The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1879-12-11

currency is that one which win most readily
adapt itself to the needs of business, and ite
Grafton; for the best money il always tho
cheapest in the end.
Annual Report If 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 30 were $27a, ST.
4.48. The ordinary expenditures for the same
period were $268, 947. 8S3.53, leaving q surplus
revenue Of 50, $3.50 The amount due the
leaving deficiency of this amount of $:0,U76,-
303.70. After applying the balance OF the
special four and half per cent. United States
notes held in the Treasury for the redemption
Of fractional currency, amounting to $500
934, to the payment of arrears of pensions as
directed in Section of the act approved June
the months of July, August and September
of the present year was fully absorbed
by current expenses, and the payment
ing under the act approved January e,
1879. Notwithstanding these unusual demands,
the DEPARTMENT has been able to purchase and
sevenues for the month Of DC October
six per cent. bonds of 1881 and $676, 05O in five
per CENT. bonds issued Under the act of March
Of these bonds over issues Of four per tents
under the Reminding acts, and, unless iinex-
pected appropriations, available for expendi-
the surplus revenues, in addition to paying of
the balance of arrears of pensions, will prob
ably enable the Department to apply to the
sinking fund account during the year the sum
The revenues of the fiscal year ending June
30, 1881, estimated upon existing laws, will be
for the same period, received from the several
Executive Departments, are $27S, 0T, 439, or
an estimated surplus of 30, zoe, &s5. 81.
EseHns sa % s Se a es
surplus of $49, 73O, 86l33. The estimated ex-
penditures are based upon the requirements
lions forp public works in course of construction.
The estimated surplus of 80 sea, 65 81 will prOba-
bly, be exhausted by additional appropriations.
beyond this limit, or repeal or reduce existing
taxes, other sources of revenue must be pro-
vided. Should this course be determined upon,
mend, he would suggest as a means of meeting
the deficiency the restoration of moderate
duty on tea and coffee, and the levy:
opium, as hereinafter more fully stated.
With view to promote economy, the Sec
rotary ventures to suggest for the consid-
ization Of an Appropriations Committee
for each House, who shall have leave to sit
during the recess, with powerto send for per-
lures Of the Government; that rules be adopt
ed in the respective Houses limiting Appro-
priation bills to items of appropriation, and
preparations, except for the Interest Of tie tie
public debt, be limited to period not exceed
ing two years, and that their expenditure be
which they are ds and 9het ali p nS
manent and indefinite appropriations made
more than four years ago, except that for the
public debt, be repealed.
AT the date of last annual r0DOft. 10.
cember u, 1878, the preparation for the re.
sumption of specie payments provided for by
substantially completed. On the LIST day Of
January, 1S79-the day fixed for the resump-
ton of specie payments-the reserve of coin
sls3, 5Os, sol.5O. Previous to that time. in view
of resumption, United States notes and coin
were freely received and paid in private bust.
menced at the time fixed by law, without any
material demand for coin and without disturb
ance to public or private business. No dis.
tween COIN and nte not ast in the cnl.
lection of duties or in the payment of the
principal Or interest of the public debt. The
in United States notes at the request Of
creditors. The total amount of United States
notes presented for redemption from January
to November !, 1879, was 81 ,s5S,61s. But lit
tie coin has been demanded on the coin liabil-
tiles of the Government during the same
period. though the amount accruing exceeded
5000, 100000. Meantime coin was freely paid
into the Treasury, and gold bullion was depOs-
tied in the Assay office and paid for in United
States notes. The aggregate gold and silver
dSrn nnd that II tine
49, Y, and the net balance available for re-
sumption increased from $l33, sos, $3.50 to
IS In In accordance ace with the IR posi-
States notes have beep received since
January last in payment of duties on
imports hngE To meet the local esl demand for for
city, persons applying have been paid silver
coin for United States notes, the coin being
delivered to them on established express lines
free of expense, and for some time gold and
silver coin has been freely paid out ut the
snb-treasuries upon current obligations of
the Government. There has been, however,
States notes and the circulating notes of Ma
tiOnal Banks have been received and paid out
at par with coin in all business transactions,
public and private, in all parts of the country.
The specie standard thus happily secured, has
given an impetus to all kinds of business.
Many industries, greatly depressed since the
activity has been shown in all branches of
production, trade and commerce.
The reserve fund created by the Resump-
ton act could not, without further legislation,
be applied to the payment of current appro-
priations; nor is it to be presumed that Con-
gress will omit to provide ample revenues tc
existing laws, the notes received into the
Treasury in exchange for coin will always be
available for the purchase OF or exchange fol
coin or bullion. ANY United States notes in
the. Treasury may be exchanged for coin
under the authority of Section S,700 Of the
Revised Statutes. When notes cannot be
sarily remain in the Treasury. To avoid all
uncertainty, it is respectfully recommended
that by law the resumption fund be specific
of United States notes. and that the notes re-
deemed shall only be issued in exchange for
or the purchase Of coin or bullion.
NATIONAL BANKING SYSTEM.
The report of the Controller of the Currency
gives complete statistics relative to the Ma
tional Banking system from its organization
tine The he OF
aggregate Capital S;S surplus 1 sn SIZE iae
1885, ss; individual deposits: $7l9, $685. specie
l73, %; legal-tender notes, including United
States certificates, s95, 973 49, as loans, $685.
913,lO.. The total circulation outstanding on
jects discussed in the report are the relations
which have existed between the National
banks and the Government in the resumption
public debt. In both of these important
financial operations the cooperation of the
National banks has been of essential service
CUSTOMS COLLECTIONS.
The disbursements for collecting the reve- |
nue. from customs for expenses incurred with |
lows: is ssa ;g is7 asys Sssa 1s 49,
IS, 4S5,719. This shows a reduction for 1878 |
over 1877 of $178 1872 25 and reduction for 1879
over 1878 of $40, OOS.29.
A marked Improvement bag $3.50 occurred
during the past year in To collection Of the |
revenue from cus.ums. The revenue, under |
the ad valorem system, has fallen short of the |
amount which should have been collected |
upon proper assessment of the real foreign |
market value This was due to q system of |
undervaluations in the entries at the Custom |
Houses, especially upon bonds consigned by |
foreign manufacturers to agents in the United |
States.
OUR MERCHANT MARINE.
The total tonnage of vessels of the United |
states at the close of the fiscal year ended June
30, 1879, was 4,169 900 tons. 1t is q grave cues
ton of public policy whether the period has |
not arrived when the unlimited right of pur.
chase, as under the English statutes, should be |
extended to vessels as we'll as to other com.
nOdittes, and when admission to American
registry upon the payment of duties should be |
allowed them upon importations. The recov. |
cry. of our old position in the carrying trade |
will more than cOunterbalance any dfsadvan- |
tagc likely to cnsue upon a modification of |
upon the right of purchase, while |
a moderate duty upon ships imported will en- |
able our shipbuilders to compete successfully |
IN the construction Of iron vessels Of the |