The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1878-12-05

the present fiscal year ending June 30, 1873
actual AID estimated. are - follOwss Actual
receipts for the first Qusrter, commanding July
l, 1878, e73, 389, 74S.4S; estimated receipts for
the remaining three quarters q the year 3l91,-
li0,25657; total receipts for the current fiscal
year, actual and estimated e2A 100000. The
expenditures for the same Deriod will be, act
ual and estimated, - follows: For the quarter
commencing July l, 1879, actual expenditures,
ga, 344, 57S.37, and for the remaining thres
quarters of the year, the expenses are estimat-
Cd at Sl66, 755, 426.73 making the total expend-
itures S2iO 100, 900, and lesving An estimated
surplus revenue for the year ending June 80,
1879, of s24000,000. The total receipts dur
ing the next fiscal year .nding June so, 1880.
estimated according to sxisting laws, will be
S264, 500 900, and the estimated ordinary ex-
penditures for the same period will be 1885,
so. il2.6S, leaving surplus of S2s, l79.5S7 80
for that year.
In the foregoing statements of expenditures
actual and estimated, NO amount is allowed
fer
THE sISKISa FUND
provided for by the act approved February
-, 1862, which reqaires that one per cent. of
the entire debt of the United States shall be
purchased or paid within each fiscal year to be
set apart as a sinking fund. There has been,
however, q substantial compliance with the
conditions of the law. By its terms the pub
1862 and the close Of the last fiscal year $685.
36i ,S06.2S: The actual reduction of the ascer-
tanned debt in that period has been. s720-
ga, 1885, being In excess of the reduction re-
quired by the sinking fund act, :2O2 2s2, $685. 80
The amount of
THE PUBLIC DEBT
less cash in the treasury, Nov. I, 1878, was
S2,024, 2OO, 0s3.15, reduction since the same
date last year II s23,1J0.6l7.39. The progress
made during the last year in refunding the debt
az lower rates of interest is very gratifying
The amount II four per cent. bonds sold during
the present year. prior to Nov. %. 1873, was
Sl0O,27o,300; and six per cent bonds, COM
monty known as fve-twenties of an equal
snoust have been or will be redeemed as calls
mature.
I 1t has been the policy of the department to
place the four per cent. bonds within easy
reaoa of every citizen who desires to invest his
savings, whether small or great, in these secu-
rites. The Secretary of the Treasury recon-
mends that the law be SO modified that small
sums may be invested, and that through the
postofice other agents the freest opportuni-
ty may be given in all parts of the country for
such investments. The best mode suggested
il that the department he authorized to issue
CERTIFICATES OF DEPOSIT
of the denomination of ten dollars, bearing
interest at the rate of 1865 per cent. per an
mum, and convertible at any time within one
year after their issue into the 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 other
wise. Such provision of law, supported by
suitable regulations, would enable any per-
son readily, without cost or risk. to convert his
money into an Understanding security of the
United States, and the money SO received
could be applied to the redemption of q per
cent. bonds.
THE COINAGE OF GOLD
during the last fiscal year was $50. 793. $50.
The coinage of silver dollars, under the act
passed February Is, 1878. amounted on the
23d of November. 1873, to SIS, Sli $50, of which
amount "A, 9Si ,947 are in circulation, and the
balance !li $40 603 is still in the possession of
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 fair
trial to the measure. In the present financial
condition of the country am persuaded that
the welfare of legitimate business and indus
try of every description will be best promoted
by abstaining from all attempts to make rad
ical changes in the existing financial legisla-
ton. Let it be understooj that during the
coming year the business of the country will
be undisturbed by governmental interference
with the laws affecting it. and We may conf
IDENTIFY expect that the resumption of specie
payments, which will take place at the APP
pointed time. will be successfully and easily
maintained. and that it will be followed by a
healthful and enduring revival of business
prosperity. Let the healing influence of time,
the inherent energies of our people, and the
bOundless resources of our country have fair
opportunity and relief from present difficult
ties will surely follow.