Evening star. [volume] (Washington, D.C.) 1854-1972, 1876-12-05
ANIMAL REPORr OF THE sECRE
TARY OF THE TREASURY

Ihe report shows that the net revenues fo
The fiscal year were S2S As, 039 10, and tina
the net expenditures were SIS. ASS, 7G .s3. leay
ing a surplus revenue, exclusive of provis
ions for the sinking fund, of So. or 2ii g.
The revenues yielded 50 ,g14 ,l05.9s less than
the estimate, and that the net expense
amounted TO 50 9s7 ,746.43 less than was anti
cipated, exhibiting a surplus revenue of s2a-
0ZZ,2ilSS, or SIS, eio.i5 in excess Of the amount
From the rtatement of actual receipts and
expenditures for the first quarter, that ending
september 80, and OF the estimates Of the
same for the remaining three quarters based
upon existing laws, it is expected that the
revenues for the current fiscal wear will WELD
the sum OF S2e4, 81, 1889, and that the ex-
penditures VIII amount TO S2S1 ,63s, 1885,
s26 663, Gs6.24.
The amount which should be applied TO the
sinking fund is estimated at Sjs, 705 ,sO6.67.
The surplus revenues will fall below that
amount, in the opinion of the department
by not less than g Ca, Il0.43.
IL Is estimated that the receipts for the fis-
cal year ending June 80, 1875, will be S21O,-
50,0co. For the same period the total esti-
mated expenditures, exclusive OF the sinking
furd account and principal Of the public
Upon the basis of these estimates, there
will be a surplus revenue for the fiscal wear
1873, applicable to the sinking fund, OF
$40, 69s ,296. The estimated amount required
by law TO be set apart for that fund is ssS. s9i'
Os66O. II, therefore, these estimates shall
prove TO be approximately correct, there will
be deficiency in this account OF $s,691,-
The reduction in the public debt is SIS, 49,
The terms of the law of February IS, 1862,
required by the operations of a sinking fund
account, that the public debt should be re-
duced in the sum OF s433 ,s4s 215.37 between
July /, 1862, and the close of the last fiscal
year. A reduction has been effected during
that period Of S656, 9g2, 226.i4, or SOB lA0llO7
more than was absolutely required.
IL can therefore be said, as a matter of
"a h0r tall .fs1 H., n..I.. n
the government to make provision for the
sinking fund and the cancellation of the pub
lie debt have been fully met and carried out
:, considerable space is given in the report 20
The question OF the resumption OF specie paw
ments, and the Secretary says: 1.-the amount
OF legal-tender notes outstanding November
1, 1886, was 500 y5s5,1l6. The amount OF said
notes on deposit for the purpose of retiring
circulation was S20,910,9i6 The amount OF
national bank notes in circulation on that
day was SO, li3, i64 less, and of legal tender
Sli ,i6f ,2ei less, than on January IA, 1s75-a
total decrease in circulation, under the oper-
alton OF the act, s43 ,6G as.
From these facts, as well as from the large
accommodations Of money at the money cen
ters and the lack OF demand for il, IL is an
parent that the volume Of currency is largely
In excess OF the real demands Of Legitimate
ders might be gradually withdrawn without
embarrassment TO the business OF the country
In the interest OF permanent redemption,
and as means OF maintaining the same Al
is deemed important also, If not quite indis-
pensable, That provision should be made re-
curing the national banks 10 gradually pro-
' ide coin in such ratio as the Secretary q
the Treasury may direct, and TO hold the
same as part of their legal money reserve
so that said reserve, on the first day OF Ian
nary, 1879, shall be equal in amount 10 Ia
entire reserve required by law. To the same
end, as the fractional currency is withdi avn
IL Is deemed expedient that not only the va
cuum caused thereby in the matter OF change
should be made good, but that, as additional
change, the volume of silver should be in
creased TO the amount OF At least eighty mill
lions OF dollars, and silver made legal ten
der 10 the amount of ten dollars In all cases,
except the obligations of the government Of
the United States and The customs dues.
On the question Of the payment OF govern /
ment obligations I'm coin the Secretary urges
that the coin payment TO which the faith OF /
the nation was pledged I'm 1863 was gold and 4
not silver, and that any other view OF IL what /
ever technical construction the Language NAV
be susceptible OF, would be regarded as OF /
doubtful good faith, and its probable effect I
pretudicial 70 The public credit.
The demand for silver coin for circulation
though growing less urgent, still Continues /
fully equal 10 The capacity Of the minis 10 /
supply IL. Until this demand shall have
ceased. the coinage viii be continued as ran
Idly as practicable, TO the limit authorized |
by law.