The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1876-12-14
Report Of the Secretary Of the
Treasury. ~ s,t.s.. .-.


OF the public debt there was redeemed and can
celed during the fiscal year S3l, $50, $3.50, and
judgments of the Court of Alabama Claims were
paid to the amount of S664 PSF Do The balance
IN the Treasury June 30 1875 $144,7G ,416.4i,
which on the 30th June, 1876, had been reduced to
S12 s0f 49, 30 The net receipts for the first quar-
ter of the fiscal year ending June 80, 1871, were
$T3 no. 40 and the net expenditures We're S7S,
f5l,9S326 The estimate of receipts for the year
linciuding actual receipts for first qnarterl is
$2G3, 2R 1889, and of expenditures is S!3T $685.
553.35, leaving an estimated surplus of S26 663 $685.
81. There will, therefore, in the opinion of the
Secretary, be deficit in the sinking fund for the
The estimates for the fiscal year ending June
30, 1873. are: Receipts, $210050,00o; expenditures,
1880 iO3; leaving q further deficiency in the
amount necessary to be applied to the sinking
fund as provided by law OF 1851 $1,000. The Sec
rotary gives briefly the history of the sinking
fund and OF the acts providing for its establish
ment. The act of Feb 25 1862 provided that after
the LIST day of july 1862 per ccntum of the en-
tire debt should be paid within each fiscal year.
But down To the time of the close of the war the
revenues were inadequate to the payment of eX-
penses, and the act was a dead letter. Had the
letter of the law been observed from the passage
of the act, however, the reduction Of the debt
down to June 80 1876, would have aggregated only
Si33,SiS2l5.37, whereas, since Aug. 81. 1860, the
debt has actually been reduced S656 992 22644, or
SOB l4i 1U7 more than the terms Of the law re-
CURED.
REFUNDING THE NATIONAL DEBT.
On the 2ith of August, 1876, the Secretary
entered into contract with Mcssrs August Bel
mont Co.. on behalf of Messrs. N. NJ. Rohschild
d sons, and associates, and Messrs. j. d w. Selig
man IL Co.. for themselIe s and associates. and
Messrs. DreXCl, Morgan Co., on behalf of Mcssrs.
j. 5. Morgan & Co., and Messrs. Morton, Bliss 81
Co.. for themselves and associates for the ne@otia-
ton Of $40,0OOU0D of the A. per cent bonds,
authorized by the acts Of July II. 1870, and Jan.
%, 1871, the contracting parties to have the cx-
elusive right 10 subscribe for the remainder,
namely, S:!60NtO,DOO any portion thereof, of the
said ia per cent. bonds. authorized by the alore-
said acts, by notifying the Secretary on or before
the jOth day of June. 1877 the Secretary rcsering
the right to terminate the contract at any time
after March t. 1877, by giving ten days notice
thereof to the contractors.
he agreement provides that the Secretary is to
allow the parties named one-half of Que per cent.
commission upon the amount they may take, they
to assume and defray all expenses which may be
incurred in preparing, printing, transporting,
and issuing said IUur and one-haf per cent.
bonds, and Or transmitting to the Treasury De
partment Washington, coin. United States five
twenty bonds matUrcd United States coin Cou-
puns received in payment for the four and One-haf
per cent. bonds issued. which may be issued, TO
the contractors: and the Secretary agreed to issue
notices for the redemption of an equal amount of
six per cent ive-twenty bonds of the United
States, upon the dates Of subscription by the con-
tracting parties for four and one-halt per cent.
bonds, as provided by the act of July H. 1870
The subscribers agree to pay for said AZ per
cent bonds, par and accrued interest. in gold coin,
matured United States coin coupons, six per cent.
fvc-twenty bonds, or United States gold certif-
Gates. Against the subscriptions of the contract
ing parties for AZ per cent bonds the following
described notices for the redemption of United
States fVe-twCnty bonds act OF March 3, 1869 have