Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-12-05
Total ordinary receipts.
SIG l,5UJ,W0 0O

The estimate of expenditures for the same
period, received from the several executive de.
partments, amount to S275. lo7, 1904 or an etti-
mated deficit Of 81 1912 O.9l.
Excluding the sinking fund, the estimated ex.
pendltures Will be 1896, 1884, 912 68 showing sur
plus of $28. l65, C87 80.
BY direction OF the president, the estimated
expenditures for the next fiscal year have been
the present facal year. The rule has been DEPART
ed from only as to those branches of the public
service belonging to departments the heads of
which deem the estimated increase indispensahle
or where existing law demands greater sum
than vas appropriated. Such increase is estimated
at $4,554, 663.S6.
Earnestly DESTROYS CT cooperating with congress
in the reduction OF expenditures to the lowest sum
consistent with the proper execution of the law,
the secretary has reduced the expenses of the Gus.
toms service, during the last fiscal year. compared
with the previous year. IN the sum Of S7784 92 25
and herein recommends changes Of the law which
VIII enable him to make further reductions therein
RESUMPTION OF SPECIE PAYMENTS.
The important :uty imposed on this department
Dysthe resumption act, approved January ia, 1875
nas oeen steadily pursued during thu past year
Inc plain purpose of the act is to to all in
terests aud all classes the benefits of sound cur
1ency, reoeemable in coin, with the least possible
disturbance OF existing rights and contracts. Three
.. us PROVISIONS have been substantially carried
lnto execution by the gradual substitution of frac
tlonal coin for fractional currency by the free
coinage OF gold,. and by free BANKING There
IeMalns ohly the completion Of preparations fol
IN coin on the LIST day of January, 1879
ana Its maintenance thereafter upon the basis OF
existing law. r ~ '1 W
At the date OF my annual report to conpress in
December, 1877, it deemed necessarv no .
preparation for resumption to accumulate in The
treasury coin reserve of at least forty per cent
of the amount of United States notes ontsta, S;no
At that time it was anticipated that under the
provisions OF the resumption act the volume N
United States notes would be reduced to saO0 NoS
QUO by the LIST day OF January, 1872 or soon there
after, and that reserve in coin of $780, 600 mn
would then he sufficient Congress-, however, II
view OF the strong popular feeling against con
traction of the currency, by the act approvet
may 81, 1878, forbade the retirement Of am
United States notes after that date, leaving tn
amount ; in circulation $346. 6s1, O16. Upon tn
principle of safety upon which the department
Was aac.ing, that forty per cent. of coin was tn,
ellaneet reserve upon which RESUMPTION coult
p.u n We commenced, it became necessary tt
increase the coin reserve to sl38, OOO. 600.
Al tue close OF the year 1877 this coin reaerve
o5U.96, of which $15OOO, 600 wero 20 $1S.o6'
sale Of four and half per ce1t.. and COX nGo o0'
by the sale of four per cent bonds. the resSwe he
ing surplus revenue. Subsequently, ~ ~ p ~ ~
day OF April, 1875 tho secretary entered ;ta ~.
tract with certain bankers in New York ana ~
don-the parties to the previous contract ~ 1n,'.
y, 1877, already communicated to Congress- fo
the sale of $5O,OOO,OO0 four and a half per cent
bonds for resumption purposes. The bonds wer,
solo at o premium OF one and q half per cent an,
accrued interest, less q commission Of one-haIf a
que per cent. The contract has beeu fulfilled an,
~ net proceeds, $50 SOC, 900, have been paid int
~ IN gold coin. The s., sou, 900 coin pal
oa1 ~, aalitax award have been replaced by tn
Ton W tnat amount of four per cent. bonds sol
''"p''on purposes, making the aggregat