Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-12-05

y
mus causing an estimated deficit OF Sl0,631 Isl.
BY direction of the President. the estimated ex-
pendtures for the next fiscal year have been based
upon the appropriations made by Congress for the
present fiscal year. The rule has been departed
IRON only as TO those branches of the public
vice belonging to departments the heads of which
deem the estimsted increase Indispensable OF
where existing law demands greater sum II an
was appropriated. The secretary hs, reduced The
expenses of the Customs Department for the last
year nearly million dollars, and thinks they are
now low as is consistent with the proper admin
ist alton Of the various duties.
SPECIE PAYMENTS.
The important duty imposed on this department
by the resumption act approved January IA, 1870,
has been steadily pursued durug the past wear,
The plain purpose of the act Is to TO all iu
tcfess and all classes the benefits OF sound cur
rency, redeemabie in coin, with the least possible
disturbances OF existing rights and contracts.
There rema Ms only the comp elton of preparation
for resumption in coin on the first day of Janua-
~, 1879, and lis msIntainance thereafter on the
basis OF existing law. 1t was deemed necessary
d preparation for resumption to keep coin re
serve amounting to forty per cent. of the United
States notes outstanding, the amount thus required
being S3S 600 900.
On the first day of the year this reserve amount
ed to SOB 0l605l and in April It was increas
so 800 900 by the sale Of four and ha per cent.
bonds. The S5,5OO,00O paid as the Halifax award
was replaced by the sale Of like amount OF tour
per cent bonds. The net proceeds OF bonds sold
for this purpose has been -9j 100000 The
of coin reserve in the treasury Cd the % ia,
a.; , ~ -, Va, ~, s., "a, ta, n ,
~, az ~ I,1,o .n,',,,,,, ~ ;,,.r,, ,1.c,.,,Io, 80,
that date satisfactory arrangement has been
made by which all drafts on the banks held 10y
the treasury TO be paid at the Clearing House.
b. a;I ., ,h rlaa,,n', IL, ~, ,ho e. - :. -
!, I,s,an, Tro.s,,rs,. IL Irni,ad .,a,a. -. 49,,
80 ,ha 80 ., i,n,'a,s Ir;,.d ST.. ,,,,',- ,,
IN lac received nv then, a. coin
or ,bs ,nanr,y in a,h'ci T.a,,,rr,ion :. =, ho ~.
oo,nnI,. h.'d 30 S1or.ta,r a., n,'a,,N an,
na,,,a, ~ d,n., m 49, l.,, Ia,,roI, a. ,h. ~i ,
cIelion of the Secretary, but. from The nature of
the duty IMPOSED he mustrestore com and bullion
when Withdrawn 10 The process OF REDEMPTION,
ei'her ny 'he SAFE OF honos or 'he use OF the sur
plus revenue OF OF The notes redeemed nom time
10 lime.
HE power 10 sell any OF the bonds mt ntIoned IN
the relunding act contlnues after resumption "a
wei a. now, but VIII probably not be much Used.
Notes redeemed are like other notes received INTO
the Irea,uly' Payments OF them can be made
only IN consequence oil appropriations made oy
law, OF Tor the purchase oil bullion, or Tor the re-
funding oil the pubic debt. The current receipts
IRON revenue sle suihcleht TO meet TIE current eX
penullules As wen rs Tue accfulng interest Oh Inc
puuhc deot.
Authority Is conferred by the iefunding act to
redeem SIX per cent. bon!s as they become re
deemable, by The proceeds OF the sale OF bonds
bearing lower RATE OF interest lhe secretary
Is authorized 10 make any assavei OF mint supeiln-
tendent an assistant treasurer to receive coin or
Dullioh on deposit, anu also 10 Issue coin celtln
Gates TO deposl'ors OF h4Ion al The several mipts
ana assay ofiiccs OF Tue Uhlt,d states. Ihese pro
visions, intended TO secure TO the producers OF
oulhon more speedy payment, VIII necessarily
bring into the minis and Treasury the great body
OF the precious metals mined IN the United States
ana VIII tend greatly to the easy and steady sup
Ply Oh oulhoh lof coinage. ohteu states notes,
wneh al par win com, VIII ne readily received for
puioh ios'eao oil com ceft'hcates' ana "ith great
advantage ana convenience 10 'he producers.
OTHER MATTERS.
In regard IN the n,vment of customs the sec,e.
tarv avs "Wben hann,lv our notes are equal Ia
com thcv will he accented as coin hoth nv inc
nnblic oreditor and bv the yoverpmeut hui his
accer,ance shonId he ief, IN H.. on,on y, ,ha ra9
sneciive nartias and Tho local riyht nm hn,b s,da
IN demand coin .houId he nreserved inv,ol.te i,
The Sec,etarv ibinks mat cu,rencv ei,hery oId n,
paner sbonId he maid out in such derominaiinn.
a. called far and The issue of silver sh,l he GnIt
ed TO The amount demanded for circulation. on
ervise its value viii denreciate and n ~ IN Irva
gold out of circuls,ion erti,ev
Tho secre,ary laoms il r,.,n., IN .ta,e tbot l.; tho
execution of the law as il now stands he viii feel
if to be his duty TO redeem all United States notes
presen ted on and after Ianna,y ncyt at the office
of the Assistant Treasurer of The Tnitrd State. in
The civ of New York in sums of moi le.. thsn
ffty dollars. with either yod or s,lve, coin as d.
sired by the holder hnt reserving he legaI on,ion
of the Government and to nav ont limited STATE.
notes for ali other demands on the Treasury sx.
cent when coin ia demanded on coin liab,es.
Tbe amount Of fonr ner cent hands solI mi.
wear up to November % was 500 30 900 snd six
per cent. bonds TO a Ike amount have been re-
deemed
The number of national banks in existence IN
Octobu was 9053 The amonn, Of her ci,cn.
laiipp notes OUTSTANDING inclnd,ug those i,
was S313 AZ 10. tho ca,,;,al ,nvas,ad
was S466 la AID: the surnIos fund and nroG,.
were Sl57 S33 gg3. The loans and disconn,s wars
$3.50 52l. $40. The total amonpi If co,nsge ;.sned
during the past wear wa, SSl 100 400 In sdd;tion
TO this, fine and unparted bars were n,enared fl,
depositors TO The amount or so 5oI djf in aoId
and sll .S54 AS in silver T6e present n,ndnrt"n
of bullion from the mines Of the In,te6 st,,es
appears TO snnroyimate sion ono 00o in v,,i,a
il is deemed imrerniiye ,hat some cb.nye il,
tho mod. ~ cuant,r, 10; '-s se Nu uS !"
had. and il i, prefe,rfd as .ta,rd N ,hs Is., ra
port that the dutv sbould ba At one ,.te IN all
sugars. no To n noint which viii eyrlud. ,e,n,ta
ton either to color smear Cor rho nnrno.e ~ 20
due no the dntv or to comni, rrs,,ii hr 80 ~
samplipp and classification. A ~ene;al ,ev;s;nn