Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-01
Excluding the sinking fund, the Estimated
expenditures will be $23s, 1863, 1857 showing
q surplus of $40, 73O, 86l.33.

oAPonvAt 80 en" o. y ~ eno"Ans
surplus OF $49,75o,o6l.53.
SINKING FUND.
The secretary calls the attention of Congress,
in this connection, to the acts Of February 25,
1862, and July IA, 1870, requiring the pur-
tire debt of the United States within each ifs
cal year after the Lat day of July, 1862, to be
set apart as 3 sinking fund, and the interest in
like manner to be applied to the purchase OF
payment of the public debt, as the secretary of
the treasury may, from time to time, direct
The secretary says 1T has been impossible to
comply with this, owing to loss of reveaue,"
but urges legislation for more revenue stating
thus $39, 1925, 225. ~ will be required next year.
With view to promote economy the secre-
tary ventures to suggest, for the consideration
Of the respective Houses permanent orgauiza-
ton of an appropriation committee for each
House, who shall have leave to sit during the
recess, with power to send for persons and pa
pers, and to examine all expenditures of the
government; that rules be adopted by the re-
bpective Houses limiting appropriation bills to
items OF appropriation and excluding legisla-
tive provisions; that all appropriations, ex-
cept for the interest of the public debt, be
limited to period not exceeding two years,
and that their expenditure be strictly confined
to the period of time for which they are ap-
propriated; and that all permanent and indef-
mite appropriations, made more than four
years ago. except that for the public debt, be
repealed. .... .--
RESUMPTION OF SPECIE PAYMENTS
At the date of nv last animal report. De-
,o,ha,o 1879 ~. ,,.,.-o.;o,, e.. ~ -,
-: .
lion OF specie payments ploVloeo 1or py the
act approved January Il. 1875, had teen sub
stant1aliy completed. On the hrst day OF
January, 1919, the Gay nxeo Tor the resumption
OF specie payments. Inc reserve OF coin. over
a no aoove all matured Liabilities was $780,
DUG,
ftevloas 10 tnat Time, IN view OF resumption,
Un1sea states notes ana com were freely re-
So1s:o Anu pau III PtNa'o ousiness a. equiHa-
t1me n1eo o! la"' wltnoat any maternal de-
.n1Io Aor c:hn ano WITHOUT disturbance 10
pubic OF private business. NO olstlnct!on mas
1ecn mage sS since tnat time between coin ana
Oniteu STATES notes IN the co!lectlon OF duties
OF IN tne payment OF Inc principal or interest
Indebtedness has been paid in United States
notes at the request of creditors. The total
| amount OF United States notes presented for
redemption, from January l to November l,
1879, was I'll, 256,678. But little coin has been
demanded on the coin liabilities of the govern
ment during the same period, though the
amount accruing exceeded $500, OOO, OOO Mean
time coin was freely paid into the treasury and
go1o Du!Aon was Qeposlteu IN the assay ofhce
and paid for IN United States notes: The ag-
gregate goo ana SILVER COIN ana puiiion IN the
moE S ancieaseo, curing tnaL perloo, from
IE',ooo' - 10 Szzo' 49, ooo.i1 ana the net
oatance aval!aDle Tor resumption increased
from S133, QUO, oo4.5o to $l52,737, l554o.
In accordance with the position taken IN the
last annual report, United states notes have
oecn received, since January l, last. In pay.
ment OF duties on imports.
10 meet the local demand for CON- in places
other than New York city, persons applying
have been paid silver coin for United States
notes. the coin being delivered to them on es-
| tabllshed express lines free of expense; and
for some time gold and silver coin has been
freely paid out at the several sub-tressuries
upon current obligations of the government.
There has been, however. but little demand for
coin, and United States notes and the circu-
| lating notes OF national banks have been re-
ceived and paid out at par with coin in all bus
| mess transactions, public or private. in all
parts OF the country.
Inc specie ssanoato' mus naPpl!y secured
mas gwen an s. 10 al hlnns OF business.
MANY 1nou n1a sreatly aepresseo since the
| panic OF lo'5, nave reViveo, WINE increased
actlvity mas peen SHOWN IN all branches OF pro-
| ouctlon' tlaoe ana commerce. Every prepare
tlon LOT lesum p'lon was assSomPanle9 WIN IN
cleaseu business anu e e1hnuence, anu .Is con
summatloh nss peeh 1oilo"e1 1y revival OF
preductl INDUSTRY uneAainpieo III our preVl-
GUS history.
