Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1880-12-16
Report of the Secretary of the
Treasury.

We have received copy OF the
annual report of the Secretary IF
the Treasury, of the ate of the
public finances for The year 1880.
The cutgivings of document of
so much importance " II be H., ked
for with Interest, as showing where
the money comes from and whe, g
it goes to. We therefore propose
10 give ful. synopsis of the con
tents Of the document.
The ordinary receipts of the
government tor the year ending
June 80. 1880, were 1898 529,GlO.-
80 of which sun $iS6, ,522, ,u64. go
were oef from customs and
Sl24 .009,373 90 from internal rev.
enue-tEe remainder being re-
ceived from va:ious sources.
TIE total expenditures were
S267 ,642, ,957 IS. the largest items
of which were S26,777,174 A Tor
pensions, S3S, ,l16.9l6 % for mill
tarv establishment. SI3.536,9S4 :
IA for navy, $oa.757,415.1l Tor Iu-
terest on public deb &34, 535 69l.
90 for miscellaneous expenditures
leaving a surplus in t,easury Of
S65,SS3;653. This was applied to
the redemption af bonds for the
sinking fcud, &c. Compared with
the previous fiscal year the re-
ceipts for 1850 Increased S62 629..
43S.23, malplv from Gust, MS and
lDte'pal revenue, ana he expenGi
tures over the pre,ionS year We're
something over $4,000 600. For
the pre-eut Year the tO.i,l re ceitts.
actual and estimated will be $3.50
100000, and the total expendi-
tures. inclndlng the sinking iuud,
S30l ,55 t.722 .2S-shovi @ e,timal-
ed surplus OF S4S.445,277.72.
In view of the Annually accrring
surpl lnses, the Secretary snggeats
the question to Congress whether
there should not be ii leduct on of
taxes to he extent If the surplus
lie Indicates opposition to such re-
ductlon, but should it be decided
on he iecommeuds that all taxes
imposed by the interual revenue
laws, other than those on bank
circulation, and on spirits, tobacco
and fe, mented liquors he repealed.
vi conise it WAS not 10 be expect
ed that John Sherman, with his
prelndlces again~. everything
Southern, would include tc hacco
among the aiticleS from which the
lax was to he removed
In regard to maturing bonds tie
Secretary recommends that p,o-
vision he made for the issue OF an
amount To- exceeding $40, 10000
OF Ire#su notes in denomina-
tlous OF less Ihan ten dollars,
bearing interest not exceeding
tour per cent. per art,um. and tuu
nlng from one to ten yea to be
SOLD ut not less than par, the
amount maturing during ary Year
not to exceed the sinking iund frr
that year, aud the proceeds to be
applied to the puymeut of the FIVE
aud TX per cent. bouds maturing
In 1881. He also recommends
thai authority be given to sell at
par an amount rot X .eed!ng $t00,-
100000 of bonds Of the churacf es
and desc lpt!on of the four ger
Cen. bonds of the United States
now outstanding. but hea,ing "a
rate Of lnte' est not exceeding lblee
and Sky five one hundredtbs per
ceut per annum, and redeemable
at the pleasure of the United
States after fifteen years, the pro-
ceeds to be applied to the payment
of bonds redeemable on or before
July l. 1881.
The 5, cretarv next Glories over
resumption and says that the wis
dom of the art has been fully dem
orstrated. United States notes,
be says, are readily taken at par
with com In all pa Is of this cOun-
try aud in The chief commercial
marts of the world Tue balance
Of the coin In the treasury availa-
bile sor their redemption on the
hrst dav Of November last WAS
,oAc-oi, ouA biAc
du'lng the year has not materially
varied from that sum. The only
noticeable change Ia the reserve is
the gradual lncieare of silver coin
caused hy the coinage of the silver
dollar and the redemption OF trnc-
iional Ailvei coin, more fnijy stated
hen einaiter. Tue amonut Of notes
presented ton redemptIou for one
year p'ior to Novemb Der l, 1880,
was $7O6,65S Inc amount ot com
or ouillou deposi ed in the T,eas-
ury, assay office, and the mints,
DUNG the same period was $7l,-
396,535 81.
The amount Of coinege executed
at the min:s of the United States
dur ng the f-cal year was:
Gold $50 157,735 90
Standard S. D.. =. 27,933.750 90
Fractional $. c.. S6o7. so
Minor coins 269.97l SO