The Rutland weekly globe. [volume] (Rutland, Vt.) 1873-1877, 1876-12-15

~ united states nuJeS Re presented
by certificates outstanding. liI,I02 4lG II
Total available cash........... si3s, I9s, 2sl 6g
j The net expenditures by warrants dur
X the same period were;
r civil expenses. ............. s17,2322is 50
r foreign lntercourse.........,. I,Il0252 80
y INDIANS. ACKNOWLEDGEMENTS. 5.9d6,5b, Il
br military establlshment....... 8s,o7os,s g.
pr naval estabishment........ 1898, 2C9 s
pr mlscellant Gus civil. .......... Is ,3l5S72 40
e pr Interest on tue public debt. 1UO.2i3,21l -
Total net expenditures. t25s, 459, 797 IS
redemption OF the
FL public deDt......,. Sd, Ss9,4G4 so
Judgments Ct court
Of Alabama claims. 6GH 2S1 20
-- IS $50 752 O6
Total net disbursements. ...... 50 g $40 80
ilance in treasury June 80, 1876. l2l ,sOI, 539 ~
SlSt, tyS,Ehl "
The ordnlry receipts for the first quar-
Pr of the current year were $75 3D.
20 OF; expenditures, S57S al 1893 2G !;
Btimated receips for The remainins three
larters, Sl0l, ISL 92j 10; expenditures,
= 1853 S7G SG00 The Surplus revenue fol
be current year i place d N 523 GG3 G0G "a
hiih is 81 042 10 43 less ,han the re-
s lirenents of the sinking tut d. The esti-
llted receipts for the next fiscal year end
+ G June 30, 1873, are $40 $50 600; esti-
Eattd expenditures, S2i3 $50, 704.
REDUCTION or THE PUBLIC DEBT.
rincpll of the debt July l. 1875 IT, 32,2.4,t3l So
terest due and unpaid, and &C
crued interest TO GATE. ......... IS 6i7,55G 10
lOl AT ueDJ. .sS, ya2USS II
Cash In the treasury........ l4l,243.36l 50
Debt, less ash In the treas.
uTy''... 80, l2S, 0SS IZ6 81
ncipal OF the debt Jelly l, 1876 .sg1sO,S05 Os7 Is
terest due and unpaid, and ac-
rued Interest 10 date......... 3S,5l4 Ooi "a
'otal 300 %! GO
CASH III the treasury. ....... 49, i6g, 72G 10
Debt less cash in the treas
ry........................ 2,099 43s, 344 90
owing reduction, as above
,aJed, OF. OBSERVATION-DISCLOSURES. S29,2f9,3'l 33
The secretary proceeds to show that the
ual reduction of the debt since 1866 Is
pc, 902 ,22644 while the reduction CON
plated by the sinking fund act of 1862
to this time was $433, S49, 1857. 40
punt is next given Of the contract with
syndicate for placing 4 ] per cent.
DIS in redemption of the older issues OF
pr cents. In pursuance of the plan for
lnding, $50 000,0 of 5-20s of 1865
Q been calle1 in since September l.
les to the extent of $35, G74 $50 of Al
cent. bonds have been made, and re-
ding operations are still in progress.
RESUMPTION OF SPECIE PAYMENTS.
he secretary gives considerable atten-
to the question of resumption, recall
the pledges of the government, anC
Batting the familiar arguments in behalf
pecie payments. The legal tender
~ rs he regards as an anomaly to be got
of az soon as possible, being a part OF
national debt justified in IFS issue only
he eXgencies of the war With regard
further preparation he says: AS a fur
provision deemed essential to the pur.
% OF resumption, it 10 recommended
in addition TO the authority Of the
etlrY OF the treasury already conferred,
provide for redemption Of legal tender
es on and after tie day provided fol-
imption; by the accumulation of an adj
ate amount of gold To meet the vol
OF S30O,O00, 900 Of legal 1nder notes,
c1 will then be outstanding by the sale
United States bonds, authority be given
from time to time, as he may deem ex.
lent and the state of tie 6nances admit
und these notes INFO bond bearing a
OF interest not more than four anC
half per cent. with not less than thirty
rs TO run, with such limitations as &c
amount TO be so funded in any given
cd as congress, ia its discretion, may
ermine.
sudden accumulation Of gold il
bunts sufficient TO meet so large a de
hd as that contemplated in January
D, is deemed implacticable; while t,
Emulate in advance of that time woulC
attended with necessary loss of interCs.
aid be likely to disturb money exchange
embarrass the funding of our nationa
lrities. The present time is regarded as
ortune for the gradual withdrawal Of
Be notes. 1t is believed they would no
greatly missed from the circulating
um, as their place will readily be sup
ID by the issue of national bank nCtel
'1'' er this act
C proceeds TO show what has been donC
u he issue of silver coin, the colnsge o.
~ and reducing the excess of legal-ten
above $500 900 900. With regard t
needs OF the treasury, 10 order t. re
N legal-tenders in 1879, lie Gays; Thu
cOntemplates the accumulation of Thu
lfu amount of coin again,t the day o.
mption, but as the necessary amour
'7~ gwen day is determinate only at tn,
on of the holders of the notes to b,
y ~ emed, the amount TO be provided
is necessarily uncertain, and, as i
depend upon events or a condition
things over which lie has lttl'
% control, impossible for him TO deter
P. lie Ia authorized, If in his judg
deemed necessary to carry the ac
effect, to accumulate an amount o
equal to the entire amount OF the L.
enders outstanding on that day; bu
If it were not morally impossible
d be so ineXpedlent, as a tinancil
pure, that II is not 10 be presumed T.
been contemplated by congress, an,
BIT incumbelt on the secretary, Sill
expected and required to meet The de
d of redemption by the accumulation
pin adequate in amount, at his dlscre
with no certain data for his guidanc
exercise of it. What is essential 70
to know in order to the Performance
be duty IL, what amount of no'es vii
hinly be presented for redemption. o.
irst of January, 1879 AS this ia cleaI
pit attainable, he ia left to deal wit
is probable. determinable upon III
|I~- ition of such general causls as will b
" to attend tina. event. 1t would nc
ficult in the present state of moneta
airs, to make probable estimate o
lmount required il the redemption wa
re place in January next; and it
able that accumulation of an amour
Piu equal to a moiety of the sum tots
ese notes would be an ample prepari
but, while 1t is to be hoped that tn
Of our bonds may not be less In 1875
ny not be known that mother respect
tuatlon will favor such result. 1t II
over, deemed probable in any suppose