The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1875-12-10
DEPARTMENT REPORTS.
The FinaDces-Annual Report of Secre-
tary BristOw.

The report OF the Secretary of the Treasury
on the state Of the finances for the fiscal year
1875. ending June 80, embraces estimates of
receipts and expenditures, and plans of reve-
nue.. Up TO that date the total revenues for
the wear we're S2SS, 000, 051 10. and the az
penditures S274 ,623, 1924. The, Secretary
estimates that the revenues for the current
wear will fall short by the amount of 1926
O90.9i of providing for the appropriations
made by Congress. The reduction of the
public debt made during the year is shown to
nave been Sl4, 1893, 514.S4.
Tie Secretary makes an earnest plea for fru-
gality and rigid economy i'll administration, a
faithful collection of the revenue, and the re-
duction Of the expenditures to the lowest point
demanded by the necessities of government.
Upon this subject he says: " Increase of public
expenditures in time Of great prosperity and ex
trsvagance il accomplished by an easy process
but corresponding reduction when the reverse
comes can be brought about only by the closest
vigilance and most determined resistance to ev-
cry appeal for 81 preparations not required by
the existing necessities OF government. Noap-
proprator of money should be made without
reference to The probable amout of revenue to
accrue within the year in excess of existing OBJ
legations and liabilities"
The Secretary states that the 'amount
which appears upon the books of the Treasury
as actually applied to the sinking fund within
the past fiscal year is sos, no. 400. For the cur
rent fiscal year it is estimated that $50, 140 914
rlust be applied to the fund To meet this re-
uuirement call was made on the 1st day Of
September for $4,000, 900 6 per ceut. 500
bonds. and on the 18th day OF November a fur
Their call for 100000 bonds of the same
class. The balance necessary to COM
plete the total amount for this year
will be called from time to time in such
manner as TO cause the least disturbance of the
market, and it is hoped that the whole amount
will be presented for payment within the year.
TheSecretary reviews the operations of the syn
dictate for refunding the national debt. He states
that the funding of the five hundred millions
of six per cent. bonds into those bearing five per
cent interest has been accomplished thereby
saving an annual interest to the Government OF
five million dollars. The success which has at
tended the refunding Of S178, 5iS, 800 of the
national debt during the last six months with
the steady Improvement of the national credit,
induces the belief that the remainder of the six
per cent. bonds can be refunded within rea-
-onable time, in accordance with the provisions
of the acts Of Congress"
The Secretary takes strong ground i'll favor
of an early resumption of specie payments.
Upon this subject he says:
Every branch of industry and all classes
of people are alike interested in tho restora-
ton of sound and stable circulating medi-
nm the laborer and producer no less than
the merchant, bondholder, and banker. The
present unequal and iuctuating currency
oppresses and Injuries laborers and
producers, who constitute great ma
iority. far more than it effects inju.
riously dealers in money. The diff
terence between gold and our paper currency
il margin upon which experienced money
dealers do business, and il is this that gives
the opportunity for artificial combinations