The Worthington advance., 1878-12-05

y y1r enoed June 3O, 1878, were $257, ,763, ,87S.70.
Inc ordinary expenditures for the same period
we're S236, ,964 ,32O.60 leaving surplus revenue
Tor the year of $40, 799, $3.50. The receipts
lor the present fiscal year ending June 80, lS79
!Actua4: and estimated, nre as follows: Actual
recelpts for the first quarter, commencing July
4; 1878, $73 389, 743.43; estimated receipts for
1e ne anee%e,ning nee of the year. $l9
,z56.57. Total for the present fiscal year.
actual and estimated, $264, SOC, 600. =
!: -Ihe expenditures for the same period, will
'ne' actual and estimated, Us follows: For the
quarter commencing July 1st, 1873, actual ex-
Psenditures, s73, ,s44, 503.27, for; the remaining
Of The the are
expenditures 50, 40l 10000, and leaving an es-
| tlmated surplus of the revenue for the wear
ending June 80, 1879, of s244, 10000.
Ihe total receipts during the next fiscal year.
enains June 30, 1880, estimated according to
cxlstlng laws, will be $264 500 000 and the es-
timated ordinary expenditures for the same
| period will be 1896, 1921, ,4l2.68, leaving O sur
| pfus OF S28, IFS, 80 for that year.
| y THE PUBLIC DEBT.
In the foregoing statements of expenditures,
|. ls.ctu:l and estimated, no amount is allowed for
the sinking funds provided for by the act ap-
proved February 25, 1862, which requires that
| l per cent of the entire debt of the United
States shall be purchased or paid within each
tscal year to be set apart as sinking fund.
Ihere has been however, substantial COM
pliance with the conditions Of the law, By its
| terms the public debt should have been re-
duced between 1862 and the close Of the fiscal
year, S5l8, ,36l. .806.2S. The actual reduction of
the ascertaiaed debt in that period has been
STU '644, 1851 being in excess Of the reduc-
taom .on re- requ,red n by the sinking fund act of
S2O3, ,282, 933.33. The amount of the public
debt less cash in the treasury November l,
1878, was S2,O24, 200, ,0S3.18 reduction since
the same date last year of $23, $50, ,Gl7.39.
| REruND1Na THE DEBT.
The progress made during the last year in re-
funding the public debt at lower rates of inter-
est is very gratifying. The amount of per
cent. bonds sold during the present year, prior
to Nov. 49, 1875 is $100, ,270, 900, and per cent.
bonds, commonly known as 5-20's, to an equal
| amount, have been, will be, redeemed as
| calls mature. 1t has been the policy of the de-
partment to place the per cent. bonds within
easy reaah of every citizen who desires to in
vest 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, and that through
| the post offices or other agents of
the government, the freest opportunity may be
given IN all parts Of the country for such in
vestments. The best mode suggested is that
the department be authorized to issue GER
titcates of deposit of the denomination Of
ten dollars, bearing interest at the rate of
| 3.6o per cent. per annum, convertible at any
time within one year after their issue into 4
per cent. bonds, authorized by the refunding
| 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 regulation would enable
any person readily, without cost or rigk to
convert his money into interest-bearing
security of the United States, and the money
| SO received could be applied to the redemption
| of per cent, bonds,
The coinage Of gold during the last fiscal
year was S52, $685. $50; the coinage of silver dol
| lars, under the act passed July 2S. 1878,
| amounted on the 22d of November, 1878, to
circulation. and the balance, $14, ,829, ,6O3, is
! still IN the possession Of the government.
SPECIE RESUMPTION.
| With views unchanged with regard to the act
| under which the coinage of silver proceeds, it
has been the purpose of the secretary faithfully
to execute the law, and to afford a fair trial to
the measure. In the present financial condi-
| tlon OF the country L am persuaded that the
| welfare OF legitimate business and industry of
every desert ption will be best promoted
| by abstalning from all attempts to
| financial legislation. Let it be under
stood, that, during the coming year, the
business of the country will be undisturbcd by
| interference with the laws affecting it, and we
may confidently expect that the resumption of
specie payments, which will take place at the
| appointed time, will be successfully and easily
| maintained, and that will be followed bv a
healthful and enduring business prosperity
| Let the healing influence of time, the inherent
energies OF our people, and the boundless re-
sources of our country have fair opportuni-
ty, and relief from present difficulties will
surely follow.
OUR ARMY.
The report of the secretary of war shows
that the army has been we'll and economically
| supplied, that our small force has been actively
employ ed, and has faithfully performed all
the service required of it. The morale Of tho
ar my has improved, and the number of descr-
tions has materially decreased during the year.
Tho secretary recommends that a pension be
granted to the widow of the late Lieutenant
Henry H. Benner, who lost his life by the yell
| low fever while in command of the steamer j.
| NJ Chambers, sent with supplies fer the relief
! Of the sufferers in the South from that disease
The establishment of the annuity scheme,
for the benefit Of the heirs Of deceased officers
| as suggested by the paymastcr-general; the
| adoption by Congress, of IL plan for the publi-
cation Of the records of the war of the rebellion
now being prepared for that purpose. The in
l-crcase of the extra per diem of soldier teachers
employed i'll post schools, and liberal appropri-
| ations for the erection Of buildings for schools
| and libraries at the different posts; the repeal
or amendment of the act of June 1s 1873, for
bidding the use of the army
as a posse comitatus or
otherwise for the purpose of executing the
| laws, except in such cases and under such cir
cumstances as may be expressly authorized by
| the constitution or by act of Congress; the
| passage of joint resolution of Congress legal
izing the issues of rations, tents, and medicine
| which were made for the relief of sufferers
| from yellow fever; that provision be made for
l tI,o nf1 f1ro, h,s1I for !
| preservation Of certain valuable records, now
constantly exposed to destruction by fire.
| These recommendations are all recommended
to your favorable consideration.
The report of the secretary of the navy shows
that the navy has improved during the last tis-
| cal year. Work has been done ON seventy-fivc
! vessels, ten Of which have been thoroughly re-
| paired and made ready for sea. Two others
total expenditures of the year, including the
| amount appropriated for the deficiencies of the
previous year, were S17, ,468, ,3oO.65. The actual
| expenses chargable to the year exclusive of
these deficiencies were 313, BOG, ,914.09 or $797,-
1918 less than those of the previous year,
including the deficiencies. The estimates
| for the fiscal year ending June 80, 1880, are
Sl4 ,562, ,381.45, exceeding the appropriations of
the present year only $S3, ,949.75, which excess
| Is occasloncd by the demands or the naval
| academy and the marine corps.
| AS explained in the secretary's report, the ap-
propriations for the present fiscal year are $14,-
52S, 20, which, in the opinion Of the secre-
tary, will be ample for all tho current expenses
of the department during the year. The
amount drawn from the treasury from July
to November 1, 1878, is $4,74O, ,544.14, of which
S70,980.75 has been refunded, leaving as the
expenditure for that period $4, 1865, ,563.39 or
S62o.S99.24 less than the corresponding period
of the last fiscal year.
THE POSTAL SERVICE.
The department of the acknowledgement
embraces detailed statement of the operations
of the postoffice department. The expendi-
lures Of that department for the fiscal year
ending June 30, 1873, was 1874, 1G5,0S4.40. The
receipts, including sales Of stamps, were $780,
2H,3l6.95. The sum of $l90.436.90. included
in the foregoing statement of expenditures, is
chargeable to preceding years, SO that the
tual expenditures for the fiscal year ending
I On ~aAa