Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-12-14

The sale OF letter stamps and envelopes
has decreased and that Of postal cards and
newspaper stamps increased as compared
with the preceding year. The demand for
postal cards reached one hundred and sew
enty millions-an increase of One-eighth.
of ordinary stamps, 659, $50, SO newspa-
per and periodical stamps, 1888, ,7O9; pain
stamped envelopes, s4,2s5.70O special
stamped envelopes, 64,374 500, newspaper
stamped wrappers, 81, ,99l ,25O official post
age stamps, 1856 JAS ; official stamped en-
yelopes and wrappers, IA, $50 ,445-an ag-
greeate of all kinds of | ,O60 .253 ,gl9, which
shows the humber of articles that passed
through the mails in one year, and lndi-
Gates the extent of the correspondence of
our people. 1t allows an average Of more
than twenty-five letters and papers to each
man, woman and child In the entire
country.
The extensive business done in the Dead
Letter Office is indicated by the fact that
during the year it received no less than
3, ,2S8, ,290 letters, or about eleven thousand
for everr working day. ln these letters
were found $40, ,062.4l in money and 81,
| 30I. .7SO. 40 in commercial paper. OF these
sums all but S4,754 was restored to the
owners. The number Of registered let
ters sent reached 4,3S1 ,l27, of which
las, 900 were addressed to foreign
countries In the carrying busi-
ness there are 6GlS contractors The entire
| pnblic mail routes aggregate 292, $50 miles
| in length, l41 1853 ,25l miles in transporta-
tion, and SIS, ,3S4 ,S95 in annual cost. 1t
it is shown that the number of letters lost
yearly is about one in five thousand. The
total loss in money and mercantile pa
per as reported for the year was S3l2, ,4o3. So
| There are 81 ,345 p6stothees in the country
| The appointments of pOstmasters for the
wear number I,y4S. The money-oIder
system works well. The number Of
| domestic orders issued for the gear
was 1925 .93l, summing up S72,s2O,-
| 20. This, however, is a slight falling
of from the preceding year.
The PostmaSter-General points ont the
defects in the manner of paying postmasters
OF the fourth class, and recommends re-
justment for the purpose Of preventing
abuse in the sale Of postage stamps. He
also recommends monthly instead Of quarter
" reports from postmasters. and a simplitca-
liOn VI tue LaN E0Iatlns " Pi4h'eN navel
THE TREASURY.
The report of the Secretary of the Treasury
presents the usual statistics of revenue and
expenditure, the most important Of which
are given also in the President message. For
the present fiscal gear the revenues are ex-
pected to reach S265, 500 900, and the ex-
penditures S232 500, 900, leaving a surplus
of S33, 900 900. about two and hall mil
lions less than the requirements of the sink
ing fund for the year. For the next fiscal
wear the revenues are estimated at 1882.
$50 900, and the expenditures, including the
sinking fund, at $3.50, 200 900, leaving de-
feiency Of nearly eleven and half millions
The Secretary, however, advises that the ap-
propriations should be reduced at least
eleven millions below the estimates, which
can be done, he thinks. without erippliug
any branch Of the public service, By a care
full revision of the laws which fix the salary
and number of employees, by reduction of
the amount expended on public works now
in progress, by pOstponement OF all new work
not Indispensable to the public service, and
by iudicious scrutiny of disbursements.
During the year, 5000 100000 of four and a
half per cent bonds and S75 100000 of four
per cents have been issued. Fifteen
millions of the former and twenty-five
millions of the latter have been ap-
piled to the purchase of gold for resumption
purposes, and the remainder to the redemp-
tion of six per cent bonds. The annual iu-
terest charge has by this means been reduced
by S3,775 900 further issue OF four per
cents was contemplated, ard if no question
had arisen disturbing the public credit
the Secretary has no doubt that the six per
cent bonds would be rapidly paid off by the
proceeds of four per cents, sold at par in coin
or its equivalent. The pecuniary advantage
thus obtained would far outweigh any gain
that might be made by paying any part
OF the debt or interest in silver. Of the
bonds now bearing SIX per cent interest,
81 ,452 900 900 are reieemablc on or before
the first of May, 1881. By the reduction of
the interest from six to four per cent there
would be an annual saving of interest of
S22, 600 900. Anv measure which inspires
distrust will arrest the process of refunding
and prevent the Government from gaining
this advantage Another impedimcnt to
the sale of bonds was the provision of the
funding law authorizing the Secretary TO re-
ceive gold coin only in payment. As the
coin was not in circulation it was necessary
to conduct all sales through third parties who
could receive bank bills, checks, and other
forms of commercial paper and convert them
into gold The Secretary, therefore, recon-
mends that authority be given to receive
for such bonds either coin, or its equiya-
lent in United States notes.
OF the practicableness of resumption at
the time now fixed by law, the Secretary
speaks with confidence. He says that it has
been conclusIyely demonstrated that this
can be done without disturbing either domes-
tie or foreign trade or commerce, and he
cannot too strongly urge the continuance Of
a policy that will make good the promise
contained in the United States notes when
issued, repeated in the act of March 18th,
1869, and made definite and effective by the
resumption act. The latter act contem-
plates the reduction Of the volume of United
States notes to $500 900 900 by the first
day of january, 1879, by caneelling such
notes 10 the amount OF eighty per cent of the
new circulation issued to national banks,
but. as the amount of circulation issued NAV
not be sufficient for this, the Secretary recon-
mends that authority be given to gradually
fund into four per cent bonds all United
States notes in excess of $500, 900 600, the
bounds to be issued at par for coin, or its
or the same object might be 40
BY authorizing the coinage of
silver dollars, to be exchanged for United
States notes on the demand of the hold
er The Secretary calls attention to the
doubt supposed to exist whether United
States notes redeemed alter 1879 may he
reissued or not. lie il of opinion that they
may he, if the amount outstanding does NOT
exceed $500 .000, 200. The best currency.
in his opinion, would be a carefully limited
amount of Unitcd States notes, redeemable
in coin, and supplemented by a system of
national banks. The legal tender quality
might be retained or not, but no thinks it
better to retain it, since there are times when,
lnder any system of paper money. it is i'm
possible to maintain actual coin resumption,
md supply of legal tender notes in general
circulation would tend to prevent panics and
unreasonable demands for coin in times u
Unforeseen stringency.
The Secretary for the safe keeping and
,roftable employment of small depo,,lts for
he people, recommends that authority be
.ranted to issue certificates .or small depos-
Is, convertible on demand mo four per cent
'onds. the proceeds to he r.sed solely for the
exemption OF notes ee'.ring higher rate of
interest. The silver dollar, the Secretary
links, would te convenient coin, bat If
lado gcncr,l legal tender it would neces-
arIly der .onetize gold and depreciate our
aper v oney and would have other evil effects.
lie s,rnestly urges upon Congress theserlous
jeetions to the free coinage Of silver upon
uch conditions as would demonetizs gold,
isturb all the financial operations of the
overnment, suddenly revOlutiunize the ba-
is Ofour currency, throw upon the Govern
lent the increased cost of coinage, arrest the
,funding of the public debt, and impair the