The Douglas independent. [volume] (Roseburg, Or.) 187?-1885, 1878-12-14
THE SAMOAN ISLANDS.

of both governments, and is now in opera
ton, and survey and soundings of the har-
/ Dor of Pago Pago has been made by naval
vessel of the United States, with the view of
its occupation as naval station. if found
desirable to the service.
/ RELATIONS WITH MEXICO.
Since the resumption of diplomatic rela-
| tions with Mexico, correspondence has been
opened and still continues between the two
which at one time seemed to endanger 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 u. S. troops on
the Rio Grade, by strict and faithful COM
pliance with instructions, has done much to
| remove sources of dispute, and it is now un-
derstood that a like force of Mexican troops
on the other side of the river is also making
an energetic movement against marauding
| Indian tribes. This government looks with
| greatest satisfaction upon every evidence of
| strength in the national authority of Mex
leo. and upon every effort put forth to pre-
| vent or punish incursions, upon our territory
| and it is reluctant to assume any action or
attitude in the control of these incursions
by military movements across the border not
imperatively demanded for the protection of
the lives and property of our citizens. l
shall take the earliest opportunity consistent
with the proper discharge of this plain duty
to recognize the ability of the Mexican gov
eminent to restrain effectively all violations
of our territory. 1t is proposed to hold next
year an international exhibition in Mexico,
and it is believed that the display of agricul-
tural and manufacturing products of the two
| nations will tend to better understanding
and increased commercial intercourse between
their people.
/ SOUTH AMERICA.
| With Brazil and the republics of Central
and South America, some steps have been
| taken toward the development of closer COM
mercial intercourse. Diplomatic relations
/ have been resumed with Columbia and with
| Bolivia. The boundary question between
the Argentine, Republic and Paraguay has
been submitted by those governments for
| arbitration to the President of the United
| States, and / have, after careful examina-
| ton, given decision upon it. naval ex-
| pedition up the Amazon and Madeira rivers
has brought back information valuable for
scientific and commercial purposes. A like
expedition is visiting the coast of Africa and
/ the Indian ocean.
FOREIGN COMMERCE.
The reports of diplomatic and consular Of
! fcers in relation the development of our for
eign commerce have furnished many facts
that have proved of public interest, and have
stimulated to practical exertion the enterprise
of our people.
THE CONDITION OF THE TREASURY.
| The report of the secretary of the treasury
| furnishes detailed statement of operations
of that department of the government, and
of the condition of the public finance. The
| ordinary revenues from all sources for the
f,cnot 1tY,Sv
| 763,S7S 20. The ordinary expenditures for
the same period were 1896, 1854, 1926 so.
| Leaving surplus revenue for the year of
$40, 799, 551 80 The receiptsf for the present
fiscal year ending June 80, 1879, actual aud
estimated, are as follows: Actual receipts
| for the first quarter, commencing July l, 1878,
Actual expenditures, $73. 344, ,573 27, and
| for the remaining three quarters of the year
| the expenditures are estimated at $166, 1885,
426 IS, making the total expenditures $240,
| 100000; and leaving the estimated surplus
revenue for the year ending June 80, 1879, Of
$24, 400, 600. The total receipts during the
next fiscal year ending June 80, 1880, esti-
mated according to existing laws. will be
| $264, ,500, 900; and the estimated ordinary ex-
penditures for the same period will be 1896,
320,912 6S, leaving surplus of %, ,279,577 80
for that year. In the foregoing statements
of expenditures, actual and estimated, no
| amount Is allowed for the sinking fund pro-
vided for by act approved February 25,
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 sinking fund. There
has been, however, substantial compliance
with the conditions of the law. By its
terms the public debt should have been
| reduced between 1862 and the close of the
1 loci
| reduction of the ascertained debt in that
period has been S720, ,730 81, being in
excess of the reduction required by the sink
ing fund act of $40, ,228, 292 43. The
amount of the public debt less cash in the
treasury Nov. /, 1878, was s., ,024 200, ,0S3 ~,
| a reduction since the same date of last year of
| S23, 150.617 80. 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 durings
the present year prior to November 23d, 1878,
is 500, ,27U. 900, and six per cent bonds,
commonly known as ''tiye twenties'' to equal
amount have been or will be redeemed 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 de-
sires 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
through the post Offices or other agents of
the government. The freest opportunity
should be given in all parts of the country
for such investments. The best mode sug-
gested is that the department be authorized
to issue certificates of denominations of $40
bearing interest at the rate of 3.5 per cent
per annum, and contrivertible at any time
within one year after issue, into per cent
| har dc a,,th cd 1xytb tba al a,,1
to be issued only in exchange for U. s. notes
sent to the treasury by mail. Or, otherwise
such provisions of law supported by suita-
BILE regulations would enable any person
readily, without cost or risk, to convert his
money into interest bearing securities of the
United States. and money so received could
be applied to the redemption of 8 per cent.
bonds. The coinage of gold during the fs-
cal year was $50, ,798. $50.
THE SILVER DOLLAR AND RESUMPTION.
The coinage of silver dollars under the act
passed February 49, 1878, amounted ON the
23d of November, 1878. to Sl9.Sl4, $50. OF
which amount 81, 9S4, 947 are in circulation,
and the balance, Sl4 ,S29, SOB, is still in the
possession of the government. With views
unchanged with regard to the act under
which the coinage OF silver proceeds, it has
been the parpose OF the secretary faithfully
to execute the law and to afford a new trial to
the measure. In the present financial condi-
ton of the country. l am persuaded that
the welfare of legitimate business and indus
try Of every description win be best promoted
by abstaining from all attempts to make radi-
| cal changes In existing financial legislation.
Let it be understood that during the coming
year the business of the country will be undis-
turbed by governmental interference with the
laws affecting it, and we may confidentially
expect that the resumption of specie payments