, 1877-12-22

exchanges, which is based upon the
precious metals, rs the intrinsic money
of the wOrld.' it treas the silver
question, in connection with the policy
Of resumption. It advocates the adop
tion otsllver as a legal tender 10y inCrcas.
ing the amount OF metal in the silver
dollar so that it will, ms near MS posi-
bic, equal the gold dollar in value, sub
ject to the proviso, "eXempting the pub
lie debt herct ofore issued and now outst
anding from payment either fprint ; ,le or
interest in any COMA sc Of less value than
the present gold coinage OF the country"
1t calls atteAtion to the progress of
the civil service reform, and requests
careful examination of the subject, and
an application of those principles most
likely to elevate and purify the public
service
Our position of neutrality has pre-
vented the Turko. Russian war from af.
tecting us. 1t proposes modification
Of Consular relations with Italy, and
ba t,n th l,,l, -
ofthe treaty OF 1867 with North Ger
many. The Paris Exposition is en-.
dorscd. The relations with Great Brit.
ain are consideeed in connection with
the treaty OF ls42, the fishery commits
sion, ana the treaty for the protection OF
trade marks,
The troubles on the Rio Graudc, the
Cuban affairs, the Venezuelan awards, and
the trade with foreign Countries are each
duly described.
"The revenues of the government
during the fiscal year ending June 3Oth,
1877, were 100000, ,5S6.G2. The total
The total expenditures for the same pc.
riod were $22S, ,660,OOs.03, leaving sur
plus revenue of $3O,34O,27 The
estimates of revenue of the current fis.
cal year are $265, 100000, and the esti-
mated expenditures for tie same period
are $232. .43O, ,643.72. If these estimates
prove to be correct there will be sur
plus revenue Of S33, ,O60, ,3562s IN amount
nearly sufficient tor the sinking fund for
that year. The estimated revenues for
the next fiscal year are s269, $50, 900.
1t appears from the report that during
he last fiscal year the revenues Of the
government compared with the previous
year have largely decreased. This de
crease amounting to the sum of SlS,4S1,
45254 was mainly in customs duties,
caused partly by large falling off of
the amount OF imported dutiable goods
and partly by the general fall ofprices
in the market Of production of such
articles an pay ad yslorem taxes. While
this is felt injurious in the diminution of
the revenue it has been accompanied
with very large increase of exporta.
tions, The total exports during the
last fiscal year, including coin, have been
$65s,637 ,457, and the imports have
been $492, ,O97, $40, leaving a balance of
of trade in favor of the United States
amounting to the sum of $t6S,589,917,
the beneficial effects of which extend to
ak branches of business"
The repeal of the internal revenue
laws, except upon whiskey, tobacco,
spirits and beer is advised, and the sim
plifcatiou Of the tariff, by taxing tea
and coffee in place Of multitude of
petty, burdensom taxes and customs,
that yield but trifing revanue.
Satisfactory progress is reported in
the funding of the public debt, and
reducing the rates of interest. Practical
legislation is urged in forwarding and
building up the rapidly increasing cx-
port trade and foreign commerce Of the
United States,