The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-12-11
REPORT OF THE SECRETARY OF
THE TREASURY.

THE TkEASUkI.
The Secretary, after introductory remarks,
,ays: The amount due the sinking fund for the
year was $50, 955, 604.63, leaving . deficiency
on this account of $50, 076, 3o3.7 40. After apply
the balance of the special deposit OF United
States notes held in the Treasury for redemption
the fractional currency, amounting to S.
S75, 934, to the payment Of arrears OF pensions,
rs directed in section 8 Of the act approved
June q, 1879, the increased revenue derived
during the months of July, August, and Sep
of the present fiscal year, was fully
by current expenses, and the pay
ment Of 81, 637 400 Of arrears Of pensions 40
cruing under the act approved January 70,
1879. Notwithstanding the unusual demands
the department has been able to purchase and
APPLY TO THE SINKING FUND,
out of the surplus revenues of the month OF
October, SO, $50 90, 6 per cent. bonds OF 1881,
and $3.50, $50 in s per cent. bonds, issued under
the act Of March 8, 1854. The latter is the ex-
cess of redemption of these bonds, oyer-issues Of
the 4 per cents. under the ~refunding acts, and
unless unexpected appropriations, available for
expenditure within this year, are made by
Congress, the surplus revenues, in addition to
paying of the balance of arrears Of pensions,
will probably enable the department to apply
to the sinking fund account during the year the
sum Of $40, 000, 000. The revenues of the fiscal
year ending June 80, 1881, estimated upon az
listing laws, will be $2Ss ,000, 900. The esti-
mates of expenditures for the same period re-
ceiyed from the several executive departments
are $278, 097, S64.39, or an estimated surplus of
So, 902, 635.61.
Excluding the sinking fund, the estimated
expenditures will be $685., 26e, 1857, showinga
surplus of $49, 736, S61.33. The estimated ex-
napd;furoa ara ho sad upop The ranuiramAnts nf
the existing law, and the necessary appropria-
ton for the public works in course of construc-
ton. The estimated surplus of So, 90, 635.61
will probably be exhausted by additional ap-
preparations. Should Congress increase the
appropriations beyond the limit, or repeal or
reduce existing taxes, other sources Of revenue
must be provided. Should this course be deter
mined ~upon-which, however, the Secretary
does not recommend-he would suggest, as Q
means of meeting the deficiency, the ~restora-
ton Of
MODERATE DUTY On TEA AND COFFEE,
and the levying of an internal tax upon manu-
features Of opium, as hereinafter more fully
stated. With q view to promote economy, the
Secretary ventures to suggest for the consider
ton of the respective houses, q permanent or
ganization Of an Appropriation Committee foi
each house, who shall have leave to sit during
the recess, with power to send for persons and
papers, and to examine all expenditures of the
government; that rules be adopted by the re-
spectiye houses limiting appropriation bills to
items Of appropriation, and excluding legisla-
tive provisions that all appropriations except
for the interest of the public debt, be limited to
a period not exceeding two years, and that this
expenditure be strictly confined to the period
of time for which they are appropriated, and
that all permanent and indefinite appropria-
lions made more than four years ago, except
that for the public debt, be repealed. At the
date of my annual report, December 2, 1878,
the preparation for the resumption Of specie
payments provided for by the act approved
January IA, 1875, had been substantially COM
pleted. On the LIST day of January, 1879, the
day fixed for the
RESUMPTION OF SPECIE PAYMENTS,
the reserve of coin, over and above all matured
liabilities, was $133, sos, S04. so. Previous. to
that time, in view of the resumption, United
States notes and coin were freely received and
paid in private business as equivalents. Ac-
tual resumption commenced at the time fixed
by law, without any,material demand for coin
and without disturbance to public or private
business. =
THE RESERVE FUND
created by the resumption act could not, with.
out furthe err legislation, be applied to the pay.
ment Of current appropriations, nor is it to b
presumed that Congress will omit to provide
ample reserve to meet such appropriations,
therefore, under the existing law, the notes
received in the Treasury in exchange for coir
will always be available for the purchase of an
exchange for coin or bullion. Any United
States notes in tho Treasury may be exchanged
for coin, under the authority of section 3,70(
of the revised statutes. When notes cannot b,
used at par for that purpose they must neces.
sarily remain in the Treasury.
To avoid all uncertainty it is respectfully
recommended that by law the resumption func
be specifically defined and set apart for tn,
redemption of United States notes, and tina
the notes redeemed shall only be issued il
exchange for or in purchase of coin or bull
lion.
the report Of the Controller of the Currency
gives complete statistics relative to the
NATIONAL BANKING SYSTEM
from its organization until the present time
The number of banks in operation since Octo.
Der 2, of the present year, the date of thei
last report, was 2,048, and the aggregate CAPT
tai was $454, 067 1856 surplus, STA, 7S6, 52s
individual deposits, $719,737 ,56s specie, in,
Guiding United States coin certificates, $42,
173,731.23; legal tender notes, including
United States certificates, $95, 937 ,446 loahs
$S26, OIL, l07. The total circulation outstand
ing on November ! was 1881, 1s1 ,418. Among
the subjects discussed in the report are the re
1ations which have existed between nationa
banks and the Government in the resumption
of specie payments, and in the funding Of tn,
public debt. In both of these important Imam
cial operations the cooperation of the nationa
banks has been of essential service to the Gov
eminent.
TEE DISBURSEMENT FOR COLLECTING
the revenues from customs for expenses IN
CURED within the following fiscal years, hav
been as follows:
1877 :. Ss Soi, 27s 81 inerea.
1877. $685. 67 81 tncreas
lS79.-~-.-".....---.-.--. b,4S5.7T9 W
This shows q reduction for 1878 over 1877
of SIS, 392. 25, and o reduction for 1879 owe
| 1873, of over $40, zoos. 29, making a total savinl
for. the two years of $818, 500. "a. A marke
improvement has also occurred during the pas
year in the collection of the revenue from Gus
toms.
The revenue, under the I'D palorem system
has fallen short Of the amount which SHOULD
have been collected upon a proper assessment
of the real foreign market value. This wa
due to a system Of naturalization in the en-
tries at the Custom House, especially upol
bonds consigned for foreign manufacturers t
agents in the United States.
The total tonnage of vessels of the Unite
States at the close of the fiscal year endin
June 80, 1879, was 3,16s,600 tons. 1t is
grave
QUESTION OF PUBLIO POLICY.
whether the period has not arrived when tn
unlimited right Of purchase, as under the Eng
lish statutes, should be extended to vessels o
well as to other commodities, and whel
admission to American registry upon the pay
ment of duties should be allowed them npo
importations. The recovery of our old positio
in the carrying trade will more than counter
balance any disadvantage likely to ensue fror
q modification of restrictions upon the right e
purchase, while a moderate duty on ships i'm
ported will enable our shipbuilders to compel
successfully in the construction Of iron vessel
Of the largest class.
Six Miles to School.
One of Dickens characters, Mari
Tapley, was noted for being jolly unde,
difficulties. How many school-boyI
would initiate the remarkable Mark ant
be jolly if they had to walk six miles t.
school and back every day? Yet Si
Titus Salt, the founder of the mode
manufacturing town, Saltaire, used t,
do IL when a how al @ wears.