The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-12-04
Animal Report OF Secretary Sherman.


The following are the principal
points of the report of Secretary Sher-
man:
The ordinary revenues from all sources for
the fiscal year ending June - were S@'5,ezi,-
ia as The ordinary expenditures for the same
1 period were $266. 947 1888, leaving a surplus
/ revenue of $6,S19, .0093. The amount due the
! sinking fund for the year was Sj0.s15.h 4.oo,
leaving deficiency of this amount of S:O,U,o,-
s0s 7OF After applying the balance q the
special four and a half per cent. United States
notes held in the Treasury for the redemption
of fractional currency, amounting to $500
g14 to the payment of arrears of pensions as
directed in Section of the act approved June
q, 1879, the increased revenue derived during
the months of July, August and September
of the present year was fully absoroed
by current expenses, and the payment
\ of Sl6,374.60 arrears OF pensions, aecr.-
ing under the act approved January %,
1879. Notwithstanding these unusual demanus3
the Department has been able to purchase ana
apply to the sinking fund, out of the surplus
revenues for the month of October, SIT, O5O:OOO
six per cent bonds of 1881; and S616,O50 in hve
per cent bonds issued under the act of March
8, 1854. The latter is the excess of redemption
of these bonds over issues of four per cents
under the Refunding acts, and, unless uneX-
pected appropriations, available Tor eXpendl-
lure within this year, are made by Congress,
the surplus revenues. in addition to paying on
the balance of arrears of pensions, Will prop
ably enable the Department TO apply to the
sinking fund account during the year the sum
The revenues of the fiscal year ending June
3d. 1881. estimated upon existing laws, will be
SOS, COOOO0. The estimates of expenditures
for the same period, received from the several
Executive Departments, are S2lo, ,3oi.3s, or
an estimated surplus of $780,, 6356l
Excluding the sinking fund, the estimated
surplus of $40, 80, S6L33. The estimated ex-
penditures are based upon the requirements
of existing law and the necessary approprla-
tiOns for public works in course of construction.
The estimated surplus of S9,&2 30 OF Will proDa-
bly, be exhausted by additional appropriations.
Should Congress increase the approprlatlonS
beyond this limit, or repeal or reduce existing
taxes, other sources of revenue must be pro-
vided. Should this course be determinedupO
which, however, the Secretary does not recon-
mend, he would suggest as means OF meeting
the deficiency the restoration of moderate
duty on tea and coffee. and the levy
ing of an internal tax UPON Inanuiactures OF
opium, rs hereinafter more fully stated.
I With view TO promote economy, the sec
rotary ventures TO suggest for the conSld-
GRAFTON of both Houses a permanent organ
ization of an Appropriations Committee
for each House, who shall have leave 10 SIT
during the recess, with powerto send for per-
sons and papers, and to examine All expendl-
| lures Of the GOvernme mt that rules be adopt
ed in the respective Houses limiting Appro-
pration bills to items of appropriation, ana
excluding legislative provisions: that al APP
preparations, except for the interest OF the
public debt, be limited to period not exceed
ing two years, and that their expenditure be
strictly confined to the period of time for
which they are appropriated. anu lndI pCI-
manent and indefinite appropriations made
more than four years ago, except that for the
public debt, be repealed.
ASSUMPTION.
