The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-12-04

| those governments for arbitration to the pres
| ident of the United states, and have, after
| careful examination, given a decision upon it
a naval expedition mp the Amazon and
| Madeira Rivers has brought back Information
valuable ooth tSr scieniinc ana commere;ial
| the coast of Africa and the Indian Ocean. The
| reports of diplomatic and consular officers In
relation TO the development of our foreign
commerce have furnished many facts that
have proved of public interest, and have slim
ulated to practical exertion the enterprise oi
| our people.
FINANCIAL.
The report of the secretary of the treasury
| furnishes detailed statement of the oper-
ations of that department of the government
and of the condition of the pubic finances.
The ordinary revepue from all sources for
the fiscal year ending June 30, 1873, were s257
same period were s236' '96i, S26ySO-leavlng a sur
plus revenue for the year of w, ,799, ,55l.9O.
nr nn Teesp m @ iSr act sae ea
| follows: Actual receipts for the first quarter
commencing July /, 1878, s7Sy $50 7i34S; estim-
ated receipts for the remaining three-quarters
of the year. sl9l llO 25857 total receipts for the
current fiscal year, actual and estimated, s204,
| 5U,000 The expenditures for the same per cd
| will be, actual and estimated, as follows: For
| the quarter commencing July /, 1875, actual
expenditures s73 3i4 573.27; and FOR the remain
ing three qu srters OF the year he yenuitures
| are estimated at $685. ,l25.7S, making the
total expenditures s2iO, 10000: and leaving an
estimated surplus revenue for the year ending
| June 80, 1879. ofSA ,i0O,0OO.
| The total receipts during the next fiscal year,
| ending June 30 lSsO, estimated according to
existing laws, Will be s26t5OO,0OO, and the esti-
mated ordinary expenditures for the same pc.
rlod will be Sl}6, 800 26S, leaving surplus OF
| S2s, ,I70, 0,5S7 30 for that year.
| In the foregoing statements OF expenditures,
actual and estimated, no amount Is allowed
| for the sinking fund provided for by the act
approved February IS, 1852, 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 sinking fund
There has been, however. substantial C.! COM 1i
| terms the public debt should have been re-
| duced between 1862 and the close of the last
fiscal year s5iS 36l S06 d. the actual reduction
| OF the ascertained debt in that period has been
$40 6ii, ,7396l, being in excess of the reduction
| required by the sinking fund act, S1O2,2S2,-
33.
The amount of the public debt, less cash in
the treasury, November l, 1878, was S2O24, ,20O,-
O8S.lS, reduction since the same date last year
The progress made during the last year in
| refunding the public debt at lower rates of in
per cent bonds sold during the present year
prior to November %, 1873, is SlOO 2TO,9OO, and
| six per cent bonds, COMMONLY known as five
twenties, to an equal amount, nave been, Oh
| will be, redeemed as calls mature.
FUNDING SAVINGS.
1t has been the policy of the department tC
place the four per cent. bonds within easy
reach of every citizen who desires to invest his
savings, whether small or great, IN these secn5
| mends that the law be so modified that small
| sums may be invested, and that through the
| post offices, or other agents of the government
| the freest opportunity may be given in al
| parts OF the country for such investments.
/ The best mode suggested is that the depart
| ment be authorized to Issue certificates OF de-
posit of the denomination of ten dollars, bear
i ing interest at the ra 3.65 per cent. pei
annum and convertible at any time Within
one year after their issue into the four pei
cent bonds authorized by the refunding act
ana TO be issued only in exchange of United
States noles sent to the treasury by mall ol
L OthprgiSe- Snch n DrOVlSiOl of law.
| ported by suitable regulations, would enable
| any person readily, without cost or riss. tC
| convert his money into an Interest bearing Sc
curity OF the United States, and the money 81
| received could be applied to the redemption o
six per cent. bonds.
COINAGE.
The coinage of gold during the last fisca
| year was 2,79S, $50. The coinage of silver dol
| lars, under the act passed February %, 1875
| amounted, on the 23d of november, 1878, L
| sl9Sl4, $50, of which amount Si,gSi9H are IL
circulation, and the balance, s4 S29 1913, is still
in the possession of the government.
NO MORE FINANCIAL LAWS.
/ With views unchanged with regard to tn
| act under which the coinage of silver pro
ceeds, it has been the purpose OF the secTetar!
| faithfully to execute the law and TO afford
| fair trial to the measure.
| In the present financial condition of tn
| country am persuaded that the welfare of lie
gitimate business and industry of every de
| scrI ption VIII be best promoted by abstainin
from all attempts TO m Ike radical changes Il
/
| understood that during the coming year tn
| business OF the country will be undtsturbed b.
governmental interference with the laws a.
fectlng 1t, and we may confident expect tina
| he resumption of specie payments, whic
will take place at the appointed time, will b
| successfully and easily maintained, and tina
| IL will be followed by a healthful and endurin
| revival of business prosperity.
| Let the healing influence of time, the inhel
| ent energies of our people, and the boundleS
| resources of our country, have fair sppo
tunity, and relief from present dlfhcultles WI
surely follow.
THE ARMY.
The report of the secretary of war show
that the army has been well aud economical
supplied, and that our small force has bee
actively employed, and has faithfully ye
. formed all the service required Of IL. TIL
| number OF desertionS has materially decrease
, during the year.
/. That a pension be granted to the wido
| of the late Lieutenant Henry III. Benne
! Eighteenth Infantry, who lost his Life b
| yellow fever while in command of the steamt
~. NJ. Chambers" sent with supplies for tn
, relief OF sufferers In the south nom that dii
! | ease.
| for the benefit of the heirs of deceased officer
as su gested by the paymaSter general.
B. rhe adoption by congress of plan for th
| publication of the records of the war of the r,
: | bellion, now being prepared for that purpos
4. The increase of the extra per diem oil so
> | dier-teachers employed IN post schools, an
! ings for schools and Libraries at the differer
: | posts.
5. The repeal of the amendment of the &C
| of June Is, 1873, forbidding the "use of the a
| my as posse com.tatus, or otherwise, for tt
p | purpose of executing the laws, except IN sue
4 cases and under such circumstances as may
= expressly authorized by the constitution or b
. | act OF congress-"
q 8. The passage of a joint resolution of col
: | gress legaizng the issues of rations, tents an
. | medicines which were made for the relief
sufferers from yellow fever.
Z. That provision be made for the erectio
| of a ireproof building for the preservation
) certain valuable records, now constantly e,
q | posed to destruction by fire.
: These recommendations are all commende
e | to your favorable consideration.
e THE NAVY.
, The report of the secretary of the navy shoy
e | that the navy has improved during the la
J fiscal year. Work has been done on 70 vessel
!, lU of which have been thoroughly repairs
y y | end made ready for sea. Two others are
g rapid prog'es, toward completion. The tot
u expendii ures of the year, including u
: amount appropriated for the deficiencies
= the previous year, were sl7 i67 ,392.b5. The a