Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1878-12-05

and estimated, as follows; For the quarter
commencing July !, 1878, actual expenditures,
s73Ai573.27, and for the remaining three
quarters of the year the expenditures are esti-
mated at slG6, 755,42673, making the total eN-
penditurcs S2iO. 100000, and leaving an estima-
ted surplus revenue for the year ending June
3O 1879 of 52i 100000. The total receipts du-
ring the next fiscal year ending June 30, O,lSSO,
estimated according to existing laws, will be
E2G4.5O0OOO and the estimated ordinary expen-
ditures for the same period will he S236,32O.-
4l2.GS leaving surplus of S2S, ,l79 95S7.32 for
that year.
In the foregoing statements of expenditures,
actual and estimated, no amount is allowed for
THE SINKING FUND
provided for by the net approved February %.
1862. which requires that one per cent of the
entire debt Of the United States shall be pur-
chased or paid within each fiscal year to he set
apart as sinking fund. There has been, how
ever. Il substantial compliance with the cOndl-
tiOns of the law. By its terms the public debt
should have been reduced between 1862 and the
close of the last fiscal year s5lS,3Gl ,SOG.2S The
actual reduction of the ascertained debt in that
period has been 572O,6ii739Gl, being in ex-
cess of the reduction required by the sinking
fund act, S2O2 2S2. .933.33. The amount Of
THE PUBLIC DEBr
less cash in the treasury Nov. |, 1873, was
S2O2i ,2OOOS3.lS. a reduction since the same
date last year of S23 3lj0Gl7.39. The progress
made during the last year in rcfunding the
public debt at lower rates of interest is very
gratifying. The amount of four per cent.
bonds sold during the present year, prior To
Nov. 23 1878. was Sl0O.27O900; and six per
cent. bonds commonly known as tivr-twcnties,
Of an equal amount have been or will be re-
deemed os calls mature.
1t has been the policy of the department 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 sc-
curitcs. The Secretary of the Treasury recon-
mends that the law be 70 modified that small
sums may be invested and that through the
pOstoliices or other agents Of the government
the frccst opportunity may he given in all
parts of the country for such investments,
The best mode suggested is that the department
be authorized Ia issue
CERTIFICATES OF DEPOSIT
of the denomination Of ten dollars, bearing
interest at the rate of 3.6j per cent per an
mum. and convertible at any time within one
year after their issue into the per cent. bonds
authorized by the rcfunding act, and to he
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 Understanding security of the United
States, and the money SO received could be- ap-
piled to the redemption of 6 per cent. bonds.
THE COINAGE OF GOLD
during the last fiscal year was So, I9S9SO
The coinage of silver dollars, under the act
passed February 2s, 1878, amounted on the 23d
Of November, 1873, to 5l9,Sl4.5jO Of which
amount Si,9Si,9l7 are in circulation, and the
4 o. Rhn 4 II i
the government.
With views unchanged with regard to the
act under which the coinage of silver proceeds
it has been the purpose Of the secretary faith
fully to execute the law and to afford II fair
trial to the measure. In the present financial
condition of the country | am persuaded
that the welfare of Legitimate business
and industry of every description will he
best promoted by abstainng from all attempts
to make radical changes in the existing tnan-
ca legislation. Let it he understood that dur
ing the coming year thr business of the coun-
try will be undisturhcdb by governmental inter
ference with the laws affecting it, and We may
confidently expect that the resumption of
specie payments, which will take place ut the
appointed time will he successfully and easily
maintained, and that it will he followed by
heathful and enduring revival of business
prosperity. Let the healing influence of time,
the inherent energies of our people and the
bOundlcss resources Of our country have fair
opportunity, and relief from present difficult
fins will gurplv fnllnXy