Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-12-03

government, and OF the condition OF the
public finances.
The ordinary revenues I'm all sources
for the fiscal year ending June 80, 1873,
we're 1887, 763. S7S 70; the ordinary eI'
ponditures for the same period were
1886, e6I. 326. S0-lesving surplus reve-
nue. for the year OF $40. 799, SO! 80.
The receipts for the present fiscal
year ending June so, 1879, actual and
estimated. are as follows: Actual Fece!pts
fer the first quarter comneneing July
!, 1878, sf3. SSe, 749 49; estimated re-
ceipts for the remaining three-qnsrters
Of the year, SI9l, 10, 256 OF; total re.
ceipts for ihe current fiscal year. actual
aud estimated, S264, 500, 900. The e1-
penditures for the same period will be,
ACTUAL and estimated, as follows: For
ths quarter commencing July l, 1878.
sotuA expenditures. $79. 9l4, bIS u; aud
for the remaining three.quarters OF the
year the expenditures are estimsted at
Sl6e. 755, 1876 73-paking the toHl OK
peIdituIes $40, 100, 900, and leaving an
estimated surplus revenue for toe year
ending june so, 1879, OF s24 400, coo.
The total receipts duripg h9 next 6s-
cal year, ending June 80, 1880, estimat-
ed ac,ording to existing laws, will be
1894 500, 600 and the essimsted ordina-
" expenditures. for the pane period,
will be s23S. $40, Il2 IS leaving sur
plus Of saS. l79 6S792 for that year.
In the foregoing statements Ct ex-
penditurss, actual and estimated, no
amount is allowed for the sinking fund
provided for by the act approved Febru-
arg %. 1852, which requires that one
Per centum Of the entire debt Of the
United States shall be purchased or paid
within each fiscal year. to be set apart
as a sinking fund. There has been,
however, a substantial compliance with
the conditions Of the law. BY It's terms
the public debt should have been re-
duoed between 1862 ana the close OF the
last fiscal year s5lS. 36l sos %; the so-
.ual reduction of tbs ascertaiEed debt,
In that period, has been 1920, Ga. 49,
81 being in excess OF thh reduction re-
quired by the sinking fund act 1902
2s2 $50 SO.
The amount Of the public debt, less
cash in the treasury. Noyem CT l, 1873.
was g., 024 200. 0S3 1S-areduction since
the same date last year, OF s23, 100 6l7.-
80.
The progress made during the last
year In rounding the public debt AZ
lower rates OF interest Is very gratifying.
The amount Of four per csntum bonds,
sold during the present year prior 70
November %, 1878, is 500. go 900, and
six per centum bonds, commonly known
as hve-twenties, to an equal amount.
have been, or will be redeemed as calls
mature.
1t hss been the policy OF the depart
ment TO place the four per cenium bonds
within easy reach OF every citizen who
desires - invest savings, whether small!
or great. in these securities The secre-
tarv of the treasury recommends that
the law be so modified that small sums
NAV be invested, aud that through the
postofiices, or other agents Of the gov
eminent, the lreest opportunity may De
given IN oil parts OF the country for such
investments.
The best mode suggested is, that the
department be authorized to issue csrh-
Rcates Of deposit, OF the denomination
OF ten dollars, bearing interest at the
rate Of So per ceotum per auEum aud
convertible at any time within one year
after their issue into the four per centum
bonds authorized by the reiundiug act,
and 10 be Issued only in exchange for
United States notes sent to the treasury
by mail or otherwise. Such provision
of law, supported by suitable reguia-
tons, vould enable any person really,
without coat or risk, 10 convert bis
| money into an interest bearing security
of the United States, and the money so
received could be applied to tho re-
demution Of six per centup bouds.
TIE coinage al Pold;during the last
fiscal year was S52, 7sS $50. The coin
age Of silver dollars. under the set pass
ed February %. 1873 amounted on the
23l of November, 1873, 20 $40. Sl4 $50,
of which amount 81 984 947 oIe in cir
culation, and the balance, Sl4 $40 6C3.
is still in the possession OF the govern
ment.
REST PROM FINANCIAL LEGISLATION
With views unchanged with regard TO
the act under which the coiusge Of sill
YER proceeds, it has been tho purpose Of
the secretary faithfully TO execute the
law. and 10 afford fair t-iAl 10 the
measure.
In the present financial condition of
the country. 1 am persuaded that the
welfare Of Legitimate business and in
dustry Of every description will be bes.
promoted by sbstaining from all at
tempts 10 make radical changes IN the
existing financial legisla ion. Let it be
understood that during the coming year
the business OF the country VIII be IN
disturbed by governmental interference
with the laws affecting it, and we may
confidently expect that the resumption
Of specie payments, which will take
piece st the appointed time, will be sue
cessfully and easily maintained, and
that it will be followed by a healthfU.
and enduring revival of business pros.
perity.
Let the healing influence OF time. lie
Inherent energies OF our people, and the
boundless resources of orr country,
nave lalf oppoItuullyi huu iC-iCt HUH
present difficulties will surely follow.
THE ARMY.
The report Of the secretary Of war
shows that the army has been well and
economically supplied, that our small
force has been actively employed aud
has faithfully performed all tue service
required Of il. The morale OF the army
has improved, and the number Of deser-
tons has materially decreased during
the year.
The secretary recommends:
/. That a pension be granted to the
widow Of the late Lieutenant Henry II
Benne1, Eighteenth infantry, who lost
his life by yellow fever while in COM
mand OF the steamer j. NJ Chambers,
sent with supplies for the relief OF sui