Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-12-03


S13, 1888, 143. 43; estmsted receipts for the re-
naming three quarters of the year, Sl9l,
llO,256,57. total receipts for the current
fiscal year, actual and estimated, S264 500 900
The expenditures for the same period will be-
tual and estimated, as follows For the quarter
| commencing July |, 1873, actual expenditures
S73 344 ,573 %; and for the remaining three
quarters IF the vear the eypend lures are estimst
ed at Sl66755 426 70 making the total expeudi.
lures S240 100000; and leaving the estimated
snrtlus revenue for the year ending June 80, 1879
S24 400, 600 The total receipts during the next
fiscal year ending June 30. 1880 estimated SC
cording to existing laws, will he S2G4 800 900; and
| the estimated ordinary expenditures for the same
period will be 1896, 800. 4l2 IS; leaving a sur
| Mus OF S2S, l79.5S7.32 for that year
| 10 the foregoing statements of expenditures, &C
| 'ual and estimated, no amount is allowed for the
sinking frrd provided for nv the act approved
February 25th. 1862 which requires that one pei
cent. of the entire debt of the United States sha
be purchased paid within each fiscal wear. to be
| set apart as sinking fund. There has been
| however, a substantial compliance with the condi
tions Of the law. Bv its terms the public debt
| should have been reduced between 1862 and the
close of the last fiscal year S5lS 36l SOC 2S. The
actual reduction Of the sscertaIned debt in tha,
period has henn S720,6A 1896 being in excess
Of the reduction required by the sinking fund act
500, 292 1888 33. The amount of the public deb,
less cash in the treasury November |, 1873, was
81 024 200 OS3 lS a reduction since the same date
last wear OF S23 $50 6l7.39. The progress made
duriog the last year in refunding the public debt
At lower rates of interest is very gratifying. The
amount of four per cent. bonds sold during the
present year prior to November %, 1873, is $780,
go 900, and per cent. bonds, commonly
known a. fve-twenties. to an equal amount have
been or will be redeemed calls mature.
Ii has been the policy of the department to place
the per cent. bonds within easy reach of every
citizen who desires TO invest his savings, whether
small or great, in the 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 or other agents of the
government, the freest opportunity NAV he given
in all parts of the country for such investments.
The hest mode suggested is that the department
he authorized to issue certificates of deposit of the
denomination of ten dollars, bearing interest at
the rate of 800 per cent. per annum, and convert
lille at anv time within one year after their issue
into the per cent. bonds authorized bv the re-
funding act AMI to he issued only iu exchange for
L. 5. notes sent to the treasury by mai or other
wise. Such provision of law, supported by suita-
bic regulations, would enable any person readily,
without cost or risk to convert his money into an
interest bearing security of the United States,
and the money so received could be applied to the
re iemption of per cent. bonds.
The coinage of gold during the last fiscal wear
was Sj2 19S $50. The coinage of silver dollars
under the act passed Feb Is, 1873. amounted on
the 23i of Nov. 1873, to Sl9,Sli $50, of which
amour, "a 9S4 ,9i1 are in circulation, and the bal
ance, Sli 500 603. is still in the possession of the
government. With views unchanged with regard
to the acts under which the coinage OF silver pro
ceeds 1t has been the purpose of the
Secretary faithfully to execute the law
and to afford a fair trial to the measure
RESUMPTION, AND BUSINESS PROSPERITY.
In the present financial condition of the coun-
try am persuaded that the welfare of legitimate
bu sness and industry of every description will he
beat promoted by abstanng from all attempts TO
make radical changes in the existing financial
legislation. Let it he understood tina during the
coming wear the business of the country will he
undisturbed by governmental interference with
the laws affecting il. and we may confidently ex-
pect that the resumption OF specie payments
which will take place at the appointed time, wi i'll
be successfully aud easily maintained, aud that il
will he followed by healthful and enduring re
vvsl Of business prosperity. Let the healing in
huence of time, the inherent energies Of our
people, aud the boundess resources of our coun-
try have fair opportunity and relief from pres.
ent difficulties will surely follow.
The WAR DEPARTMENT.
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
and has faithfully performed all the service re-
qured of it. The morale of the army has i'm +.
proved and the number of desertons has ma
teriallv decreased during the year. The secretary
recommends:
lst-That pension be granted to the widow of
the late Lieutenant Henry II. Benner, 18th In.
fsntry who lost his life by yellow fever while in
command at the steamer j. NJ. Chambers, sent
with supplies for the relief of sufferers in the
South from that disease. 2d-The establishment
of the annuity scheme for the benefit of the heirs
of deceased officers as suggested by the paymaster
general. 3d-The adoption by congress of plan
for the publication of the records of the war of
the rebellion now being prepared for that purpose.
4th-The increase of the extra per diem of sold
ers teachers employed in posts Schools and liberal
appropriations for the erection of buildings for
schools and libraries at the different posts. 9Th
The repeal of the amendment of the act of June
Is. 1873, forbidding the use of the army posse
comitatus. or otherwise, for the purpose of exc.
cutiog the laws, except in such cases and under
such circumstances as may be expressly author
lied bv the constitution or by act of Congress
6th-The passage of a joint resolution of Con-
gress, legaliZing the issues of rations tents and
medicines, which were made for the relief of suf-
ferers from yellow fever. 7th-That provision be
made for the erection of fire proof building for
the preservation of certain valuable records now
constantly exposed TO destruction by fire. These
recommendations are all commended to your IA
vorable consideration.
THE NAVY.
The report of the secretary of the navy shows
that the navy has imp owed during the last fiscal
year. Work has been done on IS vessels, ten of
of which have been thoroughly repaired and made
ready for sea. Two Others are in rapid progress
towards completion. The total expo ndtures of the
wear, including the amount appropriated for de-
ciences Of the previous year, were Sl7 46S 1872 65
The actual expenses chargeable to the wear, ex-
elusive of these deficiencies. Sl3, 1908 9l4 O9
or S767 ,l99 Is less than those of the previous
year. and "a 92S, IA less than the expenses in
cluding the deficiencies. The estimates for the
fiscal year ending June 30. 1880, are $l4, 562 1881
As, exceeding the appropriation of the present
year only 1913, 1915, which excess is occasioned
bv the demands of the naval academy and marine
corps, as explained in the Secretary's report The
appropriations for the present fiscal year are Sl4-
52S All TO- which, ia the opinion of the Secretary,
will be ample for the current expenses of the de
partment during the year. The amount drawn
from the treasury from July / to Nov. l, 1878, 10
S4,74O, 544.l4. of which $40. 9S0.75 has been re-
funded. leaving as the expenditure for that period
81 669 563 49, $500, $3.50 "A less than the CORE
spending period Of the last fiscal year.
The MAIL SERVICE.
A detailed statement of the operations of the POST
office department. The expenditures of that de-
partment for the fiscal year ending June 80 1873,
were 1874, 1875 H.4 40. The receipts. including
sales of stamps. money order business, and official
stamps, were S29, 277 $685.. The sum of $3.50 :
436 80, included in the foregoing statement of
actual expenditures, is chargeable to preceding
wears, so that the actual expenditures for the fs-
cal year ending June 80, 1873, are 1888 874, 647 So
The amount drawn fro the treasury on appro-
pration, in addition to the revenues of the de-
partment was S. 1907 ,652.S2 The expenditures for
the f-cal wear ending June 80, 1880, are estimat.
ed at 1886 900, and the receipts from all So ,es
400 -