Sacramento daily record-union., 1880-12-07
.SIX-PAGE EDITION
THE MESSAGE.
IcoNr1NuEp rRoM FInsr rAGE.l

he very evident that the provision OF
a regular steam postal communication by aid from
The Government has been the forerunner Of the
commercial preponderance of Great Britain on all
these coasts and seas greater share OF whose trade
is the desire and intent OF our people. 1t is also
manifest that the efforts Of other European nations
10 contend with Great Britain for u share of this
commerce will be successful proportion with
their adoption Of a regular steam postal communi.
c.tlon with the markets whose trade they sought.
Mexico and the States of SoutL America anxious
TO receive such postal communications with this
country and will aid in their development. Similar
cooperation may be looked for in due time from
the Eastern nations and from Australia. It s diff
cult to see how the lead in this movement can be
expected from private interests. In respect Of
foreign commerce. quite much as internal trade,
postal commune ltion seems necessary matter, and
respectfully recommend to your prompt attention
such Just and efficient measures as may conduce to
the development of our foreign commercial ex-
changes and the building up OF our carrying trade
In this connection desire also TO suggest the veiy
great service which might be expected in enlargiug
and facilitating our commerce the Pacific Ocean,
were transmarine cable laid from San Francisco to
the Sandwich Isl nds, and thence to Japan at the
north and Australia at the south. The great infu-
ence Of such Of communication in these routes
OF navigation in developing and securing due share
OF our Pacific Coast in the commerce of the world
needs no illustration or enforcement. 1t may be
that such enterprise, useful ard in the end
profitable, it would prove to private investment,
may reed be accelerated by prudent legislation by
Congress in its aid and submit the matter to your
careful consideration. An additional and not unin-
portant although secondary, reason for fostering
and enlarsing our navy may be found in the unques
tionabie ser-ice to the expansion of our commerce
which would be rendered BY the frequent crcua.
ton of naval ships in the seas and ports of all quar-
tiers of the globe. Ships of proper construction and
equipment, to be of the greatest efficiency in
case of maritime war, might be made constant and
active agents in time Of peace in the advancement.
and protection OF our foreign trade and the future
discipline of young seamen, who would naturally
in some numbers mix with and improve the crews
of our merchant ships Our merchants at home
and abroa recognize the value to foreign com.
merce Of the active movement of our naval ves-
sells, and the intelligence and patriotic zeal of naval
officers in promoting every interest of their
trymeu is a just subject for national pride.
FINANCIAL AFFAIRS.
The condition Of the financial affairs of the Gov
ernment, as shown by the reports of the Secretary
OF the Treasury very satisfactory 1t is bell we'd
that the present financial situation of the United
States, whether considered with respect to trade,
currency, credit, growing wealth, the extent and
variety Of our resources is favorable than that
OF any other country Of our time, and has never
been surpassed by that of any country at any period
in its history. All our industries are thriving; the
rate Of interest is low railroads being
str1cted vast immigration is increasing our pop
laii0n capital and labor; enterprises in great
number are in progress, and our commercial rela-
lions with other countries improving. The ord-
nary revenues from all sources for the fiscal year
Ell ed sJune 30. 1880 .(cents being omitted
From customs, sls6,522 o6i; from internal revenue,
1884. .o09, ,37s; from sale of public lands,
$40 ,5o6; from tax on circulation and
deposits OF national banks S7.o14,9H !;
from ihe repayment of iatcrest by the Pacific Rail
way Companies, 81, ,707, 1867 ; from the sinking fund
for the Pacific Railway Companies, S796,621 from
customs fees fines penalties ETC., ST. 14s, 500; from
fees consular, letters patent and lands, S2337 02s;
from the proceeds OF the sales of Government
property, s2S2 6l6 from the profits of coinage etc.
