The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1880-12-11
MEETING OF CONGRESS AND THE
PRESIDENTS MESSAGE.


for business. The 6rst thing In order, after pre-
iiminaries, was the PresiaeH'' message. which
received and read Is len moderately proiix
document, being the last annual message that
President Hayes will have the honor Of delivering
his term Of four years expires the 18th Of March
next. Being thus the last paper Of lis Kind, he
went quite fully, ably and satisfactorily into an
extended review Of his past doings a. Chief Ex-
ccutive and Of matters appertaining to the Gov
eminent. In every respect 1t l. an able. per-
spieuous paper, ful of interest to all who give IL
n careful peru.al. IL l. well written and in ap-
proved taste, likely to win approval from all par
ties, 80 far ut least a facts are concerned. IL
canno; fail Of winning respect for the author
touching his sincerity Of motive and earnest en-
deavor towards doing good to the whole people.
Our country Is shown by this message to be in
prosperous condition in every respect, financial
ly, commercially and otherwise. We are at peace
with all nations. whilst desirable condition 81
hcalthfuncss prevails throughout our domain
Business has improved everywhere. money l.
more abundant. labor finds fuller employment and
the blessings Of Providence have been equal to
our most arden; expectations.
There portions Of the message. particularly
that referring to the finances Of the country and
its business condition. which. being suceinet clear
and useful as valuable information. should be
carefully read and studied by every one. For
special information we extract the following.
which gives clear synopsis OF our National fnan-
cial affairs:
All our industries are thriving the rate Of in
teresi Is low ncw railroads being constructed
a vast immigration il Increasing our population.
capital. and labor; new enterprises in great NUN
hers are in progress and our commercial relations
with other countries are Improving.
The ordinary revenues from all sources for the
fiscal year ended June 80. iSS0, were From Gus
toms. SiS6.j22. oGi.GO: from internal revenue,
Si2i009.373.g2; from sales Of public lands, ST.
Oi6,jO6.GO; from tax on circulation and deposits
Of national banks. S7.0li95l.ii; from repayment
Of interest by Pacific railway companies, 81. w.
Soils; from sinking fund for Pacific railway
companies. $. S6.62l..2, from customs fees. penal
ties, Si.lis. S0O.l 10: from fces-consuar letters
patent and lands, 49, $4,000; from proceed. of
sales Of government property. S2ss.6lG.S0 from
profits on coinage, &e.. S2.592. lS6.5S FROM revc-
nues Of the District Of Columbia. 81. 500 lGg 10 /:
from miscellaneous sources, 1909, GO3.SS. Total
ordinary receipts. $685.. 526. 6io.9s.
ThcOrdinary expenditures for the saine period
were For civil expenses, Si5.693 .aG3.jj: for
foreign intercourse, Sl,2Il ,i?0.5s: for Indians.
S5,gi5, for PENSIONS including 81. O2j-
20 arrears Of pensions, S56,17.,l1i.ll: for the
military estabiishmeni including river and harbor
improvements ani arssnals. S2s.iis.Oia.92. fa-
the naval Including vessels. macin-
cry and improvements nj navy yards. Sl5 $50. -
"a; for miscellaneous expenditures. including pub
lie building, lighthouses and collecting revenue
81, 53j Ggl 90; for expenditures account Of tho
District OF Columbia. S3.272,5Si.G3: for interest
on the public debt. S9j.Tjs SSH for premium
on bonds purchased. -. .32oi2; total ordinary
expenditures. S2d7 .Gie.9j7.7s. leaving a surplus
revenue Of sos Ss3 Gj3. 90 Hhich. with an amount
drawn from the cash balance In Treasury, Of So
0S+.S3i.si: making. Ss3.9GS.oSs.iI.
Was applied TO the redemption Of bonds for
the sinking fund. S.3,6j2. 100 Of fractional
currency. S2Sl.5is.il Of the loan Of lS5S. $i0.-
900; Of temporary loan. Sl00: Of bounty land
scrip. $25 Of compound interest notes, 500 /:
VI ..3O notes Of I,6i-'Gj. s2.650.00: Of one and
two year notes. S5.7oo.o0: Of old demand notes,
Si9j.o0. Total. S52.96S .oS7.il.
