Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1880-12-14
Was applied to the rademption:
s73 s6s,OS7 Al

tI6 sooJUoI 81
The amount due he sinking fund for
this Sear was S37 93l 643 SIS. There was
applied thereto the sum of S73 904,-
6l7 Al, being S35. 972 973 e6 in excess OF
the actual requirements OF the year.
The aggregate OF the revenues from all
sources during the fiscal ear ended
June 80, 1880, was 1898 526, 6l0 50. an
increase over the preceding year OF S59,-
500 426 81. The receipts thus far, OF
the current year, together with the es-
timated receipts for the remainder of
the year, amount to $3.50, 00O. 900. which
will be sufficient TO meet the estimated
expenditures OF the year, and leave
surplus o 800 100000.
Ii is fortunate that this large surplus
revenue occurs At period when it may
be directly applied 10 the payment of the
public debt soon to be redeemable. No
public duty has been more constantly
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 Accruing interest. affirmed its
maximum of $2,756 43l ST. - in
August, 1865, and has since that
time been reduced TO $l,So6,0l9
504 IS OF the principal of the debt.
$l0S 75s, 100 has been paid since March
|, 1877, effecting an annual saving OF in.
terest Of So, l07, 1913. The burden OF in
terest has also ben diminished by the
sale OF bons bearing 10 rate OF in
terest, and the application of the ro-
ceeds to the redemption OF bonds bearing
higher rate. The annual .avI1g thus
secured since March l, 1877, is ia 800
453.50
Within short period over ShD0, COO
900 of five and six per cent. bolds viii
become redeemable. This presents a very
favorable opportunity not only 10 fur
Their reduce the principal OF the iebt,
but also to reduce the rate Of inter- 81 on
that which will remain unpaid. call
the attention Of Congress 10 the views
expressed on this su hject by the secre-
tary o, the treasury in his annual report,
and recommend prompt legislation, TO
enable the treasury department to CON-
plete tie refunding OF the debt which is
about to mature.
The continuance OF specie payments
has not been interrupted or endangered
since the date OF resumption. IL has
contributed greatly TO the revival OF
business and 10 our remarkable pros
perity. The fears that preceded and SC
companied resumption have proven
ground less. No considerable amour: OF
United States notes have been presented
for redemption, while very lar.e sums
OF gold bullion, both domestic and I'M
ported, are taken to the minis aud ex-
changed for coin or notes. The increase
of coin and bullion in the U nited States
since January l, 1879, is estimated at
$2z7, 500, 42s.
There are still in existence, uncsn-
celed, $346, 6Sl DIG OF United States
legal-tendsr notes. These notes were
authorized as war measure. msde
necessary by the exieencies OF the con-
lict in which the United States was
then engaged. The preservation of the
nations existence required ia the
Judgment of Congress Al issue OF iclal-
tender paper money. That IL SERVED
we'll the purpose for which 1t vas ere
ated is not CUES Toned, but the employ
ment of the notes as paper money in
definitely, after the accomplishment