Southern standard. (McMinnville, Tenn.) 1879-current, 1881-12-17

ordinary revenues from all sources Tor the |
fiscal year ending Juno 10, 1881, were: From
Customs, Sl9S 1888, 6l6.02; from Internal reve.
nue., Sl35, 26I, 3S5.5l; from public lands, 2,22l,
S63.17; from tax on circulation and deposits oil
national banks, $s,ll6, ll5R; from repayment |
of interest by Pacific Railway companies, |
$50 S33S0; from sinking fund for Pacific Rail
way Companies $S05 ,lSO5i; from Customs |
fees, fines, penalties, etc, 81 22S ,5liS6; from
fees consular letters patent and lands, 81
24l,9sS.90; from the proceeds of sales of Gov |
ernment property, $26,2l7.4OO; from profits ON |
coinage, 50, i65,ts5; from revenues OF the Dis
trict of Columbia, s. 0l6, 1921 from miseel. |
laneor7 sources, So, 206 ,sSO.23. Total ordinary
The ordinary expenditures for the same pc |
Rod were Civil expenses, SlI9lllll'l9; Tor |
foreign intercourse, 81 O9S,95i.S2 for the lndl-
for the military establishment, including riv- !
or and harbor improvements, and arsenals,
$40, 466 46O,55; for the naval establishment, in
Guiding vessels, machinery 90 ana improve
laneous expenditures, including public build
ings, light houses and collecting the reve-
nue., Sll ,S2050; for expenditures on ae.
count of the District of Columbia, S,5i ,9l203;
for interest on the public debt, So, 50e al .l8;
for premium on bonds purchased, SlO6, l4SlS.
Total ordinary expenditures, $2SO, 1l2s ~ .og,
leaving surplus of revenue OF SlOOO09 4Oi9o,
which was applied. as follows. to the redemp-
ton of bonds for the sinking fund. SH,43l,-
800; fractional currency, Sl090Ol ,Ob; loan
of February, 1861 S7,4lS,OOO; lO'4Os OF 1864 81
0l6,l5O; 5.9Os of 1862, $3.50; o.2Cs OF is6i'
$500; 5.2Os of 1865, SS7 800; consols OF 1868,
Sl4S, 1901 0O consols of 1867, $95,9l5OOO; con
soils OF 1868, S33,7l0,00O. Loan indemnities,
stock, 81 100000; old demand, compound in.
terest and other notes, 81 ,S33, 900; and to the
increase of cash in the treasury, $li ,6S7 ,0239S
Total, 500, 069, 40i9S. The requirements OF the
sinking fund for the year amounted to SOIS6,
O65O2, which sum includes balance OF 49,
| 81 1913 70 not provided for during the pre-
| vious fiscal year. The sum of S74 4S0, 2Ol.S was
applied to this fund, which lett dehcit of
! SIG, 205 S7S.47 The increase of the revenues
for 1881 over those of the previous year was
| S29,352 90ll0.
Ii is estimated that the receipts during the
fiscal year win reach $l0O0OO,0OO and the ex.
penditures S270000,000, leaving a surplus OF
| $3.50 600 900 applicable TO the sinking fund ana
the redemption of the public debt. approve
the recommendation of the Secretary OF the
Treasury that provision be made Tor the early
| retirement of silver certificates, ana that inc
act requiring their issue DO repeated. Iney
were issued in pursuance of the policy OF the
Government to maintain silver ut or near the
gold standard, and were accordingly mace
dues About sixty six millions of them are
now outstanding. They form an unnecessary
addition to the paper currency, a suihcient
amount OF which may be readily supplied by
the national banks, in accordance with the
act of February %, 1878. The Treasury De-
partment has monthly caused at least two
millions in value of silver bullion to be coined
into standard silver dollars; lO2 millions OF
only about thirty four millions are in circua-
ton. l.u
For the reason which he specifies, / concur
in the Secretary's recommendation that the
provision for the coinage of fixed amount
each month be repealed, and that hereafter
only so much be coined as shall be necessary
to supply the demand. The Secretary advises
that the issue of gold certificates should not
for the present be resumed, and suggests that
the national banks may properly be forbidden
by law to retire their currency except upon
reasonable notice of their intention to do so.
Such legislation would seem TO be 1ustlneu by
the recent action of certain banks on the oc-
casion referred to in the Secretarys report
OF the SIS, 900 600 of fractional currency still
: outstanding only about $4,000 mas been re,
deemed the past year. The suggestion that
i this amount may be properly dropped from
G future statements of the public debt seem'
4 worthy of approval. So also does the sugges
s ton OF the Secretary rs &c tho ACCESSIBILITY o
relieving the calendar Of tied states Court!
in the Southern District of New York by thu
s transferto another tribunal OF the numerous
y suits there pending against the Collectors.
