Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-12-07
Report OF the Secretary OF the
Treasury.

asgregating as follows Total ordinary
receipts, s2si, O2o, 77l.il; premium on sales of
coin, S3,s19, 1880; total net receipts, exclu-
sive OF loans, g S2SS; ooe, OBJ 10 balance In
available cash, s43s, I3I y 1878; total net ex-
penditures, s274 ,623 ,392si; redemption of the
public debt, SO io5, 936 4s; total net disburse-
SIS, 73l, 7I573. This statement shows that
the net revenues for the fiscal year were
SIS COO, OSLO, and the ordinary expenses,
Cncluding the award to British claimants,
Sl,923, Sl9,) SZ14.G23 ,392.Si; leaving a surplus
revenue, exclusive OF provision for the sink
From the statement Of actual receipts and
expenditures for the first quarter of the current
fiscal year, and the estimates of the same for
tie remaining three quarters, based upon ap-
prepriations already made. and also on the
Assumption that Congress will not increase tue
expenditures by deficiency or other appropris-
tons, II WILL be seen that, III the judgment of
the department, the revenues will reach the
sum of s29I ,456, li5 IA, and that the ordinary
expenditures will amount to s2es, ,5i3 7e
This exhibit gives surplus revenue of go ,C0S,-
COL g. Under existing Ia VS. 1t Is estimated that
32,215 692 81 Will he required to be provided
for the sinking fund for TINS year. If the state
lueDt, as here submitted, shall prove to be sR-
pToxiInateiy correct, the revenues viii fan
short by the amount of 1885 $50 q of provii-
ing Tor The appropriations made by Congress.
Estimates for fiscal year ending June 80. 1877,
foot up: Total ordinary receipts, @30i, G0C0oJ 90
Total estimated expenditures, exclusive OF tue
sinking fund account and princisal Of the
public debt, 5269 ,2e5G00 90.
II is expected that for this fiscal year the
surplus revenues of the Government will
amount 10 So, 135, 0O6. The estimated amount
To be provided for the sinking fund is e3i,-
0t3,5II 40. There is reason TO hope, therefore.
that the income OF the Government for Jhls
year VIII amply provide for all its Ohigl-
lions, including the sinking fund. BY the
monthly statement of the public debt iSSuct
June 80, 1875, the reduction of the debt dur
Ing The year was shown to be Sli:39J, 5Ii.st
THE SINKING FUND.
Fer the current fiscal year II Is estimate
that So, ,914 must be applied to the fund.
To rect this requirement a cIll was made Oh
the first day Of September Tor Ss,0OO,O0 six per
cent. hve-twenty bOnds, and on the fifteenth
day OF November further call for 5000, coo
bonds CT the same class. The balance neces-
ssry to complete the total amount for this year
will lie called from time to time in such manner
a. 70 cause the least disturbance of tie mar
ket, and it is hoped that the whole amount Will
be presented for payment within the year.
REFCEDING TIE NATIONAL DEBT.
The success which has attended the refund
ing OF @l7 ,5iS,3C0 OF the national debt during
the last sixteen months, with the steady in
proveEent OF the national ,.edit, induces the
belief that the remsinder of the Six per cent.
bonds can be refunded, within q reasonable
tiUc: i'll accordance with the provisions OF the
acts before mentioned. The attention OF Con
gress il, however, called TO the fact that, by the
terms OF the authorizing act, the bonds 10 be
Issued at the rate OF four aud one half per cent.
a,e relsemable at any time after the expira-
ton OF fifteen years from the date of their issue.
The Secretary, therefore, recommends that an
amendment be made to the act of July IA
1870, which shall extend the time OF redemption
OF such bonus to thirty years from the date of
their issue.
RESUMPTION OF srEcIE AILMENTS.
