Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-07
Total. .s7s, 1868, ,Os7 41


The amount due the sinking fund for this
year was $37, ,93l, ,64355. There was applied
thereto the sum of $4,000, ,617.41, being
$35, ,9S2, ,972 Sc, an ex cess of the actual
requirements for the year.
The aggregate of revenues from all sources
during the fiscal year ended June 80, 1880, was
$685. 526 6l0. SO, an increase over the preceding
year of $59. 699, ,426. 81. The receipts thus far
of the current year together with the estimated
receipts for the remainder of the year, amount
to 1880, ,00O, ,000 which will be sufficient to meet
the estimated expenditures of the year, and
leave surplus of 500, ,000, 600.
It is fortunate that this large surplus of rev.
enues occurs at period when it may be ap-
piled to the payment of the public debt soon
redeemable. No public duty has been more
constantly cherished in the United States than
the policy of paying the nations debt as rapid
ly as possible. The debt of the United
States, less cash In the treasury, and exclusive
of accruing interest. attained its maximum of
81, 756, ,431 571. 43 in August 1866 and has since
been reduced to $1, $50, 025. 740 49, the priuci-
pal of the debt; $l08, 755, 100 has been paid
| since March 1st, 1877, effecting an annual saw
ing of six to seven millions.
The burden of interest has also
been diminished by the sale of bonds bearing
a low rate of interest, and the application of
the proceeds in redemption of bonds bearing
q higher rate. The annual saving thus Sc
cured since March 1st, 1877, is $l4, ,290 453. so.
Within short period over six hundred mil
lions of five and six per cent. bonds will be-
come redeemable This presents very favor
able opportunity not only to reduce the prin-
cipal of the debt, but alse to reduce the rate of
interest on that which will remain unpaid
I call the attention of Congress to the views
expressed on this subject by the secretary of
the treasury in his annual report and recon-
mend prom ot legislation to enable the treasury
department to complete the refunding of the
debt which is about to mature.
The continuance of specie payment has not
been interrupted or endangered since the date
of resumption. 1t has contributed greatly to
the revival Of business and to our remark able
prosperity, The fears that precededed and ac-
companied resumption have proved ground
less. No considerable amount of United States
notes have been presented for redemption
while very large sums of gold bullion, both
domestic and imported, are taken to the mints
and exchanged for coin or notes. The increase
of coin and bullion in the United States since
January lst, 1870 is estimated at $227. .S99, ,42S.
There are still in existence, unconceled.
$346, 2Sl, ,016 of the United States legal tender
notes. These notes were authorized as a war
measure made necessary by the ex
igencies of the conflict in which the United
States was then engaged. The preservation of
the nations existence required, in the judg-
ment OF Congress-, an issue of legal tender
paper money. That it served we'll the purpose
for which it was created, ,is not questioned but
the employmentof the notes as paper money
indefinitely, after the accomplishment of the
object for which they were provided, was not
contemplated by the trainers of the law under
which they were issued. These notes long
since became like any other pecuniary obliga-
tion OF the government, debt to be paid, and
when paid to be Cancelled as mere evidence of
an Indebtedness no longer existing. there
| fore repeat what was said in the annual mes
sage of last year, that the retirement from