West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1878-12-14

sulueS IN the path OF enlightenment and
progress, and, not unreRsonably, Is look NC
forward TO the time when her relations with
the nations OF Europe and America shall be
asstmilated TO those which they hold with
each other. A treaty looking to This end
has been made, which will be submitted for
the consideration OF the Senate
After an interval OF several wears, the
Chinese Government has again sent envoys
TO the United States. They have been re.
ceived, and peru anent legation Is now es.
tablished here 10y that Government IL is
not doubted that this step will be Of advan-
tage 10 both nanousin promoting friendly
relations and removing causes of difference
The treaty with the samoan Islands, having
been duly ratified and accepted on the part
OF both governments, is now In operation,
and survey and soundings OF the harbor
of Pago-Psgo have been made by naval
vessel of the United States, with view Of
its occupation as a naval station, n found
desirable To the service
Since the resumption OF diplomatic
relations with Mexico, correspondence has
been opened and still continues between
the two Governments upon the various
questions which at one time seemed 10 en-.
danger their relations. While no formal
agreement has been reached ms TO the
troubles on the border, much has been done
10 repress and diminish them. The effective
force Of United States troops on the Rio
Grande, by strict and faithful compliance
with instructions, has done much TO remove
the sources of dispute, and IL is now under.
stood thata 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, aOd upon every effort put forth
TO prevent or 10 punish incursions upon oun
a FrtN 81
or attitude in the control Of these incur.
sions, by military n movements across the
border, not impertively demanded for the
protection OF the lives and property of our
own citizens, IL shall take the earliest on.
portunity, consistent with the proper dis.
charge OF this plain duty, to recognize the
ablilty OF the Mexican Government 10 re-.
strain effectively violations OF our territory.
II ~ proposed To hold next wear an Inter.
national Exhibition in Mexico, and il is be.
lieyed thatthe display OF the agricultural
and manufacturing products OF the two ma
tious will tend TO better understanding and
increased commercial intercourse between
their people.
With Brazil and the Republics Of Central
and South America some steps have been
taken toward the development Of closer
commercial intercourse. Diplomatic rela.
tons have been resumed with Columbia
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 ] have after careful e1.
animation, given decision upon il.
A naval expedition up the Amazon and
Madeira Rivers has brought back informa-
ton valuable both for scientific and com.
merclal purposes. A like expedition il
about visiting the coast OF Africa and the
lndlen Ocean. The reports Of diplomatic
ana consular officers in relation TO the de-
velopment Of our foreign commerce. have
furnished many facts that have proved Of
public interest, and have stiu ulated to
practical exertion the enterprise OF our
people.
SECRETARY or 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 30, 1873, were
$257,763 $3.50; the ordinary expenditures
for the same period, were $236, ,964, 1876. 10
leaving surplus revenue for the year of
$50, O,79o, ,661 90.
The receipts for the present fiscal year.
ending June 30, 1879, actual and estimated.
are as follows: Aoual receipts for the 6rst
quarter commencing July I, 1878, $73 $50.
743 49, estimated receipts for the remain.
ing three-quarters OF the year, S191,ilO,-
2t6.67. Total receipts for the current fiscal
year, actual and estimated, $284, 800. 900
The expenditures for the same period Will
be, actual and estimated, as follows For
the quarter commencing July /, 1878, act
nal expenditures, 1884 673.27; and for
the remaining three quarters Of the year
the expenditures are estimated AZ $l86 7bB
3Z6. Z6.85-making the total e1pendituree
surplus revenue, for the year ending June
80, 1879, OF S24 400, 900.
The total receipts during the next fiscal
year, ending June 30, 1880, estimated ac
cOrding 10 existing laws will be 1864 300 600
and the estimated ordinary expenditures
for the same period will be 1886 500. .4i2 SO .
leaving surplus Of $2s, 179 587.32 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 %, 1862.
which requires that one per cent. Of the
entire debt Of the United States shall be
purchased or paid within each fiscal year.
70 be set apart AZ sinking fund. There
mas been, however, a substantial compliance
WIN the conditions Of the law. Rv it,
terms, the public debt should have been re-.
duced between 1862 and the close OF the Iast
fiscal year, B5i8 36t ,sO6. %; the actual re-.
duction Of the ascertaiued debt i'm that
period has been 8720644 7306i; being in
excess Of the reduction REQUIRED bv the
sinking fund act-202 ,2s2, ,g38.33.
The amount Of the public debt, less cash
IN the Treasury, November /, 1878, 82.O24.
ZOJ,Ob3.lS-a reduction since the same date
last year, Of $28, l6O,Gi7 39
The progress made during the last wear.
in reiunding the public debt at lower rates
oi interest, b. very gratifying. The amount
OF four per cent. bonds sold during the
present year prior 20 November 23, s78,
~ $lOO,2IOvOO, and SIX per cent. bonds
commonly known rs dve-twentits, 10 an
equal amount, have been, or will be re-
deemed az calls mature.
II has been the policy OF the Department
TO place the four per cent bonds within easy
reach of every citizen who desires % invest
his savings, whethers 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 he post-ofices, or other agents OF
the Government The frccst opportunity
may be given in al parts Of the country for
such investments.
Tho best mode suggested is. that the De
partment be authorized TO issue cert6catee
OF deposit, Of the denomination of ten dol
lars, bearing interest 30 the rate Of 1856 per
cent per annum and convertible at any
time within one year after issue into four
per cent bonds authorized by the refunding
act, and 90 be- issued only in exchange for
United states notes sent 10 the Treasury by
mail or otherwise. Such a provision Of Law.
supported by suitable regulations, would
enable any person readily without cost or
rise 20 convert hls money into an interest
N.s.. ra..r aar rHaae 81 D.