Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-12-12


ulated to practical exertion the enterprise OF
our people.
THE NATIONAL FINANCES.
The report OF the Secretary OF the Treasury
furnishes a detailed statement of the opera
tons of that department of the government,
and the condition of the public finances
The ordinary revenue from all sources for
the fiscal year ending June 80, 1878, were
Tor the same period we're 1926, 1854, 1880
leaving surplus revenue Tor the year of $780,
799, 15l 30
The receipts OF the present fiscal year, ends
ing June 80, 1879, actual and estimated, are
as follows: Actual receipts for the fret quar-
ter commencing July l, 1878, SIS, 1885, 74S.43;
estimated receipts for the remaining three
quarters of the year, $l9l,ll0,256. total
receipts for the current fiscal year, actual and
estimated, 1884, 100000. The expenditures
for the same period will be, actual and esti-
mated, as follows: For the quarter commenc-
ing July 1, 1878. actual expenditures $73,-
S44, 5732S; and for the remaining three quar-
tiers of the year the expenditures are estimated
at Sl66, 755, 1926. 73--making the total expen-
ditures, S240, 100000; and leaving an esti-
mated surplus revenue, for the year ending
June 80, 1879, of S24 10000
The total receipts during the next fiscal year
ending june 80, 1880, estimated according to
existing laws, will be 1854, 500, 600; and the
estimated ordinary expenditures, for the same
period, will be s2S6,320.4l2.6S; leaving a
surplus of S2S, a,5S7.S2 for that year.
In the foregoing statement of expenditures,
actual and estimated, no amount is allowed for
the sinking fund provided for by the act APP
proved February 25, 1862, which requires
| pc oh IF he
United States shall be purchased or paid with
In each fiscal year, to be set apart as a sinking
fund. There has been, however, substantial
compliance with the conditions of the Raw. By
its terms, the public debt should have been
reduced between 1862 and the close OF the
last fiscal year, $5lS, 1861, So6 % the actual
reduction of the ascertained debt, in that pc.
Rod. has been $720,644, 7s9 81, being in ex-
cess OF the reduction required by the sinking
fund act, S2O2 1882. 1888 S3.
The amount of the public debt, less cash in
the treasury, November l, 1878, was 81, 024,
200,US3lS-a reduction since the same date
last year of $23, lS0,6l7.Ss.
The progress made during the last year in
refunding the public debt at lower rates of in-
terest, is very gratifying The amount of
per cent bonds sold during the present year
prior to November %, 1878, is 300. 1910, 800,
and per cent. bonds, commonly known as
5-20's, to an equal amount, have been or will
be redeemed as calls mature.
1t has been the policy of the department to
place the per cent. bonds within easy reach
of every citizen who desires to invest his saw
ings, whether small or great, in those securi-
ties. The secretary of the treasury recon.
mends that the law be so modified that small
sums may be invested, and that, through the
postoiiices or other agents of the government,
the freest opportunity may be given in all
parts OF the country for such investments.
The best mode suggested is, that the depart
ment be authorized to issue certificates Of de-
post, of the denominations of SO, bearing inter.
est at the rate OF IS per cent. per annum and
convertible at any time within one year after
their issue into the per cent bonds, authorized
by the refunding act. and to be issued only in
exchange for United States notes sem to the
treasury by mail or otherwise. Such provi-
sion of law, supported by suitable 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-
demption of per cent bonds.
The coinage OF gold during the last fiscal
year was SS2.79S,9S0. The coinage of silver
dollars, under the act passed February %.
..
to Sl9,Sl4 $50, of which amount S4.954. 947
are in circulation, and the balance, $l4. s29.-
6O3 is 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 faith
fully to execute the law, and to afford fair
trial to the measure
In the present financial condition of the
country, am pursuaded that the welfare of
legitimate business and industry of every de-
scription will be best promoted by abstaining
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 undisturbed by
government interference with the laws affect.
ing it, and we may confidently expect that the
resumption of specie payments, which will
take place at the appointed time, will be sue
cessfully and easily maintained, and that it
will be followed by heathful and end uring
revival of business prosperity.
Let the healing influence of time, the inhe-
rent energies of our people, and the boundless
resources of our country, have a fair opportu-
nifty, and relief from present difficulties will
surely follow.
MILITARY AFFAIRS.
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 required of it. The morals of the army
has improved, and the number of desertions
has materially decreased during the year.
The secretary recommends
/! That pension be granite to the widow
of the late Lieutenant Henry IT. Benner.
Eighteenth Infantry, who lost his life by vel,
low fever while in command of the steamer J.
NJ. Chambers, sent with supplies for the relief
of sufferers in the South from that disease.
2. The establishment Of the annuity scheme
for the benefit of the heirs of deceased off,
GERS, as suggested by the paymaster general.
8. The adoption by congress of plan for
the publication of the records of the war of
the rebellion, now being prepared for that
purpose.
4. The increase of the extra per diem Of
sodier-teachers employed in post-schools aud
liberal appropriations for the erection of build
ings for schools and libraries at the different
posts.
8. The repeal or amendment of the act of
June 1s, 1878, forbidding the fuse of the army
as posse comitat,ts, or otherwise, for the pur-
pose of executing the laws, except in such
cases and under such circumstances as may be
expressly authorized by the constitution or bv
act OF congress.
8. The passage of joint resolution of con.
gress legalizing the issues of ratons, tents and
medicines which were made for the relief OF
sufferers from yellow fever
Z. That provision be made for the erection
of fire-proof building for the preservation of
certain valuable records, now constantly ex.
posed to destruction by fire.
These recommendations are commended to
your favorable consideration
NAVAL AFFAIRS.
The report of the secretary of the navy
shows that the navy has improved during the
last fiscal year. Work has been done on sew
enty-fiye vessels, ten of which have been thor
oughly repaired, and made ready for sea- Two
others are in rapid progress towards compile
ton. The total expenditures of the year, in
Guiding the amount appropriated for the de-
fciencies of the previous year, were Sl74s8..
S92.65. The actual expenses chargeable to the
year, exclusive Of these deficiencies. were s.3..
800, 914.09, or S767, 1918 less than those of
the previous year, and s., e2S ,677 "a less than
the expenses, including the deficiencies The
estimates for the fiscal year ending June 80.
1880, are sl4, 500 misunderstanding the an.
preparations for the present year only s33..
949.75; which excess is occasioned bv the de-
mands of the naval academy and marine corps.
as explained in the seoretary's report The
appropriations for the present fiscal year are