Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-12-02

facts that have proved of public interest,
and have stimulated 70 praclical exertion |
the enterprise of our people.
PUBLIC FINANCES.
The report Of the secretary of the treasu-
'ry furnishes detailed statement of the op
erations of that department of the govern
ment and Of the con iitlon of the public
finances. The ordinary revenues from
all sources .. for the fiscal year
ending June 30th, 1878, were S257 7,763-
1880. The ordinary, expenditures for the
same period we're 1886, 1854, ,326.sO, leaving q
surplus revenue for the year of $20,799,.
55l.9O. The receipts for the present fiscal
year ending june 30th, Si79, actual and es-
timated, are as follows: Actual receipts for
first quarter, commencing July 1st, 1878,
1888, 74343; estimated receipts for the
remaining three quarters Of year. $l91,-
ll0, 1867; total receipts for current tiscal
year. actual and estimsted. 1924. 500, 600.
The expenditures for the tame period will |
be, actual and estimated, as follows: For
quarter commencing July lat, 1878,
actual expenditures, $73,S44, ,573.27, and
for the remaining three quarters,
Of the year expenditures are estimated At
$l68, ,755, 1868, making the total sx oendi- |
lures $240, 100 900 and leaving an estimated
surplus revenue for the year ending June
Both 1873, of $24,400,000. The total re-
ceipts during the next fiscal year, ending
June Both 1880, estimated according to ex-
listing laws, will be S264, 500, 600 and the e.
timated ordinary expenditures for the same
period will be $236, 20,4126s, leaving .
surplns of S28, 8,l79, ,587 80 for that year The
foregoing statements Of expenditures actual
and estimated show no amount allowed for
the sinking fund provided Tor BY the act
approved February 25, 1862, which requires
that one per cent. of the accrued debt Of the
United States shall be purchased
or paid with in each fiscal gear, to be set apart
as a sinking fund. There has been, bow.
ever, substantial compliance with the con.
dlt'ons OF law. BY its means the public debt
should have been reduced between 1862 aud
\ the close Of the last fiscal year $sle 36l,
sO6.28. The sctual reduction of the aecer
tanned debt 10 that period has beeu f720,-
644, 73O,6l, being in excess of the reduction
required by the sinking fund act 1902 ,2s2.-
1913 Tue amount Of the public dcb', less
cash IN the treasury November LIST, 1873,
was $2,024 ,200, ,OS3 IS, q reduction since the
same date lasl year of $23,15O,6l7.3O.
i The progress made during the last year
in refundinR the public debt al low rates OF
interest is very gratifying. The amount of
four per cent bonds sold during the present
year, prior 10 November %, 1873, is $lO0,.
21"9oO and six per cent. bonds commonly
known as hve-twenties, TO an equal amount,
have been, or will be, redeemed on call at
maturity.
1t has been the policy of the department
to place four per cent. bonds within the
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 20 mod
4 ihed that small sums may be invested and
that through the postofices or other agents
OF the government the freest opportunity
pc given to oil parts of the country for such
invetments.
THE BEST NODE SUGGESTED
lis that the department be authorized 10 is
sue certificates of the denomination of ten
Ideliars bearing interest at the rate of 65
per cent per ennum and convertible at any
time within one year atler their issue into
the per cent bonds authorized bv the re-.
iund'o2 act. and to be issued only in ex
change tor United States notes sent to the
treasury by mail or otherwise. Such a
provision Of law, supported BY suitable re.
Rulslions, would enable any person readily,
without cost or risk: to convert his money
INTO interest bearing securities of the Un.
tied States, and money so received could be
applied to the redemption of per cent
bonds.
| MONEY COINAGE.
The coinage Of gold during the last fiscal
year was S52, 1Os OsO. The coinage of silver
dollars, under the act passed February 2Sth,
1878, amounted, on the 23d of November
1873, to $i9,sl4. $50, of which amount s4,.
9S4, ,947 are in circulation and the balance.
Sl4, ,S29 COB, are still in the possession of the
government. With views unchanged with
regard to the act under which the coinage
Of silver proceeds, it 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 l am persuaded that the
welfare Of legitimate business and
industry of every description
will be best promoted by abstaning from all
attempts, to make radical changes in the ex.
listing financial legislation. Let it be up.
derstood during the coming year that the
business Of the country will be undisturbed
BY government interference with the laws
affecting 1t, and We may confidently expect
that the
RESUMPTION OF SPECIE PAYMENT,
which will take place at the appointed time,
will be successfully and easily maintained.
and that it will be followed by healthful
snd enduring revival Of business prosperity.
Let the healing influences of time, the in
herent energies Of our people, and the
bonndless resources Of our country have q
fair opportunity and relief from present diff
6culties will surely follow.
THE ARMY.
Reports Of the secretary of war show that
the army has been we'll and economically '
supplied that the small force has been &C
lively employed and has faithfully perform
ed all the services required Of it. The NOR
ale of the army has improved and the mum
Der Of desertions has materially decreased
during the year. The secretary recommends
| Fint: that pension be granted to the wid
o. Of the late Lieutenant Henry II Benner
. 18th infantry, who lost his life by yellow
fever while in command Of the steame
. I'M. EeamberA sent with ssupplissa 70
. the relief Of sufferers in the south. from tha
Axu-.-