The Portland daily press., 1875-12-08

FROM proceeds OF sales of government
property :.......................... S0O.000 w
From miscellaneous sources. ......... 100000 90
Total ordinary receipts. 1904 900, 600 90
1t is estimated that the ordinary expenditures for
the same period will be
For civil expenses. ..............S 17,E000 00 90
For foreign intercourse. ........... 1,S53,000 90
For Indians. ............... ,0O0,000 gu
For military establishment, including
Notifications, river and harbor i'm
provements, and arsenas. ......... 4O,OOo,COO 90
For naval establishment, including
vessels and machinery and improve
ments at navy yards. ............. $1,000, 900 90
For civil miscellaneous, including pub
lie buildings, and lighthouses, col
Letting revenues. mail steamship
service, deficiency in postal reve-
nues public printing, Sc .,,,.., 80, OOO,0 900 90
For interest public debt. ....... 97,O0O0OO 90
For interest on Pacific Railway bonds 3,S78000 90
Total estimated expenditures,
exclusive of the sinking-fund
account and principal Of the
public debt. S269, 265O 600 0O
The Secretary estimates that the surplus rev.
enues OF this fiscal year will amount to 1884,
1856 900, sufficient to provide for the sinking
fnnd $34,063, 377.4O
In connection with the estimates of receipts
and expenditures, the Secretary remarks:
"Frugality in administration is among the fore
most and most important points of sound fl
l.
enue and reduction of expenditures to the low
est point demanded by the necessities of gov
eminent, constitute the first duty of those in
trusted with making and administering the
law. The obligation to adhere strictly to this
duty has peculiar force while the public indebt-
edness is large and the industries of the coun-
try are suffering from financial depression.
Rigid economy at such time must lead to two
important results: first, advancement of the
credit of the government throughout the inan-
nj al md oh;1itv 70 fhn lob
at a lower rate of interest; second, and by no
means least in Importance, greater willingness
on the part of the people to bear the burden OF
taxation, when they see that their government,
like themselves, is reducing expenditures to
the lowest practicable point, and ,ap-
to its necessary and legitimate purposes
The general depression of business which fol-
lowed the era of initiation and extravaganza,
through which we have just passed, has made
corporations should reduce their expenditures
to the minimum; and, having done so, the tax
payers have right to demand that the govern
ment shall do likewise. While the interest on
| the public debt, and all other national obliga'
| tions, must be promptly met, there are many
points at which it is believed that considerable
reduction of appropriations can properly be
made, and the Secretary invites critical exam
nation of all the estim ties submitted to Con-
gress. Increase of public expenditures IN time
l OF great prosperity duu 6AIIdN dSduC0 is dCCOm-
| plished by an easy process; but correspond
ing reduction when the reverse comes can be
brought about only by the closest vigilance and
most determined resistance to every appeal for
appropriations not required by the existing
| necessities of government.
No appropriation of money should be made
without reference to the probable amount of
revenue to accrue within the year in excess of
existing obligations and liabilities"
REFUNDING THE NATIONAL DEBT.
The Secretary says that the contract for re-
funding the national debt by exchanging five
per cent. for six per cent. bonds was carried on
during the year. The conditions of the con-
tract were so modified as to allow the contract
| ing parties one half of one per cent. commits
sion on condition that they defray all expenses
for transporting bonds. gold, ETC., from WASH
ingtoh to London and the expense of prepar-
ing new bonds Under this agreement the
balance of the "New Fives" 1922, 6S8 $50, was
completed and the Secretary takes pleasure in
announcing to Congress that the funding of the
five hundred million of six per cent. bonds in
to those bearing five per cent interest has
been accomplished, thereby saving an annual
interest to the government of five million dol
lars.
The success which has attended the refund
ing $178548,3 800 of the national debt during
the last sixteen months, with the steady i'm
provement of the national credit, induces the
belief that the remainder of the six per cent
JULIUS eau a 70 ,u;,i tho n,ov;sions of The
VII. a &C v,ont,"nod The attention IF Con
gress u.s. however, called to the fact that, by the
terms Of the authorizing act. the bonds to be
issued at the rate of four and one half per cent
s;o,, &c f;ftaon reors from the date of their
; s,on VI ponSs rnost eas;iv naced IN the mar.
los. h;"h gro most SorIoht for Inv investors
AeS; s;darad IN oil resnacts the most vaIna
s snu oouS' thaso har;nr q Ionc na,;od 70 RIM
T.e are n utSe oonsidegat;on the fact that bnt
little indncement ia offered in the auaonr al
1oTved az Commissions for placing the United
States lo.ns comnared with that Maid by other
covsrnments II il Thought important to give
as, honds 81, the eIements of nonnlarty that
,oe1 he noss;hle. and the Secretary. Therefore.
rao 10y r,opds that an amendment be made 10
ths act Of .Tnlv a. 1870. which shall extend
tbe tina Of redemntion of such bonds to thirty
'e".S - .,sr-,,ruToxT ~, cprcIr p,xmpNrs
ihE nh'o"' "
The depression OF business and general con-
traction of values which followed the financial
panic of 1873 have continued 10 greater OF
less degree IN all parts OF tne country; oimilar
financial commissions have occurred IN otaer
countries, and their enects are now peing Ielt
to degree as great, perhaps, as III LUIS Coun-
try. These disastrous disturbances nave Deen
brought about ID our own country ny ovel-tlau-
ing, over credit, and excessive enterprlse OF
speculative character, stimulated Dy 700 great
abundance OF promises to pay. exlsung IN Inc
form OF currency not based upon or cohvertiple re
into, the only actual money o. the "Olu anu VI
the ConstltutlOn, g0io anu SILVER; OsneI Soin.
merclal countries Whlcn nave sunereu anu are
now suffering from nnarclal depIessloD' nave
felt the influence OF IKE causes, White ~ sonle
of them the temptation to carry prosperous
times to excess has, rs mas oiten happeneu pc
fore, LED to over-proo9cuon, anu tnat super
fluffy OF trade ana creaie wn,ca us' iIev,Sa
bly,, sooner or later, be 1olIoWed py coliapse'
and corresponding perloa u Hep .;s ne
Although there are srau!ying iIalcaueIs VI
increased acIlvity cer.ain elaneIeS "a nuot
ness IN the Onltea o.a.es, ~ us o pe trad ~
that commence nas no' yes oeSn ,t eo onar "
the extent necessary 10 DIing apous gener az
revival, or 70 put the !raue a.u rnuuS S VI
the country upon OASIS U! as.iSa.y anu PC. Id
nent prosperity Nor - :. i thr shah
pect that TINS VIII Nc uue " sDoc;a nov. W.
nearer approach 70 Resumption " steoIe p ~
ment, and consequent lmp10vemens ~ si,e
character OF tne currency a e oGns'au e us
turbance CT excnange anu nuceua. .t VI ta oe
ues, the uncertainties Oh Dus.ness, Sno "
confidence between ina'Viduals, oolpora..on s
and communities, wnich al eE psrenco proves
to be the inevitable result OF tne use OF ne
dunn of exchange, possessing no intrinsIc
value, representing no consioerapie aLnouuy "
labor in its prodncton, ana hoS conVeitioie
into that which Is recognlzea as moHey
throughout the C0mmerCiat WOrlu, are Cousiu-