The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-12

The report of the Secretary of the
Treasury furnishes detailed statement
of the operation 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, 1877,
were $257, 1853, 878.7O; the ordinary ex-
penditures for the same period were
1926, 1854 1926 S0-leaving surplus reve-
nue. for the year of $40, 799, 551 80.
The receipts for the present fiscal year
ed. are as follows: Actual receipts for
the first quarter, commencing July /,
1878, $73. 1856, 743.43; estimated receipts
for the remaining three.quarters of the
year, $19l ITO, 258.57; total receipts for
the current fiscal year, actual and esti-
mated, 1854, soc, 900 The expenditures
for the same period will be, actual aud
estimated. as follows: For the quarter
commencing July /, 1873, actual expen-
ditures, $73, 344, 573 81; and for the re-
naming three-quarters of the year the
expenditures are estimated at $166, 755,
426 49,; making the total expenditures,
$M0. 100, 600; and leaving an estimated
surplus revenue for the year, ending
June 80. 1879. of 1924, 400 900.
The total receipts during the next fis-
cal year, ending June 80, 1880, esti-
mated according to existing laws,
will be 1924, 500 900; and the estimated
ordinary expenditures, for the same pc
riod will be 1926. 1920 .412.68, leaving
Surplus of $28, 179, 587 80 for that year.
In the foregoing statements of expen-
ditures, actual and estimated, no
amount is allowed for the sinking fund
provided for by the act approved Feb
ruary Is. 1862, which requires that one
per cent. of the entire debt of the Unit
ed States shall be purchased or paid
within each fiscal year. to be set apart
as 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, 1851 ,8O6. %; the &C
tual reduction of the ascertained debt,
In that period, has been $720, 644, 739. 81;
being in excess of the reduction required
by the sinking. fund act-$2O2 2s2, 933 50.
The amount of public debt, les cash
In the Treasury, November l, 1878, was
$2,024, 200. 0S3. 18-a reduction. since the
same date last year. of $23, $50, 617.39.
The progress made during the last
year, il refunding the public debt at
lower rates of interest, is very gratify-
ing. The amount of four per cent,
bonds sold during the present year prior
to November %. 1878, is 500, 270 800,
and six per cent. bonds, commonly
known as five-twenties, to an equal
amount, have been or will be redeemed
as calls mature.
1t has been the policy of the Depart
ment 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 SO modified that small
sums may be Invested, and that through
the postoffices, or other agents of the
Government. the freest opportunity NAV
be given in all parts of the county for
such Investments.
The best mode suggested is. that the
Department be authorized to issue Ger
tificates of deposit of the denomination
OF ten dollars, bearing interest at the
rate OF % per ceut. per annum, and
convertible at any time within one year
after their issue into the four 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 otherwise. Such provision
OF law, supported by suitable regula-
tions, 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 redemp
ton OF six per cent. bonds.
The coinage of gold during the last
fiscal year was $50, 1893, $50. The coinage
OF silver dollars, under the act passed
Febru ry 70, 1878, amounted on the 23d
OF November, 1878, to SIS, 8l4. $50. of
which amount 81, 984 ,947 are in circula-
ton, and the balance, $l4,829 6O3, is still
in the possession of the Government,
With views unchanged with regard to
the act under which the coinage of sill
yer proceeds, it has been the purpose of
the Secretary faithfully to execute the
law, and to afford fair trial to the
measure.
In the present financial condition of
the country, arm persuaded that the
welfare of legitimate business and in
dustry OF every description will be best
promoted by abstaining from all at
tempts to make radical changes in the
existing financial legislation. Let it be
understood that during the coming wear
the business of the country will Be I'M
disturbed by governmental interference
with the laws affecting 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 1t will be followed by heaithful
and enduring revival ofsbusiness pros
perity. Dse!4s g,...l
Let the healing influence of time, the
Inherent energies of our people. and the
boundless resources Of our country,
have fair opportunity, and relief
from present difficulties will surely fol-
low. -
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 ali tho service