The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-12-01
Last Nights Dispatches.
secretary snerman,s Report.

NEW YORK, Nov. 28.-The Tribune
publishes Secretary Sherman's report in
full. The following are the principal points
of the report of Secretary Sherman; The
ordinary revenues from all sources for the
fiscal year ending June 80 were $273 827 :
l84. 46. The ordinary expenditures for
the same period were $266. .947 1888 SO,
leaving a surplus revenue OF S6,879, 800 SO.
The amount due the sinking fund for the
year was $36, ,955. GOA 63. leaving a defici-
ency of this amount of 0,O76. 3O3 70.
After applying the balance of the special
43 per cent United States notes held in
the treasury for the redemption of frac-
tional currency, amounting to $8, 375. 934
to the payment of arrears OF pensions, as
directed in section 3 OF the act approved
June q, 1879, the increased revenue
derived during the months of July, Au-
gust, and September of the present year,
was frly observed by current expenses,
and the payment of SIC. 374.60 arrears of
pensions, accruing under the act approved
Jan. 25, 1879, Notwithstanding the unusual
demands. the department has been able to
purchase and apply to the sinking fund,
out OF the surplus revenues for the month
of October, $l0,050,00 in 6 per cent bonds
of 1881; and $67G, $50 in per cent bonds
issued under the act OF March 3, 1864
The latter is the excess OF redemption. OF
these bonds over issues of per cents
under the refunding acts, and, unless
unexpected appropriations, available for
expenditure within this year are made by
congress. the surplus revenues. in addition
to paying off the balance of pensions, will
probably enable the department to apply
to the sinking fund account during the
year the sum of $20,000.000 The reven-
ues Of the fiscal year ending June 80.
1851, estimated upon existing laws, will
be S2SS. 100000. The estimates OF ex-
pendltures tor the same period, received
from the several executive departments,
are $27S,097, ,364 SO, or an estimated surp-
lus of 50, 902 635 81.
Excluding the sinking fund the esti-
mated expenditures will be S23S, 269,-
l35 81, showing the surplus OF $40. $780,
S6l.33 The estimated expenditures are
based upon the requirements of existing
law and the necessary appropriations for
public works IN course of construction.
The estimai ed surplus of $4,000 635 6I
will probably be exhausted by additional
appropriatlOUs. Should Congress increase
the appropriations beyond this limit. or
repeal or reduce existing taxes, other
sources OF revenue must be provided.
Should this course be determined upon,
which, however, the Secretary does not re-
commend, he would suggest as means Of
meeting the deficiency the restoration of
moderate duty on tea aud coffee, and the
levylug OF an internal tax upon manufac'
turres of opium, as hereinaf er more fully
stated. With u view 10 promote ecou0-
my, the Secretary ventures 10 suggest
for the consideration OF both Houses
permanent organization of an appropria
e., frr naal1 h :
have leave to sit during the recess, with
power to send for persons and papers,
and to examine all expenditures of the
Government; that rules be adopted in the
respective Houses limiting appropriation
bills to items o. appropriation, and exclud-
ing legislative provisions; that all appTo-
prlations, except tor the interest of the
public debt. be limited to a period not
exceeding two years, and that their eX
penditure be strictly confined to the period
OF time for which they are appropriated,
and that all permanent ana IndefnIte-ap
preparations made more than four yeaIs
ago, except that for the public debt. be
repealed.
At the date of my annual report, Dec.
|, 1873, the preparation for the resump-
tion of specie payments, provided tor by
the act approved Jan. 10 1875. had been
substantially completed. On the lst day
of January. 1879 the day fixed for the
resumption OF specie payments the reserve
OF cola over and above all matured llabIll-
ties was $I33,5O8, ,S04.50. Previous to
that time, In view Of resumption, United
States Dutes and coin were freely received
and paid iu private business equiva-
lents. Actual resumption commence at
the time fixed by law, without any material
demand for coin and without disturbance
to public or private business.
| The reserve fund created by the re
sumption act could not, without further
| legislation, be applied to the payment Of
current appropriations; nor Is 1t to be
presumed that Congress will omit to pro-
vide ample revenues to meet such appro-
priations. Therefore, under existing laws,
the notes received into the Treasury in
exchange for coin will always be available
| for the purpose of or exchange tor coin or
bullion. tADy Uuited States notes in the
Treasury may be exchanged for coin under
the authority of Section 300 of the Re-
vised Statutes. When 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
and that the potes redeemed shall only be
issued 10 exchange for or the purchase OF
coin or bullion.
/ The report of the Comptroller of the
Currency gives complete statistics relative
TO the National banking system from its
Organization until the present time. The
number of banks in operation Oct. 2 OF
the present year, the date of their last
reports, was 2.048. and the aggregate cap
ital, $454 OCT, 265; surplus, l14.7S6, ,52o;
individual deposits, $719,737 500: specie,
Including United States coin certificates
S42,l73, 73l %; legal tender notes, IN
Guiding United States certificates. $685.
, 973, 446; as loans, 1896, ,O13, ,Io7. The
total circulation outstanding on Nov.
was $685., ,l71.4lS. Among the subjects
discussed in the report are the relations
which have existed between the National
banks and the Government in the resump
ton of specie payments, and ln the fund.
log Of the public debt. In both Of these
|. Important financial operations the CO.
operation of the National banks has been
of essential service TO the Government
The disbursements for collecting the
revenue from customs for expenses incurred
within the following fiscal years have been al
follows: 1877 Sc, ,304. .259. ST; 1878. $5,525
$50. 50: 1879, $5,485, ,779 03. This shows
reduction for 1878 over 1877 OF S78, 392 20
and reduction tor 1879 over 1878 of $40,
} OeS, %.
! A marked Improvement has also occur
! red during the past year in the collectio