The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-12-02

% III internal revenue, SZ,JlJ,JoOot
in premium on loans, 81 1865 ,9i325; in repay
ment of interest by Pacific Railroad Compan-
les, 81 ,340, ,246.69 in profits on coinage 81 234-
1864; and in miscellaneous items, $3.50, ,440-
| 10. There was a decrease of S647 1853. 81, as
follows: In sales of public lands, S154 962.31;
in premiums on sales of coin, S3O8, ,997.9 80; in
semi-annual tax ON banks S115, 5,55264; and in
proceeds of sales of government property, $685.
3il.O7, making the net increasein receipts from
| all sources for the year of SIG, ,063, ,3OJ.76.
The expenditures show an increase over the
previous year of $50 224 731 26, as follows In
the War Department. 1921 51288; in the lnte-
rior Department, SS,561 ,292.1 Indians, $780,
S2S, ,S07; and pensions, 81 1854 463 81; in interest
on the public debt, S2S27 ,074.35; and in civil
and miscellaneous, S12, ,563, ,S51 92 There was
decrease of 1920, 17i55 in the Navy Depart
ment, making net increase in expenditure of
S29, ,9S3, ,556.73.
The receipts for the quarter ending Sept 30,
were S79,S43,579; estimated receipts for the
remaining three-quarters of the fiscal year,
S20S 156, ,420; expenditures for the quarter
ending Sept 80, $91 6S3, 3S5; estimated expen-
ditures for the remaining three-quarters of the
year, S172 ,S16,614 total receipts, actual and
estimated, $2SS, 900 900; total expenditures,
actual and estimated $26i, 100000, leaving
balance of $2i, 100000 after applying the
balance of the special deposit of U. S. notes
held in the treasury for the redemption of the
fractional currency, amounting to $3.50, ,94,
to the payment of arrears of pensions. The in
creased revenue derived during July, August
fully absorbed by current expenses and the
payment of $16,374 249.60 arrears of pensions
accruing under the act approved January 25th,
1879.
Notwithstanding these unusual demands the
department has been able to purchase and ap-
ply to the sinking fund out of the surplus rev.
enues for October S1n, ,050, 900 per cent. bonds
of 1881 and $616, $50 in per cent. bonds issued
under the act OF March Sd, 1864. The latter is
in excess of the 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 revenue, in ad-
'diton to paying off the balance of arrears of
pensions, will probably enable the department
to apply to the sinking fund account during the
year the sum Of S24 100000.
The revenue of the fiscal year ending June
80, 1881, estimated upon the existing laws, will
be S2SS, 100000 Estimates of expenditures
for the same period received from the several
executive departments are as follows: Legis-
lative, 50, ,954, ,92068; executive, S13,5 0009391;
judicial, $500 800; foreign intercourse, S1,1S5,-
135; military establishment, S29, ,3i9 7947S;
naval establishment, S14, 500, 1875; Indian af-
fairs, 81, ,992, $780, pensions, S32 404 0OO pub
lie works, Treasury Department, So, $50;
War Department, 81 ,557, ,04.42; Navy Depart
ment, $375,000; Interior Department $685.
635.32; Department of Agriculture, S6650; pos
tai SERVICE 81 III ,900 miscellaneous, $17 SOL
52O.75. Permanent annual appropriations: In
terest on the public debt, $3S, SIT ,41O; sink
ing fund, $39, ,S28, ,225.72; refunding, customs,
internal revenue, lands, &C., S5,778,500; col
lecting revenue from customs, $500, 900; mis-
celaneous, $1,776,0O0; total estimated expen-
ditures, including sinking fund, S27S,097 ,364.-
80, or an estimated surplus of 1902 635.61.
Excluding the sinking fund the estimated
expenditures will be S23S, ,269, ,135. showing a
surplus of S49,7 0,S61. The estimates of the
revenue for the next fiscal year are based upon
the assumption that the increased receipts of
the past few months are mainly due to the fill
ing up of wants created by recent depression
rather than by an actual increase OF trade.
These wants being supplied the revenues next
year will probably not be increased beyond the
amount estimated. The estimated expendi-
lures for the same period are based upon the
requirements of the existing law and the neces-
sary appropriations for public works in course
of construction.