!ae secretary 10 oI tne opinion tnaS me pro-
VISIONS OF existlng laws are ample TO enable the
department. 10 ma1ntaln Iesumft1on even upon
the present volume OF United States notes;
IN Vle"' however, OF tne large lnnow OF goid
INTO me country anu tne nlgn ptise OF PUBIC
secuies, IL "o!u sem ~ w NC lavoraDe s'9e
70 !nVest portlon oA 'ne SINGING 1uno IN
oni'So o1".es Hoses, " We i1.neu Hnu can-
celeu a'o a. tuis WY s.auuHy u ieeu Sec Sre
ona nan ~ VI u.u 4o go ~ sue -. 1u VI POW,
o oot 'Ao "''''0-'' 'N'0 ~ VIZ p''on
''0 NJ. ..e.,,,., all. ...:
A1e secle.aly ieapeoIlu.:y ealts .ne ATTENTION
OF congress 10 tne q1estlpn waetner oniteo
nSates noses SUI nv e 20 senuel ~
tne aynen. VI uepts Iue po~ei " oonsless u
naAe suont SUN "os "sset oS1 ~ Ounslceo uui
1us 'n1 M ~"A' GU We "pI ~ w: euPle"e
coure' ane power 10 release 'aem IN '!me . OF
Peaee' ai'e: 'u1y aie on'e 900 IS sun
coh S ~ Sas oouio' 49,. w LOU, vni!
son nnu ;taset were S;n;Sr.,. oa tTa
was oepoeA':o Dy PiA'a'o !nu.v.uu"1s IL LUG
minus anu coineu III conseniehe Iorms anu oe-
Ngns' 1no'cAtns "eAsa1 anu Aneness' Tapef
money Is promise 70 pay suen coin. no con-
sttntlonal oo(ection Is Ialseu against tne issue
"a LUIS t nv ocs !n.eeS " VIC ~ mT a. a
P.'. POI - w. ~. ":s e lug NC uA
UoJee'lon W VIC eIsu " paP1l m"ney ny
:ne so'ernMt sIow: ouS u :ne senues
0i"unS' io1 "I.uouS III: JUG ol.e. o'D'ce no.e
Mouia DC measaleo py IT'S convenlence IN use
les satesy' ano us plonpe leoempt1on: ~ wAl'
-:L...L:-s-to, --...I...-:I :.-I1
saaea .nn. 49, !.opy "ue ~ :ouu
eeo.1 sno' u.iluH pe0.e, onu' ospeoiai1y'
curing times OF prosperity ana surplus rev.
enne, me promissory note OF tne onlted states
ouRnt 10 stano IKE any otuet PIomissofy note' IL
should be current money only by being prompt
y redeemed In coin on demand. The note OF the
Onlted Scates Is now received 1or all punnc
dues, 1t Is carefully Limited In amount 1t Is
promptly reoeemeo on aemano' ana ample re-
serves IN coin are ProVlded 10 give commence
IN ana security 1or sucn redemption; win
tnese conaltlons ma!nuanea Inc united states
no nH's WI ne W reauy received anu pau . on
49,, a. Iemsass "ni'e lucy sie La:.;i SGe
lesai-te!uef clauso yves ~ "uul15ona1 cteu!1
ssacIion 70 .ne notes. ou' tenus 10 mpaI
oun1uonoe anu .. W .sa. W 49,
Wouu ee., .ue &c oS sus,: NY :. :nu uu 's
and ohiect;onahle aesortion of nower wh;cb
Congress might now repeal on the ground of
expediency alone. When it is considered that
us constltu!lonanty Is seriously contesteo, ana
ohn.a - ,,,arIa Low 1890. 80 ~ ,s,;s ~ ~
5rs'u 80 oSoro;oa ~ saah - ro.oSaan;.a =,
1.'" w ~ IAs...s: y. suon 80 :. -
leselve w w aeain iesol.eu W III sucl pc Ioco
nv war or grase emgncy Is S sneu - 100
Aue 9ose:nmel. ue!txes gu auvan.aso ~ clr'