The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1880-12-10
REPORT OF THE SECRETARY OF
TIE TREASURY.

Secretary Sherman, IN his annual report,
says the ordinary revenues, from all sources,
for the fiscal year ended June 80, 1880, were
1888, 526, 6l0.9S the ordinary expenditures for
the same period were 1857, Gi2, 957.7S leaving
surplus revenue of So, 1893, $685. 20, which, with
an amount drawn from the cash balance in
treasury of &s,0si, 43i21, makes s73,96S,-
0S74i.
The amount due the sinking fund for this
year was S37, 1881, 6i3.55. There was applied
| thereto, from the redemption OF bonds and
fractional currency, the sum Of S73, 9O4 ,6T.41,
an excess OF S35,972,9738 over the amount
actually required for the year.
The expenditures show an increase over the
| previous year OF S25 100, 36D.4S.
For the present Ii seal year the revenue, actual
and estimated, Is as follows: Total receipts,
actual ana estimated, $3.50 600, 600 total
expend lures actual and estimated, eco, 00O,-
600; estimated amount due the sinking
fund, S39, so, sS4.4S; leaving balance OF
$50, 1913, 1852
The revenues of the fiscal year ending June
80, 1882. estimated upou the basis of existing
laws, will be 1850, 900 900 the estimates OF ex-
penditures for the same period, received
from the several Executive Departments,
are, including sinking fund.- 1901 ,554-
722.2S; or an estimated surplus OF
$i8,445, z77.72. Excluding the sinking fund,
the estimated expenditures will be $3.50 9l4,-
8S2.0S, showing surplus of 500, III 80
The surplus revenue actual and estimated,
for the fiscal years 1880, 1881 and 1882, after
providing for the sinking fund for each year, is
as follows: For the year ended June 80 1880,
1927, 1852 009. 60 for the year ending June 80,
1881, $50 1913, 1882 for the wear ending June
80, 1892, S4S.445, 27772.
The requirements of the Sinking Fund law
have been substantially observed, and the
principal Of the public debt, loss cash in the
been reduced from ~, 1885, i3l ,57l.43, its highest
point, which 1t reached on Aug. 81, 1865, to
! 1890. 025, 1859, on Nov. l, 1850 reduction
OF 1856, 4U5, 830.54.
Compared with the previous fiscal year. the
receipts for 1880 have increased $50. 500, 1875. o.
Upon the subject of the operation of the Re
sumption laws the Secretary says
Nothing has occurred since myla last annual re-
port to disturb or embaTass the easy mainte-
nance Of specie payments. United States notes
readily taken at par with coin in all parts Of
this country and in the chief commercial marts
of the world. The balance of com in the
treasury available for their redemption on the
LIST day of November last was S141, 597, ola. g.
and the average during the year has not mater1-
ally varied from that sum. The only noticeable
change in the reserve is the gradual increase Of
silver coin caused by the coinage of the silver
dollar and the redemption of fractional SILVER
coin, more fully stated hereinafter.
All tue requirements OF the Resumption act
ha, Z thus far been executed, and its wisdom
has been fully demonstrated II only remains
to inquire whether any further measures are
necessary or eXpedent to secure the mante-
nance OF resumption. The Secretary expresses
the utmost confidence that without new legis-
aton the entire amount OF United States notes
now authorized and outstanding can be easily
maintained at par IN coin even If the present
favorable financial condition should change
but. in order to accomplish this the com re-
serve must be kept unimpai-ed except by such
payments as may be made from il III redemp-
ton Of notes. Notes redeemed should be
temporarily held in place of the coin
paid out, especially if it appears that
the call for coin Is greater i'll amount
than the coin coming in due course into the
treasury or the mints. Ordinarily the superior
col enence of notes WILL rs Mt present, make
greater demand for them than for coin but,
III case of an adverse balance of trade or a
sudden panic, or other unforeseen circum-
stances. the ample reserve OF coin Oh hand be-
comes the sure safeguard Of resumption, dis
pelling not only imaginary fears, but meeting
any demand for coin that is llkely'to arise. In
n supreme emergency the power granted to sell
bonds will supply any possible deficiency
1t is suggested that Congress might define
and set apart the coin reserve as special fund
for resumption purposes. The general avail
able balance is now treated as such fund, but,
AZ this balance may, at the discretion OF the
Secretary OF the Treasury, be unduly drawn
upon for the purchase or payment Of bonds, 1t
would appear advisable that Congress prescribe
the maximum and minimum of the fund.
United States notes are now, in form, secur-
ity and convenience, the best circulating me-
dunn known.
The Secretary devotes lengthy chapter to
the standard silver dollar. He says:
Unlike gold coin or United States notes, it
1.-THE silver dollarl does not, to the same extent,
form part OF the permanent circulation,
everywhere acceptable, and, when flowing into
the treasury, easily paid ont with little or
no cost of transportation. The reasons for
this popular discrimination against the silver
dollar ore
1. 1t is too bulky for large transactions,
and Its use is confined mainly to payments fer
manual labor and for market purposes or for
change. The amount needed for these pur-
poses is already in excess Of the probable de-
mand.
2. Ii il known to contain quantity Of silver
OF less market value than the gold in gold coin
This fact would not impair the circulation of
such limited amount as experience shows to be
convenient Tor use, but il does prevent its being
held or boarded as reserves, or exported, and
pushes it into active circulation, until it returns
TO the treasury, as the least valuable and de-
srable money Ill use.
For these reasons the Secretary respectfully
but earnestly recommends that the further
compulsory coinage of the silver dollar be sus-
pended, or, az an alternative, that the number
Of grains Of silver in the dollar be increased 40
~ to make it equal in market value to the gold
dollar, and that its coinage be left as other
coinage to the Secretary Of the Treasury or the
Director of the Mint, to depend upon the de-
mand for it by the public for convenient circu-
lation.