The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1878-12-13
SynOptic Report Of Secretary Of
the Treasury.

The following is a condensation of
the report of the Secretary of the
Treasury.
Ordinary revenues, from all sources,
for the fiscal year ending June 80, rs,
were S257, ,763, S7s, 20; the ordinary ex-
penditures for the same period were
$236, 964. 326. 80, leaving surplus rev.
enue of $40, 7ss, 551, 90, which was ap
piled to the redemption of United
States bonds, fractional currency, 6
per cent. bonds for the sinking fund,
and to an increase of cash balance in
the treasury of s3, 75O, 4Os. There is a
deficiency on the sinking fund account
of S14, 629 ,449, 80. There is a net de-
crease in the receipts from all sources
for the year of 81, 236, 7O7.92. There
is a net decrease In the expenditures of
81, 695, 682.13. For the present fiscal
year the revenue, actual and estimated
will be, total receipts $264,50O, 600, total
expenditures, ss4o, 100, 900, leaving a
balance of $24, 400, coo applicable to
the sinking fund, which Is estimated
for the year at $50, 954, 6O7.s7. The
revenues of the fiscal year ending June
80, 80, estimated upon existing laws
will, be total ordinary receipts 1854 500, :
10000. The estimate of expenditures
for the same period, received from tie
several Executive Departments, in
cluding sinking fund, is $275, 137,
250 81 or an estimated deficit of $40,
637, 250.94. Excluding the sinking
fund, the estimated expenditures will
be s236, 1884, 912. .6S, showing a surplus
OF S2s, 165, ,O57.S2.
The Secretary's opinion on resump-
tion is substantially the same as set
forth by him when interviewed by a
commission of the associated Banks OF
Baltimore, Saturday NaveTber 23rd.
The Secretary earnestly invokes the
attention of Congress to the subject OF
limiting the amount of silver dollars to
be issued or changing their ratio to
gold for coming purposes, with view
that action be taken upon the subject
either during the present or the next
session. This is necessary to prevent
the silver dollar from displacing the
gold dollar and becoming the sole
standard, and to keep them on parity
with each other, by conforming in
coinage, to the relative market values
of the two metals, which have changed
greatly within few years. The adj
dition of one tenth or one-eighth to the
thickness of the silver dollar would
scarcely te perceived as an lnconveni.
ence by the holder, but would inspire
confidence, and add greatly to its cir.
culation.
1t appears from the recent confer
ence at Paris, invited by us, that other
cations will not join with us in fixing
an international ratio, and that each
country must adapt its laws to its own
policy. The tendency of late among
commercial nations is to the adoption
of a single standard of gold, and the
issue of silver for fractional coin. We
may, by ignoring this tendency, give
temporarily increased value to the
|, stores of silver held in Germany and
France until our market absorbs them,
but by adopting q silver standard as
oearly equal to gold as practicable, we
make a market for our large rroduc-
tion of silver, and furnish full, honest
dollar that will be boarded, transpor
ted, or circulated without disparage
ment or reprosch.
1t is respectfully submitted that the
United States, already 90 largely inter
ested in trade with all parts of the
world, and becoming, by its population
wealth, commerce and productions, a
leading member of the family of natl.
ons, should not adopt a standard of
less intrinsic value than other com
mercial nations. Alike interested In
silver and gold, as the great producing
country of both, it should coin them
at such ratio and on such conditions
as will secure the largest use and cir
culation of both metals without dis
placing either. Gold must necessarily
be the standard of value in great
transactions. from its greater relative
value, but 1t is not capable of the
division required for small transactions
while silver is indispensable for mul
dtude of daily wants, and is too bulky
for use in the larger transactions of
business, and the cost of its transpor-
tation for long distances would greatly
increase the present rates of exchange.
lt would, therefore, seem to be the
best policy for the present to limit the
aggregate issue of our silver dollars,
based on the ratio Of sixteen to one, to
to such sums ss can clearly be main-