The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1880-12-17

Tie Treasury.
| Extracts from the Annual Report Of the
Secretary of the TreasuryJ
The ordinary revenues, from all sources for
| the fiscal year ended June 30. 1850, were $SSS-
5386l0.98.
The ordinary expenditures for the same
period were $a67, 81, 957.78. leaving surplus
revenue Of $8S.Ssa653.20. which, with an
amount drawn from cash balance In Treasury
Of $8,064. l34.2l, making &s3968 Al, was ap-
piled to the redemption of bonds, fractional
currency, loan of 1855 temporary loan. boun.
ty-land scrip, compound interest notes, I'D
notes of 1896. one and two-year notes, and
old demand notes.
The amount due the sinking fund for this
year was 37.S3l. 1856. There was applied
thereto, from the redemption Of bonds and
fractional currency, as shown in the above
statement the sum of $73, 904. 617.41, an excess
Of $35, 912, 1885 over the amount actually re-
Quired for the year.
The requirements of the Sinking-fund law
have been substantially observed, and the
principal of the public debt, less cash in the
Treasury and exclusive of accruing interest,"
has been reduced from 81, Isl, 43l, l.43, its
highest point, which it reached on August 81,
1861 to 81. $50 0s5, 74OS9, on November !. l8S0-a
reduction of $3.50. 4O5, s5O.54.
Compared with the previous fiscal year, the
receipts for 1880 have increased $62 6s9, 4S. q.
The expenditures show an increase over the
previous year OF Sc, l9O, 36O.48.
The act of February Is, 1852, amended by the
act of July II, 1870, providing for sinking
fund for the payment of the public debt, is in
hot
ed since the adoption of the Constitution, OF
regarding public debt as q temporary bur
den, to be paid OF as rapidly as the public in
terests will allow. The provisions of these acts
have been substantially complied with. They
were executed literally, until the panic Of
1873, by largely decreasing the revenues of the
Government, rendered it impossible to meet
their requirements.
REFUNDING.
A large portion $685., $50, 500 of the public
debt becomes payable or redeemable on or be-
fore July l, next.
The Secretary recommends that provision
be made for the issue OF an amount not ex-
ceeding $40J,OtN,OJU of Treasury notes in de-
nominations not less than ten dollars, bearing
interest not exceeding four per cent per an
mum, and running from one to ten years, to
be sold at not less than par, the amount
AoIuA1u8 OuAu8 ally yCUA uOG " CAOOCu
the sinking-tund for that year, and
the proceeds to be applied to the
payment of five and six per cent. bonds, ma
turing in 1881. 1t is also recommended that
authority be given to sell at par an amount not
exceeding $4OO,OUO,OOO of bonds of the charac-
ter and description OF the four per cent. bonds
of the United States now outstanding, but
bearing a rate of interest not exceeding three
and siXty-five One-hundI edths per cent. per
annum and redeemable at the pleasure of the
United States after fifteen years, the proceeds
to be applied to the payment Of bonds re-
deemable on or before July ], 1851.
RESUMPTION.
Nothing has occurred since my last annual
report to disturb or embarrass the easy main
tenance of specie payments. United States
notes are readily taken at par with coin i'll all
parts of this country and in the chief COM
mercial marts of the world. The balance OF
coin in the Treasury available for their re-
demptiOn on the first day of November last
was $l4l ,597, 0l3.6l, and the average during
the year has not materially varied from that
sum. The only noticeable change in the re-
serve is the gradual increase OF silver coin
caused by the coinage of the silver dollar and
the redemption of fractional silver coin.
The amount OF notes presented tor redemp-
was $7O6, 65S. The amount of coin or bullion
deposited in the Treasury, assay Office, and the
minis, during the same period was ST, 396. 535-
81. These deposits have usually been paid for
in coin, through the clearing house, but at
times, when the currency in the Treasury
would allow, and at the request of the deposit
ors, they have been paid for in United States
notes and silver certificates. GOld.coin now
enters largely into general circulation. The
total coin in the Treasury, at the close of bust
ness, November ], was $218, 71O, l54, of which
$l4l, 59, 013.61 constituted the reserve fund for
above stated.
UNITED STATES NOTES.
United States notes are now, in form, secu-
dunn known. The objection is made that they
not the business of the Government to furnish
paper money, but only to coin money. The
answer is, that the Government had to borrow
money, and is still in debt. The United States
note, to the extent that it is willingly taken
by the people, and can, beyond question, be
maintained at par in coin, is the
least burdensOme form of debt. The
loss of interest in maintaining
the resumptiOn-fund, and the cost OF printing
and engraving the present amount OF United
States notes, are less than Onehalf the interest
on an equal sum of four per cent bonds. The
OF annual interest, and secures a safe and con-
venient medium of exchange, and has the
assurance that sufficient reserve in coin
will be retained in the Treasury beyond the |
temptation of diminution. such as always
h. ILL