Q The revenue from Customs Tor the past yea
was Sl9S, 059 SIG OF, an increase OF Sll631,6ll4
d over that of the preceding year. Sl65O9S,o62'3
: of this amount was collected at the port
s. New York, leaving S50, 25l, 1888 as the amour
q collected nj nil the'other ports of the country
Q OF this sum S47,977, 1888 was collected OF
/. sugar and molasses; S7,2S5 ~. a on wool AM
o its manufactures; S2l ,5d.4 on iron AM
steel and manufactures thereot $l9O3S,66o.o
d on manufactures of silk $l0,S25, ll5.2l on man
e ufactures of cotton, and S6,469,6l3.Ol on VINE
b. and spirits making totalreyenue from ines
st sources of Si33,O5S, 720Sl. The expenses Q
d collection for the past year were y, il0 3i52O-
Is an increase over the preceding year OF $SoI,
20 4l0.Oi. Notwithstanding the increase IN reve
n nue. from Customs over the preceding yea
he the gross value OF the imports, lneiuuiing ire
m goods, decreased over twenty i've millions {
10 dollars. The marked decrease was IN the Valu
ut of manufactured WOOL Sli,O23, VS., oad o
that of scrap and pig iron, $l2 S7OML. Nh
n showed an increase of $7,457,47i, nt steel raj
ID ,S45, 52l, OF barley S2,l5i,204 and OF steel
A. bars ingots etc, S620,0i6. Oontrasted wit
I'd this, the imports were US lolloWs: DonnSs.
q disc, SlS45I3l9. Total, NO2 1911 ,3i6. Import
n. of merchandise, S6i2 66, 62s. Excess OF e
IN ports over i'm ports of merchandise, S5VIlH,u
Id Compared with the previous year there VIZ
as an increase of S66 73s, 6SS in the value of e.
ports of merchandise, and decrease oil 70
lis 29O,llS in the value of imports. The annual ~
he erage of increase OF imports oil mercnanVns
lie over exports thereof for ten wears previous
w. June 3OlS7S was $l0i SOC 922 but for the last 81
he years there has been an excess oil eXpor
n. over imports of merchandise amounting
rd ST. $50 66S l03 an annual average OF Sl96,7ISOl
We The specie value of the exports of domest
he merchandise was 1855, w IN lSIO ana SeSS
925 94T in 1881, an increase OF 500 ,3O94 or ~
per cent. The value of imports was $4So, 9oe
en- los in 1870 and $642, 66l62S In 1881 an increa
o. of S206 49,. 20 or AZ per cent. During each ye
~, from 1852 to 1879 Inclusive the exports OF sp
nd Gle exceeded the imports. The largest exec
Of such exports eyer G poIs WAS rSac"'
we SO, 204 929, but during the year ended june
III. 1885, the imports of coin and bullion exceeu'
,p- the exports by S75, S9 ,39l and during the IN
ms fiscal year the excess OF Imports over cApoi
on was S9l, 1851 $50.
nd In the last annual report of the Secretary
ch the Treasury the attention OF Congress W
M called to the fact that S!6o,6Si OoO IN nVe p
um bonds would become redeemaDle uurll
for the year, and Congress was asked to authc
re. ize the rounding of these bonds at low
lon rate of interest. The bill for such reiundl
MS having failed to become n law, the hecreta
ties of the Treasury in April last notified I
&c. holders Of the l95,6ioAO0 six per cent?
bonds then outstanding thet the bonus pom, s Wpu
be paid mt par on the first day OF July tollo'
to ing or that they might be continued at
nu. pleasure of the Government TO bear inter-
ties at the rate of three and one half per cent
rsc per annum Under this notice Sl75,Oh5, 100
)ri. the six per centum bonds were continued
div the lower rate, and $50 were redeem'
ms In the month of May like notice was CIV
ton respecting the redemption or continuance
re. the Si39 sli $50 OF five per cent. bonds I'll
of outstanding, and of these S40l, 5Oi,9OO WI
the continued at three and hall per centuin
annum and SIS, 1886, 400 redeemed: The six
oentum bonds of tho loan OF February :
for 1896 and of the Oregon war debt, amountl
as | topether to Sl4, 1875 800, having matured dur
and the wear, the Secretary OF the Treasury 81
Al notice of his intention to redeem same,
~ | smell "a have been presented have been p
ow- from the surplus revenue; tnere nhNe "a q
be been redeemed nc par Sl6,lI9,lO0 OF the tn
scs- and one hall per cehOuih coiltiluSu uuh
the making q total oil Donds IcueeIneu os WI
have ceased to bear interest estimated dur
call the wear Of Sl23, 969,65O .,
Ma The reduction OF tue aluusl lnVe.est vi
/ of pubiic debt through these transactions is
lere follows: BY reduction of interest to Sh
i. in cent. 81 OF 395, 227; by redemption OF boz
the S6S5 ,23i 900; total. 81 ,6S2 629, 225 The SH
cas- centum bonds, being paylplS az tne piS J
pre- of the Government, are hNulnyie ~. ~. wv
in vestment OF surplus revenue wl.llou. WY y
into ment of premiums. Unless these bonds
l,.u m