The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-03

and South America some steps have been
taken toward the develop snf sscleser
commercial intercourse. Diplomatic rein-
tions have BEEN resumed with Colombia and
with Bolivia. A boundary question be-
tween The Argentine Repilblfc md Para
quay has been submitted by those Govern
ments for arbitration to- ste President Of
the United Statess and haye, after careful
examination, given a decision upon 1t.
a naval expedition up, the Amazon and
Madeira rivers has brought back informa-
ton valuable both for scientific and COM
mercial purposes. A like expedition is
about visiting the coast OF Africa and the
Indian ocean. The reports Of diplomatic
and consular officers in relation to the de.
Yelopment OF our foreign commerce have
furnished many facts that have proved OF
public interest, and have stimulated to prac-
tical exertion the enterprise Of our people.
The report OF the Secretary Of the Treas
ury furnishes 4 detailed statement OF the
operations Of that department Of the Gov
eminent, and OF the condition OF the pub
lie finances.
The ordinary revenues from all sources
for the fiscal year ended June 30, 1878, were
1851, 763, S7S.70; the ordinary expenditures
for the same period were 1896, 1854, 32G.80
IedtIN5 Il Sui plus 1CfSuuS &o1 thS , SaA Va
800. 799, 551.90.
The receipts for the present fiscal year
ending June 30, 1870, actual and estimated,
are as follows: Actual receipts for the first
quarter, commencing July 1, 1878, S73, $780,.
74343; estimated receipts for the remain.
ing three quarters of the year, 5191, no..
256.57; total receipts for the current fsca
year, actual and estimated, 1924, 100000. The
expenditures for the same period will be,
actual and estimated, as follows: For the
quarter commencing July 1, 1878, actual
expenditures, 1884, 573.27; and for the
remaining three quarters of the year the
expenditures are estimated at S166, T55, 1926.
73-making the total expenditures S240,.
100, 900, and leaving an estimated surplus
revenue iorthe year ending June 80, 1870,
of S24, 4O0,O0
The total receipts during the next fiscal
year ending June 30, 1880, estimated &C.
cording to existing laws, will be 1924, $780,.
900, and the estimated ordinary expenditures
for the same period will be 1896, 1920, 412.6S,
leaving a surplus Of S2s, 9,5s7.32 for that
year. ss~ ..
In the foregoing statements of expendi-
lures, actual and estimated, no amount is
allowed for the sinking-fund provided for
by the act approved February 90, 1862,
which requires that one per cent. OF the en-
tire debt Of the United States shall be pur-
chased or paid within each fiscal year, to be
set apart as sinking-fund. There has
been, however, substantial compliance
with the conditions OF the law. By its
terms the public debt should have been re-
duced between 1862 and the close Of the
last fiscal year S5lS,361, S06.2S; the actual
reduction Of the ascertained debt in that
period has been s720.G44, 1851; being in
excess OF the reduction. required by the
sinking-fund act $500, 2S2, 1888.
The amount Of the public debt, less cash
in the Treasury, November l, 1878, was
80, 024,2O0, 0S3.1S-a reduction since the
same date last year Of S23,I50,617.39.
The progress made during 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 %, 1878, is
monty known as tire-tWenties, to an equal
amount have been or will be redeemed as
calls mature.
1t has been the policy OF the Department
to place the four 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 or other agents OF the Government
the treest opportunity may be given in all
parts Of the country for such investments.
The best mode suggested is that the De-
partmeGt be authorized to issue certificates
OF deposit, OF the denomination Of ten dol
lars, bearing interest at the rate OF 1855 per
cent. per annum, and convertible at any
time within one year after their issue into
the four per cent. bonds authorized by
the reiunding act, and to be issued
only in exchange for United States
notes sent to the Treasury by mail
or otherwise. Such a provision OF law,
supported by suitable regulations, would
enable any person readily, without cost or
risk, to convert his money into aa interest
bearing security Of the United States, and
the money so received could be applied to
the redemption OF six per cent. bonds.
The coinage Of gold during the last fiscal
year was 500, 79S,9S0. The coinage OF silver
dollars under the act passed February %,
1878, amounted, on the Esd Of November,
1878, to S19,S14,550-of which amount
S4.9S4,947 are in circulation, and the bal
ance, S14,S29, 1908, is still in the possession Of
the Government.
With views unchanged in regard to the
act under which the coinage OF silver pro-
ceeds, it has been the purpose OF the Secre-
tary faithfully to execute the law and to az
ford fair trial to the measure. 1856
In the present financial condition OF the
country Lam persuaded that the welfare OF
legitimate business and industry Of every
description will be best promoted by alb
staining from all attempts to make radical
changes in the existing financial legislation.
Let it be understood that during the coming
year the business OF the country will be I'm.
disturbed by governmental interference
with the laws affecting it, and we may con-
tidently expect that the resumption OF
specie payments, which will take place at
the appointed time, will be successfully and
easily maintained, and that it will be fol
lowed by q healthful and enduring revival
OF business prosperity.
Let the healing influence OF time, the IN
herent energies Of our people, and the
boundess resources OF our country, have
fair opportunity, and relief from present
difficulties will surely follow.
The report Of the Secretary OF War shows
that the army has been we'll and economical
ly supplied; that our small force has Deen
actively employed. and has faithfully per-
formed all the service required Of it. The
morale OF the army has improved, and the
number of assertions has materially dc
creased during the year.
The Secretary recommends
1. That a pension be granted to the WIDOW
of the late Lieutenant Henry Il. Benner,
Eighteenth infantry, who lost his life by
yellow-feYcr while In command or the
steamer J. NJ. Chambers, sent with supplies
for the relief Of sufferers in the South from
that disease. -. .a., .a.s.rT.,
9. The establishment OF the annuity
scheme for the benefit Of the heirs OF de-