New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-03


legation is now established here by that Govern
nent IL is not doubted that this step will be OF
advantage to both nations III promoting frlehdiy re-
latons and removing causes OF uinelehn me-, dnIv
ratified and accepted on the part OF both Govern
ments is now in operation, and survey anu sounu
ana naval vessel of the United States with view OF
its occupation naval station, IL iouhd ue'li"'i0
to the service. H.. ;.h
Since the resumption of diplomatic relations WITH
Mexico correspondence has been opened anu sui
continues between the two Governments upon inc
various questions which a. one s ~
has been reached to the troubles on the Dofder,
much has been done 10 Iepress and diminish them.
The effective force Of United States troops on the
Rio tyrande by strict and faithful compliance with
instructions, has done much to remove the sources
of dispute and it is now understood that IKE Iorco
of Mexican troops on the other side OF the rYeI Is
also making an energetic movement against the
marauding Indian trlbes. This Government LOOKS
with the greatest satisfaction upon every evldence
of strength in the National authority OF Mexico,
and upon every effort put forth 10 prevent
or to punish iDcursions upon our territory. ne
luctant TO assume any action or attitude in the CON
troll of these incursons, by MILITARY movements ms
across the border, not lmperatVely deHahueu IoI
the protection of the lives and property OF our own
citizens shall take the earliest opportunity, con-
sistept with the proper discharge OF tins plain duty
to recognize the ability of the Mexican GoVernment
to restrain effectively violations OF our territory II
is proposed TO hold next year an international Ex-
hbtion in Mexico, and It Is beheyed that the us
play of the agricultural and manufacturing products
ing and Increased commercial intercourse between
With Brazil, and the Republic of Central and
South America, some steps have been taken toward
the development of closer commercial intercourse.
Diplomatic relations have been resumed with
Colombia and with Bolivia. A boundary question
between the Argentine Republic and Paraguay has
been submitted by those Governments for aroltra,
ton to the President of the United States, and
have, after careful examination. gwen decision
upon II. - ,,:
Rivers has brought back information valuable DOM
for scientific and commercial purposes. A like eX.
petition is about visiting the coast of Africa and
the Indian Ocean. The reports OF diplomatic ana
consular officers in relation to the development OF
our foreign commerce, have furnished many facts
that have proved of public interest, and nave
stimulated to practical exeruon the enterprise oi
our people.
The report OF the Secretary of the Treasury
furnishes detailed statement of the operations of
that department of the Government and of the con-
diton Of the public finances.
The ordinary revenues from all sources for the
fiscal year ended June 80. 1873 were $257,76
S7S 20; the ordinary expenditures for the same
period were 1896, 964, 1896 S0-leaving a surplus
revenue for the year of $40, 799,551 80.
The receipts for the present fiscal year, ending
June 80 1879, actual and estimated, as follows
Actual receipts for the first quarter commencing
July'1, 1878, S73,3S9, 743 43; estimated receipts
for the remaining threequarers of the year. $191,-
1902 81; total receipts for the current fiscal
year. actual and estimated, 1854, 100000 The ex-
penditures for the same period will be, actual aud
estimated, as follows: For the quarter commencing
July l. 1875 actual expenditures, $73, 344, 573 81;
and for the remaining three-quarters of the year
the expenditureSare estimated at $166,75 ,426 73
making the total expenditures $240, 100000;
and leaving an estimated surplus revenue. for the
year ending June 80 1879, OF 1874, 100000.
The total receipts during the pext fiscal year. end
ing June 80 1880, estimated according to existing
laws will be $264, 900; and the estimated or
binary expenditures. for the same period VIII be
1896, 1920, Alp 6S leaving a surplus of $2S, 49,
5S7 32 for that year.
In the foregoing statements of expenditures,
actual and estimated amount is allowed for the
sinking fund provided for by the act approved Feb
ruary %, 1862. which requires that 1 per cent of
the entire debt of the United States shall be pur
chased 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 its terms, the public debt should have
been reduced between 1862 and the close of the last
fiscal year, $518361 500 %; the actual reduction
of the ascertained debt, in that period, has been
1910, 644. 739 81; being in excess of the reduc-
ton required by the sinking fund act, 5000, 2S2,-
933 33.
The amount of the public debt, less cash in the
Treasury, November 1, 1873, was $2,O24,2OO,
Os3 1s-a reduction since the same date last year
of 1923, 150.617 80.
The progress made during the last year. in re-
funding the public debt at lower rates of interest,
is very gratifying. The amount of per cent bonds
sold during the present prior to November %,
1873, is 800 27O, 900, and per cent bonds, COM
monty known as 5-20s to an equal amount, have
been, or viii be redeemed as calls mature.
Ii has been the policy of the Department 10 place
the per cent bonds within easy reach of every
citizen who desires to invest his savings, whether
small or great in these securities. The Secretary
of the Treasury recommends that the law be so
modified that small sums may be invested, and
that through the post Offices other agents of the
Government the freest opportunity NAV be given
in all parts of the country for such investments.
The best mode suggested is that the Department
be authorized to Issue certificates OF deposit, OF the
denomination of ten dollars, bearing interest at the
rate of per cent per annnm, and convertible at
any time within one year after their issue INTO the
d per cent bonds authorized by the Refundng Act,
and to be issued only in exchange for United States
notes sent to the Treasury by mall or otherwise.
Such provision of law. supported by suitable regu-
latioDs. would enable any person readily, without
cost or risk, to convert his money into interest
bearing security Of the United States and the
money 30 received could be applied 10 the redemp-
ton OF per cent bonds.
The coinage of gold during the last fiscal year was
$50 79S. $50. The coinage of silver dollars under
23d of November. 1878, to $19,S14,55O of which
amount So 9S4, DAT in circulation, and the bal
ance, S14 s29.603, is still in the possession OF the
Government.
With views unchanged with regard to the act I'M
der which the coinage of silver proceeds has been
the purpose of the Secretary faithfully TO execute
the law and to afford fair trial to the measure.
In the present financial condition of the country,
am persuaded that the welfare of legitimate busi-
ness and industry Of every description will be best
promoted by abstaining from all attempts TO make
Radical changes in the existing financial Legislation.
Let il be understood that during the coming year
the business OF the country will be undlsturbed by
Governmental interference with the laws afectng
it, and we may confidently expect that the resunp-
ton of specie payments. which will take place at
the appointed time, will be successfully and easily