The existing provisions of law making
United States notes legal tender for all debts.
both public and private, with cert ain excep-
tons relating to transactions with govern
ment, is an artificial barrier to the use OF
gold and silver, tending not only 10 prevent
the flow OF gold toward this country. but
promoting the shipment abroad Of orr own
production OF the precious metals. For this
reason Congress should abolish the iegai ten
der quality OF the notes, as To all contracts
made, and liabilities arising after a fixed
day. The first day OF January, 1879, being
already fixed by law when the r 1emption OF
UAIteG States notes then outstanding shall
begin. IL would be proper and SAFE to provide
thai such notes shall not b. legal tender for
contracts made. or liabilities incurred after
the first day OF January, 1871.
III iurtlerance OF the purpose Of The act Jfthn
last Congress TO provide for the resumption of
specie payments, the Secretary recommends
that authority be given for fInGing legal-ter der
notes into bonds bearing low rate OF interest.
Such bonds should run for longer period OF
time than those now authorized for refunding
the interest bearing debt, and should be made
available to national banks tor deposit to secuIe
Their circulation and other liabilities 20 tho
Government, and should bear a rate Of interest
the notes. 1t seems probable that a bond bear
ing interest at the rate or four per cent, would
invite the funding OF sufficient amount OF
legal tender notes to lessen materially the sam
OF gold which, in the absence of such
provision must be accumulated in the
treasury by the LIST of January, 1879, to carry
3 the imperative requirements OF the act
January II, 1915. If IL be apprehe0dCi
09t authority to the Secretary to fund al
unlimited amount of notes might lead I , toD
sudden contraction Of the currency, Congress
could limit the amount to be funded in any
given period of time.
To resume ON the LIST OF January, 1870, with
out further legislation, would require the
accumulation of large amount OF gold In
the treasury in order to avert the poSsibili
OF failure OF the plan. Such an amount OF
gold can be prOcur, with difficulty, and not
without more or less embarrassing effect
upon the trade and commerce of our own and
other countries. The pre- sent abundance and
cneapness OF botn currency and capital pre-
sents a favorable opportunity for the with
dTawal and redemption of u cOnSidera Die
part OF the outstanding legal tender notes,
thereby making easy and efectual redemp-
ton now pledged.
Silver con RESUMPTION.
The Secretary has been urged to begin the
work OF resumption by issuing silver coin in re-
demption OF outstanding currency, and it has
been insisted that under the first section Of the
act, he has no discretion, but must issue the
silver coin as fast as ii can bs turned out from
the minis. While the act requires The coinage
10 proceed as rapidly az practicable. it does not,
in terms, require the Secretary to issue it al
once; nor does il tx the period OF time when
the issue must begiu. For obvious reasons 1t
mas DctH, anu yet luipfactlcdOle 10 futO
keep silver coin in circulation. The present
depreciation OF currency below gold precludss
the probability that silver would remain in CIR
cnlstion.
GUARDS AGAINST CUSTOM FRAUDS.
The first general suggestion which presents
itself, by way OF remedy for some Of the defects
OF the present system of appraissments, IS an
increase in the number OF general appraisers,
to be drawn from the ranks of subordinate offi-
GERS of requisite ability and experience; and,
secondly, consolidation OF customs districts
by which minor districts would be merged in
larger ones, thus reducing the sphere OF action
OF this class OF officers, and enabling them to
concentrate their efforts to better advantage.
Another remedy, and the most effective which
could be adopted for correcting the evils OF the
appraisement system, is the substitution, SO TAR
a. practicable, OF specific tor ad-valOrem duties.
The Secretary recommends restoration OF the
duty on tea and coffee.
THE WHISKY FRAUDS.
The Secretary considers itimportant to the
future collection of the revenue, that all par
ties engaged in persistent and systematic frauds
shall be visited with the severest penalties Of
the law. To this end instructions have been re-
peatedly given TO fficers Ofnternai revenue and
others in the service OF this department, to rem
Ger all proper assistance 10 the offers OF ths
Department of Justice in the prosecution of the