Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1878-12-06

ponditurcs for the same period were $23G,
| gGl, 326. 50, leaving Il surplus revenue for the
year of $50, 100, 55t.aO. The receipts for the
present fiscal year, ending June 30 1879, ac-
tual and estimated, are as follows Actual re-
ceipts for the first quarter commencing July
LIST, 1878, $73, $3.50, 743 49, estimated receipts
for the remaining three.quarters of the year.
$191, 110, 25G.57 total receipts for the cur
rent fiscal year, actual and estimated, S2GI,
| 500, 600. The expenditures for the same pc
riod will be- actual and estimated, as follows;
For the quarter commencing July /, 1873, &C
tual expenditures, $73,344 1922, and for
the remaining three-quarters of the year the
expenses are estimated at $lGG, 755, l26. 20,
making the total expenditures $40, 100 900,
and leaving an estimated surplus revenue for
the year, ending June 80, 1879, of $2l, lOO,-
| 00O. The total receipts during the next ifs
cal year, ending June 80, 1850, estimated ac-
cording to existing laws, will be, $2Gt, jOO,-
OOO and the estimated ordinary expenditures
for the same period will be S23G, 800, AZ. GS,
leaving surplus Of S2S, 40, 5S7.3 2 for that
| year. In the foregoing statement of cxpen-
! ditures, actual and estimated, no amount is
allowed for the sinking fund provided for by
the act approved Feb. %, 1862, which re,
| quircs 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 n
| hllhllib lhhtls lltIt uuH Dttn, however, n
substantial compliance 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, SilS, 3Gl SOC. Is.
| The actual reduction of the ascertnined debt
in that period has been $72O, GiI, 100 81, be-
| ing in excess of the reduction required by the
sinking fund act, S2O2, 2S2, 933 80
The amount of the public debt less cash in
the Treasury November 1, 1878, was s., o2I, e.
200, 0S3.1S, n reduction since the same date
last year of SOB $50, Gl7.3g. The progress
made during the last year in the funding of
the public debt ut lower rates of interest is
very gratifying. The amount Of four per
cent. bonds sold during the present year,
| prior to November %, 1873, is 800. 27O 800
| and SIX per cent. bonds. commonly known as
fve-twenties, to an equal amount, have been
| or wiz be redeemed as 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 to invest his saw
ings, whether small or great, in these securi-
ties. The Secretary of the Treasury recon-
mends that the laws be so modified that
small sums may be invested and that,
through the post Offices or other
agents of the Government, the fre,st oppor-
tunity may be given in all parts Of the coun-
| try for such investments. The best mode
| suggested is that the department be author
| lzed to issue certificates of deposit of the de
nomination of ten dollars. bearing interest at
the rate of 800 per cent. per annum, con
| vertible at any time within one year after
| their Issue into the four per cent bonds au-
thorized by the refunding act, and to be is
sued only in exchange for United States notes
| sent to the Treasury by mail or otherwise
| Such IA provision of law, supported by suita
bic regulations, would enable any person
readily, without cost or risk to convert his
| money INTO an interest -beariug security of
the United States, and the money so received
could be applied to the redemption of six per
cent. bonds.
The coinage of gold during the last fiscal
| year was so, 79S, $50. The coinage of silver
dollars. under the act passed Feb. -, 1873,
amounted on the 23d of November 1873, 10
| Sl9, 81, $50, of which amount 81. 9St.947 are
in circulation, and the balance, Sl4. $50, COB.
is still in the possession of the Government.
With views unchanged with regard to the act
under which the coinage of silver proceeds.
1t has been the purpose Of the Secretary to
| faithfully execute the law, and to afford fair
| trial to the measure. In the present fnan-
cal condition of the country, | am persuaded
that the welfare of legitimate busine IS and
industry of every description will be best pro-
NOTED by abstaining from all attempts to
make radical changes III the existing fnan-
VA tbA0AhAAoH l1ti II Dt understood tnAt
during the coming year the business of the
country will be undsturbed by governmental
| interference with the laws affecting it. and
we may confidently expect that the resump-
ton OF specie payments, which will take
place at the appointed time will be success
fully and easily maintained, and that it will
be followed by healthful and enduring re-
vival of business prosperity. Let the heal
ing influence OF time the inherent energies
of our people and the boundless resources of
our country have fair opportunity, and re-
lief from present difficulties will surely fol-
low.
THE ARMY.
The report of the Secretary of War shows
that the army has been well and economical
ly supplied, that our small force has been ac-
lively employed, and has faithfully perform
ed all the service required of it.. The morale
of the army has improved, and the number
of assertions has materially decreased during
the year.
The Secretary recommends -
l. That pension be granted to the wild
ow of the late Lieut.. Henry IL. Benner,
Eighteenth Infantry, who lost his life by vel.
low fever while in command of the steamer
j. NJ. Chambers, sent with supplies for the
relief of sufferers in the South from that dis
ease.
. The establishment of the annuity scheme
for the benefit of the heirs of deceased off
GERS as suggested 10y the Paymaster- General
j. The adoption by Congress of a plan for
the publication of the records of the war of
the rebellion, now being prepared for that
purpose.
1. The increase of the extra per diem of
school-teaehers employed in post schools,
and liberal appropriations for the erection of
buildings for schools and libraries at the diff
ferent posts
>. The repeal or amendment of the act of
June Is, 1873, forbiddng the "use of the ar
my as posse comitatus. or otherwise, for
the purpose of executing the laws, except in
such cases and under such circumstances rs
may be expressly authorized by the Constitu
ton or by act of Congress"
q. The passage of joint resolution of Con-
gress legalizing the issues of rations, tents
and medicines, which were made for the re-
lief of sufferers from yellow fever.
I. That provision be made for the erection
of fire-proof building for the preservation
of valuable records, now constantly exposed
to destruction by fire.
These recommendations are all commended
to your favorable consideration.
THE NAVY.
The report of the Secretary of the Navy
shows that the navy has improved during the
"''' hoN"i JN"i' "pih hah bceu uont On sew
enty-fye vessels, ten of which have been
thoroughly repaired and made ready for sea.
Two Others are in rapid progress towards
completion. The total expenditures of the
year. including the amount appropriated for
the deficiencies of the previous year, were
Sl7, 4GS, 392. G5. The actual expenses charge
able to the year. exclusive of these defcien-
cies, Were Sl3, BOG, 9l4O9, or S7G7, l9g Is less
than those of the previous year, and 81 ,92s,-
GI1.74 less than expenses, including the de-
iciences, The estimates for the fiscal year
ending June 30, $780, are Sl4, 1902, 3Sl. IL
exceeding the appropriation of the present
year only S33, $40, Is, which excess is occa-
stoned by the demands of the Naval Academy
and the Marine Corps, as explained in the
Secretary's report. The appropriations for
the present fiscal year are $ll, ops, 49,. 20,
which in the opinion of the Secretary will be
nmnle for all fine cnrrrnL eNnnnans Of d. u