The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1878-12-12

agreement has been reached as to the
troubles on the border, much has been done
to repress and diminish them. The effective
force of United States troops on the Rio
Grande, by a strict and faithful compliance
with instructions, has done much to remove
the sources of dispute, and it is now under
stood that like force of Mexican troops on
the other side of the river is also making an
energetic movement against the marauding
Indian tribes. This Government looks with
the greatest satisfaction upon every evi.
dence of strength in the national authority
of Mexico, and upon every effort put forth
to prevent or to punish incursions upon oun
territory. Reluctant to assume any actor
or attitude in the control of these incur
sions, by military movements across the
border, not impertively demanded for the
protection of the lives and property of our
own citizens, it shall take the earliest op.
portunity, consistent with the proper dis
charge Of this plain duty, to recognize the
ability of the Mexican Government to re.
strain effectively violations of our territory.
1t is proposed to hold next year an Inter
national Exhibition in Mexico, and it is be.
lieved thatthe display of the agricultural
and manufacturing products of the two ma
tions will tend to better understanding and
increased commercial intercourse between
their people.
With Brazil and the Republics of Cent? al
and South America some steps have been
taken toward the development of closer
commercial intercourse. Diplomatic rela.
and with Bolivia. A boundary question be-
tween the Argentine Republic and Paraguay
has been submitted by these Governments
for arbitration to the President of the
United States, and l have, after careful ex-
animation, given decision upon it.
A naval expedition up the Amazon and
Madeira Rivers has brought back informa-
ton valuable both for scientific and COM
mercial purposes. A like expedition is
about visiting the coast of Africa and the
Indian Ocean. The reports of diplomatic
and consular officers in relation to the de-
velopment of our foreign commerce, have
furnished many facts that have proved of
public interest, and have stimulated to
practical exertion the enterprise of our
people.
SECRETARY OF THE TREAsURY'S REPORT
The report of the Secretary of the Treas.
ury furnishes a detailed statement Of the
operations of that department OF the
Government, and of the condition of the
public finances.
The ordinary revenues from all sources for
the fiscal year ended June 80, 1878, were
$257, 1853 ,S7S.70; the ordinary expenditures
for the same period, were S23G, ,964, ,S2G 10
leaving a surplus revenue for the year OF
500, ,799, ,551.90.
The receipts for the present fiscal year,
ending June 80, 1879, actual and estimated,
are as follows: Actual receipts for the first
quarter commencing July l, 1878, $73, $780,
74343; estimated receipts for the remain.
ing three-quarters of the year, $191, no.
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, as follows: For
the quarter commencing July 1, 1878, act
ual expenditures, $73, ,344 573.27; and for
the remaining three quarters of the year
the expenditures are estimated at $166, ,755,
26SS-making the total expenditures
S24O, 100000 and leaving an estimated
surplus revenue, for the year ending June
80, 1879, of 1874, 100000.
The total receipts during the next fiscal
year, ending June 80, 1880, estimated ac.
cording to existing laws will be $264, 100000;
and the estimated ordinary expenditures
for the same period will be $236, 1920, 412. .6S
leaving surplus of $2S, rs, 9,5S7.32 for that
year.
In the foregoing statements of expendi.
lures, actual and estimated, no amount is
allowed for the sinking fund provided for
by the act approved February 25, 1862,
which requires that one per ceat. of the
entire debt of the United States shall be
purchased or paid within each fiscal year
TO be set apart as sinking fund. There
has been, however, a 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, S51S. 361, ,S06.2S; the actual re
duction of the ascertained debt in thai
period has been $720,644, 739.61; being in
excess of the reduction required by tbs
sinking fund act-202, ,2S2, ,933.33.
The amount of the public debt, less casf
in the Treasury, November /, 1878, $2,024,
200, 0,0S3.18-a reduction since the same datt
last year, of $23, 150, ,61739.
The progress made during the last year
in refunding the public debt at lower rate
of interest, is very gratifying. The amoun
of four per cent. bonds sold during thu
present year prior to November %, 1878
is $100,270,900, and six per cent. bond
commonly known as iye-twenties, to al
| equal amount have been, or will be re
deemed as calls mature.
| 1t has been the policy of the Department
| to place the four per cent bonds within cas-,
reach of every citizen who desires to inves
his savings, whether small or great, in thes
securities. The Secretary of the Treasur,
recommends that the law be So modified
that small sums may be invested, and tina
through the post-ofices, or other agents o
| the Government, the freest opportunit,
may be given in all parts of the country TO
such investments.
The best mode suggested is, that the De
partment be authorized to issue certificate
of deposit, of the denomination of ten dol
lars, bearing interest at the rate of 3.65 pc
cent. per annum and convertible at an
time within one year after issue into fou
| per cent. bonds authorized by the refundin
act, and to be issued only in exchange TO
United States notes sent TO the Treasury b.
mail or otherwise. Such provision of law
supported by suitable regulations, woul
enable any person readily without cost o
rise, to convert his money in a an interest
bearing security of the Unitr'l States, an
the money SO received con! lac apple
to the redemption of six p'. cr:.t. bands.
The coinage of gold during the last fsce
year was So, ,798, $50. The coinage of silve
dollars, under the act passed February q
1878, amounted on the 23d of Novembel
1878, to $19,S14,550, of which amount 81
9S4,947 are in circulation, and the balanc,
$14, ,S29 ,603, is still in the possession of tn
Government.
With views unchanged with regard to I'll
act under which the coinage of silver pr
ceeds, it has been the purpose of the Seer
tary faithfully to execute the law, and
afford fair trial to tine measure.
In the present financial condition of IL
country. 1 am persuaded that the welfal
of legitimate business and industry of evel
description will be best promoted by a
staining from all attempts to make radio
change in the existing financial legislatio
Let it be understood that during the comiI
year the business of the country will be u
. disturbed by governmental interference wi
the laws affecting it, and we may confident
. expect that the resumption Of specie pa
| ments, which will take place at the a
, pointed time, will be successfully al
easily maintained, and that it will be fl
. lowed by healthful and enduring reviv
of business prosperity.
Let the healing influence of time, the
herent energies of our people, and t
: boundIess resources of our country, have
l fair opportunity, and relief from presel
E difficulties will surely follow.
! SECRETARY OF WAR.
r The report of the Secretary of War sho'
that the army has been well and econon
e cally supplied, that our small force has be
5 actively employed, and has faithfully p'
: formed all service required of it.
+ morale of the army has improved, and
S number of desertions has materially