The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1880-12-10
THE oRDIaARy REyEaUEs.

from all sources for the fiscal year ende
june so, 1880, were: From customs
| $1S0. 522, 064, go; from internal revenue
| $124, 0G9, 313 92; from sales Of publi
lands, u, 016, $1,000; from tax on ii
circulation and deposits OF nationa
banks, 81, Oh, 81 ~; from repayment q
interest by the Pacific railway COMPS
mics. 81. 707 1857 10; from sinking fund
for Pacific railway companies, $766. 621
p; from customs. fees, fines, penalties
etc.. 81, 14S, SO0.16; from fees. consula
letters. patent and lands, $2,S27 ,O39 90
from proceeds of sales OF governmen
property. $3.50, $3.50; from profits OF
coinage, etc. g, 392, 1878; from reYe
nues of the District of Columbia, 81 500,
1870; from miscellaneous sources
- O99, COB es, total ordinary receipts
$685.. 528, 61o,eS.
THE ORDINARY EXPENDITURES
Tor the same period were: for civil ex
penseS, $15, 693, 1886; for foreign inter
course, $1,211 ,4905S; for Indians, IS.
949, 451.D9; for pensions including S19,
al, 02o.20 arrears of pensions, $56,777,
114.44; for military establishment. in
Guiding river and harbor improvements
and arsenals, $38, ZIG, 91622; for the
naval establishment, including vessels,
machinery and Improvements in the
navy yards. $13, $3.50, 984.74; for miscel-
laneous expenditures. including public
building, light houses and collecting the
revenue, $34, 535 sci; for expenditures
on account of the District of Columbia,
3,272, 3S463; for interest on the public
debt $95, 757, 5T5.11; for premium on
bonds purchased, g, 795, 32O.42; total
ordinary expenditures, $267 ,64s, 957 7S
leaving surplus revenue of $65 $685.
%. which, with an amount drawn
from the cash balance in the treasury OF
s., OS4. 434.2l, making $73. 1855, Os7 Al that
was applied TO TO the redemption OF
bonds. for the sinking fund $73 600,
for redemption of fractional currency
$251 ,71741, for the loan of 1853, $40.
10000; for the temporary loan 800, for
pound interest notes, $16,5 for 100
notes of 1S64-5, $2,650O0; for one and
two year notes, 81, 10000; for old demand
notes 81, 49500; total, $73, 96S, 0S7 Al.
The amount due the sinking fund this
year was $37, 1871 1885. There was
applied thereto the sum of $73, 904 ,617.41
being $35, 972, 973.S6 in excess of the
actual requirements for the year. The
aggregate of the revenues from all
sources during the fiscal year ended
June 80, 1880, was $333, see, $40 .98-an
increase over the preceding year of
$59, 699, 1862. The receipts thus far of
the current year together with the esti-
mated receipts for the remainder of the
year amount to $3.50. O0O, 600 which will
be sufficient to meet the estimated ex-
penditures of the year and leave a sur
plus of $4,000 600.
LET'S PAY OUR DEBTS.
II is fortunate that this large surplus of
revenue occurs at period when 1t may
be directly applied to the payment of
the public debt soon to be redeemable
No public duty has been more constant.
ly cherished in the United States than
the policy of paying the nations debt as
rapidly as possible. The debt of the
United States, less the cash in the treas
ury and exclusive of accruIng interest,
attained its maximum, 81, 756, 43I ,571 .43
in August, 1866, and has since that time
been reduced to 81, $3.50, 019, 504.65. Of
the principal of the debt sos, 75S, 100
has been paid since March /, 1877, eff.
fecting an annual saving of interest of
Sc, 107 .593. The burden of interest has
also been diminished by the sale of
bonds bearing low rate of interest and
the application of the proceeds to the
redemption of bonds bearing a higher
rate. The annual saving thus secured
since March 1, 1877, is $14, 29O, Asa. so
Within short period over six hundred
millions of ) and 6 per cent. bonds will
become redeemable. This presents a
very favorable opportunity, not only to
further reduce 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 ex-
pressed on this subject by the secretary
~ . hot L. =, Il
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 not been interrupted or
endangered since the date of resumption.
1t has contributed greatly to the revival
OF business, and to our remarkable pros
perity. The fears that preceded and ac-
companied resumption have proved
groundless. No considerable amount of
United States notes have been presented
for redemption. while very large sums
of goldi bullion, both domestic and i'm
ported. ;, are taken to the minis and eX-
changed for coin or notes. The increase
of coin and bullion IN the United States
since January /. 1879, is estimated at
$227, 399, 426.
There are still in existence, uncanceled,
$346, 681 ,016 of United States legal ten
der notes. These notes were authorized
as war measure, made necessary by the
exigencies of the conflict in which the
United States was then engaged. The
preservation of the nations existence re-
quired, in the judgment of congress, an
issue of legal tender paper money. That
it served we'll the purpose for which 1t
was created is not questioned, but the
employment of the notes as paper mon
ey indefinitely, after the accomplishment
of the object for which they were pro-
vided, was not contemplated by the
trainers of the law under which they
were issued. These notes long since be-
came like any other pecuniary obliga-
ton of the governments debt to be
paid, and, when paid, TO be cancelled as
mere evidence of an Indebtedness no
longer existing. I therefore repeat what
was said in the annual message of last
year, that the retirement from circula-
tion of United States notes, with the Ca
pacity.Of legal tender in private con-
tracts, is step 10 be taken in our pro-
gress towards a safe and stable currency,
which should be accepted as the policy
and duty of the government and the in
terest aud security of the people.