The estimated surplus OF 50, ,902, ,635 will prob
ably be exhausted by additional appropriations.
Should Congress increase the appropriations
beyond this limit or repeal or reduce the exist
ing taxes other sources OF revenue must be pro-
vided. Should this course be determined up
on, which, however, the secretary does not
recommend, he would suggest, as means OF
meeting the deficiency the restoration OF a
moderate duty on tea and coffee and the levy
ing of an internal tax upon the manufacturers
of opium.
The Secretary says that it has been impOssi-
BILE to comply with the acts of Congress re-
quiring him to pay per cent. of the entire
debt of each fiscal year owing to the loss OF
revenue caused by the general depression OF
business.
But as the prospects for increased revenue
enlarge with renewed activity in all branches
of industry, it seems proper at this time to urge
the importance of meeting the obligations Gre
ated by these acts. 1t is estimated that S39,-
,225 will be required for this purpose during
the next year. The Secretary says the depart
ment will heartily cooperate with Congress in
the most rigid economy, and says that any APP
preparations beyond those actually demanded
by the necessities of the government will only
impair his ability to carry the laws into effect.
He recommends permanent appropriation
committees of both houses of Congress, who
shall sit during the recess to supervise the ex-
penditures of the government; that rules be
adopted by the respective houses limiting the
appropriation bills to the items OF approprla-
tion and excluding legislative provisions; that
all appropriations except for interest on public
debt be limited to two years and then expendl-
lures be strictly confined to the period OF time
for which they are appropriated, and that all
permanent and indefinite appropriations made
more than four years ago, except that for the
public debt be repealed.
SUCCESS OF RESUMPTION.
The Secretary refers to the success of re-
sumption, and says its consummation has been
followed by a revival of productive industry
unexampled in previous history. He refers to
the different acts to maintain resumption, and
SAYS the reserve fund created by the resump-
tion act could not, without further legislation,
be applied to the payment of current appropri-
ations. Nor is it to be presumed that Congress
will omit to provide ample revenues to meet
such appropriations.
Therefore, under the existing law, the notes
received into the Treasury in exchange Tor
coin, will always be available for the purchase
of or exchange for coin or bulllon-any United
States notes in the Treasury may be exchanged
for coin, under authority of section 300 of Re-
vised Statutes. When the notes cannot be
used at par for that purpose, they must neees-
sarily remain in the Treasury. To avoid all
airtu recommended
that by law the resumption fund be specltlcal-
ly defined and set apart for the redemption OF
U. S. notes, and that the notes redeemed shall
only be issued in exchange for or purchase OF
bullion. The power to SELL bonds should be
preserved for any extraordinary demand, and
the Secretary is of the opinion that the exist
ing law is ample to maintain resumption, even
upon the present volume OF U. 5. notes
In view, however, of the inflow of gold into
the country and the high price of public secu-
rites, it would seem to be a favorable time TO
invest a portion of the sinking fund IN U. ..
notes to be retired and cancelled and IN TINS
way gradually to reduce the maximum of such
notes to the sum of S300,000,CO0, the amount
fixed by the resumption act
LEGAL TENDERS.
He calls the attention of Congress to the
question whether U. S. notes ought still to be
legal tender in the payment of debts. He says
the promissory note of the U United States should
be current money only by being promptly re-
deemed in coin on demand The note of the
United States now received for all public
dues and is carefully limited in amount. 1t is
promptly redeemed on demand and ample re-
serves in coin are provided to give confidence
in and security for such redemption.
With these conditions maintained the United
States note will be readily received and paid
on all demands. While they are maintained
the legal tender clause gives no additional
credit or sanction to the notes. but tends to im-
pair confidence and to create fears OF over
issue.
He recommends the repeal of the legal ten
der clause as to all future contracts. and that
parties be left to stipulate the mode of pay
ment. He refers to the report of mint opera
tions and strongly urges the Importance OF ad-
iusting the coinage rates of gold and silver by
treaties with commercial nations, and until
this can be done of limiting the coinage OF the
silver dollar to such sum as in the opinion OF
Congress would enable the department to read
lily maintain standard dollars of gold and silver
at par with each other.
REFUNDING.
He recounts the success attending the re-
funding of per. cents, the 5-20s and the 10
4Os Thus he says, since Nov. %, 1878, to
-, fIn