Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-12-06

Inc tOtal receipts uurlng tne next nscal
year. ending June 80, 1880, estimated ac-
cording to existing laws, will be 1854 :
5OO,OOO; and the estimated ordinary ex-
penditures, for the same period. will be
S236. $50, ,4l2 6S; leaving surplus of S26.-
l79 ,5S7 30 Tor that year.
In the foregoing statements of expoDdi-
lures, actual and estimated, no amount is
allowed for the sinkIng-fund provided for
by the act approved February 25, 1862
which requires that one per cent of the ell
tire debt OF the United States shall be pur-
chased OF paid within each fiscal year, to be
set apart as a sinking-iund. There has
been. however, a substantial compliance
with the conditions of Law. By It's terms,
the public debt should have been reduced
between 1862 and the close Of the last fiscal
year, S5lS, ,36l 500 IS; the actual reduction
Of the ascertained debt, in that period. has
been $40, GA, 1861; being in excess of
the reduction required by the sinking fund
sct-S2O2 ,2S2, 1888 33.
The amount OF the public debt. less cash in
the Treasury. November l, 1873, was S2,-
O24 200, ,CS3. lS-a reduction, since the same
date last year, Of S23, l5O, ,6l7.39.
The progress made during the lat year.
in refunding the public debt at lower rates
of interest, Is very gratifying The amount
oi four per cent bonds sold during the pres
ent year prior to Noyember %, 1878. is
800, ,270 800, and six per cent bonds. com
monty known as hye-twenties, to an equal
amount, have been or will be redeemed 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 Inc Secretary OF the
Treasury recommends that the law be So
modified, that small sums may be invested
and that through the postoffices. or other
agents OF the Government, the freest op-
portunity may be given in all parts of the
country tor such Investments.
The best mode suggested j., that the De-
pgrtment be authorized to issue certificates
of deposit, OF the denomination OF ten dol
lars, bearing interest at the rate of 3. Is per
cent per annum and convertible at any time
within one year after their issue into the
four per cent bonds authorized by the re-
funding act, and to be issued only in ex-
change ior United States notes sent to the
Treasury by nail or otherwise. Such d
provision of law. supported by suitable
regulations, would enable any person read
lis, without cost OF risk. to convert his
MONEY IutJ an Int, rest-aearing security Of
the United States, and the MONEY 80 received
could be Hpp!isd u the redemption Of six
per cent bonds
The coinage OF gold during the last fiscal
year was $50. 19S $50 The Coinage of sill
yer dollars, under the act passed February
;,S. 1873. amounted on the 23d Of Novem-
ber, 1878, to Sl9 Sl4 $50, Of which amount
S4 ,9o4 9i5 are in circulation. and the bal
anc-, Sl4 s29. .6O3. is still iu the possession
of the G3yernment.
With views unchanged with regard to
the act under which the coinage OF silver
proceeds, It has been the purpose OF the
Secretary faithfully to execute the law,
and to afford fair trial to the measure
In the present financial condition OF the
country, an persuaded that the welfare
OF legitimate business and industry of every
description v i'll be best promoted by abstain
ing from all attempts to make radical
changes in the existing financial legislation.
Let 1t be understood that during the com-
ing year the business OF the country will be
undisturbed by governmental interference
with the laws affecting 1t, and We may CON
hdently expect that the resumption oi specie
payment. which will take place at the sp-
pointed time, will be successfully and easily
maintained, and that it viii be followed
by a healthtul and enduring revival o. busi-
ness prosperity.
Let the healing influence of time. the III
heIent energies oi our people, and the
bouudless resources of our country, have a
fair opportunity, and relief from present
difficulties will surely follow.
THE WAR DEPARTMENT.
The report Of the Secretary of War shows
that the army has been well and economi-
cally supplied, and has faithfully performed
ell the service required of II. The morale
Of the army has improved. and the number
Of tostrtIons has materially decreased dur
ing the year.
