New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-04

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Pubi WORKS: oo...,- 20
War p..cr. Aenf ---.---....---''''- ~ 20
ia. rT ps.art -. 22li4 90
1rlaf. urut oi frlcultlire. 3iiV %
Assunrue that Congress WI not increase Tie assre-
gate national taxation time when MI industries are
oppressed by the weight OF local taxation the secretary
recommends hat the aggregate appropriations ior Ne
fiscal year ending June 30, 1879, exclusive o interest
and sinkne-fuud should not exceed t14O0O00OO IhiS
wall reIur. The appropriations TO be reduced al lea''
1 600 600 below the estimates submitted above-a re-
dueton at in the opinion Of Che Secretary can oe
made without crpplng any branch OF tae puohc service
Reduction in pu,Ac expenditures cannot oe secure"
merely by q reduction o. appropriations II must DE "c
coplrauied by careful revision o. the laws whch hN
fine salary and number OF employees; by reduction OF
Tho amount expended on public works IN progress;
h., pos.poacmeut o. all new WORKS not ind--Psnsa-
lie for The public service and 0y JudicouN
scrutiny of disbursements. The rapid appr'-
citation OF our current money TO the com standard
sboilI be accompanied by diminished expenses IN tAe
public service The revenue from duties on Imports
having largely diminished The expenses OF IT'S collection
.loIid he reduced Old claims should De closely scriii-
ile5 and any Increase iu any branch Of public exlo
dire should he arrested. The Secretary viii not under
taIt in +, report revise tie estimates OF TIC cHef
egi Departuelt+-mauy items OF which are submitted
without r.cOMmcnlatou-bu- urges that ue app"Hrla-
mons based upaa tlCm, including Tie amount estimated
FOR tine snn-und. should not. n any event exceed I'D
the ep ltc the estimated revenues II The Government
L. tie last aunua, report G"es X NY predecessor
stated tlat, h4d the resource oI 'ic 4i't'.
nv dUnu- each fiscal year. t"uIi'Hc'Hs NE
I-64, sufo to uake neral conpii icr VII
total ol $685. is.-l' 81 wound nave nr'h 1p''u
That Iill Jull /, 1876. whereas thc a'tl Fed"t"lo '
tie debit including accrued interest, l-.S Cis1 ID ~.
Treasury tina latr, amounted 90 9637+5-Z-O a. on
tle same ba,i, tlr anouu. DID tLe sdnhlh--I d %o OIL
lave reached sos. = on the lsf ~ july 1871
which .tie tne r,dlc ,i3A OF t-c u"'' h' @ 81
ciu.d interest, e-s cash lu tAc retsu y '
npir, lu 1850 amounted 90 S6JOz.13is u or So
y5445J 81 ia o. .nc amount required ~ Ia" 10
! be ,Io.!dca for I'D and.
TIE SAL OF TIE PR CENTS.
The coutr ct of August - 1876, made b. tne secrea-
r OF the Treasury with certam parties Tor the neg'u"-
ton " 800 100000 ~ ceai bonds lad so ir r en-
executed Oh tie Is. OiMIc- 1,77 taat 990JJCOUo AAd
been sold 90 the associated contractors ano calls h2t
been made for the redemption OF Ike amount OF 30
bonds. While the contract expired in terms on
the BON d. OF june 1877. 10 conts ned stipulation
that a. might be terminated by tic Secretary
OF Liz TREASURY upon ten days notice after the 4h OF
March II l. My LASS DC became apparent TO the
Secretary that. rs favorable change IN the money
market per cent bonds could be- sold 40 par IN CON-
with great advantage 80 lie Government; am, a. aims
himself of the pavA-g- occurred Dy t-- CONTRACT ne -Fe
notice THAT be would limit the ,le o. ~ per cent bonds
o. SzO0OUOOGO. o. the lin Gay OF Ms, il vas agreed
That portion a.te. should Dee sod unde. the au-
turlty 81 JHe Resumption Acl Tor resumption purposes
aud -ubrc pu0ns wlra raWcg mace uuii tAe fg-rcstc
,,.r., lei! 5000 1000 o. wAcn j,cOOOJO w're ap-
ID eel 10 ths redemption ~ squ amount OF per cent
,, ON OBJ. s.. ofJu-u 1877 the Secretary entered
mo u contract with portion 90 the previously as'ocl-
sti part.. for enc sale par coin, OF the per cent
bnpds of the United states. authorized 10 be issued D,
the Rcf,.ndiuS Act This contract vas. DO Substance
similar q, Previous contracts bus Was 10 term nate %
the 3o day OF Juue ISIS. with tIe right reserved I'D
the United states 90 errqinate DO 90 any time after the
g1-t Of Dsrem1er, 1s77. 10y ziviug ten DAYS notice
thereof TO tie contracting parties. Tins contract also
contained d stipulation. is follows;
also r.d that tine parties of tho second RI shall
a. Ie0uic of Tie United >falc- a. par ann ac
crued COIN TIE A per cent registered coI'i-
OF 500 am 500 embraced ln th' contract I'f Pefou
oil thirty dags Tie purIc noucc Oi suth shincsi-
tior and M cities aud upon en- notice as the sec
rtay o. the Treasury MAS prescribe prior 20 IA" open
rgoi the isis, and further u Ddr 10 the suD7cI Dt'
the option o. paying instruments extending tlrough
iAr,c months.
Under this contract, invitations having been pub
u.h,d subscriptions 10 this loan opened on tine 10Th
Of June 1871 Within the period OF thirty days there
afer the subscriptions had reached The sum of S7jiS6-
$50 which we're payable within ninety days from the
date Of subscription before tue 10Th OF October
Every subscription these bonds been paid and ~
the proceeds S5OOO0OOO have been applied TO the
demptlon Of au equal amount OF per cent bonds The
hereafter stated The annual reduction OF interest
/ the pub. c debt thus made rs follows:
the sac Of sjOO0cO0 D. per bonds. 600
BY the lie Of $5OuOUOOU per cent DOnus--- 1900 OoJ
Aggregatn 900
! PAYMENT OF TIT BONDS N GOLD.
In October asst after the payment Of The popular sub