Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-12-05
The Finances.

REPORT OF The SECRETARY OF TIE TREASURY.
The following is an abstract of Secretary
Sherman's report The ordinary revenues,
from all sources, for the fiscal year ending
June 30, 1879, were S213, S27, lS4. 4G and
the ordinary expenditures for the same pc
Rod were S266, 9i7, ss3.53, leaving surplus
revenue of Sc, $40, 300.93, which was applied
to the redemption of United States notes,
etc, Of fractional currency of six per cent
bonds for the sinking fund and TO increase
of cash balance in the treasury. The amount
due the sinking fund for the year was S36, =
955, 604 g. leaving deficiency on this ac-
count of $50, 076, 30S10. The total net in
crease of expenditures over the previous
year was $50, 9S3, 55G.73
The receipts for the quarter ending Sept,
80, were SO, S43 $40 estimated receipts
for the remaining three quarters of the fiscal
year, S20s, l56, 420 total receipts, actual
and estimated, s2ss, coo, 900 total expcndi-
lures, actual and estimated S26i, 600, 900,
leaving a balance Of sci 600, 900 after apply
ing the balance of the special deposit of
United States notes held in the treas
mry for the redemption of the frac-
tional currcnry, amounting to $, 3.5, 93i, to
the payment of arrears of pensions. The i'll
creased revenue derived during July, August
and September of the present fiscal year was
fully absorbed by current expenses and the
payment of 81 ,374, 2i9 60 arrears of pensions
accruing under the act approved January
18th, 1879. Notwithstanding these unusual de
mands the department has been able to pur-
chase and apply TO the sinking fund, out of
the surplus revenues for October, $40, $50. =
900 per cent bonds of 1881 and $3.50, $50 in
per cent bonds issued under the act of
March 3D. 1864. Unless unexpected appro-
priations available for expenditure within
this year are made by Congress, the surplus
revenue, in addition to paying off the bal
ance Of arrears Of pensions, will probably
enable the department to apply to the sink
Ing fund account during the year tho sum Of
S24 900 900
The revenue of the fiscal year ending June
80, 1881, estimated upon the existing laws,
will be S2ss 000, 900 Total estimated cx-
pendturcs, including sinking fund, s2.S,
097, 3G4 80, or an estimated surplus Of 80,
902, G35Gl.
Excluding the sinking fund the estimated
cxpen ditures will be secs, 800, 49,, showing
surplus of $40, go, Sol The estimates of
the revenue for the next fiscal year are based
upon the assumption that the increased re
ceipts of the past few months are mainly due
to the filling up of wants created by II recent
depression rather than by an actual increase
of trade These wants being supplied the
revenues next year will probably not be in
creased beyond the amount estimated The
estimated expenditures for the same period
are based upon the requirements OF the
existing law and the necessary appropria
tons for public works in course Of con
strucion.
The Secretary says that it has been I'M
possible to comply with the acts Of Con
gross requiring him TO pay one per cent of the
entire debt of each fiscal year owing to the
loss of revenue caused by the general depres-
sion Of business But as the prospects for
increased revenue enlarge with renewed ac-