The Secretary recommends:
|. That pension be granted to the wi
dow ot the late Lieutenant Henry IL. Ben
ner, Eighteenth Infantry, who lost his life
by yellow fever while in command OF the
steamer y. NJ Chambers" ;" sent with sup
plies Tor the relief of sufferers in the South
from that disease.
=. The establishment OF the annuity
scheme for the benefit OF the heirs OF de.
ceased officers. as suggested by the Pay
master General.
3 The adoption by Congress Of plan
for the publication Of the records of the
War OF the Rebellion, now being prepared
for that purpose.
The increase of the extra per diem OF
sodierteachers employed in post-schools
ard liberal appropriations for the erection
OF buildings Tor schools and libraries at The
different posts.
S. The releal or amendment Of the act OF
June Is. 1873. iorbidding the ''use Of the
army a. posse cOmitatus. O. otherwise, fol
the purpose of executing the laws, except
in such cases and under such circumstances
as may be expressly authorized By the Con.
stitutlon or by an act Of Congress"
6. The passage Of a INT resolution VI
Congress legallZing the Issues of rstiOns
tents and medicines hich were made fol
the relief of sufferers from yellow fever
T. That provision be made for the erec
tion Of q fire-proot building for the preser.
yation oi certain valuable records, now
constantly exposed to destruction by fire.
These Recommendations are all commend
ed to your favorable consideration.
THIN NAVY.
The report of the Secretary of the NayS
shows that the navy has improved during
the last fiscal year. Work has been done on
seventy five vessels, ten ot which have been
thoroughly repaired and made ready fol
sea. Two Others are III rapid progress
towards completion. The total expenditures
of the year, including the amount appro-
: priated Tor the Deficiencies of the previous
year, were SIT. 4S6, 1872 is The actual e1
penses chsrgeable TO the wear, exclusive u
these deficiencies, were Sl3 .3O6, 94l O9, OIL
S167, 1879. ls less than those OF the previou,
| year, and S4 92S 677.74 less than the ex
| penses, including the deficiencies. The
estimates for the fscal.year ending June 80
1880. are $l4 562 ,3sl 45-eIceeding the ap
| preparation OF the present year only S33
I 9l9.15; which excess /. Occasioned bv tn;
| demands Of the Naval Academy and Marine
Corps. a. explained in the Secretary repOr.
| The appropriations for the proset fiscal yeal
are Sl4 52s ,i3l.70, which. in the opinion o
the Secretary, will be ample for all the cur
rent expenses of ths Department during tn,
year. The amount drawn from the Treasury
from July |. to November /, 1878, Is 81.
! 74O, ,54i IA, of which SO, $50 - has been re
iuIde, leaving a. the expenditure for tina
porIod $4,669 ,563,39, or $3.50 500 "a les
fiscal year.
1HE Postal SERVICE.
The report of the Postmaster Genera
embrs ces a detailed statement OF the opera
tions OF the Post office Department. Th
| expenditures Of that department for tn
fiscal year ending June 30, 1878, were S3i
1865 .OSi 40 The receipts, including sales o
stamps, moIey-order business. und ofiicia
stamps, were $29. III SIG IS. The sum u
| $3.50 .436 90. included in the foregoing state
ment Of expenditures. ~ char geable to pre-
ceding years, 30 that the actual expendl
tures Tor the fiscal year ending June 30, le7e
arc S33 s74, ,647.5O The amount draw
from the Treasury on appropriations, in ad
dItIJn to the revenues OF tho Department
was SIS, 3O7 ,G52 81 The expenditures 10
the fiscal year ending June 30. 1850. ar
estimated at S36 81 800. and the receipt
from ali sources at 0,66i O23 80, leavinl
a deficiency to he appropriated out of tn
Treasury OF S5,907 so. 10. Inc report call
attention to the fact that the compensation
of pOstmasters and OF railroads for carryin
the NAL Is regulated by law, and that tn
failure OF Congress to appropriate tn
amounts required Tor these purposes doe
not relieve the GJyernment OF responsible
lty, but necessarily increases the defcicnc
bills which Congress will be called upon t