Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-12-13
Secretary Sherman's Report.
4 summary of the report Of Secretary Sherman
10 here given:

THE REVENUES.
The ordinary revenues from all sources for the
@ nsesl year ending June 30, 1873, were $685.
7b3S78.70. The ordinary expenditures for the
same period were 1896, g64 328.SO, leaving a sur
plus revenue of 500 0799,65l 80, which was ap-
the redemption Of fractional currency the increase
Of the sinking fund and the augmentation Of the
cash balance in the Treasury The deficiency in
the sinking fund for the year was S14,62q,44p.Q0.
The net decrease of receipts for the year
S11 ,236,707.92, and the net decrease in ex-
preceding fiscal year. The actual receipts for
the first quarter Of this year were S73,-
800 72343, and the estimated receipts for the
remaining threequarters, Slg1 100,276.57. The
actual expenditures for the first quarter were s73,
344,b73.27, and the estimated expenditures for
the remaining three quarters s166, 100 ,42g;73, or
and of expenditures S240I 100000 leaving bal
ance of S24, 100000, applicable to the sinking
fund, which is estimated for the year at S3B, 3d.
607.S7 The estimates for the fscal year 1880 are,
receipts S264.500.000 expenditures, including
sinking fand' s255d35,25Q94, showing an esti.
sinking fund there will be an estimated surplus Of
S28, 1876, ,OS7.32. These estimates are based on
the Congressional appropriations of the present
The estimate Of revenue, based upon existing
law, the Secretary says, is S6,736121 80 more
than the actual revenue of the past year. This es-
Innate can only be realized by strict and impartial
enforcement Of the revenue laws. This is not only
legal duty of revenue officers, but is the right of
every honest taxpayer. INC enforcement Of the
been resisted by formidable combinations too
powerful for the Department, with the forces at it's
command, to overcome. The customs duties, in
many cases, have been evaded by smuggling,
fraud, differentiation. and false claims for draw
back and damage allowance. Some OF these OBJ
structons are incident to the execution OF any tax
law, but many OF them may be overcome by modi-
ncations OF the laws, as Mr.. Sherman suggests.
SPECIE RESUMPTION.
In regard to the resumption of specie payments,
the Secretary says he has substantially carried in
to execution three of the provisions of the act Of
1875 by the gradual substitution of fractional coin
for fractional currency by the free coinage of gold
and by free banking: There remains only the
completion OF preparations for resumption In coin
on the 1st day of January, 1879, and it's mainte-
nance thereafter upon the basis OF existing law.
The object Of the Secretary has bee been to
that being the smallest reserve upon which
resumption could prudently be commenced. The
amount Of coin held in the Treasury, on the 23d
day OF November, II excess of coin sufficient to
pay all coinlabilitiea, was S141, 1888, 100, and
constituted the coin reserve prepared for resump-
ton. This sum would be diminished somewhat,
on the 1st of January next by reason of the large
amount of interest accruing on that day in excess
Of the coin received meanwhile. The Secretary
had arranged with the New York Clearing House
for the exchange of drafts as in ordinary
banking transactions, and after the 1st Of
January, United States notes would be received
by the associated banks of that city as coin. These
Preparations for resumption had been accompa-
MED in his opinion, with increased business an7
confidence. The Secretary details at considerable
length the means at his command to maintain the
reserve decided on, including the sale of bonds
the reissue of United States notes. the current rev.
enue receipts in excess of current expenditures,
etc, etc. The gold certificates hitherto issued, in
the discretion Of the Secretary, will not be used
after January l, but United States notes of large
denomination would be issued instead. The Sec
retary is of the opinion that change of the
law is not necessary to authorize this Depart
ment to receive United States notes for
customs duties on and after the 1st day Of Janu.
ary, l879 while they are redeemable and are
deemed on demand in coin After resumption 1t
fnnn fannn 70 tRn
payment of such duties in coin rather than in
United States notes. With this view OF the Re
sumption act the Secretary will direct unless Con-
gress otherwise provides, that after JAN. L, and
while United States notes are redeemed at the
Treasury, that they be received the same am as coin
by the officers of the Department in all payments
In all parts of the United States.
THE SILVER DOLLAR.
