The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-12-03

11CAfCO, anu upon every etlOIt put IoiSn W
prevent or to punish incursioR upon our
territory. Reluctant to assume any atti-
tude in the control of these incursions by
military movements across the border not
lmperatively' demanded for the protection
OF the lives and property of our
citizens, [ shall take the earliest
opportunity 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
believed that the display of the agricultural
and manufacturing products of the nations
will tend to better understanding and in
creased commercial intercourse between
their people.
WithBrazil and the republics of Central and
South America, some steps have been taken
towards the development of closer COM
merclal intercourse Diplomatic relations
have been resumed with Columbia and with
Bolivia. A boundary question between the
Argentine Republic and Paraguay has been
submitted by those governments for arbitra-
ton to the President of the United States,
and have after careful examination given
a decision upon it. A royal expedition up
the Amazon and Madeira rivers has brought
back information valuable both for scIen-
tific and commercial purposes. A like ex-
petition is about visiting the coast of
Africa and the Indian ocean.
The reports of diplomatic and consular
officers in relation to the development 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
THE PUBLIC FINANCES.
The report of the Secretary of the Treas
frvxx, A1AAs Ill &C Al
operations of that department of the gov
eminent, and of the condition of the public
finances. The ordinary revenues from all
sources for the fiscal year ended June 80,
1915, $257, 763, S78.70. The ordinary
Expenditures for the same period were
1886, 964, 326.S0, leaving a surplus revenue
for 1.-THE year of $40, 709, 55190 The
receipts for the present fiscal year, ending
June 30, 1879, actual and estimated, are as
| follows Actual receipts for the first quar-
ter, commencing July l, 1878, $173, $780,
744.30; estimated receipts tor the remaining
three quarters of the year, $191, 10, 256.57.
| Total receipts for the current fiscal
year, actual and estimated, $264, $780,
| 600. The expenditures for the same
period will be, actual and esti-
| mated, as follows: for the quarter COM
mencing July list, 1878. actual expendi
| lures, sra, 344, 573.27 and for the remain
| ing three-quarters of the year the expendi-
/ lures are estimated at S166, 755, 456. 73-
| making the total expenditures $40, 100-
600, and leaving an estimated sur
ing June 80, 1879, of $34, 4OO, 600.
The total receipts during the next
fiscal year ending June 80, 1880, esti-
mated according to existing laws, will be
1864, SOC, 600, and the estimated ordinary
expenditures for the same period will be
| 1896, 800, 412.69, leaving a surplus of $685.
| 179, 80 for that year. In the foregoing
statements of expenditures, actual and esti-
| mated, no amount is allowed for
the sinking fund provided for by the
act 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
be set apart as a 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 $518, SCI, s06. 49,
The actual reduction OF the ascer-
tanned debt in that period has been
$720, ga, 739.61, being in excess of the re-
duction required by the sinking fund act OF
$202, 1882, 933. SO. The amount of the public
| debt less cash in the treasury November
list, 1878, was So, 024, 200, 063. 10, reduction
since the same date last year of 500, $50,
617.49. The progress made during the last
] year in refunding the public debt at lower
rate of interest is very gratifying. The
amount ola per cent. bonds sold during the
| present year prior to November 23d, 1878,
is $100,270, 800, and six per cent bonds
, commonly known as five&genties, to an
, equal amount have been or Will be redeemed
| as 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 securities. The
, The Secretary of the Treasury recommends
} that the law be so modified that small sums
| may be invested, and that through the pos
offices or other agents of the government
the freest opportunity may be given in al
parts of the country for sucl
/ investments. The best mode suggest
ed is that the department bt
authorized to issue certificates of de
| posts of the denomination of ten dollars
| bearing interest at the rate of 3-65 per cent
! per annum, and convertible at any time
within one year after their issue into th'
= four per cent bonds, authorized by the re
. funding act, and to be issued only in ex
q change for United States notes sent to tn,
!. | Treasury by mail, or otherwise sucl
o o provision of law supported b.
] | suitable regulations would enable an
g | person readily, without cost or risk, {,
| convert his money into an interestbearin;
= security of the United States, and the none
4 so secured could be applied to the redemp
: ton of six per cent. bonds. The coinage O
o gold during the last fiscal year was $52
!, 798, $50; the coinage of silver dollars unde
the act passed February 2Sth, 1873 amount
q ed on the 23d of November, 1878, to $19
y 814 $50, of which amount 81, 964, 947 are il
# circulation, aud the balance, ID, 1928, 603
" still in possession of the government Wit
: views unchanged with regard to the act III
. der which the coinage of silve
: proceeds, it has been the purpos
y of the Secretary faithfully to execut
! the law and to afford fair trial to th
= ton of the country am persuaded that til
=. welfare of legitimate business and indu
, tries of every description Will be best pre-
h NOTED by abstainlng from all attempts
10 make radical changes in the existing final
~ cia1 legislation. Let it be understood th,
n during the coming year the business of til
n country will be undisturbed by govern
20 mental interference with the laws affectin
u 1t, and we may confidently expect that tn
70 resumption of specie payments which wi
IF take place at the appointed time will
n successfully and fully maintained, and TIL
- = it will be followed by healthful and e
10 during revival of business prosperity. l.
= the healing influence of time, the inherel
energies Of our people, and the boundle
bo resources of our country have a fair oppo
We tunity. and relief from the present difficu
70 70 tics will surely follow.
NV THE WAR DEPARTMENT.