The weekly miner., 1880-12-14
THE PRESIDENTS MESSAGE.
rContinued from r,,, First Pooe.1

X X n
[Continued from First Poge.l
mercial pre- dominance Of Great Britain on all
these coasts and seas. A greater share in this
trade is now the desire and intent of our
people. 1t is also manifest that the efforts of
other European nations to contend with Great
Britain for a share of this commerce has been
successful in proportion with their adoption
Of regular steam postal communication with
the markets whose trade they sought. Mexi-
co and the states of South America are anN-
ious to receive such postal communications
with this country and aid in the development
of similar cooperative may be looked for in
due time from eastern nations and from Aus
trailia 1t is difficult to see how the lead in
this movement can be expected from private
interests. In respect to foreign commerce,
quite as much as in internal trade. postal
communication seems necessary matter to
command public attention and thus pertain
ing to the government. l respectfully recon-
mend to your prompt attention, such just and
efficient measures as may conduce to the de-
velopment of our foreign commercial eXchang-
es and building of our carrying trade. In
this connection l desire also to suggest a very
great service which might be expected in
enlarging and facilitating our commerce on
the Pacific ocean were transmarine cable laid
from San Francisco to the Sandwich Islands
and thence to Japan at the north and Aus
trailia at the south. The great influence of
such means of communication in these routes
Of navigation in developing and securing a
due share of our Pacific coast inter-commerce
of the world, needs no illustration or inforce-
ment. 1t may be that such enterprises are
useful, and, in the end, as profitable as it
would prove to private investment. 1t may
need be accelerated by prudent legislation by
congress in its aid and | submit the matter
to your careful consideration. In additional
and not unimportant, although secondary
reason for fostering and enlarging our navy,
it may be found an unquestionable service to
the expansion of our commerce which would
be rendered by the frequent circulation of our
naval ships in the seas and ports of all the
globe. Ships of proper construction and
equipment would prove to be of the greatest
efficiency in the case of maritime war, and
might be made constant and active agents in
time of peace in the advancement and pro-
lection of our foreign trade and in the nur-
ture and discipline of young seamen, who
would, naturally, in some number, mix with
and improve the cream of our merchant ships.
Our merchants at home and abroad. recOg-
nize the value to foreign commerce of active
movements of our naval vessels and lntelli-
gence and patriotic zeal of our naval officers
in promoting every interest Of their country
men is just subject for national pride.
FINANCIAL MATTERS.
The condition of the financial affairs of the
government. as shown by the report of the
secretary OF the treasury, is very satisfactory.
1t is believed, at present. that the financial
situation Of the United States, whether con-
sidered with respect to trade. currency, credit.
growing wealth, or the extent and variety Of
our resources, is more favorable than that OF
any other country Of our time and never has
been surpassed by that of any country at any
yt,,l l,1- oil ,,Nl, ,t,,,,r
Our authorized rate of interest is low, new
railroads ale being constructed, vast immigla-
tion is increasing our population, capital, la
Dor, new enterprises in great number are in
progress and our commercial relations with
other countries are improving. The ordinary
revenues, from all sources, for the fiscal year
ended June 80, 1880, We're (cents being omit
ted) from customs, S1SG.502, ,0Gf; from inter
nal revenue, $124, ,0O9,373; from sale ofpublic
lands, $40, $685. from tax on the circula-
tion and deposits of national banks, S7,014,-
971 from repayment of interest by Pacific
railway companies, 81, 1,701, ,367; for sinking
fund for Pacific railway companies, $796,621
from customs, fees, fines, penalties, ETC., ST.
800; from fees, letters of patent and
lands, $233T,0G2; from proceeds of sale of
government property, $2S3, GIG; from profits
of coinage, etc, 81, 1872, 1856; from revenues of
the District of Columbia, 1,S09, 4G9; from
miscellaneous sources, S4,099, ,603 total or
dinary receipts, 1888, ,526,Gl0. The Ordinary
expenses for the same period were: For civ
il expenses, SIS, ,693,9 ,963; for foreign inter-
course, Sl,211, 400; for Indians, S5,945, ,457:
for pensions, including S19,341 ,O25 arrears of
pensions, 500, ,174; for the military estab-
lishment, including river and harbor improve
ments and arsenals, $3S, 116,916; for the nav
al establishment, including vessels, machinery
and improvements at navy yards, $13 ,536, ,9S4;
for miscellaneous expenditures, including
public buildings lighthouses and collecting
the revenues, $54,535, ,69l; for expenditures
on account of the District of Columbia, 3d.
212,3S4; for interest on the public debt $95,-
757,575; for premiums on bonds purchased,
81, 795,32O; total ordinary expenditures,
S26T, T,642,957, leaving a surplus revenue of
$50, 1885, ,653, which, with an amount drawn
from the cash balance in the treasury Of S.
0S4, ,434, making 1906, ,0S7, was applied to
the redemption of bonds for the sinking fund.-
also $73, ,552 900 offractional alcurrency;S251,71
of the loan of 1858; $405'of temporary loan;
500 Of bounty land scripts $25 of compound
interest notes; S16,500 of7-30 notes Of 1894
and $5,265 of one and two year notes S3,70O
of old demand notes = total $73 ,0S7.
The amount due sinking fund for this year
was $37 ,931 ,643. There was applied thereto
the sum of S73,904,617, being $50, ,972, ,793 in
excess of the actual requirements for the
year. The aggregate of revenues from all
sources durirg g the fiscal year ended June 80,
1880, was 1888 ,526,G10, an increase over the
preceding year of S59,699,4 ,42G Receipts
thus far of the current year, together with es-
timated receipts for remainder of the year
amount to $3.50, 100000, which will be sutfici-
ent to meet the estimated expenditures of the
year and leave a surplus OF S9O,000,000. 1t is
fortunate that this large surplus ofrevenue oc-
ours at a period when it may be directly ap-
piled to the payment of the public debt soon
TO be redeemable. No public duty has been
more constantly cherished in the United
States than the paying of the nations debt as
rapidly as possible. The debt of the United
States, less cash in the treasury and exclusive
of accruing interest, attained its maximum of
So, ,756, ,441,571 in August 1865 and has since
that time heen reduced to 81 $50 0ll ll4 of