American citizen. [volume] (Canton, Miss.) 1864-1890, 1879-12-06
Annual Report OF Secretary Sherman.
The following are the principal
points of the report of Secretary Sher-

| Annual Ittppit VI bhth MAJ,
The following are the principa
points of the report of Secretary Sher
man:
The ordinary revenues from all sources fo
the fiscal year ending June 30 were :.13,S'i
period were s266,a4. ,sSI53, leaving surplu
| revenue of S6SI9,a0l.1. The amount due IN
sinking fund for, the year was S;H aol-G 4 4
| 3B.D- Alter applying the baiHiicC of tn
special four and a half per cent. United state
| notes held in the Treasury for the rcdemptto
| of fractional currency, amounting to SS,}lj
G4, to the payment of arrears of pensions Il
directed in Section of the act approved Jun
81, 1872, the increased revenue derived durin
the months of July, August and Septembe
of the present year was fully absorbe
OF sI6.Yft.Gn arrears of pensions, nccrr
ing under The act approved obituary 4
the DepaI5ment has been ah'G to purchase an
| apply to tie Sinking fund. out of the surplI
| revenues for The month of October, Sl0.o5O,OO
| six per cent. bonds of 1881; and s616,0jO in fiv
| per cent. bonds issued under the act of Marc
g. 1864. The latter is1hc excess of redemption
under the Refundng acts, and, unless unca
| pccted appropriations, available for cxpcndi
| t,Ire within this year, are made by Congress
| the surplus revenues, i'll addition to paying OF
ably eniible the department to Apply to tn
sinking fund account dtlrng the year the sun
of S.0,C01CU).
Therevenues of the fiscal year ending Jun
| 80. 1881. estimated upon existing laws, will b
s:.ss 10000: The estimates of expenditure
Executive bepartmeh,s. ire, SIS o., ssI.5s, 0
/ an estimated surplus of 1913 Og,66.6l.
| Excluding the sinking fund, the estimate
| expenditures will be S23S ,269, l.: $50, showing
surplus of $40. s6l.S3. The estimated ea
penditurcs are based upon the requirement
| of existing law and the necessary appropria
| tons for public works in course of construction
The eStimat ed surplus of $500, 6S6l will proba
bly, be exhausted by additional appropriations
Shot1ld Congress increase the appropriation
beyond this limit; or repeal of reduce existin
| taxes, other sources of rctenue must be pre-
tided. shoiild this eoursc be determined upon
which, however, this Secretary does not recon
| mend, he would suggest as means of meeting
the deficiency the restoration of a moderat
duty on tea and coffeei and the levy
| opium; rs hereinafter more fully stated
| With view to promote economy, the Sec
rotary ventures to suggest for the consd
| GRAFTON of both Houses permanent organ
ization of an Approximations COMMITTEE.
for each HOUSE, who ,. shall hate Leave to 81
| sons and papers, aid to eaainine all cxpend
lures of the Government; that rules be adopt
! ed in the respective Houses limiting Appro
pration bills to items of appropriation, am
excluding Legislative provisions; that all ar
preparations, except for the interest of tn
| public debt, be limited to period not exceed
| ing two years, and that their expenditure b.
strictly confined to the period of time TO
which they are appropriated, and that all per
mancnt and indefinite appropriations mad
more than f9tr years age, except that for thu
public debt, be rebeaied-
| RESUMPTION.
