Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-12-05
eminent, and Of the condition Of the public

$751;, 763, $3.50; the ordinary expenditures
for the same period were 1926, 1854 ,3Z6.8 81
leaving q surplus revenue for the year of
$40, 799, $3.50.
The receipts of the present fiscal year,
ending June 80, 1879, actual and estimated,
first quarter commencing July !, 1878,
$73, 1888, 743.43; estimated receipts for the
remaining three quartars of the year, $751;
ITO, 25G.57; total receipts for the current
fiscal year, actual and estimated, $685., $780,.
600. The expenditures for the same period
will be, actual and estimated, as follows:
For the quarter commencing July ], 1878,
actual expenditures, $73, 344, 573.27, and for
the remaining three quarters of the year the
expenditures are estimated at Sl66,755,-
42G.73-making the total expenditures,
$240, 100, 600; and leaving al estimated sur
plus reuenue, for the year ending June 80,
1879, of 1924, 100000.
The total receipts during the next fiscal
year, ending June 80, 1880, estimated ac-
cording to existing laws, will be $26A5o0,.
/ 600; and the estimated ordinary expendi.
lures, for the same period, will be $3.50, $780,
4l2.6S leaving surplus OF 70, l79, 5S7. 80 for
| that year.
| In the foregoing statement Of expendi-
lures, actual and estimated, no amount is
allowed for the sinking fund provided for
by the act approved February Is, 1862,
which requires that per cent. OF the en-
tire debt of the United States shall be pur.
chased 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 re-
duced between 1862 and the close OF the last
fiscal year, $5l8, 1861 ,S062S the actual reduc
ton OF the ascertained debt, in that period,
has been $72O, 644, 1851, being in excess Of
the reduction required by the sinking fund
act, 500, 2S2, 1855.
The amount of the public debt, less cash
in the treasury, November l, 1873, was
81, O24, 200, OS3.l S-a reduction since the same
date last year of $23, l50,6l7.3o.
The progress made during the last year
in refunding the public debt at lower rates
of interest, is very gratifying. The amount
of per cent. bonds sold during the present
year prior to November %, 1878, is $780,.
270,9U0, and per cent. bonds, commonly
known as 20'e, to an equal amount, have
been or will be redeemed as calls mature.
1t has been the policy of the department
to place the per cent bonds within easy
reach of every citizen who desires to invest
securities. The secretary of the treasury
recommends that the law be SO modified
that small sums may be invested, and that,
through the postofices or other agents of
the government, the freest opportunity may
be given in all parts of the country for such
investments.
The best mode suggested is, that the de-
partment be authorized to issue certificates
of deposit, of the denominations of $40,
bearing interest at the rate of IS per cent
per annum and convertible at any time
within one year after their issue into the 4
per cent. bonds, authorized by the refund
ing 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 regulations
would enable any person readily, without
cost or risk, to convert his money into an
interest-bearing security of the CInitec
States, and the money so received could be
: applied to the redemption of per cent
bonds.
The coinage of gold during the last fsca
year was So, 79S, $50. The coinage of silver
dollars, under the act passed February 2Sth
, 1878, amounted on the 23d of November
1878, to $19, 814 $50, of which amount s., 934,
947 are in circulation, and the balance, $14,
$4,000 is still in the possession of the gov
eminent.
With views unchanged with regard to tn,
act under which the coinage of silver pro
ceeds,, it has been the purpose of the sec
rotary faithfully to execute the law, and t.
afford fair trial to the measure.
In the present financial condition Of tn
country, am persuaded that the welfare o
!. legitimate business and industry of ever,
description will be best promoted by alb
staining from all attempts to make radica
changes in the existing financial legislation
= Let it be understood that during the comin
year the business of the country will b.
undisturbed by government interference
with the laws affecting it, and we may con
fdently expect that the resumption Q
specie payments, which will take place a
the appointed time, will be successful,
: and easily maintained, and that it will b.
: followed by healthful and enduring reviy
. al of business prosperity.
MILITARY AFFAIRS.
, Let the healing influence of time, the in
herent energies of our people, and tn
, boundless resources of our country, have
, ssair opportunity, and relief from presen
difficulties will surely follow.
, The report of the secretary of war show
that the army has been well and economi
cally supplied, that our small force has beer
? actively employed, and has faithfully per
formed all the service required of it. Th'
1uorals of the army has improved, and tn
number of assertions has materially de
creased during the year.
: The secretary recommends
| l. That pension be granted to the widow
, of the late Lieutenant Henry H. Benner
, Eighteenth infantry, who lost his life b,
steamer J. NJ. Chambers, sent with supplie
! for the relief of sufferers in the south from
: that disease.
2. The establishment of the annuit,
scheme for the benefit of the heirs of de
) ceased officers, as suggested by the paymas
J ter general.
3. The adoption by congress of plan TO-
the publication of the records of the war o
, the rebellion, now being prepared for tina
purpose.
4. The increase of the extra per diem o
| soldier.teachsrs employed in post-schools
and liberal appropriations for the erection
of buildings for schools and libraries at thu
different posts.
, S. The repeal or amendment of the act O.
June 18, 1873, forbidding the " use of thu
7 army as a posse comitatus, or otherwise, fo1
, the purpose of executing the laws, excep
in such cases and under such circumstance
stitution or by act of congress.
6. The passage of q joint resolution Of
congress legalizing the issues of rations
tents and medicines which were made fol
the relief of sufferers from yellow fever.
7. That provision be made for the erection
of fre.proof building for the preservation
of certain valuable records, now constantly
exposed 10 OBSTRUCTION ny uTcs
These recommendations are commended
to your favorable consideration.
NAVAL AFFAIRS.
The report of the secretary of the navy
shows that the navy has improved during
the last fiscal year. Work has been done
on seventy-fve vessels, ten of which have
been thoroughly repaired, and made ready
for sea. Two others are in rapid progress
towards compilation. The total expenditures
of the year, including the amount Bppro
priated for the deficiencies of the previous
year, were ST., 46s, 392.65. The actual ex.
peuses chargeable to the year, exclusive OF
these deficiencies, were $13, 306, 914.O9, OF
$780,, 199.1S less than those of the previous
year. and $4,92S, 677.74 less than the ex.
penses, including the Deficiencies. The es'
Inmates for the fiscal year ending June 80
1880, are $l4, 5G2, 1851 .45-exceeding the ap:
preparations for the present year only $685..
949.75; which excess is occasioned by the
demands OF the naval academy and marine
CORPS, as explained in the secretary's report.
The appropriations for the present fiscal