, when the subscriptions
aforementioned shall have matured There
viii have been thus effected, since January
last a conversion Of tbs debt bearing six per /
cent. Interest into the new hve per C mt. loan,
OF SlnOeJJ,Ol0, making an annual saving OF in
terest 70 the amount OF Sl,0OOO0, and the
whole amount converted into TINS loan since
the passase Oi lhe reiunding act viii be $780,
o0J00l, reducing the annual interest charge
Sl,0l0,OO0.
ESTIMATES FROM THE ExECUTIVEl !
DEPARTMENTS.
The estimates received from the several ex-
ecutive departments are a. follOws:
Legislative, s5s1l, ,4Q5s executive, Sl7y yS9j,67a;
juoicai, 40, ,459; foreign intercourse, S8Ss7-
80; military. r3i-btluloi naval, tlS 11l ,B3s In
dians, S6,7U5,779; PENSIONS So, $4,000; public /
works, S, ,l66 ~ postal service, s5si 865; m ~
cellaneOus, si0,7Ufs5als permanent Sl6,825, $50;
interest on punlic debt 81, ,7a5.OoJ; Interest on
Pacific railway bOnds, t3,s73, 40; sinking fund,
szl,9l0,s5si t0tsi, s6ls,lso,7S6.
TARIFF AND REVENUES.
The secretary states that the credit Of the /
United States has not stood higher since the /
close OF the war than II does AT the present
the SIX per cent debt, at a lower rate OF Inter
est, can be sull further continued. lie recon-
Buends that action be taken before January,
1874, for The payment OF the tWelVe-miillon
lOar Of lS5S
On account Of alterations in the tariff laws
lss2 adding tea, coffee and other articles -
the lree-llst, and making reduction Of duties
on other merchandise, as Vel ~ by the re-
InOval Of considerable amount OF internal
revenue taxation, the receipts have fallen of
Tor the year ending June 3Jth, 1873, much be-
low those OF previous yesH, as was
anticipated. Sine the close Of that year, |
the recent severe financial and commercial
crisis caused an additional aud unexpected
dimiuutiOn in the revenues during part OF
september and the whole Of October ana No
Nember but II Is gratifying = ind that ia
this period OF the greatest commercial embar-
rassment, The receipts in coin from customs
have been greater than the proportiOnafe
amount received for the same period TO meet
the interest on the public debt and all other
Expenditures which are pas able in CON. For
3 ne remainder of the year the currency pav-
Inents viii be much larger than The ordinary /
currency receipts, without the sale OF gold
The rev6nues have aire ady fallen on su f Gent
lv 10 make a important ana Necessary 10 ex-
ercise the greatest economy IN appropriations
and expenditures for the future, and should
there not be a revival In business at
an early day and an increase IN receipts