At the date of my last annual report, De
cember %, 1878, the preparation for the re
sumption of specie payments PROVIDED Ior Dy
the act approved January IA, 1919, had been
substantially completed. On the LIST day or
January, 1S19-the day liked Tor the resunlp-
ton of specie payments-the reserve OF com
over and above all matured liabilities was
SI33, sos S04.j0. Previous to that time, in view
of resumption, United States notes and com
were freely received and paid IN private bust
ness as equivalents. Actual resumption COM
menced at the time liked by law, without any
. material demand for coin and without disturb
I ance to public or private business No us
tinction has been made since that time be-
tween coin and United States notes IN the col
lection of duties or in the paymeAt OF the
principal or interest of the pubic DEBT. Inc
I great body of coin indebtedness has been PAD
in United STATES notes mt the request OF
: creditors The total amount of United States
{ notes presented for redemption from January
] to November ], 1873, was S1l25t;j1S But III
. tie coin has been demanded on the coin liabit
tiles of the Government during the same
e period. though the amount accruing eXceeieo
: $500, 100000. Meantime coin was freely paid
into the Treasury, and gold bullion was depOs-
r lied in the Assay Office and paid for in United
: States notes. The aggregate gold ana silver
coin and bullion in the Treasury increased
during that period from sl5'o'o, -. ~ 10 s--,
= Es},55Si2 and the net balance available Tor re-
sumption increased from Sls3OJN,Sl5) 10
SI52, 7}7 l55.4S. In accordance with the posi-
ton taken in the last annual report, United
states notes have been received since
January / last in payment OF Cutihs on
I imports. To meet the local demand tol
e coin, in places other than New 4oHk
! / city, persons applying have been paid silver
1 coin for United states notes, the coin being
delivered To them on established exp ess lines
2 free of expense. and for some time gold anC
silver coin has been freely paid out at the
I Sub-treasUsics upon current obligations OF
5 the Government. There has BEEN however
p but little demand for coin, and Umtet
States notes and the circulating notes OF Ma
|, tiOnal Banks have been received and pad Ol
= Ut par with coin in all business transactions
public and private, in all parts of the country
The specie standard thus happily secured ha'
given an impetus TO all kinds of business
n Many industries, greatly depressed since tht
: panic Of 1875, have revived while increase
X activity has been shown in all branches o.
= production. trade and commerce.
/ Tn. reserve fund created by the Rasump
u ten ct could not, without further legislation
i be az oiled to the payment of current apprO
priatiOns: nor is ii to be presumed that Con
gress will omit to provide ample revenues tt
meet such appropriations. Therefore, undel
# existing laws, the notes received into TIM
Treasury in exchange for coin Will always b'
= available for the purchase of or exchange TO
: coin or bullion. ANY United States notes il
:, the Treasury may be exchanged for con
ID under the authority of Section 800 of TIT
II Revised Statutes. When notes cannot b,
= used at par for that purpose they must neccs
sarily remain in the Treasury. To avoid al
J. uncertainty, it is respectfully recommends,
that by law the resumption fund be specific
ally defined and set apart for the redemption
of United States Dutes and that the notes re
deemed shall only be issued in exchange 10
or the purchase of coin or bullion. Cd.
( u = NATIONAL BANNING SYSTEM. - .- B.
The report of the Controller of the Currenc,
gives complete statistics relative to the Ma
tional Banking system from its organization
until the present time. The number OF bank
> in operation October of the present year; IN
date of their last reports, was EOS, and tn
aggrC gate capital, S45i OG1 ,265; surplus, Sll4
Is6,52S individual deposits, SID 'ol 55s specie
, including United States coin certificates, 81
IT3, III %; 1egal-tender notes, Including Un1te
: States certificates S95,913,+46; as loans, $50
! DIS, l01. The total circulation outstanding ol
i November was S3E,1Tl,4lS. Among the sub
3 jects discussed in the report are the relation
g / which have existed between the Nationa
: banks and the Government in the resumption
of specie payments, and in the funding of tn
q public debt. In both of these importan
: financial operations the corporation of tn
\ National banks has been of essential service
to the Government.
! CUSTOMS COLLECTIONS.
: The disbursements for collecting the reve
, nue. from customs for expenses incurred with
q in the following fiscal years have been as 10
lows: lSi7, So ~ 27957; ISIS % lS'.a2; 49,:
a 4 IS. AS, 119t5. This shows a reduction for Isl
: over 1877 of $175 % and reduction for 49,
over 1873 of S400JS.29.
4 \ marked Improvement has also occurre'
!. during the past year in the collection OF IN
4 revenue from customs. The revenue, unde
!. the ad valOrem system, has fallen short OF IN
9 amount which should have been collecte
n upon q proper assessment of the real forclg
: market value. This was due to system c
. undervaluations in the entries at the Custom
o | Houses, especially upon bonds consigned %
foreign manufacturers to agents m the Unite
States. -
The total tonnage of vessels of the Unite
States at the close of the fiscal year ended 'un
/ 90. 1872 was 4.le9.f0O tons. 1t - grave net
: ton of public policy whether the period Ia
5 not arrived when the unlimited right OF pu