The amount due the sinking fund for this year
was S37,93i .Gi5.jj. There applied thereto
the OF S53. 9oi .6l5.ii. being $5953. ia
excess Of the actual requirements for the year.
The aggregate of the revenues from all sources
dating the fiscal year ended June 30. lSs0. was
Ss53, .6lO.aS, an increase over the proceeding
year Of SJ9699. 1862. The receipts thus far, Of
the current year. together with the estimated re-
eeiPts for the remainder of the year. amount TO
$3.50 ,00O, 600. which will be sufficient 20 meet the
surplus Of 500 .000. 900.
II is fortunate that this large surplus revenue
occurs at period when IL may be directly applied
% the payment Of the public debt soon 10 be re-
decmabie. No public duty has been more con-
stantly cherished in the United states than the
policy Of paying the nations debt as rapidly as
possible.
The debt Of the United States, less cash In the
treasury and exclusive Of aceruing interest attain
ed It's maximum Of Se.7j6.; 3l. jsi.is in August,
tseS. and has since that time been reduced 10 81.
Ssd.Oi3,Jni.65. OF the principal of the debt,
$i0s,sss. 100 has been paid since March l. 1877,
eccting al annual saving of interes; Of So l07 S93.
The burden Df interest has also been diminished
by the sale Of bonds bearing low rate of interest
and the application 81 the proceeds 90 the redcmp
tion Of the bonds bearing higher rate. The an
nual saving thus secured since March !, lS77, 10
SIi.2g0.s53.50.
Within short period over six hundred millions
Of Eve and six per cent. bonds will become redeem
sale. This presea,s a very favorable opportunity
nssoniy 20 further reduce the principal Of the debt
but also % reduce the Of Interest that which
will remain unpaid. ! call the attention Sf Con-
gress TO the views expressed this sabjce, by the
Secretary Of the Treasury in this annual report,
and recommend prompt legislation. O. enable the
Treasury Department 90 complete the refanding Of
the debt which Il about 90 mature.
The continuance Of specie payments has not
been interrupted or endangered since the date Of
resumption. II has contributed greatly % the
revival IL business aud 10 remarkable prosper
ity- The fears tina. preceded an1 accompanied
resumption have proved grouniiess. No eonsii-
cradle amount Of United States notes have been
presented for redemption while very large sums Of
gold bullion. both domestic and imported. are "a.
ken to the mints and exchanged for coin or notes.
The increase Of coin and bsIiion in the United
States since January l. 1879. is estimated a S227,
SPACES.
There are still in existsuee. uneancelled, S3g6.-
a -. 80
notes were authorized a. a measure made ne
eessary By the exigencies Of the eozaie; in which
the United States was then gagged. The preser-
walton Of the nations existence required, 10 the
judgment Of Congress. issue Of legal -tenderpa-
per money. That Il served well the purpose for
which IL was created Is not questioned, but the
ea;pleyneni q the notes a. paper money inde6ni-
esiF, afser the accomplishment Of the object Tor
Which they were provided. was not contemplated
6y thu trainers Of the Law under which they were
issued. These notes long since became like any
other pesEsiary obligation Of the soyernment-a
debt 10 be paid, and. when paid % be eaneeiei a.
nere evidenes sf an indebtedness no longer exist
Ing.
I therefore repeat Hhai vas said in the annual
message " last year that the retirement from cir
calatien Of nted States Asies, uith the capacity
OF iegaltsndsF Ia Privais eOnrsris. isa step TO be
taken In our progress teNsrds safe and stable
currency, which shoah be accepted e. the policy
and duty Of the goveFnmsat AID che insss..t and
security of the people.
The message represents the Navy and ArEy is
good condition. bat advocates 20 sagmsnsAaisa
10 the latter, making Il some sve thsassnS NOR.
N sumbers.
Rs<srence is made % the yet too great ssesioAsi
Prsndses against people % the North. or In other
-sorif, too much consolidation a the souih With
ths Democratic --PolIticaIly--to make Affairs
desirable As they could be wished. There are
hopes expressed however. that this viii sooasr O.