The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-12-12

| that government. 1t is not doubted
that this step will be of advantage to
both nations in promoting friendly re-
| lationS and removing causes of differ
ence. The treaty with the Samoan Is
lands, having been duly ratified and
accepted on the part of both govern
ments, is now in operation, and a sur
| Pago- Pago have been made by a naval
vessel of the United States, with a
view ofits occupation as a naval station
| if found desirable to the service.
Since the resumption of diplomatic
/ relations with Mexico. correspondence
| has been opened and still continues
between the two governments upon
the various questions which at one
time seemed to endanger their rela-
| tions. 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 the United States troops on the
| Rio Grande, by strict and faithful
compliance with instructions, has done
muchtto remove the sources of dispute;
and it is now understood that a like
force OF Mexican troops on the other
side of the river is also making an en-
ergetic movement against the ma
rauding Indian tribes. This govern
| Iuent lOOkS Will Tie STeateSb SdtiSidc-
ton upon every evidence of strength
in the national authority of Mexico,
and upon every effort put forth to pre-
vent and punish incursions upon our
territory. Reluctant to assume any
action or attitude in the control of
these incursions, by military move
ments across the border, not impera-
lively demanded for the protection of
the lives and property of our citizens,
I shall take the earliest opportunity
consistent with the proper discharge of
this plain duty, to recognize the abili-
| ty of the Mexican government to re-
strain effectively violations of our ter
ritory. 1t is proposed next year to
| hold an international Exhibition in
Mexico, and it is believed that the dis
play of agricultural and manufactur-
ing products of the two nations will
tend to better understanding and in
creased commercial Intercourse be-
tween their people.
With Brazil, and the republics OF
Central aud South America, some steps
have been taken toward the develop
| ment of closer commercial intercourse.
Diplomatic relations have been resum-
ed with Columbia and with Bolivia.
! \ boundary question between the Ar
gentine republic and Paraguay has
| been submitted by. those governments
/ for arbitration to the President of the
United States, and l have, after care
| full eXanli nation, given II decision upon
| it. -. -.-.-,- -..l .-.
a naval expedition up the Amazon
and Madeira rivers has brought back
| Information valuable both for scientific
! and commercial purposes. A like eX-
2editiOn is about visiting the coast OF
| Africa and the Indian ocean, The re-
| ports of diplomatic and consular officers
in relation to the development of ouI
| foreign commerce have furnished
manyfacts that have proved of public
| interest and have stimulated to prac-
teal eXertion the enterprise of Oul
people.
The report of the Secretary of the
/ Treasury furnishes detailed state
ment of the operations of that depart.
ment of the government, and of the
condition of the public finances.
| The ordinary revenues from all
sources for the fiscal year ending June
80, 1878, were $257 763 ,S7S. 20; the or
dinary expenditures for the same peri.
od were 1886, ,964 ,326 63O-leaving II sur
plus revenue for the year of $40, 799, ;
551 80.
The receipts for the present fiscal
year, ending June 50, 1879, actual and
estimated, are as follows: Actual re-
loI Ci.c IiSC Quarter
ing July l, 1878, $73 ,2S9, ,743. .43 esti.
mated receipts for the remaining three.
quarters of the year, $l9l 1l0. .256.57
total receipts for the current fiscal year
actual and estimated, $264 SOC, 900. The
expenditures for the same period will
be, actual and estimated, rs follows
For the quarter commencing July
1878, actual expenditures, $73, 3344 ,573..
81; and for the remaining three-Quar.
ters of the year the expenditures are
estimated ut SI66, 755. .426. .73-'nakina
and leaving an estimated surplus rev.
enue, for the year ending June 80
1879, of sd, ,400,0
The total receipts during the next
fiscal year, ending June 80, 1850, esti-
mated according to existing laws, will
he S264 500, 900; and the es imated or
dinary expenditures for the same peri
od will be $3.50, $40, ,412.6S; leaving {;
surplus of S2S. 179, ,5S7.32 for that year.
In the foregoing statements of eX
penditures, actual and estimated, nC
amount is allowed for the sinking FUND
provided for by the act approved Feb
ruary 25, 1862, which requires that one
per cent. of the entire debt of the
United States shall be purchased Ol
paid within each fiscal year to be Sc
apart as a sinking fund. There ha:
been, however, q substantial compli
ance with the conditions of the law
By its terms, the public debt should
have been reduced between 1862 ant
the close of the last fiscal year, $51S,
36l ,S06.2S; the actual reduction of the
ascertained debt, in that period, ha:
been S72O, ,644, 739 81 being in exces.
of the reduction required by the sink
ing act-$2O2, 2S2, 93S;3, 33.
The amount of the public debt, les:
cash in the Treasury, November
1878, was 81, ,O24, ,2OO, ,OS3 IS-a reduction
since the same date last year, of $23,
150, 0,6l7.39.
The progress made during the las
year in refundine the public debt a
lower rates of interest is very crafty
ing. The amount of four per cent
I. bonds, commonly known rs five-twen
ties. to an equal amount, have been
or will be redeemed as calls mature.
1t has been the policy of the depart
meut to place the four per cent. bond
within easy reach of every citizen wht
desires To invest his savings, whethe
: small or great. in these securities. Tn,
Secretary of the Treasury recommend
that the law be so modified that sinai
sums may be invested, and tha
through the post offices. or other agent
of the government, the freest oppOrtu
nifty may be given in all parts of th'
country for such investments.
The best mode suggested is that th'
: department be authorized to issue Ger
tificates of deposit of the denomination
: of ten dollars, bearing interest at tn
rate of 3.6o per cent. per annum an,
convertible at any time within on
, year after their issue into the four pc
. cent bonds authorized by the refund
ing act, and to he issued only in eX
change for United States notes sent L
the TreasIary by mail or otherwise
Such provision of law, supported b.
suitable regulations, wOuid enable an.
person readily, without cost or risk, T.
convert his money into an interest
bearing security of the United States
: and the money SO received could h
applied to the redemption of six pc
cent. bonds.
The coinage of gold during the las
. fiscal year was So, 79S, $50. The coin
t age Of silver dollars, under the &C
: passed February 2S, 1878, amounted O