The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1881-12-10

ing June 10, 1891, were, from customs, $l9S,
l59,67G02; from internal revenue, $l35,26i,
3Sj5l; from public lands, S2 ,22l 1868 II; from
tax on circulation and deposits or national
banks $S,llG, l572; from repayment of inter.
est by Pacific Railway companies SSlO,S $685. so
from sinking fund for Pacific Railway compa.
MES $S05, 1864; from customs, tees, fines,
penalties, etc, 81 ,225 Jl4SG; from fees, consul
lar letters, patents aud lands, S22,2ii ,9Sl.99
from proceeds of sales OF Government proper.
ty, S2G,2l1.4O from profits on coinage, So,
4GS 4sj 81; from revenues of the District OF
Columbia, S20lG, 1923; from miscellaneous
sources, $1,000, SS0l3; total ordinary receipts,
$3.50, 1872 ,297.
The ordinary expenditures for the same pc
riod were; For evil expenses, Sl1,9il, III.
10; tor foreign intercourse, 81 ,093, 9J402; for
Indians, S6jl4, lGl09; for pensions, S50,050
21012 for the military establishment, includ.
ing river and harbor Improvements and arse.
mails, $40 4GG, 46O55; tor the naval establish.
ment, including vessels, machiney and i'm.
provements at navy yards, Sl5,6S6,61lG sc; for
miscellaneous expenditures, including public
buildings, lighthouses ana collecting the reve-
nue., SAL 1877 ,2S057; for expenditures on &C
count Of the District OF Columbia, So, 543,9l2.-
OBJ for interest on the public debt, $50, sos, al
10; for premium on bonds purchased : ,06l :
24S1S. Total ordinary expenditures, $3.50, 7l2,.
SS7 80, leaving a surplus of revenue of $780,
0G9 40l %, which was applied as follows: To
the redemption Of bonds for the sinking fund,
S1331l 200 fractional currency for the sinking
fund $l0900l 0j; loan of February 1861, 81
4lS,000; 1040's of 1864, $2,0l6150; 520's of
1862, $4,000; 5.20s of 1864, $500 5,2Os of
1865, $37 800. Consols Of 1865, Sl43, 10000;
Of nnpLnlc of
$331 400; loan indemnity stock, 100000; old
demand compound Interest and other notes,
SlS330, and to the increase of cash IN the
treasury, $li G3G 02393; total, 800, 060, 4049S.
THE REQUIREMENTS OF THE SINKING FUND
for the year amounted to $9,01S, 606 .402, which
sum included balance of $49,5l9, l2S7S not
provided tor during the previous fiscal year.
The sum of $14, 4S0,20l 05 was applied to this
fund.- which left "a deficit OF $1,000 ,S7347.
REVENUES.
The increase of revenues for 1881 over those
Of the previous year was $29352, 90l 10. 1t is
estimated that the receipts during the fiscal
year will reach $40O,0O0000 and the eXpendi-
lures $270,000000, leaving a surplus of $780,
100000 applicable to the sinking fund and the
redemption of the public debt.
SILVER CERTIFICATES
approve the recommendation OF the Sccre.
tary Of the Treasury that provision be made
for the early retirement of silver certificates
and that the act requiring their issue toe repeal
ed. They were issued in pursuance Of the pol.
icy of the Government to maintain SILVER at
near the gold standard and were accordingly
made receivable for all customs, taxes and
public dues. About SG6, 100000 of them are
now outstanding. They formed an unnecessa-
ny addition to the paper currency; sufficient
amount of which may be readily supplied by
the national banks. In accordance with the
act of February %, 1873, the Treasury Depart
ment has monthly caused at least two millions
IN value of silver bullion to be coined into
standard silver dollars; 1902 100000 of these
dollars have been coined, while only about 80
0O000Q are in circulation, for the reason which
he specifics
COINAGE.
| concur IN the Secretary's recommendation
that the provision for coinage OF fixed
amount each month be repealed, and that
hereafter only so much be coined as shall be
necessary to supply the demand
GOLD CERTIFICATES.
The Secretary advises that the issue of gold
certificates should not for the present be re-
sumed, and suggests that the national banks
may properly be forbidden by law to retire
their currency except upon reasonable notice
of their intention so to do. Such legislation
would seem to be justified by the recent action
of certain banks on the occasion referred to in
the Secretary's report.
FRACTIONAL CURRENCY.
OF the fifteen millions of fractional currency
still outstanding, only about eighty thousand
has been redeemed the past year. The sug.
gestion that the amount may properly be drop
ped from future statements of the public debt
seems worthy of approval; so, also, pes the
suggestion of Secretary rs to the ACCESSIBILITY
of relieving the calendar of the United States
Courts IN the Southern District OF New York
10y the transfer to another tribunal of the nu-
merous suits pending there against collectors.
THE REVENUE FROM CUSTOMS
for the past fiscal year was Sl9S l59 ,616.02, an
increase of $11 ,G31 ia AZ over that of the pre-
ceding year; Sl3S 09S ,56239 of this amount
was collected at the port of New York, leaving
$50 Pol 1868 as the amount collected. at all
the other ports of the country. OF this sum
S41 81 1853 were collected on sugar, melado
and molasses: S27 2S3 ,G2i1S on wool and its
$2l ,462 ,534,34 on iron and steel
thereof; Sl9,03S, 665.Sl on manu-
features of silk $l0,S25 1881 on manufactures
of cotton and So 1863 643 "a on wines and spirits,
making the total revenue from these sources
: l33 ,05S ,90Sl. The expenses of collection
Tor the past year were 81, 4lO,3l520, an increase
over the preceding year OF S3Si,4lO.O4. NOT
withsianding the increase in revenue from
customs over the preceding year, the gross
value of imports, including Tree goods, de
creased over S2j 100000. The marked decrease
was IN the value of manufactured wool, Sl4,-
023, 6S2, and IN that of scrap and pig iron, Sl2,-
Sl0,61l. The value of imports, Sugar on the
other hand, showed an increase of S7,457 ,4H,
OF steel rails $4,345,52l, of barley 81, 154204
and of steel in bars, ingots, &c, S620,Oi6. Con
trastcd with the imports, they were rs follows:
Domestic merchandise, $90,S39, 25947; foreign
$lS,45l ,399; total, S9O2, 377 3i6,
Imports of merchandise SG42, 664G2S. Excess
of exports over imports of merchandise, $50.
712,7lS. Aggregate OF exports and imports,
81 ,5i5,0 H, 974.
Compared with the previous year there was
an increase of SOC 13S, 6SS IN the value of ex-
ports of merchandise and decrease of S25,.
300, llSin the value of imports. The annual
average of increase of imports of merchandise