The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1878-12-05

relations and removing causes of difference.
| The treaty with the Samoan Islands, having
been duly ratified and accepted on the part
of both governments, is now in operation,
and a survey and soundings OF the harbor
| of Pago-Pago have been made by a naval
vessel of the United States, with view of
| its occupation as a naval station, if found
desirable to the service.
Since the resumption of diplomatic
| relations with Mexico, correspondence has
been opened and still continues between
the two Governments upon the various
questions which at one time seemed to en-
| danger their relations. While no formal
| agreement has been reached as to the
troubles on the border, much has been done
| to repress and diminish them. The effective
| force of United States troops on the Rio
| Grande, by a strict and faithful compliance
with instructions, has done much to remove
| the sources of dispute, and it is now under
| stood that like force of Mexican troops on
the other side of the river is also making an
energetic movement against the maraudlng
| Indian tribes. This Government looks with
| the greatest satisfaction upon every evil
| dence of strength in the national authority
| of Mexico, and upon every effort put forth
| to prevent or to punish inclrsions upon oun
| territory. Reluctant to assume any actor
or attitude in the control of these incur
sions, by military movements across the
| border, not lmpertively demanded for the
protection of the lives and property of our
own citizens, it shall take the earliest op-
| portunity, consistent with the proper dis
charge of this plain duty, to recognize the
ability of the Mexican Government to re-
strain effectively violations of our territory.
! 1t is proposed to hold next year an Inter-
national Exhibition in Mexico, and it is be-
lieved thatthe display of the agricultural
and manufacturing products of the two ma
tions will tend to better understanding and
increased commercial intercourse between
| their people.
| With Brazil and the Republics OF Central
and South America some steps have been
| taken toward the development of closer
commercial intercourse. Diplomatic rela-
tions have been resumed with Columbia
and with Bolivia. A boundary question be-
tween the Argentine Republic and Paraguay
has been submitted by these Governments
| for arbitration to the President of the
| United States, and l have, after careful ex-
| animation, given a decision upon it.
| A naval expedition up the Amazon and
Madeira Rivers has brought back informa-
! tion valuable both for scientific and COM
| mercial purposes. A like expedition is
| about visiting the coast of Aftica and the
| Indian Ocean. The reports Of diplomatic
and consular officers in relation to the de-
| velopment of our foreign commerce, have
furnished many facts that have proved of
| public interest, and have stimulated to
| practical exertion the enterprise of our
people.
SECRETARY OF THE TREAsURY's REPORT
The report of the Secretary of the Treas
| ury furnishes a detailed statement of the
operations of that department of the
Government, and of the condition of the
public finances.
The ordinary revenues from all sources for
| the fiscal year ended June 80, 1873, were
| $257, ,763, S7S.70; the ordinary expenditures
| for the same Oariou wore S226 Q6d 2O6 ~
leaving a surplus revenue for the year of
! 800, 799 $3.50.
| The receipts for the present fiscal year,
ending June 80, 1879, actual and estimated,
are as follows Actual receipts for the FIRST
| quarter commencing July 1, 1873, $73, $780,
| 1913; estimated receipts for the remain
| ing three-quarters of the year, S191, no.
| 256.57. Total receipts for the current fiscal
year, actual and estimated, $264, 800, 900.
| The expenditures for the same period VIII
| be, actual and estimated, as follows: For
the quarter commencing July 1, 1873, act
ual expenditures, $73.344 573.27; and for
the remaining three quarters of the year
| the expenditures are estimated at S166 755,
| 326.S3-making the total expenditures
$240, 100000; and leaving an estimated
surplus revenue, for the year ending June
80, 1879, of $24, 100000.
The total receipts during the next fiscal
| year, ending June 80, 1880, estimated ac-
cording to existing laws will be 1854 800 900;
and the estimated ordinary expenditures
for the same period will be 1926, ,320, ,412 .6S;
leaving surplus of $2S, 179, ,5S7.32 for that
year.
In the foregoing statements of expendi-
| lures, actual and estimated, amount is
allowed for the sinking fund provided for
by the act approved February %, 1862,
which requires that one per cent. of the
entire debt of the United States shall be
purchased or paid within each fiscal year,
TO be set apart as a sinking fund. There
has been, however, a 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, $518. 361 ,806.28; the actual re-
duction of the ascertained debt in that
period has been $720,644, 1851; being in
excess of the reduction required by the
sinking fund act-2O2, ,2S2, $685.
The amount of the public debt, less cash
in the Treasury, November l, 1873, So, ,024,-
00,0S3.18-a reduction since the same date
last year, of $23, ,150,61739.
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 $100,270,900, and six per cent. bonds
commonly known as fve-twenties, to an
equal amount, have been, or will be re-
deemed 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 20 modified
, that small sums may be invr<- j, and that
, through the post-offices, or other agents OF
, the Government, the freest opportunity
, such Investments.
. The best mode suggested is, that the De.
, partment be authorized to issue certificates
, of deposit, of the denomination of ten dol
lars, bearing interest at the rate of 3.65 pei
= cent. per annum and convertible at any
:. time within one year after issue into foul
> per cent. bonds authorized by the refunding
: act, and to be issued only in exchange fol
6 United States notes sent to the Treasury BY
mail or otherwise. Such provision of law
q supported by suitable regulations, would
). enable any person readily without cost Of
q rise, to convert his money into an interest
>. bearing security of the United States, ant
i the money SO received could be applied
v to the redemption of six per cent. bands.
y The coinage OF gold during the last fsca
n year was $52, ,79S, $50. The coinage of silve
. dollars, under the act passed February 2s
q 1878, amounted on the 23d of November
20 1873, to $19,814, 800, of which amount 81
rs 984, ,947 are in circulation, and the balance
a, $14, ,S29 sos, is still in the possession of tn
Government.
In With views unchanged With regard to tn
N act under which the coinage of silver pre-
ceeds, it has been the purpose of the Secrt
70 tary faithfully to execute the law, and t
~ afford fair trial to the measure
In the present financial condition of tn
a. country. am persuaded that the welfal
ts of legitimate business and industry of ever
to description will be best promoted by al
a. staining from all attempts to make radic
%. change in the existing financial Legislation
W Let it be understood that during the comm
". year the business of the country will be u
y disturbed by governmental interference wit
Il the laws affecting it, and we may confident
Ia la expect that the resumption of specie pa
~ ments, which will take place at the a
w pointed time, will be successfully al
as nn easily maintained, and that it will be fc
,;S lowed by healthful and enduring reviv
- of business prosperity.