The Lake County star. [volume] (Chase, Mich.) 1873-current, 1876-12-14
Report Of Secretary or the Treasury.

The report of the Secretary of the Treas.
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 1927 ,456, l45.14, and
the expenditures the snm OF $268, ,447 ,543.76,
showing that there would be surplus reve-
nue. of $29008, ,60l.3S. By the statement of
actual receipts and expenditures for this
fiscal year it will be seen that the revenues
yielded $685., ,4S2 039. Is, or $9,974, ,105.98 less
than the estimate, and that the net expenses
amounted to $258, ASS, ,797 33, or SO, ,9S7, .43
less than was anticipated, exhibiting sur
plus revenue Of $4,000, ,241.83, or $13, $40. As
in excess of the amount contemplated. 1t
will thus beperceived 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 30, 1877, the Secretary says that 1t is
expected that the revenues for the current
fiscal year will yield the sum OF 1864 ,292,-
449.59, and that the expenditures will
amount to $685., ,62S, 1896, which will leave
a surplus revenue of $26,663, ,696.24. The
amount which should be applied to the
sinking fund is estimated at $33, ,705, ,SO6 81.
The surplus revenues will fall below that
amount, in the opinion OF the Department,
by not less than 81, ,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 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 $35, ,391 ,096.60. If,
approximately correct, there will be def
cheney in this account of 1851 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 500 ,022, ,241.S3, or 1921
1880 less than the amount of the reduc.
ton of the public debt 1929, ,249, ,3Sl.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
debt statement, is treated as
liability of the Government, precisely as is
the principal Of the debt, but which is not
SO consider ed in the statement of receipts
and expenditures.
BY the terms Of the act OF February %,
1862, it was provided that, after the first
day of July, 1862, one per centum of the en-.
tire debt of the United States sho aid be pur-
chased or paid within each fiscal year, to be
set apart as q sinking fund 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
%, 1862, required by the operation of a
account, that the public debt
should be reduced in the sum of $433, ,84S,-
kox TIL nj he ~
the last fiscal year. A reduction has been
effected during that period of 1856, ,992, ,226.44,
or 1923, 44,01l.07 more than was absolutely
required.
II can therefore be said, as matter of
fact, that all of the pledges and obligations
of the Government to make provisions for
the sinking fund and the apcellation of
the public debt have been fully met and
carried out.
Of specie payments, contending
that by the act Of January, 1875, the United
States fully committed to the resumption of
specie payments on 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
convertibility 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-tender
notes on and after the day provided for re-
sumption, by the accumulation of an ade-
quate amount of gold to meet the volume
Of three hundred million dollars of legal
tender notes, which will then be outstanding,
by the sale Of United States bonds, authority
be given him, from time to time, as he may
deem expedient, and the state of the finances
admit, to fund these notes into bond bear
ing rate Of interest not more than four
and one-half per cent, with not less than
thirty years to run, with such limitations as
to the amount to be so funded in any given
period as Congress, in its discretion, may
determine.
The act Of Junuary IA, 1875, entitled "a n
act to provide for the resumption OF spe-
Gle paymente," as methods OF its accom-
plishment, requires the redemption OF the
outstanding fractional currency In silver
coin; the increase Of the volume OF gold
coin by cheapening the coinage OF gold bull
lion the substitution, as the business de-
mands OF the country may require, OF ma
tional.bank notes for the legal.tender notes
Of the United States in excess OF $500 OO,OOO,OOO;
and the ultimate redemption Of the entire
legal.tender notes on and after January 1,
1919, as they shall be presented.
In pursuance of these provisions the
issue of subsidiary silver coin and the re-
demption of fractional currency are sue
cessfully progressing; $22 900 of silver
change has been issued, and $13 ,0OO, 600 of
fractional currency redeemed. The capacity
Of the mints Is believed to be equal to the
coinage, in the present fiscal year, of the
balance of the fractional currency outstand.
ing, and they are now working at their full
capacity.
LegaLtender notes have been reduced by
redemption and the issue OF national bank
notes TO the amount Of '$l4, ,464 ,2S4, leaving
the amount OF legal.tenders 1867 ,535, ,7l6.
The coinage OF gold bullion for the past
year has been 1,949, 1853 pieces, Of the value
Of $38, ,9626 60-sn increase Of "a, ,624,-
997.50 over the operations of the previous
year; which is an increase compared with