The New York herald., 1878-12-03
FINANCES OF THE NATION.
Annual Report Of the Secretary
Of the Treasury.
RECEIPTS AND EXPENDITURES.
Progress Made Toward Resumption
Of Specie Payments
OUR IMPORTS AND EXPORTS.
RECEIPTS AND EXPENDITURES
OUR IMPORTS AND EXPORTS.
Advantages Of the National
Bank System.

| Advantages OF the National
Bank System.
GOLD And SILVER COINAGE FOR THE YEAR.
WAsHINeroN, Dec. 9, 1873
The Secretary of the Treasury in his annual report
gives the aggregate OF the ordinary from all
sources for the fiscal year ending June 80. 1873.
S257. .763s7s The ordinary expenditures for the
period were 336.964.326. leaving surplus revenue
| OF $50 1995 55l, which was applied as follows:--
| TO the redemption of United States notes.
To the redemption Of fractional currency. Ss5ssSs
To the redemption of six per cent bonds
To increase ss q cash balance in the Treasury a5eos
Total..... $40 7oo,5 sol
| The amount due the sinking fund for the year
1884 .oOl, leaving deficiency this account of
| s14. ,449. ft
There has been net decrease In the receipts from
all sources for the year OF sli 1o7. principally
due as the Secretary states, to the falling of in the
| receipts from internal revenue which probably
caused by the agitation in Congress, for long tic
OF the reduction Of the tax spirits and tobacco
| The expenditures show increase Of S7.7s1.T2a,
folows:-In the Navy Department, 81, 5.;G6 and
in the interest the public debt s5.37G 363ihe lat
of which dnc to the large balance Of $74266lo
unpaid at the commencement of the year and
| to the change from sem-annusl to quarterly pay
,nents Of interest six per cent bonds converted
into four per cents which would not otherwise have
been made until after the close of the year. There
was decrease Of s9.477,411 fonows:--In the War
DEPARTMENT 81, Dds. $685. in the Interior Department
SlAT4 AGO. in the civil and miscellaneous, i3c3
making net decrease in the expenditures Of
] S1.6o5,6s2
For the prescn. fiscal year the revenue, actual and
| estimated will be as follows:-
Total receipts S264 900
Total expenditures s................. 24O.1O0.0oO
Leaving balance of. ........ s24, 100000
applicable to the sinking fund.- which is estimated
| for the year at S36.aa4.6O7 81.
FISCAL YEAR 1850.
| The revenues OF the fiscal year ending June 90,
! 1880 upon existing laws will be:-
Total ordinary receipts 1894 100000
Total estimated expenditures, including
sinking fnnd .......................... 2l5l372oo
Or an estimated deficit tof............ $lOG37. $50
Excluding the sinking fund, the estimated expendi-
tures. will be $23e 334.9i2, showing a surplus of
S2s, ,f65.0s7.
BY direction OF the President the estimated expcn-
dtures for the next fiscal have been based upon
the appropriations made by Congress for the present
fiscal year. The rile has been departed from only
70 those branches the public service belonging
departments the heads of which deem the estimated
increase Indispensable where existing law demands
greater sum than was appropriated.
| RESUMPTION OF SPECIE PAYMENTS
the Secretary says the duty mposed on the depart
ment by the Resumption act has been steadily pug
sued during the pact year. Three of its provisions
have been substantially carried into execution by the
gradual substitution of fractional coin for fractional
currency by the free coinage Of gold and by free bank
tions for resumption in coin the lst day Of JAN
nary 1879, and its maintenance thereafter upon the
IscnEAsE or BUSINESS
Every step in these preparations for resumption
has been accompanied with increased business and
4 confidence. The accumulation of coin instead OF
/ increasing its price. rs was feared by many, has
steadily reduced its premium in the market. The
depressing aud runous losses that followed the panic
of 1873 had not diminished in 1875 when the resump
ton act passed; but every taken in the
cution or enforcement OF this act has tended 10
tighten these losses and to reduce the premium on
coin. that now it is merely nominal. The present
condition q our trade. industry and com
| reserves. and the general confidence inspired in
our financial condition seem to justify the opinion
that prepared IT, commence and maintain
sumption from and after the LIST day Of January A.
ID. 1879. The means and manner of doing this
left largely 10 the discretion of the Secretary but
from the nature Of the duty imposed he must re-
coin and bullion when withdrawn In the process
of the surplus OF tho redeemed from
time TO time The power to sell any of the bonds de-
scrbcd in tho Rcfunding act continues after well
as before resumption. Though It may not be often
used. il is essential to enable thi. department
emergencies. BY its exercise IL IL anticipated that
the Treasury at any time readily obtain
COIN to reinforce the already ncc,imulatcd
United States notes must however, I've the chief
under existing law with witch the department uust
restore com and bullion when withdrawn in process
OF redemption. The notes. when redeemed, must ne
cessnrily accumulate IN the Treasury until their SUI
pcrior and convenience for circulation enables the
department to exchange them at par for coin
bullion
Whom the Resumption act passed gold was the only
coin which by Law legal tender IN payment Of
s"n CO. o No silver COIN - fn, lsra tenaer - cs"d s"d
then be lawfully issued. Tho only silver coin pro-
,ided fractional coin. which was legal tender
for So only. The act approved February Is. 1s1s,
made very important change in our coinage sys-
TEN. The silver dollar provided for made legal
tender for all debts public and private except whcrc
otherwise expressly stipulated IN the contract The
amount OF this coin issued viii more properly DO
stated hereafter. but ts effect upon the problem Of
resumption should bc here considered.
The law Itself clearly shows that the silver dollar
not to supcrscdc the gold dollar; did Congress
proiose to adopt the siugc standard Of silver but
only to creac bimeallic standard OF silver and gold
of equal value and equal purchasing power. Con-
gress, therefore, limited the amount of silver dollars
10 be coined To not less thnn s2.0y0.O,D. nor moro
than $4.UJC0U per month"; but did not limit the ag-
grcgate amount nor the period of time during which
This coinage should continue. The market value of
the silver IN the dollar ut the date Of the passae of
the act was ninety three and oneqnarter cents in
gold coin. Now 10 il about eighty-sn cents in
gold coin. II IL intended By Congress TO
adopt tho silver instcnd of tho gold standard the
amount provided for is totally insdcq qsate for the
purpose. Experience, not only in this country but
IN European countries, has established that certain
| amount of silver coin may be maintained In crcula-
ton at par with gold though of less intrinsic bullion
value. IL doubt, tho intention Of Congress
provide y coin in silver which would snswcr o multi
tude Of tho purposes of business lite, without ban
shine from circulation the established gold coin Of
the country. To accomplish this IL is indispensable
either that the silver coin be limited In amount or
that its bullion value be equal to that of the gold
dollar. IL not it, use viii be limited to domestic
purposes II cannot be exported except its com
mercial value az bullion u issued In of de-
mands for domestic purposes 1t will necessarily
| fall in market value, and by well known
principle OF finance will become the sole coin
standard OF value. Gold will he either hosr,lcd
exported. When two currcncics, both legal, are
authorized without limit, tho cheaper alone will cir
c,late. H. however, the ssue of the silver dollars s
limited 10 amount demanded for circulation there
will be no depreciation, and their convenient viii
keep them at par with gold fractional silver coin,
issed under the act approved February n, 1858.
| kept Ut par with gold.
| THE MONEY CONFERENCE.