Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-12-02

lures for the same period received from the
several executive departments are as follows ::
Legislative, 50 954 $40. Gs: executive Sl3-
800, 093.9l judicial, $685., 800; foreign inter
course, 81 1856. 1856; military establishment.
$50, 3l9, 794.1s; naval establishment, SI4,-
500, 1875; Indian Affairs. - 1902. $40. SO;
pensions, S32, 404, 600: public works, Treas
ury Department, 81, l2l 40; War Depart
ment, 1851 ,03l.42; Navy Department,
900; Interior Department, sos, 1852;
Department of Agriculture, S6650; postal
service, s7,7ll, 900; miscellaneous, ST., SOL
5000. Permanent annual appropriations
Interest on the public debt, SIS. 1877 ,4l0; sink
ing fund, $39. 1928, 225. ~ refnnding, customs,
internal revenue lands. &C.. So, rs, 800; col
lecting revenue from customs $500, 600:
miscellaneous. Sl,776,000; total estimated
expenditures, including sinking fund, S21s,-
997 1864 30, or an estimated surplus of IS: sjJ2,
e35.6l.
Excluding the sinking fund the csti-
mated expenditures will be S23s, 269, 1876,
showing a surplus of $40, 100, SCI. The esti-
mates of the revenue for the next fiscal year
are based upon the assumption that the in
creased receipts Of the last few months are
mainly due to the filling up of wants created
by a recent depression rather than by an
actual increase of trade. These wants being
supplied the revenues next year will probably
not be increased beyond the amount estimated.
The estimated expenditures for the same
period are based upon the requirements of the
existing law and the necessary appropriations
for public works in course of construction.
The estimated surplus of $9,902, $3.50 will
probably be exhausted by additional appro-
priatiOns. Should Congress increase the APP
preparations beyond this limit or repeal or re-
duce the existing taxes other sources of reve-
a. ha oH 1, b.a
determined upon, which, however. the secre-
tary does not recommend he would suggest,
as means of meeting the deficiency the res
toration of moderate duty on tea and coffee
and the levying of an internal tax upon the
manufacturers of opium.
The secretary says that it has been impos-
sible to comply with the acts of Congress re-
quring him to pay per cent. of the entire
debt of each fiscal year owing to the loss of
revenue caused by the general depression Of
business.
But as the prospects for increased revenue
enlarge with renewed activity in all branches
of industry, it seems proper at this time to
urge the Importance of meeting the obliga-
tons created by these acts. 1t is estimated
that $50, s2s, 225 will be required for this pur-
pose during the next year. The secretary
says the department will heartily cooperate
with Congress in the most rigid economy and
says that any appropriations beyond those
actually demanded by the necessities of the
government will only impair his ability to
carrypthe laws into effect.
He recommends permanent appropriation
committees of both houses of Congress, who
shall sit during the recess to supervise the ex-
penditures of the government that rules be
adopted by the respective houses limiting the
appropriation bills to the items of appropria-
ton and excluding legislative provisions that
all appropriations except for interest on pub
lie debt he limited to two years and then ex-
pendtures be strictly confined to the period of
time for which they are appropriated, and
that all permanent and indefinite appropria-
tons made more than four years ago, except
that for the public debt, lie repealed.
Success OF RESUMPTION.
The Secretary refers to the success of re-
sumption, and SAYS its contamination has
been followed by revival of productive in
dustry unexampled in previous history. lie
refers to the different acts to maintain re-
sumption, and says the reserve fund created
BY the resumption act could not, without fur
ther legislation, he applied to the payment Of
current appropriations. Nor is it to be pre-
sumed that Congress will omit to provide am
pie revenues to meet such appropriations.
Therefore, under the existing law, the notes
received into the Treasury in exchange for
coin, will always be available for the pur-
chase of or exchange for coin or bullion-any
United States notes in the Treasury may be
exchanged for coin, under authority of section
300 of the Revised Statutes. When the
notes cannot be used at par for that purpose,
they must necessarily remain in the Treasury.
To avoid all uncertainty, it is respectfully
recommended that by law the resumption fund
be specifically defined and set apart for the
redemption of L. s. notes, and that the notes
redeemed shall only be issued in exchange
for or purchase of coin or bullion. The pow
er to sell bonds should be preserved for any
extraordinary demand. and the Secretary is
of the opinion that the existing law is ample
to maintain resumption, even upon the pres
ent volume of L. S. notes.
In view, however, of the large inflow Of
gold into the country and the high price Of
public securities, it would seem to be favor
able time to invest a portion of the sinking
fund in U. S. notes to be retired and cancelled
and in this way gradually to reduce the max
imum of such notes to the sum of $780,
600 900, the amount fixed by the resumption
act.
LEGAL TENDERS.
He calls the attention of Congress to the
question whether U. S. notes ought still to be
legal tender in the payment Of debts. He
says the prommissory note Of the United
States should be current money only by being
promptly redeemed in coin on demand. The
note of the United States is now received for
all public dues and is carefully limited in
amount. 1t is promptly redeemed on demand
and ample reserves in coin are provided to
give confidence in and security for such re-
demption.
With these conditions maintained the Unit
ed States note will be readily received and
paid on all demands. While they are main
tanned the legal tender clause gives not addi-
tional credit or sanction to the notes, but
tends to impair confidence and to create fears
of over-issue.
| He recommends the repeal of the legal tn
der clause as to all future contracts, and that
parties be left to stipulate the mode of pay
ment. He refers to the reports of mint OPP
erations, and strongly urges the inheritance of
adjusting the coinage rates of gold and silver
by treaties with commercial nations, and un-
| iii this can be done of limiting the coinage of
the silver dollar to such sum as in the opin-
ion of Congress would enable the department
to readily maintain standard dollars Of gold
l,;l bar