The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1878-12-14

/ ne l nlteu states government ms neen IN
/ clined to regard the matter favorsbly
Whatever restrictions upon trade with
Japan are found injurious to that people
can not but effect injuriously nations hav
ing commercial intercourse with them
Japan, after long period of seclusion, has
within the past few years made rapid
strides in the path of enlightenment and
progress, and, not unreasonably, is look ine
forward to the time when her relations with
the nations of Europe and America shall be
asslmilated 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 years, the
Chinese Government has again sent ENJOYS
to the United States. They have been re.
ceived, and permanent legation is now es-
tablished here by that Government. 1t is
not doubted that this step will be of advan-
tage to both nationsin promoting friendly
relations and removing causes of difference.
The treaty with the Samoan Islnnds, 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.Pago have beenmade by naval
vessel of the United States, with a view of
its occupation as a naval station, if 70 und
desirable to the service.
Since the resumption OF diplomatic
been opened and still continues between
the two Governments upon the various
questions which at one time seemed to en-
danger their relations. While no formal
agreement has been reached rs 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 strict and faithful compliance
with instructions, has done much to remove
-. i
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 evil
dence of strength in the national authority
of Mexico aud upon every effort put forth
to prevent or to punish ineursions 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 OPP
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
tons 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-
tions 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 ex-
animation, given a 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
practical exertion the enterprise of our
people.
SECRETARY OF THE TREAsURY's REPORT
The report of the Secretary of the Treas
ury furnishes 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, 1875 were
1851, 763 $3.50 the ordinary expenditures
for the same period, were 1896, 1854, 326.70-
leaving a surplus revenue for the year of
$40, 799, $3.50.
The receipts for the present fiscal year,
ending June 30, 1879, actual and estimated,
are as follows: Actual receipts for the first
quarter commencing July |, 1878, $73, $780,
743 43; 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, 1854 800, 000
The expenditures for the same period Will
be, actual and estimated, as follows: For
the quarter commencing July /, 1878, act
ual expenditures, 1884 1927; and for
the remaining three. quarters of the year
the expenditures are estimated at $l66,755
.s3-making the total expenditures
s240, 100000; and leaving an estimated
surplus revenue, for the year ending June
80, 1879, of 1914, 100000.
The total receipts during the next fiscal
year, ending June 30, 1880, estimated ac-
cording to existing laws will be 1854 $780, 900;
and the estimated ordinary 'vp"Hditures
for the anne period will be 1926, 1920, 412.68;
leaving surplus of $28, 179,5s7.32 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 %, 1862,
which requires 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, 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, 1918 361 ,806.2S; the actual re
duction of the ascertained debt in that
period has been 1920, 1891; being in
excess of the reduction required by the
sinking fund aot-202, 282, 1888.
The amount of the public debt, less cash
in the Treasury, November l, 1873, $2, O24,
200,0s3.1S-a reduction since the same date
last year, of 1923, 150,617 80.
The progress made during the last year,
in refunding the public debt at lower rates
of interest is very gratifying. The amount
of four per cent. bonds sold during the
present year prior to November 90, 1878,
is $100,270,900, and six per cent. bonds
commonly known as fve-twenties, to an
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 easy
reach of every citizen who desires to invest
his savings, whether 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 the post-ofices, or other agents OF
the Government, the freest opportunity
NAV be given in all parts of the country for
such investments.
The best mode suggested is, that the De
partment be authorized to Issue certificates
| of deposit, of the denomination of ten dol