San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1879-01-11
Sherp'an's Report.

of in the revenue from the fiscal van,
ending june 3Oth last. Of nearly 70,
0OO.oOo, principally due to the decre.,.
in internal revenue receipts probahl,
caused by congressional agitatiop, !.
the tobacco tax For the present fiscal
year receipts are estimated at 1854 en-
900; expenditures $24S,lOO,OOO. IN.
secretary says every step, in prepaiation
for resumption has been accompsn,aa
with increased business and confiden..
That the accumulation Of coin inste.a
of increasing its price, as was feared nv
many, had steadily reduced its premium
in market. The depressing and.ruip,u,
losses that followed the panic on 1874
had not diminished in 1876 when thu
resumption net passed, but every mes..
ure taken in execution or enforcement
of this act has tended to Tighten these
losses and to reduce the premium on
coin, so that new it is merely nominal
The present condition of our trade, IN.
dustry and commerce will hereafter be
more fully stated. Our ample resources
and the general confidence inspired in
our financial condition seems to Justify
the opinion that we are prepared TO
commence and maintain resumption
from and after the 1st day Of January,
1879, the means and manner being left
largely to the discretion of the secreta.
ry, but from the nature of duty imposed
he must restore coin and bullion when
withdrawn in progress Of redemption
either by sale Of bonds OR use of sur.
plus revenue, or of the notes redeemed
from time to time. Further upon this
report the secretary says the current
receipts from revenues are sufficient to
meet that current expenditure as well
us accrue interest on the public debt
Authority is conferred by the refund.
ing act to redeem the six per cent.
bonds as they become redeemable by
proceeds of the sale of bonds bearing
lower rate OF interest. The United
States notes redeemed under the re.
sumption act are therefore the principal
means providing for the purchase Of
bullion or coin with which to maintain
resumption, but should only be paid
when they can be used to replace an
equal amount of coin Withdrawn from
the resumption fund. They may, it is
true, he used for current purposes like
other money, but when SO nsed their
place is filled by money received from
taxes and other sources of revenue. In
concluding rather lengthy chapter OF
the report upon resumption, the .secre-
tary remarks: The secretary deems it
proper to state that in the meantime, in
the execution OF the law as itnow stands,
he will feel it to be his duty to redeem
all United States notes presented on
and after January LIST, next, at the office
of the assistant treasurer of the United
States, in the city of New York, in sums
of not less than fifty dollars, with either
gold or silver coin as desired by the
holder, but reserving the legal option Of
the government, and to pay out United
States mates for all other demands on
the treasury, except when coin is de-
manded on coin liabilities. 1t is his
duty as the executive officer to frankly
state his, opinions, SO that if he is In
error congress may prescribe such
policy as is best for the public interests
In hope Of popularizing the public
means, the secretary recommends the
passage of law authorizing the depart
ment to issue certificates Of deposit OF
the United States of the denomination
of ten dollars ($l0l, bearing interest az
the rate of 1866 per cent. per annum'
and convertible at any time within one
year after their issue into the four per
cent. bonds authorized by the refund
ing act, and to be issued only in *
change for United States notes sent 70
the treasury by mail or otherwise. Sucn
provisions Of laws, supported by suihtaa-
BILE regulations, would enable any per
son without cost or risk to convert Dis
money into an interest bearing security
of the United States, and money SO IT,
ceiyed could be applied to the redemp