At the dAtA of my last annual report, Dt
! eember q, 1873 the preparation for the r
sumption of specie payments provided for D
substantially completed. On the 1st day c
January, 1S79-thc day fixed for the rcsumI
ton of specie payments-the reserve OF col
| S133, 5OS, sUl.5 Previous to that time, in v1e
| Of resumption, United States notes and col
ness as canivalcnts. Actual resumption CON
menced Mt the tirpe tixed by law, without an
ance to public OF private biisinGss: No di
tinction has been made since that time bt
tween coin and United States notes in the co
principal or interest of the public debt Tn
| great body of coin Indebtedness has been pal
in United States notes at the request {
| creditors. The total amount of United State
| notes presented for redemption from Januar
| to November 1, 1879, was su ,255.61s. But ~
| tties of the Government during the sam
period, though the amount accrliing cxceefe
kGoO,0e,Q0o Meantime coin WIS freely pal
| into the Treasury, and gold bullion was dcpO
States notes. The aggregate gold and siive
during hat period from $l67 SIS, 7;4 10 to $.s,,5
81, 55s.12. and the net balance available for n
| sumption increased from SlS3 ,5oSSH59 :
ton taken in the last annual report. Unite
/ States notes have been received sine
Imports. To meet the local demand fo
! eoin, i'll places other than New Yorl
city, persons applying have been paid s SaIn
| delivered to them on established express line
free of expense, and for some time gold an
silver coin has been freely paid out mt tn
suI-treasIIrics upon current obligations G
the Government. There has been, however
but little demand for coin, and Unite
States notes and the circulating notes of M
tionai Banks have been received and paid on
at par with coin in all business transaction:
| public and private, In all parts of the country
The specie standard thus happily secured, ha
given ali impetus to all kinds of bushes.
Many Industries, greatly depressed since tn
| panic of 1873, have revived, while increase
| activity has been shown in all branches Q
production, trade and commerce..
tion act could not, without further Legislation
bs applied to the payment of Current appro
priatons; nor is it to be presumed that Cor
| gress will omit to provide ample revenues t
meet such appropriate ns. Therefore, undo
existing laws, the notes received into tn
| Treasury in exchange for coin will always b
available for the purchase of or exchange TO
coin or bullion. Any United States notes
the Treasury may be exchanged for col
Revised Statutes. When notes cannot b
used at par for that purpose they must nece'
sariy remain in the Treasury. To avoid a
uncertainty, 1t Is respectfully recommends
TINT by law the resumption fund be specific
| ally defined and SGT apart for the redemption
| dectned shall only be issued iii exchange 70
or the purchase of coin or bullion.
| NATIONAL BANKING SYSTEM.
| The report of the Controller of the Currenc
| gives complete statistics relative to the Nj
| tiOnal banking system from ITS organlzatlO
until the present time. The number of bank
in operation October 2 of the present year, tn
| date of their last reports, was 2,OiS, and tn
aggregate capital, s45i, ,a65: surplus, STA
7sd5.s; Individual deposits, 1918, 137 $50; speci,
| including United States coin certificates, Si2
173. 81 23; legal-terder notes, including Unite
| 0I3.10 The total circulation outstanding o
November was $3H,111,4ls. Among the sui
| jects discussed in the report are the relation
which have existed between the Nations
| banks and the Government in the resumptio
| of specie payments, and in the funding of tn
public debt. In both of these importan
| National banks has been of essential servic
| to the Government.
The disbursements for collecting the revs
nue. from customs for expenses incurred will
| in the following fiscal years have been AS TO
| lows: 1877 Sj34 2195T; 1873 So 525, 1879; 1877!
5,4s5, 770.G3 This shows reduction for 1877
over 1877 of SITS 492, %, and reduction for 49,
| over 1878 of S40,00s2g.
| A marked Improvement has also occurre
during the past year in the collection of tn
revenue from customs. The revenue, undo
| the ad valorem system, has fallen short Of tn
amount which should have been collecte
upon a proper assessment of the real fOreig
| market value. This was due to system c
undervaluations in the entries ut the Custom
| Houses, especially upon bonds consigned b
foreign manufacturers to agents in the Unite
| States.
| OUR MERCHANT MARINE.
| The total tonnage of vessels of the Unite
| States at the close of the fiscal year ended Jun
| 30, 1879, was 4,le9.6OO tons. 1t is Al grave quc
| ton of public policy whether the period ha
| not arrived when the unlimited right of pu
| chase, as under the English statutes, should b
| extended to vessels as well as to other con
modtics, and when admission to America
registry upon the payment of duties should
| allowed them upon importations. The reco,
| cry of our old position I'm the carrying trad
| will more than counterbalance any diSaGyai
| tagc likely to ensue upon a modification {
| restrictions upon the right of purchase, Will
| a modcr:tc duty upon ships imported will eI
obi hi nh