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

r. treasury. t.$s..4
The Secretary OF the Treasury begins his report
by showing that the total revenues for the year
were S2s7 S2039.16; the net expenditures S25S.
a59'igi -. leaving surplus revenue, exclusive of
The amount turned into the sinking fund of 500
G22,24l.S3. The main sources OF receipts were:
customs .................'. $l4S,OIl ,es4 81
Tax on National banks ....... T,3aS, 5T3 90
Fees-consular, letters patent and
lana. .......... -. 2,0lq $50 g2
Premium on sales OF coin. 49,. s,123,545 SO
Total. ........... $50. sa77 s;34 ZIG Is
From various miscellaneous sources S9,6i7, 922 81
Grand total ................ :. s2s7, 4sa os9 Is
The expenditures were:
The civil list 800. ............ sir 1872 24s SO
bnuialls.. .................- ........ 5g0o25o u
PENSIONS. ACKNOWLEDGEMENTS. 28,257 1886 t9
Notifications. river and harbor
improvements, ETC.. 3S,O'O.SSS "a
Naval, including vessels, etc. 1S 963, 309 81
miscellaneous civil, including pub
lie buildings, lighthouses, and
cost of collecting revenues 4S315,s7a Is
Interest public debt. .......... 100, 243271 23
Foreign intercourse. ........... 1,41O,252 50
Total s25s, 459,797 80
OF the public debt there was redeemed and can,
celed during the fiscal year S3l $50, so, and
judgments of the Court of Alabama Claims
paid to the amount of 1854 20 The balance
the Treasury June 80 1875 $144, 7Ua 416: Al,
S121 SO7 49,, 20. The net receipts for the first quar-
ter of the fiscal year ending June so, 1877, were
S73 f11524 40 and the net expenditures were S1S.-
751 S3.2 Pc. The estimate of receipts for the year
(including actual receipts for first qnarterl is
Ss6i 212 4i9 80, and of expenditures is S37 $685.
1885, leaving an estimated surplus Of $6 663 500
"a. There will. therefore, in the opinion of the
Secretary, be deficit in the sinking fund for the
year of 81 ,0i2 110.43.
The estimates for the fiscal year ending June
30. 1873. are: Receipts. $21o05000O; expenditures,
S2i3,350,i03; leaving q further deficiency in the
amount necessary to be applied to the sinking
rotary gives briefly the history of the sinking
fund, and OF the acts providing for its establish
ment. The act of Feb. 25 1852 provided that after
the LIST day of July, 1852 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 beclf observed from the passage
OF the act, however, the reduction Of the debt
down to June 30, 1876, would have aggregated only
Si33S 4S, 2l531 whereas, since Aug. 81, 1860, the
debt has actually been reduced SG5G 92 2226.44,
$233 al Ol1O7 more than the terms Of the law re-
CURED.
REFCNDINa THE NATIONAL DEBT
On the 24th of August 1876, the Secretary
entered into contract with Messrs August Bel
mont & Co. on behalf of Messrs. N NJ. Rothschild
& sons, and associates, and Messrs. j. d w. Selig-
man IL Co., fer themselves and associates and
Messrs. Drexe Morgan & Co., on behalf of Messrs.
j. 5. Morgan & Co.. and Messrs. Morton, Bliss 81
Co. for themselves and associates, for the DcTOtia
tiOn OF S4U,UuO,UUJ oil the AZ per cent. DOnus,
authorized by the acts of July IA, 1870, and Jan.
20, 1871, the contracting parties to have the ex-
elusive right to subscribe for the remainder,
namely $3.50 0G0000, any portion thereof, of the
said IA per cent. bonds. authorized by the alore-
said acts by notifying the Secretary on or before
the Both day of June. 1877, the Secretary rcscrying
the right to terminate the contract at any time
after March 4, 1877. by giving ten days notice
thereof to the contractors
The agreement provides that the Secretary is to
allow the parties named one-half of one per cent.
commission upon the amount they may take, they
to assume and dcfray all expenses which may be
incurred in preparing, printing, transporting,
md issuing said lour and one-half per cent.
bonds aud Tor transmitting to the Treasury De
partment, Washington. coin. United States five
twenty bonds, matIrca United States coin cou-
pous received in payment for the four and onehalf
per cent bonds issued. which may be issued, 10
the contractors; and the Secretary agreed to issue
notices for the redemption Of an equal amount of
Blk per cent. fve-twenty bonds of the United
States upon the dates of subscription by the con-
tracing parties for four and one-hat per cent.
bonds us 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
five-twenty bonds, or United States gold certii-
Gates. Against the subscriptions of the contract
ing parties for AZ per cent. bonds the following
described notices for the redemption of United
States tiyetwenty bonds, act OF March 3, 1865 have
been issued. viz:
Call dated Sept. l. 1876 ........ ..... $100O0,ON0