81 792 lSe from Of the District of Colum-
bia, sls09 460; from miscellaneous sources, s, ,099
sos. Total ordinary receipts, s5SS, ,526.6 6lo. The
Ordinary expenditures for the same period were:
Fcf civil expenses SIC G9S 96S: for foreign inter
course 2lI 490 for Indians So 945, ,457 for pen
sions (ncluding sl9.3H OBS arrears OF pensious),
s5e,777,I74; for the military establishment
nd rDn inn nd
arsenas). s3S, 9f6 for the naval establishment
(ineluding vessels, machinery AID improvements at
navy yards), sl3, ,536,9Si; miscellaneous expend-
iturls Gncluaing public buildings, houses aud col
Iecing ihe revenue) S3 5S5, ,c9l; for expenditures
on account of the District of Coiumbil S5,27 SS4
for interest the public debt S95 757 575 for pre-
miums on bonds purchased 81, 1855 500. Total ordi-
nary expenditures, s267, ,6i2 s57 leaving surplus
revenue of SS5, ,SSSG5s. which, with the amount
drawn from the cash balance in the treasury Of
SSts4, 4s4, making s7S, 1858 est. The appropriation
for the redemption of bonds for the sinking fund
was s73, ,652, ,900 The amount due the sinking fund
for this year was sS7,9Sl GAS. There was applied
thereto the sum OF s7s 9o4 617 being sS5 e7297S in
excess of the actual requirements for the year The
aggregate of revenues from all sources during the
ASOSf NSSoIo-SBSAN
an increase over the preceding year of s. 96s 426
The receipts thus far of the current year. together
with estimated receipts for The remainder of the
year, amount to sS5O.ooO,O0O, which will be
sufficient TO meet the estimated expend-
itures OF the year and leave a surplus
of $40 e01 1t is fortunate that this large sur
plus revenue occurs at period when it mey be
directly applied to the payment of the public debt
soon reteemable. No public duty has been
more constantly cherished in the United States
than the policy of paying the nations debt rap
idly as possible. The debt of the United States less
cash in the Treasury and exclusive of accruiug in.
terest, attained its maximum of S2,756, Al, ,5H in
August, 1885, and has since that time been reduced
to sl,sso,ol9 5O4. OF the principal OF the debt,
$40 has been paid since March /, 1877, effect
ing an annual saving of interest Of So l09, sos,
The burden of interest has also been di-
mnished by the sale of bonds drawing
low rate of interest. and the application
of the proceeds 10 the redemption of bonds bearing
higher rate. The annual saving thus secured
since March ., 1877, is Sli 800, 45S With short
period over 5000, 900 900 in five and six per cent.
bonis viii become redeemabe. This presents a
very favorable opportunity not only to further re-
ucc the principal of the debt but also to reduce the
rate of interest ON that which will remain unpaid
call the attention Of Congress to the views pro.
posed on this subject by the Secretary of the Treas
urv in his annual report, and recommend prompt
legislation to enable the Treasury Department to
complete the refunding of the debt which is about
TO mature. The continuance of specie payments
has net been interrupted or endangered since the
date of resumption 1t has contributed greatly to
the revival of business, and our remarkable pros
perity The fears that preceded and accompanied
resumption have proved groundless. No consider
able amount of United States notes have been pre-
scented for redemption, while very large sums OF
gold bullion both domestic and imported are taken
TO the Mint and exchanged for coin or notes The
increase of coin or bullion in the United States
since January i, 1879 is estimated at 1927 3s9 49,
There ae still in existence uncanceled ss46 Ol6
Of United States legal tender notes. These
notes were authorized rs a war measure,
ma e necessary by the exigencies of the conflict
in which the United States was then engaged. The
preservation of the nations existence required in
the Judgment of Congress, the issue OF legal tender
naner money. That it served well the purpose for
,h; i, was created is not questioned, but the
plovment of notes paper money indefinitely after
.hc accomplishment Of the object for which they
were pro, ided was not contemplated by the trainers
y, the law under which they were issued These
-. ,;,c. becan,e like any other prinlarv