New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-29

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;.,, ,e ..'s i7s5ii5s37 70
Permanent annual apr p'1af'ots
Interest GA the uuhiic oebt 20 $50. y.
FfIr..' CONS ut,ins reveruciaucsGc s.75S,oooo
Coleclrg feN'nuc nom customs 20 nm no
f'"'''' W"
Tosi estimated expenditures. including no. d., %
oren rstratsi saipins 9eO2.65 81
Excluding tue sinaluc fund.- the estimated expenti-
lures will bs S23S 269 1873 o.. showing surplus OF
gf9-3Osci % The estimates OF revenue for the next
fiscal wear are based upon the unntion th1t INC H.
creased receipts during the past few months are aonor-
nal and mainly due 70 the filling MP Of wants created
Il, tc recent Oeuresson rather than By The actual in
creqse efrradc These wants being supplied, the revc-
nnes for the next year probably Will not be ircrensed
beyond the amount estimated. The estimated eXpendi-
lures for the peFiod are based upon the require
rneuts of ex sting and the necessary appropriations
tor pu-ic In Of construction The esti-
mated Surplus of S99O2,G35 81 will probably DO eX-
hausted iy additional appropriations
should Congress increase the appropriations he
youd this limit, or repeal or reduce exist
Ing taxes, other sources OF revenue must DC
provided. should this course ne determined upon,
which however the = cretary does not recommend he
wouid -u-gcst. Us means OF meeting me q, hcleney'
tae restoration ~ moderate duy on tea aud cohee,
81 opium. lercirafter more fully stated.
ATTENTION CALLED To 1HE SINKING FUND ACTS.
The : cretaiy calls the attention o.; Congress. In this
connection the Acts OF February %. 1852. and July
IA $50 requiring the purchase or payment OF one per
of entire debt or the lnltcd states Wuhln
each fiscal wear after the 1st day OF July, 1862 10 be
Set apart a. sinking fund.- and the interest IN like man
ner To be applied the purchase or payment Of The
publc debit a. the Secretary of the Treasury from
time 10 time direct These acts are regarded as
Imposing pou the Secretary the duty of providing for
the Sinking Fnnd out Of the surplus revenues of the
Government II beenimposslble TO comply with th's
requirements during the past few years. owing To the
loss of consequent upon the general depression
az throughout the country. But ~ the pros
poets increased revenues enlarge WIN the renewed
activity all branches Of industry II seems proper NJ
this lime ~ urse the importance OF iheelng ,ne ooh
tons Great nv these acts: lt l. estimated that
sS9s2S 225 - Will be required Tor this purpose uuus
Appr,ciatnr the necessity for united action in TINS
dnec. this Department VIII heartily c.ormlt WIN
Congress the most rieid economy m the puonc *
pcndure> under It's charge and 10 that end the secre
expenditures submitted by tine several Executive Depart
meuts Any appropral"Hs nN , eHo1 ag1 ~ II
only impair the ability OF the Secretary to carry these
with "A view to promote economy the Secretary
suggest for tie consld OF the respective
houses permanent organ z1uoh OF az Appropriations
Committee house, VINO SHAH have leave 10 III
during tae with power 20 send for persons and
inen thai rules be adopted by the respective houses
lion. and exc udng legislative provisions; that
all appTorriaii3ns except Ter ihe incies, 0i , ,ne
years. and that her expenditure be strictly confined to
me PERIOD OIL tie ol v fey Observation-Disclosures nade
more than years ago. except that for the public
debt, oe repeated
RESUMPTION AND INDUSTRY
At the date Of ms annual report December 2. 1873
the preparations for the resumption Of specie payments
provided for by the act approved January IL 1872
had been substantially completed. On the 1st dry Of
January 1879 the day fixed for the resumption Of
specie pavmenfs. the reserve of coin and
above all matured liabilities was Sl33.50s,s sol 80.
Previous 10 that time, in view Of resumption,
United states notes and coin were freely received
and paid IN private business equivalents Actual re-
sumption commenced AT the time fixed by Jaw, without
ANY material demand for CON- and without disturbance
10 public or private business No distinction has hcen
made since that time between coin and United states
notes collection duties, or in the payment OF the
principal OF the public DEBT The great body
OF coin Indebtedness has been paid III Cn T states
amount nU,eu OF United States notes presented for
redemption from January TO November l,
demanded on the coin liabilities Of the Government
during the period though the amount acermngg
into Treasury and gold bullion WIS deposited in The
Assay 0ss ara ng 1d y i%r com and buo in the rea
ury increased during that Pet,oi from Sio' iS
for resumption Increased from s133.50ssO4 90 10
In cco,dance with the position taken In the
nual report United states notes have been received
To meet the local demand for coin IN places other than
NewYork city, person. applying have been paid silver
coin United States notes the coin being delivered to
Them on established express lines free OF expense; ami
for some time gold ana silver con mas peen ireeB pau
out at the several suit re"siieS upon curreu' oOS"
There mas been however hut little demand for coin
National banks have been received and paid at
with coin ia All business transactions, public or pri-
yate IN all parts OF the country.
The specie standard happily secured has given
greatly depressed since panic 1873 have revived,
while Increased activity has been shown IN al branches
Of production. trade ana commerce. Every prepala,
tiOn for resumption was accompanied with Increased
business and confidence and us contamination has been
followed by revival OF productive Industry uheA-
ampled our previous history -. 5000.
II l. mace the duty OF TINS Department TO manten
pon for this purpose in addition TO the Use
OF surplus and the furd for resumption pnt-
poses the secretary l. AUTHORIZED 10 issue sci ana az
pose 81 a. uoi rs sna R IN p MN" IN he Eanan
Act approved July Ia 1870 This act is based upon the
idea that all necessary expenditure OF the Gov
f ,s, iv RE current revenues leaving the surplus
and the reserve iund avaaOie Tor resumnioh
United TO be redecmable on demand ~ com
shall be gradually reduced To the sum Of r3OOOUOOOO
The act approved May 81 ISIS increases the maximum
oil United states notes upon which resumption
Is 10 be maintained 10 the sum OF S346Gsl'Ol6,
the passage Of the act IL also provides
deemed or received the Treasury under any law.
from any source whatever, aud shall belong 10 tue
stroycd but they shall be Iessucd and paid out again
connection with the provision of the Constitution that
sNo money shall be drawn from the Treasury but IN
consequence o. appropriations made by law
Irr reserve fluid created 10y. tie Resumption Act
cuud no. without lnrtncr legislation De applied 20 he
payment o. current appropriations nor j. IL 10 De pre-
sumcd that Congress viii omit TO provide ample feNc-
Bucs 10 meet such approximations Therefore. uuDsrek-
istiuG law, tie notes received INTO the lreSs III N
change coin viii always he "vh.abe for The pnr-
Y
Stat,s notes tie Treasury he exchanges for 60
under The authority ol section 37OO of the Revised
Etatnte- When nOlCs Joe used AZ par Tor hal
purpose they must necessarily remain In the Treasury
A sPICIFIC RESUMPTION FUND RECOMMENDED.
To avoid all uncertainty, IA l. respectfully recon-
ueno ed that by law the resumption fund De speci-
cay defined set apart Tor thr redemption OF United
States notes that the notes redeemed shall ony lee
issued in exchange for purchase " bullion.
The great convenience aud easy transportation
has thus enabled the Treasury to exchange them for
all he .f rsios