Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-12-15
The Treasury Report.

Secretary Morrills report is Of great length and
abstract OF its leading features Is given below;
The total receipts for the past hscal year were
$287 49, 03q 16 and the net expenses 1884 9W33.
While the receipts for the past year fell considern
bly, below the estimate, the expenditures also were
reduced, leaving net surplus revenue Of $l3 64O4b
in excess Of the estimated surplus. For the pres
ent fiscal year decreased receipts and expenditures
are estimated whilst for the fiscal year 1873 par
tlq recovery in both is expected. The actual sur
plus applicable to the sinking fund In the fiscal
year closed was $39022 241 SO; that estimated for
the present year is $@6 663 69e24; and that for 1879
With regard to the sinking fund the Secretary
says that although the strict letter Of the law Great
ing it has not been observed its purpose has been
more than fulfilled to the present time. By the
terms of the law the public debt should have been
reduced in the sum Of $333 S4S, ,2i5.3 between July
/, 1862 and the close Of the last fiscal year With
in that period the debt has actually been reduced
1856 90 "A, or $223 IA on more than the law
0f the ssaOOO,0O new AZ per cent. bonds, to
take the place Of the per cent bonds, 1900 600
have been subscribed for with the exclusive
privilege OF subscribing for the remainder, Six
per cent. bonds to the amount OF 0,OOOOOO have
been called in and new bonds OF the lower rate
have been issued, to the amount Of $35,674 $50,
The work Of refunding the debt is still going on.
The Secretary enters at length upon the ques-
ton OF the resumption OF specie payments in
January 1879 With regard to the preparations
for resumption on the day fxed, he speaks with
some hesitation. To resume with an assurance Of
safety, he thinks 1t necessary that coin to the
amount of half the outstanding circulation should
month that sum would be sufficient, and with the
present market value Of our bonds 1t could be
easily raised. Whether that sum will be sufficient
in 1879 and whether there will be equal facilities
for acquiring the requisite amount Of COIN cannot
now be determined. Under the operations Of the
Resumption act by the surrender Of National
| tenders to the extent Of 80 per cent Of new Ma
tional Bank currency issued, there has been
| total decrease in circulation to the amount Of
| $436 ,74S The Secretary thinks that from these
| facts, as well from the large accumulations Of
money at the money centers, and the lack of demand
| for 1t, tits apparent that the volume OF currency
is largely in excess of the real demands Of legit
mate business, and that a portion OF the legal
tenders might be gradually Withdrawn without
| embarrassment to the business of the country.
| AS another step toward permanent redemption he
thinks 1t important that National Banks should be
required to gradually substitute coin for legal
! tenders in their legal money reserve, so that by
| the day Of resumption the whole Of that reserve
should be in coin. He also suggests that, as the
fractional currency is withdrawn, not only the
vacuum caused thereby in the matter of change
| should be made good but that, as additional
change, the volume Of silver should be increased
| to the amount of at least $50 1000, and silver
made legal tender to the amount Of ten dollars
in all cases. except the obligations of the Govern
ment Of the United States and the customs dues.
| The question Of paying the obligations OF the
nation in silver is discussed at length, and the
| conclusion reached that the coin payment to
which the faith Of the nation was pledged in 1883
was gold and silver, and that any other view of it.
whatever technical construction the language may
be susceptible Of, would be regarded as of doubt
full good faith. and its probable effect pre1udicial
| to the public credit.
The remainder Of the report is devoted to the
| workings of the Customs and Internal Revenue
Departments, and to statistics and other infOrma-
ton concerning commerce and navigation, the
revenue service, life-saving service. lighthouses
marine hospitals, and other public buildings. The
| statements and suggestions ard mostly matters oi
detail merely, involving no general questions
One matter of interest Is the statement that the
excess OF imports exports In of $40, ,562,
| T25 has been converted in 1875 into an excess o
exports over imports Of $796 ,4S1. The decrease
of importations in merchandise and the in
crease of expectations mainly In corn. wheat, anC
provisions; though there was a considerable in
crease also in copper. raw and manufactured cot
ton, leather, sugar, tallow ORs and timber.