The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1876-12-07
Report of Secretary of the Treasury,

ury says that in the last Annual Report,
page six, the Secretary stated that in the
judgment Of the Department the revenues
for the fiscal year ending June 30, 1876,
would reach the sum af $297 ,456, 1914, and
the expenditures the sum of $268, Al, ,543.76,
showing that there would be surplus reve-
nue. OF $29.O0S, ,601.3S. By the statement of
actual receipts and expenditures for this
fiscal year it will be seen that the revenues
yielded S2S7, ,4S2, ,039.16, or $9,974, ,1O5.9S less
than the estimate, and that the net expenses
amounted to $25S, ,459, 1878, or $9, ,9S7, ,746.43
less than was anticipated, exhibiting sur
plus revenue of $29, ,022, ,241. .S3, or ST., 3,64O.45
in excess of the amount contemplated. 1t
will thus be perceived that the estimates,
when taken as whole, were remarkably re.
liable, varying from the actual results real
lied by the Treasury only to the extent OF
$l3,640.45.
In his report for the fiscal year ending
June 80, 1877, the Secretary says that it is
expected that the revenues for the current
fiscal year will yield the sum of 1864, ,292,.
1899, and that the expenditures will
amount to $237 ,62S, 1885, which will leave
surplus revenue of 6,663, ,696.24. The
amount which should be applied to the
sinking fund is estimated at $50, ,705, ,S06.67.
The surplus revenues will fall below that
amount, in the opinion of the Department,
by not less than $7,042, ,110.43.
Upon the basis of estimates made for the
fiscal year ending June 80, 1878, the Secre.
tary says that there will be a surplus reye.
nue. for the fiscal year 1878, applicable to
the sinking fund, of 26,699, ,296. The es-
timated amount required by law to be set
apart for that fund is $S5, ,391 ,096.60. If,
therefore, these estimates shall prove to be
approximately correct, there will be def
cheney in this account of SS,691 10000.
The surplus revenues, exclusive of pro.
vision for the sinking fund, as shown in the
statement of receipts and expenditures for
the fiscal year, were $29, ,022, ,24l.S3, or $227,-
1880 less than the amount of the reduc.
tion of the public debt ($29, ,249, ,381. .33) as
shown by the monthly statement of the
same. The difference between these two
statements arises from the difference of
dates at which they are made up, as will be
seen by comparison of them as regards the
cash in the Treasury at the commencement
and close of the fiscal year, and of the
item of "interest due and unpaid, and
accrued interest to date" which, in the
monthly debt statement, is treated as a
liability of the Government, precisely as is
the principal of the debt, but which is not
so considered in the statement of receipts
and expenditures.
1867, it was provided that, after the first
day of July, 1862, one per centum of the en-.
tire debt of the United States sholld be pur.
chased or paid within each fiscal year, to be
set apart as sinking lund also, that the
interest on said fund should in like manner
be applied to the purchase or payment of
the debt The terms of the law of February
20, 1862, required by the operation of a
slnklng-fund account, that the public debt
should be reduced in the sum of S433. .S4S..
2l5.37 between July l, 1862, and the close of
the last fiscal year. A reduction has been
effected during that period of $656, ,992, ,226 A,
or $l2S, ,0ll.07 more than was absolutely
required.
1t can therefore be said, as matter OF
iact, that all OF the pledges and obligations
OF the Government to make provisions for
the sinking fund and the capcellation OF
the public debt have been fully met and
carried out.
The Secretary treats at large on the re-
sumption OF specie payments, contenIinp
that by the act of January, 1875, the United
States fully committed to the resumption Of
specie payments on a given day in January
1879, by the method of redemption of United
States notes current as.lawful money, and
the substitution therefor of national bank
currency, the equivalent of money by its
conyertibility into coin on demand.
He recommends, as further provision
deemed essential to the purpose of resump
ton, that, in addition to the authority of the
Secretary of the Treasury already conferred
to provide for redemption of legal.tendel
notes on and after the day provided for re
sumption, by the accumulation of an ade
quate amount of gold to meet the yolum,
of three hundred million dollars of legal
tender notes, which will then be outstanding
by the sale of United States bonds, authorit,
be given him, from time to time, as he MAJ
deem expedient, and the state of the finapcel
| admit, to fund these notes into bond bear
ing rate of interest not more than fou
and one-half per cent, With not less than
thirty years to run, with such limitations a
to the amount to be SO funded in any eiyeiI
] period as Congress, in its discretion, ma,
1 determine.
The act of January IA, 1875, entitled "a I
act to provide for the resumption of spe
Gle payments" as methods of its accom-
plishmentJ requires the redemption of tn,
outstanding fractional currency in silve
coin; the increase of the volume of gol,
coin by cheapening the coinage of gold bull
lion; the substitution, as the business de
mands OF the country may require, of ma
tlonal.bank notes for the legal-tender note
OF the United States in excess Of $500, ,O0O, ,OOO
and the ultimate redemption of the entir
legal-tender notes on and after January l
1879, as they shall be presented.
In pursuance of these provisions tn,
issue of subsidiary silver coin and the re
demption of fractional currency are sue
cesstully progressing; 100000 of silve
change has been issued, and $13, 600 900 o
fractional currency redeemed. The capacit
OF the mints is believed to be equal to tn
coinage, in the present fiscal year, of tn
balance of the fractional currency outstanG
ing, and they are now working at their full
capacity.
Legai-tender notes have been reduced b
redemption and the issue of national ban
notes to the amount of $l4, ,464 ,2S4, leavin
the amount of legal.tenders $685., ,5S5, ,716.
The coinage of gold bullion for the pa.
year mas been ,949, ,46S pieces, of the vslu
VI ,962.5O-an increase of 81, ,624
| 991.5O over the nnerat;nnr of .La nrauinr