The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-08
STATEMENT no. j

. .. STATEMENT NO. l. .s..l s.<I
Under existing laws it is estimated that
S32 293. 692 81 will be required 10 De pro-
yided for the Sinking Fund for this year. IL
the statement, as here submitted, shsli prove
TO be approximately correct, the revenues
will fall short by the amount OF %, $50, O90.94
of providing for the appropriations made oy
. Congress.
STATEMENT NO. 2. .,s
1t ia expected that for this fiscal year the
surplus revenues Of the Government VIII
amount to $34,735,00O. The estimated
amount to be provided for the Sinking + una
is s34. Oe3 S77.4O. There Is reason to hope,
therefore, that the income OF the Government
for this wear will amply provide for all its
obligations, including the Sinking Fund.
I'VE give both of the above statements in
the seeretary's own words.l
REDUCTION OF THE PUBLIC DEBT.
By the monthly statement of the public
debt issued June 30, 1876, the reduction OF
the debt during the year was shown 10 De
sl4,399, 514.s4-viz.: 49, '
Principal of the debt July a,sa ss1, 500 .4es 4s
,nieres; due and unpaid, and ac- !.
crued interest TO date.......". So'soe'oof ~
ro,s, deb, 1880, 629,565 90
r.sb IN the treasury. ........... l47,54l,3l5 "a
Debt. less cash in the treasury. 2l4s.oss 24I le
Principal of the debt July 1;so oao oea 20, OK
Interest due and unpaid, and ac-
crued Interest 10 date......... Se'o4f,ooo 10
e,,5 E 1t bs sss;s;; i i
Debt, less cash in the treasury. 2.l2s,egs,72e 50
Showing reduction of........ 14,s99.514 81
THE FIVE PER CENT. LOAN.
The Secretary now has the pleasure of an
DounciDg TO Congress that The funding Of the
five hundred million 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. sst
Hethinks he can now fund the six per cents
in four and half per cents.
RESUMPTION OF sPEcIE.PAYMENTs. 81
The Secretary is bullionist indeed. he
argues his point ably. We give few ex-
tracts:
TIE proper Office of currency, whether it
be gold or paper, is to serve as medium of
exchange for the adjustment of transactions
between buyers and sellers. When it is
sound and stable, receivable in all parts OF
the commercial world, the amount which
actually passes from hand to hand in bust
ness transactions is far below the volume of
business. A small per cent. thereof is ad.
justed by the actual handling of money.
Exchanges are, for the most part, made by
transfers OF credits through banks and other
agencies. Wherever exchanges and bust
trovo .aA No >oe q,
Of coin, and paper convertible into it, the
volume will be regulated by natural causes.
Money, like merchandise, will go where there
Is demand for it, and where something of
value can be obtained in exchange for It,.
Congress should abolish the legal.tender
quality of the notes as to all contracts made
and liabilities arising after fixed day. The
first day of January, 1870, being already
fixed by law, as the time when the re.
demption of United States notes then
outstanding shal! begin, it would be
proper and safe TO provide that such rotes
shall not be legafteDder for contracts made
or liabilities incurred after the first day of
January, 1877. Such an act would not too
suddenly. change the value of the notes, and
would not affect iDjuriously either debtors
or creditors. t@ Iii
NO INrERcoNvERTIBLEs, BUT GsEKNB4cKs TO BE
FuNDEDJ AND SEYER PAID OUT AGAIN. 81
Ia furtheranee of the purpose Of the act
Of the last Congress to provide. for the re-.
sumption Of specie-payments the Secretary
,rsecmYends that authority be given for
ctender notes into bonds bear.
- hot interest. Such bonds
= - sger period of time than
= ~ E - EspSpr refnnding the
81 - should be Nude