Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-12-12
rnE NATIONAL FINANcEs.

int report oI the secretary oi the Treas
ury furnishes a detailed statement OF the
operation. OF that Department OF the gov
ernment ard OF the condition of The public
finances. The ordinary revenues from all
sources for the fiscal year ended June 80.
1873. were s257 1863 SIS 20,
The ordinary expenditures for the same
period were 1896. .9Gi, ,626 so. leaving sur
plus revenue for the year OF $50 .99, ,5jl %
The receipts for the present fiscal year end
ng June 80, 1873, actaal aud estimated.
are a follows: Actual receipt, for the
first quarter commencing July !. ISIS.
sT3,3S1 I4J l3; estimated receipts for the
remaining three quarters OF the year, Sl9l.-
10, 2J6.51 total receipts for the current
fiscal year. actual aud estimated, s2Gi 800. :
900
ihe expenditures Tor the same period
For the quarter commencing July I, ISIS.
actual expenditures, s.3 3ii. .573 -. and for
the remaining three quarters OF the year the
expenditures are estimated al sl06, 81 ,i26
-. making the total expenditure $40 100
900. aud leaving iIe estimated surplus reve-
nue. for the year ending June 30ih, 1879. OF
S24 100 600. The total receipts during the
next fiscal year ending June 30th. lsSU,
estimated according 10 existing laws,
will be s26I 800 900. aud the estimated
ordinary expenditures Tor the same period
viii be S236, 800, ,il2 CS, leaving a sur plus
of SIS, ,l19,5>. .32 Tor that year. In the
foregoing statements OF expenditures ac-
tual and estimated no amount Is all we'd
for the sinking fund provided for By the
act approved Feb. Is. 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
II sinking fund. There has been, however
a substantial compliance with the condit-
ion, OF the law. BY its terms the public
debt should have been reduced between
1852 and the close OF the last fiscal year
s5lS. .3Gl, SOC Is.
The actual reduction of the ascertained
debt in that period has been S120, ,GG4 139
81, being in excess OF the reduction rrqur-
ed By the Sinking fund act S2O2 ,292 933 80
The amount Of the public debt less cash IN
the Treasury, Nov. /, 1873, was S202i
| 0S3.1S, reduction since the same date last
year OF s23, l50.Gl1 so. The progress made
during the last year in refunding the pub.
lie debt at lower rates of interest is very
gratifying.
The amount OF 4 per cent. bonds sold
during the present year prior to Nov. %
/ 1873, is 500 2.0, 900. and per cent. bond-
commonly known as 5-20's to an eQua
amount have been or will be redeemed a.
calls mature.
IL has been the policy of the department
TO place the four per cent. bonds within
| easy reach OF every citizen whe desires tC
invest his savings whether small or great
in these securities. The Secretary of the
Treasury recommends that the law be SC
| modified that small sums may be invested
and that through the post offices or o hel
agents OF the government the freest oppor-
tunty may be given IN all parts OF tn,
country for srf'i Investments. The best
mode "a. sested Is that the department be
authorized to issue certificates of deposits
ol tie denomination of $40 bearing interest
| at the rate OF 1865 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 sent to the Treasury by mail or 9th
er wise. SUCH a provision OF law support
ed 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 IA on
ey so received could be applied to the re-
demption of 6 per cent. hOnds.
The coinage of gold during the last tis
cal year was S52, 79S, $50. The coinage ol
silver dollars under the act passed Feb. IS
! 1878, amounted on the 23d of November
1873. to $40, ,Sl4 $50 OF which amount 81
9S4 .947 are in circulation and the balance
| Sl4,S2S, ,603, is still in possession of the
| government. With views unchanged witt
regard to the act under which the coinag,
OF silver proceeds it has been the purpose
of the Secretary faithfully to execute the
! law and to afford fair trial to the meas
| ure.
In the present financial condition Of thu
| country | am persuaded that the welfare
| Of legitimate business and industry o
every description will be best promoted BY
abstaining from all attempts to make rad
ical changes in the existing financial legis
| lation. Let 1t be understood that durin:
| the coming year the business Of the cOun
try will be undisturbed by governmental in
reference with the laws affecting it, an,
we may confidently expect that the re
sumption Of specie payments. which will
take place at the appointed time, will b
successfully and easily maintained, ant
that it will be followed by truthful an,
enduring revival of business prosperity
Let the healing influence of time. the in
herent energies Of our people and tn
boundless resources of our country have
fair opportunity, and relief from presen
difficulties will surely follow.
THE WAR DEPARTMENT.
The report Of the Secretary Of Wa
shows that the army has been well an
economically supplied that our small tore