Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-12-04
careful examination, given . decision


ocean.
The reports of diplomatic and con-
sular officers in relation to the devel-
opement of our foreign commerce
have furnished many facts that have
proved of public interest and have
stimulated to practical exerti0n the
enterprise Of our people.
THE REPORT OF THF SECRETARY OF THE
TREASURY
furnishes a detailed statement Of the
operations Of that department of the
government and of the condition of
the public business. The ordinary
revenues from all sources for the tis-
cal year ended June 30 1878, were
$257, 763, 87S.70. The ordinary expen-
ditures for tho same period were
$236, 964, 326.S0, leaving as . surplus
revenue for the year Of $40, 799, 55l.90.
The receipts for present flscal year
ending June 30, 1879, actual and esti.
mated are as follows: The actual re-
ceipts for first quarter commencing
July lat, 1873, were $73. B9, 743. 40; es-
timated receipts for the remaining
three-quarters of the year $I9l, no.
256.57. Total receipts for the current
fiscal year, actual and estimated, $264,-
100000. The expenditures for same
period will be actual and estimated as
follows:
For the quarter commencing July
lst 1873, actual expenditures $40, 344,.
1927, and for the remaining three.
quarters OF theyear the expenditures
are estimated at $l66, 755, 426.73. MAX
ing the total expenditures $94O, O0O, 600
and leaving an estimated surplus rev.
enue for the year ending June 30,
1879, of $24,40O,OOO. The total receipts
during the next fiscal year ending
June 30, 1880, % estimated
according to existing laws will be
$26A, SOC, 900 and the estimated ordi-
nary expenditures for the same Pc
Rod will be 1926, 32O,4l2.6S, leaving q
surplus of $28, 1T, 587. 80 for that year.
In the foregoing statement of expen-
ditnres, actual and estimated, no
amount is allowed for the sinking
fund provided for by act Of Congress,
approved February 25, 1852, which
requires that one per cent. Of the en-
tire 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 com.
pliance with the conditions of the law.
By its terms, the public debt should
have been reduced between 1862 and
the close of the last fiscal year, $685.
361, 806.2S. The actual reduction oil
the ascertained debt In that period
has been $720, ga, 739.6l. being in ex.
cess of the sum required by the sink
ing fund act, $2O2, 2s2, $685. 80. The
amount of the public debt less cash in
the Treasury, Nov. /, 1873, was
81, 04, zoe, O83. Is, reduction since the
same date last year of 23,l50,6l7.39.
The progress made during last year
in refunding the public debt at lower
rates of interest is very gratifying
The 4 per cent bonds sold dur.
ing the present year, prior
to Nov 23d, 1878, is 800, 10000
and six per cent bonds, commonly
knovn rs five-twenties, to an equal
amount have been orwill be redeemed
as calls mature. 1t has been the poll
cy Of the department to place the -four
per cent. bonds within easy reach OF
every citizen who desires to invest hi
savings, whether small or great, il
these securities. The Secretary Of
the Treasury recommends tina
the. law be SO modified that small
Gums may be invested, and that thro
the post Offices or other agents Of tn,
government the fret opportunity
may be given in all parts o
the country for such investments
Tie best mode suggested is tina
the department be authorized Il
issue certificates of deposi
Of the denomination Of $40 bcarin,
interest at the rate Of 1855 per cent
per anum and convertible at any tim
within one year after their issu,
into the 4 per cent. bonds authorize,
by the refunding act and to be is
sued only in exchange for United
States notes sent to the Treasury b,
mail or otherwise, such provision o
law supported by suitable regulation
would enable any person readily
without cost or risk, to convert hi
money into an interest bearing eecuri
ty of tho United States, and the mon
ey so received could be applied I,
the redemption Of six per cent bonds
THE COINAGE OF GOLD
during the last fiscal year. was So,
1873, $3.50. The coinage of silver dollar
under act passed Feb. 18th, 1878
amounted on the 23d OF November
l878to $l9,Sl4.55O, Of which amoun
II, 98I,9i7 are in circulation and the
balance $l4,S29, COS ia still in the pos
Il - tko
i With views unchanged with re.
gard TO the act under which the coin
age of silver proceeds il has beer
the purpose of the Secretary faithful.
ly to execute the law and to afford ,
q fair trial to the measure.
j In the present financial condition o.
the country. am persuaded that tn,
welfare Of legitimate business and
industry Of every description will b.
best promoted by abstaining from al
attempts to make radical changes In
the existing financial legislation. Lee
1t be understood that during this
coming year the business of the coun.
try will be undisturbed by govern.
mental interference with the laws af.
fecting it, and we may confidentially
expect that the
RESUMPTION OF SPECIE PAYMENTS,
which will take place at the appoint
ed time, will be successfully and easily
maintained, and that it will be fol
lowed by healthful and enduring
revival of business prosperity. Lee
the healing influence Of time, the in.
herant energies ofour people, and thu
boundless resources of our country
have fair opportunity, and relief
from present difficulties will surely
follow.
THE REPORT OF THE sECnETARy OF
shows that the army has been wei
and economically supplied; that oul
small force has been actively employ
ed, and has faithfully performed al
the service required of it. The morale
OF the army has improved and thu
number of assertions has materially
decreased during the year. The Sec
Rotary recommends:
First. That pension be granted t
the widow of the late Lieut. Henry
H. Benner, 18th infantry, who lost hi
AAo ~ yCAAVW ACNCI Wullc III Gull
mand Of the steamer j. NJ. Chambers
sent with supplies for the relief Of
sufferers in the South from that dis
ease.
Second. The establishment of tn.
annuity scheme for the benefit Of tht
heirs Of deceased officers. as suggest
ed by the Paymaster General.
Third. The adoption by Congress
Of q plan for the publication OF thu
records of the war of the rebellion
now being prepared for that purpose
Fourth. The increase Of the extrs
per diem Of soldier teachers employ
ed In post schools and liberal appro
priations for the erection Of building
for schools and libraries at the differ
emit posts.
Fifth. The repeal or amend
ment Of the act Of June 19
1878, forbidding the use Of the
army rs . possee comitQtus o.
otherwise, for the purpose Of execut
ing the laws, except in such cases AND
under such circumstances as may b,
expressly authorized nv the con afifu