San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1879-01-11

tural and manufacturing products Of ~.
! two nations will tend to better-undaS
standing, andincrease commercial inter.
course between their people.
SOUTH AMERICA.
With Brazil and the republics Of Can.
trail and South America, some stems baya
been taken toward the development ~
close commercial intercourse. Dinlo.
matte relations have been resumed with
Columbia and Bolivia. A boundarv
Question between the Argentine Reuub.
lie and Paraguayh has been submitted bv
those governments for arbitration To tbs
President of the United States. and
have, after careful examination, given a
decision upon it. A naval expedition
up the Amazon and Madeira rivers has
brought back valuable information for
scientific and commercial purposes A
like expedition is about visiting the
coast Of Africa and the Indian ocean.
The reports of diplomatic and consular
officers in relation ,toi the development
of our foreign commerce have furnished
many facts that have proved OF public
interest, and have stimulated to prac.
tical cxertion the enterprise of our PEG.
pie. FINANCIAL QUESTIONS.
The report of the secretary of the
treasury furnishes detailed statement
of the operations of that department Of
the government and Of the condition Of
the public finances. The ordinary rev.
enue from all sources for the fiscal year
ending June 80, 1878, were $257 ,f63,S78.
The ordinary expenditures for the same
period were $3.50, 800, 1876, leaving sur.
plus revenue for the year Of $40, 799, 552.
The receipts for the present fiscal year
ending June 30, 1879, actual and est.
mated, as follows: Actual receipts for
the first quarter commencing July /,
1878, ga, 1889, 743.43; estimated receipts
for the remaining three quarters Of the
year, $191, ITO, 256.57; total receipts for
the current fiscal year, actual and est.
mated, 1890, 400, 900. The expenditures
for the same period will be, actual and
estimated as follows; For the quarter
commencing July l, 1878, actual expen.
ditures $73, 344, 673.27; and for the re-
manning three quarters Of the year the
expenditures are estimated Mt $166,755,-
426.73, making the total expenditures
$24O, 1OO, 1000, and leaving an estimated
surplus revenue for the year ending
June 3d.. 1879, of 1924, 100000. The to.
tai receipts during the next fiscal year
ending June 80, 1880, estimated accord
ing to existing laws, will be $264,5OO-
900; and the estimated ordinary expen.
ditures for the same period will be
1886, 1870, 41268; leaving q surplus Of
$28, lie, 587.32 for that year. In the
foregoing statements of expenditures,
actual and estimSted, no amount is al.
lowed for sinking fund provided for by
the act approved February 25, 1862,
which re quires that one per cent. OF the
entire debt Of the United States shall
be purchased or paid with it each fiscal
year, to be set apart as sinking fund.
There has been, however, substantial
compliance with the conditions of the
law. BY it's terms the public debt
should have been reduced between 1862
and the close of the last fiscal year,
$518, 1861, SO6.2S. The actual reduction
of the ascertained debt in that period
has been $72O,644, 1881; being in ex-
cess of the reduction required by the
sinking fund act 1920, 2S2, $685. The
amount of the public debt, less cash IN
the treasury November l, 1878, was
$2O24, 200, 0S31S, reduction since the
same date last year of 500, 150, G17.59
The progress made during the last
wear in refunding the public debt at low
rate of interest is very gratifying. line
amount of per cent. bonds sold during
the present year prior to November 70
1878, is $1OO,27O,9O0, and 6 per cent
bonds, commonly known rs 5-20s, to m
equal amount have been or will be re-
deemed as calls mature. 1t has been
the policy of the department to place
the per cent. bonds within easy reach
of every citizen who desires to lnvest
his savings, whether small or great, IN
these securities. The secretary OF the
treasury recommends that the law DC
modified; that small sums may be IN
vested, and that through the postofhceS
and other agents of the government
the freest opportunity may be gwen III
MI parts of the country for such lnves!,
ments. The best mode suggested u
that the department be authorized ~
issue certificates of deposit of the de.
nomination of SO, bearing interest al
the rate of 1865 per cent. per annum'
and convertible at any time within one
year after their issue into the per
cent. bonds authorized by the refundlns
act; and to be issued only in exchange
for United States notes, sent TO ,ne
treasury by mail or otherwise. Snchs
provision Of law, supported by srllauie
regulations, would enable any person
readily, without cost or risk, to CONVEX
his money into Understanding secuil
ties of the United States, and the money
so received could be applied to the re-