National Republican., 1876-12-06
Annual Report OF the Secretary OF
tue Treasury.

The report SHOWS that the net revenues for the
fiscal year were EAST 4s2 o30.1e, and that the net
expenditures were t2ss, ,45s, 1879, leaving q
plus revepue, exclusive Of provisions for the
sinking fund, Of s29, ,o22, ,2tlss
The revenues yielded ~ 9T4 Jos. .os less than the
estimate and that the net expenses amounted to
$685. 43 less than was anticipated. exhibiting
surplus revenue Of s2s, ,o22 SO, or sl3,ei045 in
excess Of the amount contemplated.
From the statement Of actual receipts and ex-
pendituers for the FIRST quarter, that ending Sep.
tember 80, and Of the estimates of the same for
ing laws 1t is expected that the revenues for tho
current fiscal year will yield the sum Of S26l 2el
44s.59, and that the expenditures will amount TO
szSI 81, which will leave surplus revenue
The amount which should be applied to the
sinking fund is estimated at s33, .soo.67. The
the opinion Of the Department. by not less than
$7,Ok2, ,ll0.i3.
year ending June 20, 1870, win be sg7O, 1859 oo1O.
For the ssme period the total estimated ex-
penditures, exclusive of the sinking fund ac-
count and principal Of the public debt, is $2i3,-
35o.T04.
Upon the basis Of these estimates there Will be
surplus revenue for the fiscal year 1878, appli-
estimated amount required by law to be set
apart for that fund is sS5, ,3Jf Oe6.oo. IT, there
fore, these estimates shall prove to be approxi-
mateiy correct there will be a deficiency In this
The reduction in the public debt is e.,
3sl SO.
The terms Of the law of February rs, 1861. re-
quired by the operations Of y sinking fund ae-
count, that the public debt should be reduced in
and the close Of the last fiscal year. A reduction
has been effected during that period OF ss5e s92,-
2sS.t OF s22a IN, ,ollo7 more than was absolutely
II can therefore be said, as a matter of fact,
that all Of the pledges and obligations Of the
Government TO make provision for the sinking
fund q Nha lIo los paffh hO It, lakA
been fully met and carried out.
RESUMPTION OF SPECIE PAYMENTS.
Considerable space is given in the report to the
question Of the resumption Of specie payments;
shS notes Legal
t36I, Tle. The amount of said notes on deposit
for the purpose retiring circulation was t2j9lO-
istion on that day was ~ less and Of legal
tender t1i 2sl less than on January Is, ls75-a
total decrease in circulation, under the operation
From these facts, as we'll as from the large &C.
cumulations OF. money at the money centres and
the lack Of demand for it. It is apparent that the
real demands Of legitimate business, and that q
portion Of the legal-tenders might be gradually
withdrawn without embarrassment to the busi.
In the interest Of permanent redemption, and
as q means Of maintaining the same It Is deemed
provision should be made requiring the national
banks to provide coin in such ratio as the Secre-
tary Of the Treasury may direct, and to hold the
that said reserve, on the hrst day OF January,
1879, shall be equal in amount to the entire re-
serve required by law. To the same end, IS the
fractional currency is withdrawn, 1t is deemed az
pedient that not only the vacuum caused thereby
in the matter Of change should be made good but
shanid u hs increaseS 10 fss ng ns ., aver
eighty millions OF dollars, and silver made le-
gal-tender to the amount of ten dollars in all
cases, except the obligations Of the Government
of the United States and the customs duos-
PAYMENT OF GOVERNMENT OBLIGATIONS IN COIN
On the question ofthe payment of Government
obligations in coin the Secretary urges that the
coin ayment % which the faith Of she nation was
any other view Of it, whatever technical construc-
tion the language may be susceptible Of, would
probable effect prejudicial to the public credit.
ISSUE OF SILVER COIN.
The demand for SLY or s1fn for circulation,
though growing less urt emit still continues fully
equal to the capacity of the mints to supply It.
Until this demand shf II have ceafed, the coinage
wll be continued as rapidly IS practi able TO the
limit authorized by law.
CURRENCY REDEMPTION.
Owing to the exhaustion OF the appropriation
for transportation of United States notes and se-
fractional notes sent to tSis Department for re- re.
demption, and the returns therefor, have not
been paid by the Government since the LIST Of
March last. In consequence the redemption of
such notes has greatly decreased, and the paper
currency Of the Government is rapidly becoming
unit for circulation. An appropriation SUFFICIENT
TO meet the payment of such express charges Is
earnestly recommended.
THE NATIONAL BANKS.
Amer calling attention to certain tables in the
report OF the Comptroller Of Currency. exhibited
the growth Of banking in this country and show
Ing the total bank capital at the present time to
be not less than seven hundred and twenty mil
es Ssns 70 b nj
the Secretary proceeds to coskkdef the amount OF
additional circulation ISSUED from January IA,
United States bonds should remain unchanged 1t
is not probable that the amount Of additional cir
eulation to be issued from November ], 1s7e, to