Connecticut western news., 1881-12-14

lno1anS. 6,ol4. l6l US Pensions s..,-........... 50,O59, ,279 '62 Military establishment, includ-
 ing river and harbor im- .s provements ...... 40, ,466, ,46O 55 Naval establishment . 15,6S6.671 66 Miscellaneous. us.......... 41,s37 2S0 57 District of Columbia ... 3.543 912 09
 Interest on the public debt.... S2,50S,7 ,741 Is Premiums on bonds purchased 1,O61,74S 7s
 Total. .............. S26O, ,712, ,ss7 59
 leaving surplus revenue of $1OO, ,O69,-
 404. 99, which was applied as follows: To the redemption of bonds for the sinkings fund, STA, 371, 200; fractional currency, $1O9, ,OO1. e5; loan of February,
 1861, $7, AIS, GOO; 1O-4Os of 1864, S2, ,O16,-
 150; 5-20se of 1862, SIS, 300; 5,2Os of consols of 1865, $143, 15O; consols of 1867, $959, 150; consols of 1868, $337, 400; Texan indemnity stock, $1,000; old demand, compound interest, and other notes, SIS, ,330, and to increase of cash in Treasury, $14, 637, ,023. 93. Total, $1OO, ,O69, 4O4, 9s. .'5 T
 The report says: The requirements of the sinking fund for the last fiscal year, including balance of $49, ST. 128. 78, not provided for up to theNc close of the previous year, amounted to S9O,- 7S6, ,064. .02. There was applied thereto from the redemption of bonds and fractional currency, as shown by the above statement, the sum of $74, ,48O,- POI. .05,s leaving 8 deficit of $l6, ,3O5, : 873.47. It is estimated that the require ments of the sinking fund for the pres ent year., including the balance from last year, will amount to $59,634, ,856. 50. The amount of bonds redeemed during the months of July, August, September and October of the present year is in excess of the requirements of the sink ing fund for the entire year, by the sum of $6, 176, 593. 50. The surplus revenues, however, which may hereafter accrue during the year will be applied to the purchase or redemption of the public debt as contemplated in section 2 of the act approved March 3, 1881.
 Compared with the previous fiscal year. the net receipts for 1881 have in- creased $27, ,255, !, ,681. 59.
 The expenditures show net de. crease from the previous year of $6. 93O, ,O7O.19. F"
 For the current fiscal year the receipts are estimated at $40O,OOO,O 900, and the expenditures, including $7O,OOO, OO0 for pensions, at $27O, 900, 900, leaving sur pfds of $130, 900, 900, of which $60, 0OO,- 900 will be required for the sinking fund.
 For the fiscal year ending June 30, 18S3 the receipts are estimated at $4Q0 00O, 900 and the expenditures, in- olnding' $1O0, GOO, ,O0O for pensions and $456, 71422 for the sinking fund, at $340, 462, 507 65, leaving 8 surplus of $59, ,537, ,492.35. sT0}| s !
 The corporate existence of 396 banks will expire previous to Feb. i25, 1883. The Comptroller of Currency recom- mends that an act be passed authorizing any national bank, at any time within two years prior to the expiration of it's existence, to extend its period of succession by amending its articles of association by the votes of shareholders owning two-thirds of the capital of the association, if such association, upon an examination of it's affairs, shall be found to be in satisfactory condition. The passage of bill authorizing such exten- sion is recommended. s.
 Previous to the resumption of specie payments a reserve was accumulated in ihe Treasury by the sale of $95, 500, GOO
 fs bonds, and by the retention of an addiuonal amount of about $40, COG, ,OOO rom surplus revenues. The policy pursued by this department, as repeat sdly announced to Congress, has been Q retain as reserve for the redemption ,f United States notes about forty per ,ent. of the notes outstanding, and in addition thereto to have sufficient honey. in the Treasury to meet all other demand obligations outstand- ng. This policy has been ldhered to as rigidly as practicable. 1 The reserve has never fallen below 36 l Ser cent, nor been above 45 per cent. ,f outstanding notes. The silver certi- icates issued are payable only in silver 'oin, and the gold received for these certificates is now available for |! purposes. There is now in he Treasurer's cash about $25, ,OOO, ,OOO l ,f fractional silver coin having only 8 | lble, for resumption purposes. consists chiefly of gold coin. It is generally conceded that, for afe banking, reserve of forty per cent. | 0 meet the current obligations is neces- ary. The Government by the issue of | Is notes payable on demand, and it's obligation to meet them when presented, 8 in position analogous to that of banking, and should therefore act upon principles found to be sound and safe in hat business. The Secretary recom- nends that measures be taken for re- oeal of the act requiring the issue of ilver certificates, and the early retire nent of them from circulation, and op- poses the issue of gold certificates.