The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1880-12-09
Total ordinary expenditures. $267, ,642, !,
Leaving surplus revenue of. q 5,0S3. .65S 20
Which, with an amount drawn
from cash balance in treas

Total. .............. .$73. 96S OS7 III
The amount due the sinking fund for this
year was 337 7.93l, ,643.55. Thero was applied
thereto the sum of $7s,904, ,6l7.41, being
$35, ,9S2, ,97286, An excess of the actual
requirements for the year.
The aggregate of revenues from ali sources
during the fiscal year ended June so, 1880. vss
1888 626 6lO. 9S, "a increase over the proceeding
year of $50 699, ,426. 80. The receipts thus far
of the current year together with the estimated
receipts for the remainder of the year, amount
to $S30, 600 QUO, which will be sufficient to meet
tho estimated expenditures Of the year. and
leave surplus of @9O, ,000, 900.
It ia fortunate that this large surplus of rev.
enues occurs at period when it may be ap-
piled to the payment OF the public debt soon
redeemsble. No public duty has heen more
constantly cherished in the United States than
the policy Of paying the natiou's debt as rapid
y as possible. The debt Of the United
States, less cash in the treasury. and exclusive
Of accrning interest. attained it's maximum of
a. 756 431 ,571 49 in August, 1855, and has since
been reduced to 81, $50, ,O25 74O. SO, the princi.
pal of the debt; $l08 Isl, 100 has been raid
eiace March l.t. 1877: effeciins an annual sav-
1nS TSs Sa,dss nix It ats;s.. b.. millions: :::
been diminished by the sale of bonds bearing
. low rate of intereat, and the application Of
the proceeds in redemption of bonds bearing
. higher rate. The annual saving thus se-
cured since March LIST, 1877, is $l4, ,290, ,463 50.
Within abort period over six hundred mil
lions Of five and six per cent. bonds will be-
come redeemable. This presents very favor
able opportunity not only to reduce tho prin-
clpsl of the debt, but alse to reduce the rate of
interest on that which will remain unpaid
call the attention of Compress to the views
EXPRESSED on this subject by the secretary of
the treasury in his annual report, and recon-
mend prom0t legislation to enable the treasury
debt which il about to mature.
The continuance of specie payment has not
been interrupted or endangered since tho date
OF resumption. 1t has contributed greatly to
the revival of business aud to our remark able
prosperity. The fears that precededed and &C.
oompanied resumption have proved ground
lets. No considerable amount Of United States
notes have been presented for redemption,
while very large Gums of gold bullion, both
domestic and imported, are taken to the mints
and exchanged for coin or notes. The increase
OF coin and bullion in the United States since
January lst, 1879, is estimated at o227 500, ,428.
There are still in existence, uuoonceled.
$346, ,2Sl, ,O16 of tho United States legal tender
notes. These notes were authorized - war
measure made necessary by the az
States was then engaged. The preservation of
the nations existence required, in The iude-
ment of CoDgrees, an issue of legal tender
paper money. That it served well The purpose
tor which IL waa created, 10 not questioned, but
the employment of the notes ~ paper money
indefinitely, after tho accomplishment of the
object for which they were provided, was not
contemplated by the trainers of the law under
which they WeEo issued. These notes long