The Secretary discusses at considerable length
the silver dollar, and says 1t was not to supersede
the gold dollar: nor did Congress propose to adopt
the single standard of silver but only to create a
bimetallic standard of silver and gold, of equal
value and equal purchasing power. Congress,
therefore, limited the amount Of silver dollars to be
coined TO not less than two millions nor more than
four millions per month, but did not limit the ag-
gregate amount nor the period OF time during
which this coinage should continue. The market
value OF the silver in the dollar, at the date of the
passage Of the act, was 93A cents in gold coin
Now. it is about 81 cents in gold coin
the sTs hsd%G of e soa Standard he
amount provided for isEotally inadequate for the
purpose Experience, not only in this country,
but in European countries, has established that a
certain amount of silver coin may be maintained
in circulation at par with gold, though Of less in
trinsic bullion value. 1t was, doubt, the inten-
tOn of Congress to provide coin in silver which
would answer a multitude of the puposes of busi-
ness life. without banishing from circulation the
established gold coin of the county. To accom-
pish this it is indispensable either that the silver
coin be limited in amount, that Its bullion value
be equal TO that of the gold dollar. If not, Its
use will be limited to domestic purposes. 1t
be commercial
as bullion. If issued in excess of demands for do
mestic purposes, it will necessarily fall in market
value, and by well-known principle of finance,
will become the sole coin standard Of value. Gold
will be either boarded or exported. When two
currences both legal, are authorized without lin
II, the cheaper alone will circulate. If however,
the issue of the silver dollars is limited to an
amount demanded fer circulation, there will be no
depreciation, and their convenient use will keep
them at par with gold, as fractional-silver coin,
issued under the act approved Feb 81, 1858, was
| kept at par with gold.
The Secretary concludes that it would be the
best policy for the present to limit the aggregate
| issue Of the silver dollars based on the ratio OF
| sixteen to one to such sums as can clearly be
maintained at par with gold, until the price Of sill
| yer in the market shall assume defined ratio to
| gold, when that ratio should be adopted and OH
| coins made 70 conform to it, and asks that he be
authorized TO discontinue the coinage of the silver
dollar when the amount outstanding shall exceed
| $50,000,000. He states that, meantime, he shall
redeem all United States notes, in sums Of not less
| than $50, with either gold or silver coin, as
desired by the holder but reserving the legal op-
| ton of the Government; and to pay out United
States notes for all other demands on the Treas
ury, except when coin is demanded on coin lia
| bilities.
FoURPER-cENT. BONDS.
During the present year, prior to Nov. 90, $100,
| 270,900 of 4-percent. bonds had been sold, and
6-per-cent bonds OF an equal amount redeemed. ol
will be redeemed as the calls mature. As from
best advices, only S200,000000 of United States
| bonds are held abroad, 1t might be fairly an
ticipated that the sale of the 4percents would
| largely increase. In order to avoid the payment
| of double interest on the two kinds of bonds, as
well as the temporary contraction Of the currency
| the Secretary recommends that the notice TO be
| given for called bonds be, at his discretion, no
less than ten days. nor more than three months
In order that the freest opportunity may be giveT
| to invest in the public securities, the Secreta
| ry recommends that the Department be authorized
to Issue certificates of deposit of the United States
OF the denomination Of $40, bearing interest at thu
| rate OF 3.B5 per cent. per annnm and convertible
at any time within one year after their issue int
| the 4-per-cent bonds authorized by the refnndinl
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 suit
without cost risk, to convert his money into al
interestbearlng security of the United States, anC
the money so received could be applied TO the re
demption OF the 6-per-cent bonds
NATIONAL BANKS.
On the 1st Of October, the number Of Nationa
Banks in existence was 2,053 The amount o
| their circuating-notes outstanding, including
those in liquidation, was 1928, ,l47,71a; the capt
|
and profits were $157, 1888 ,093; the loans and dts
counts were SS3O'52l ,542;
The value OF the gold coinage exc
euted during the last fiscal year.$ ,7aS,eeQ Ql
| OF Gtandardsilver dollars. ........ S,b78,600 0,
OF fractionAl-silver coin. .,...,... B,339,3l6 81
And Of minor coin. in................ 3O,6a4 "
a TOTAL coinage OF. ......,..... .SOltlHUt460 O'
In addition TO the coinage, hne and unparte
bars were prepared for depositors In the amour
of$12,50l ,926.23 In gold, and 81 ,8543S5S7 Il
silver.
The amount OF gold coin and bullion in tn
country Sept. 80, is estimated by the Director {
the Mint at $259,353,3 800, and Of silver coin an
bullion at 500 090,557-a total Of S35S, 443, ,947.
ENGRAVING AND PRINTING BUREAU,
At the close of the last fiscal year there was a
unexpended balance of SB52,83Bl7 Of the apprt
pration for labor and other expenses Of this bI
TeAu. OF this amount In accordance with the AS
approved June 90, 1873, the sum Of 1927 $780, b
will be expended In the purchase Of sit
for and the erection Of q hre-proof bnllC