The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1880-12-10
REPORT OF THE SECRETARY OF
THE TREASURY.


THE TREASURY.
Secretary Sherman, in his annusl report,
says the ordinary revenues, from al sources
for the fiscal year ended June 80, 1880. were
1898, 526 6i0.9S; the ordinary expenditures for
the same period were s2s7, 6l2, 957. 7s, Ie@ying
surplus revenue of S65, $685. $500, which, with
so amount drawn from the cash balance ID
treasury OF sS0S4, 43L21, makes SO, 963,-
0S7 A.
TIE amount due the sinking fund for this
year vas $50, 9S1, 64S.55 There was applied
thereto, from the redemption Of bonis and
fractional currency. the sum OF S7S 9J4 ,0l7. Al,
an excess Of So, 972 SO over the amount
actually required Tor the year.
The expenditures show an increase over the
previous year of S25, 1916, S6L4&
For the present fiscal year the revenue, aetual
and estIm ted, Is as follows; Total +, eelpts,
actual and estimated, sS5O, OOO,0l0; total
expend lures, actual and estimated, S260,t0
600; estimated amount due the sinking
fund, $50, sol, sS4.45; leaving balance Of
S5n 1875, lis So.
The revenues OF the fiscal year ending June
80, 1882. estimated upon the basis Of existing
laws, will be 1856, Oo0, 600 the e-timatts of ex-
pendItures for thu same p,r.Oi, pcelyed
from the several Executive Departn en- S,
are, including sinking funi, 1901, 554,
722.2S; OF On estimated surplus Of
SIS, AS, 77.72. Excluding the sinking fund,
the estimated expeniItnres will be S259. 9l4,-
8S2.0S, showing a surplus Of Sg0,0S5, III 81.
The surplus revenue, actual and estimated,
for the fiscal years 1851, 1881 and 1882, alter
provi ling Tor the sinking fund tor each year. IA
as follows For the year ended June 80. 1880,
S27. $50, 009.65 for the year ending June so,
1881. $50. 1913, 1155l; for the year ending June
80, 1882. S4S.4+5, 277.71
The regu remrnts of the Sinking Fund law
have teen s2 stantially oil served, aud the
principal of tue pubic debt, less cash IN the
treasury and exclusive Of secruing inter st, has
been reduced from 81, 756. 49,, 5il.l3, It's ighest
point, Which It rca''hed on Aug. 81, 1865, TO
81. 50. OPS, IA 49, on Nov. l, 1SSU-a reduction
OF SS06, b,SS0.54.
compared With the previous fsc,l vear. the
receipts for 1880 have iRoreas ed I62 go s. q.
Upon the subject OF the operation of the Re
SUMPTION laws the Secretary says:
,GhInS has occurred since my at annut re-
port to disturb OF emha, ryss the easy miiute-
MN e of spicie psyments. UItel s ates notes
are readily taken at par with coin in all rts o.
this country and in the chief rommerci marts
of the world. The balance OF con in tire
treasury availa le for Their redemption ON the
LIST day Of November last was Sl41, 597, 1861,
and the average dur1ns the year has NO III y FL
ally varied IRON that sum The only noticeable
change in the reserve il the gr .du i III of
silver com caused by the oOilIige Of the silver
dollar and the redempii n OF fr ctivlL.l SILVER
COIN, more fully ,titej hereinafter.
AL tue req lir5nients OF the Il 7sImpt on act
have thus far been executed. aud IT, Mi,i0Ms
has been fully demonstrated. II only I, MAINS
to inquire whether any further measu g are
necessary or eNpedirnt to SCENE the mainte-
NfT finn 4
the utmost conhdcnoe that wph mt new legis-
laliun the entire amount Of Uht States notes
now authorized and outstanding can lie easily
maintained at par III coin even II the pre- sent
favorable financial condition should change
but, in order 10 accomplish this, the con. re-
serve must be kept unlinpai- e except by Eteh
payments as may be made from it III recenl,'-
ton of notes. Notes redeem should be
temporarily held in plsce Of the coin
pad out, especially if it appears Tia
the call for coin is greater in amount
tban the coin coming in due course iniO the
treasury or the minis. Ordinarily the sureTUT
Coz enieSlce Of notes will, as at present. make
greater demand for them than fUT com but,
IN case OF an adverse balance of Trade on
sudden panic or other unforeseen ciTclIn-
stances, the ample reserve of coin on hand be-
comes the sure safeguard Of resumption, dis
peling nat only imaginary fears, but meeting
any demand Tor coin that is likely to arise. In
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 q special fund
| for resumption purposes. The gen raj avail
able balance Is now treated as such fnni, but,
| as this balance may, at the discretion of the
| Secretary of the Treasury, be uuduly drawn
! upon for the purchase or payment Of bonds, IL
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
Ithe silver dOllnrl does not to the same extent,
form g part OF the permanent circulation,
everywhere acceptable, and, when flowing into
the treasury, easily paid out with little or
| no cost of transportation. The reasons for
this popular discrimination against the silver
| dollar ores
l. It is too bulky for large transactions,
and It's Use is confined mainly to payment. for
| manual labor AMI for market purposes or for
| chan e. The amount nee ded for these pur-
poses is already in excess of the probable de
Inand.
2. II is known to contains quantity of silver
OF less market value than the gold in gold coin.
This fact would not impair The circulation OK
sue limited amount as experience shows to be
convene t for nse, but il does prevent liz being
held or boarded as reserves. or OK Orted, and
pushes IL into active circulation, uutl 1t returns
to the treasury, as the least valuable and de-
sirable money III use
For these reasons the Secretary respectfully
but earnestly recommends thtt the fnrth, r
compulsory COMA. g of the silver dollar be sus-
pended, or, as an affirmative, that tue number
of grains of silver in the dollar be increased 80
az to make it equal IN market valne to the gold
dollar, and that its co mage BIO left as other
coinage to the Secretary of the Treasury or the
Director Of the Mint, to depend ulon the de
mand for it by the public tor convenient ciicu-