The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1879-12-12

man;
The ordinary revenues from all sources for
tho fiscal year ending June % were <SsaN,s.-
period were ssNat1sxs2 leaving surplus
revenue OF Sf,sse.s 0lsk The amount due the
sinking fund for the year was sd,aAsm "a,
leaving deficiency Of this amount ~ rUvsh-
Hrl.O AFTER applying the balance ~ the
special four and a half per cent. United states
notes held In the Treasury for the redemption
~. 10 the payment II arrears ~ pensions rs
directed in Section 81 the act approved june
"a. is1D. the Increased revenue derived during
the months of July. August and september
Of the present year was fully absorbed
by current expenses. and the payment
of <id3ss.60 arrears OF pensions. accrl-
iii s.ss Notwithstanding these unusual demands,
the Department has been able 10 purchase and
apply IL the sinking fund. ont 81 the surplus
revenues for the month ~ October, xlu.tj1.NOO
slx per cent. bonds Of ISL: and sG.6,05o ia Ave
per cent. honds issued under the act Of March
3 1864. The latter Is the cxccssof redemption
of these bonds over issues ~ four per cents
pccied appropriations. available Tor eNpendi-
lure within this year. are made by Congress.
thc surplus r.venncs. ~ addition 20 paN,,n1 ~
ably enable the Department ~ apply a. The
sinking fund account during the year the sum
the revenues or tho iscal wear ending June
81. PSI. estimated upon existing laws. will be
<esS CO0NU0. The estimates OF expenditures
for the same period. received firm the several
Executive Departments. are So or Ji.'E, or
am estimated surplus Of <N.st.ba.dl.
Excluding the sinking fund, the estimated
expenditures will 10 S-3,.2N. 70 N. showing
surplus OF Sin.syDs5i.Sk The estimated OK
ptndi;urcs are based upon the requirements
az existing law AMI the necessary apprupria-
tinns TOR public works In course Of construction.
The estimated surplus nf Sv.s b5.6i viii prOba-
hly be exhausted hy additional appropriations.
Should Congress increase the appropriations
beyond this limit. or repeal or reducc existing
taxes. other sources OF revenue must he pro-
vihrd should this course hc determined upon,
which. however. the Secretary does not recon-
mend. he would suggest ~ meansof meeting
the deficiency the restoration o. moderate
duty on tea and coffee. and the levy
ing ~ an snscrnai tax upon manufactures u
opium. as hereinafter more fnlly stated.
With view 10 promote economy. the Sec
Rotary ventures IL suggest for the consid-
crafiOn Of both Houses u permanent ORGAN
ixation ~ an Appropriations Committee
for each House. who shall have leave - ST
during the recess. with pOwerto send for per
sons and papers. ana ~ examine All cNpcndi-
lures Of the Government. that rules bc adopt
"a in the respective Houses limiting Appro-
prIatiun bills 10 items " appropriation. and
excluding legislative provisions. that AZ ap-
preparations except for the interest OF the
public debt. be limited to period not exceed
strictly confined 70 the period of time Tor
which they are appropriated. and that all per
nancnt and indefinite approprlniions made
moro than four years ago, except That Tor the
public debt. be repealed
s.-aUMrIION.
At the date Of my LAST annual report d.
cemher =. ISIS. tho preparation Tor fhe re-
sumption ~ specie payments provided fnr by
the act approved January Ia. $50. had been
substantially completed On the lst day of
January. lSsp-thc day fixed Tor the rcsurlp-
ti0n of specie pay incnts--fhc reserve Cf coin
over and above All mafurtd liabilities WAS
SIJkssls. 500. Previous ~ that time. in view
of resumption. United states notes and coin
were freely received and paid in private hiisi-
ness a. equivalents Actual resumption COM
mcnccd ~ the time fxed ~ law. without any
material demand for coin and without disturb
ancc 20 public or private business. NJ dis
flncfiOn has been made since that time be-
tween coin ana United states notes IN the cor
principal or interest Of the public debt. The
great body Of coin indebtedness has been paid
la United STATES notes at the request ~
creditors The total amount Of United states
NOES presented fDr redemption frnm January
! 20 November !. ie1p. was f.b1S. But IT.
tie coin has been demanded IN me coin lial'li-
titles ~ the Government dnring tho same
period. Though tho amount nccruing eNcrc IN
<tu.sD.WO. Meantime coin wAA freely rti
into the Treasury and gold bullion was dci,1S-
ited Ia the Assay Office and paid ier III tnifc1
states notes. The aggregate gold and silver
coin and bullion la the Treasury increased
during that period from <lrs.f,s 80. ~ 70 $500
i.sia5s1.. and tnc MT balance ~ Aiinile fnr ~
sumption Increased from tiSl,3f.Nf'l 70
I Sl-2.sss. 1rh.sS. In accordance with tho p9si-
tiun taken in the last annual report. United
states notes have bcen received since
imports. II meet the local demand fpr
Z coin. IN places other tEan New York
city. persons applying hare been paid silver
cCin Tor United states notes, the coin being
delivered 10 fhrm IN established express lines
free 81 expense and fNr some Time F9la ANA
silver cDiIs has hcen freely piid out ~ The
sus-freasurics upon current obligations ~
the Government. There has hcrn. however.
bui little drnand fur cOn. and United
states notes ana thr circulating notes n, Mr.
tionAl Banks have been received ani paid out
AZ par with coin in all husncSs TRANSACTIONS,
public anil private. In All parts ~ the country.
The specie standard thus happily secured. has
given m impetus 70 mll kinds ~ business.
Many industries. greatly depressed since the
panic If ls-k have revived. while Increased
activity has been shown IN AL branches Of
production. trade and commerce.
The reserve fund created hy the Hesump-
ton act could not without further legislation.
he applied 10 the payment ~ clrrcnt apprv-
priafiOns. nor is II 10 lie presumed that Con-
Ercss will omit 20 prov idc ample revenues 20
meet such appropriations. Therefore under
existing laws, the notes received into the
Treasury in exchnrg for coin will always be
coin Or bullion. Any United States notes In
the Treasury may be exchanged for coin
under the authority % section AGO Of the
Revised statutes. When notes cannot be
used nf par for that purpose they must ncccE-
sarIly remain IN the Treasury. To avoid all
gnccrtaintyi ! i RESPECTFULLY rsc ",
ally defined and set apirt for the redemption
o. United States notes, ani thnt the. notes re-
deemed shall only be issued ~ exchange for
or the purchase ~ coin or bullion.
NATIONAL BANKING SYSTEM
The report ~ the Controller ~ tho Currency
xivos complete statistics relative 20 the Nv
fiOnal Banking system from its organization
until me present time. The number OF banks
In operation October ~ the present year, the
date ~ their Last reports, was .O1s. and me
aggregate cepital. $t,f.061.o Ut: surplus, Silt.-
s~.5eS Indisilnal deposits. Ssi3sSs .Ji1. specie,
including nifrd states coin certificates. <i2,-
ITk19l.y3: Iegal-tcnher notes. Including United
state. certificates. SA5.ys3,tfb: ~ loans $500
1ia.iOs. The total circulation outstanding IN
November WAS S3HIsi.fiS. Among The sub
jccts discussed In the report ARE the relations
which have existed between the National
banks and the Government IN the resumption
~ specie payments. and i'm the funding ~ the
puhlic debt. In both ~ these important
financial operations the c.-opcration Of the