The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1881-12-09
3.543,912 O3
S2,50S,741 l8
1,612,oGS 70

S..GS %
Leaving surplus of revenue OF 300, O69,-
4O4 %, which was applied as follows:
To the redemption of bonds for
the sinking fund .... .......... $74,371 20
Fractional CURRENCY for sinking
fund ............ 1O9,OOI O5
Loans OF February. 1861. ........ 7,4ls.OOO 90
1O-40s of 1861. 2,Ol6,15O 90
5-20s Of 1862 .................... $4,000 90
5-20s Of 1861. 10000 90
BIOS OF 1860. $4,000 90
Consols of ] 500 ................. 1,131 800 90
Consols of ] S67................. $50, $50 90
Conso's OF 1868. 337,4OO 90
Loan indemnity stock. ......... 10000 90
Old demand compound interest
and other notes. ................ 1880 90
And to tins and to the increase of
cash in the treasury 14,637,023 90
IOtai. .3lUU,UOJ,4O1 30
The requirements of the sinking fund for
the year amounted to 500. 7S6, 064.02, which
sum includes a balance of $40, Sl7, 1878
not provided for during the previous fiscal
year. The sum of S74, 4S0, 201 was applied
to this fund, which left deficit of Sl6,205,-
1874 The increase of the revenue for
1881 over that Of the previous year was &c.,
352 30l.1O. 1t is estimated that the receipts
during the present fiscal year will reach $780,
O00.0 200, and expenditures S27O, 900, 900,
leaving surplus Of $3.50, 100000.
SILVER.
In pursuance of the policy Of the govern
ment to maintain silver at or near the gold
standard it was made receivable for all Gus
toms, taxes and public dues. About $685.
600, 600 of standard silver dollars are now
outstanding. They formed an unnecessary
addition to the paper currency, as the current
amaunt which may readily be supplied by the
national banks is shown to be sufficient In ac-
cordance with the act Of February %, 1878,
the treasury department has monthly
caused at least 81, 00O, 600 in value Of silver
bullion to be coined into standard dollars One
hundred and two millions of these dollars have
been already coined, while only about $751;
600, 600 are in circulation. For the reasons
which he specifies, concur III the secrctarv's
recommendation that the provision for coinage
of the specified amount each month be re-
pealed, aud that hereafter only so much be
coined as shall be necessary to supply the do
maud.
GOLD CERTIFICATES
The secretary advises that the issue of gold
certificates should not for tho present bs re-
sumrd and suggests that the national banks may
bepropcrly forbidden by law to retro their cur
rency, except on reasonable notice of their in
| tention to do Such Legislation would seem
TO be justified by the reconstruction of certain
banks on the occasion referred to, in the
secretary''s report Of the 81 ,OO0,0oO Of
frac'o nv tn, so o s h, out' and
this amount may properlY bs dropped from
future statements of tie public debt seems
worthy or approval. SO also does the sugges-
ton of the secretary as to the ACCESSIBILITY Of
relieving tho calendar of the United States
courts in tho southern district of New York by
the transfer to another tribunal of the numer-
GUS suits there pending against collectors.
THE REVENUE
from customs for the past fiscal year was
SlgS 159, 676.O2; an increase of ST. ,637,-
6l1.42 over that of the preceding year;
$l3S, O9s, 562 80 of this amount was col
lected at the port of New York, leaving $50,-
25l, 523. G3 as the amount collected at all tho
other ports Of the country OF this sum
$i7,917, 1898 was collected on sugar and
moIasses, $27, 2S:j, G24 IS on wool and manu-
manufactures thereof, $l9,03S, $50 81 on
manufactures of silk, TlO,S25. 1921
on manufactures of cotton. sc, 469,-
G43.O4 on wines and spirits, making the
total revenue from these sources
$133, O5S, 72O 81. The expenses of collec-
ton for the past year have been $50, lis, 345 20,
an increase over the preceding year of $685.
4lO.O4 Notwithstanding the increase in rev.
enue from customs over the previous year the
gross value of the imports, including free
goods decreased over $50, 000, 900. The
marked decrease was i'll the value of unmanu-
featured wool SID ,023, 6S2. and in that Of
scrap and pig iron $l2, SlO.G7l. The value
OF imports Oil sugar, on the other hand, showed
an increase of $7,457, I74 OF steel rails 81
345, 81 of bar iron So, 81, 20i, and of steel
in bars, etc, S;620,Gi6
Compared With tho previous year, there vas
an increase 81 merchandise aud a decrease Of
$66, 1873 6SS in the value of imports The
animal average increase of imports of mer-
previous to June 80. 1878, was 81, 4SS,922,
but for the last sixyears there has been an ex-
cess of exports over imports of merchandise
of $l,1SO,G6S, 1C3, an annual aver
age of $i9G,77s,0l7. The specie
value of the exports of domestic
merchandise was 1876, GIG, 473 in 1870 and
1883, 925, 947 in 1881, an increase of 1907
309, 474, or 1875 per cent The value IF I'M
ports was $i3J,a5S, 10S in 1870 aud S6l2,
664, 62S in 1881, an Increase of S2O6, 1O6,-
90, or Al per cent during each year. From
1862 to 1879. inclusive, the exports of
specie exceeded tho imports. Tho largest OK
cess of such experts over imports was reached
during the year 1864, when it amounted to
500, 20i,329, but during the year ending
June 80, 1880, the imports of cora and bull
ion exceeded the exports by $15.S9l ,391, and
during the last fiscal year the excess of i'm
ports over exports was $9l, 16S,6oO.
REFUNDING.
In the last annual report Of tho secretary of
the treasury the attention of cor gross called
to the fact that 1863, So $50 i'll ) per GEN.
bonds were to become redeemable during the
year, and congress was asked to authorize the
refunding of these bonds at lower rate of in
terest The bill for such refunding having
failed to become law, the secretary of the
treasury in April last notified the holders of
the $l95, 900, 400 per cent bonds thon out
standing, that the bonds would be paid at
par On the first day of July follow
ing, or that they might be continued
at the pleasure of the government, to bear in
terest at the rate of 3 l2 per centnm per an
num- Under this notice > a., U55, 80 of the
per centum bonds were continued at the
lower rate, and $l7 ,632, go redeemed. In
the month of May like notice was given re-
specting the redemption or continuance of the
$439, S4l $50 of 5 per cent bonds then out
standing; of these $401 ,50i, 900 were con-
timed at Big per centum per annum, and $685.
1886, 450 redeemed The q per cent bonds
of the loan of February 8, 1861 and of the
Oregon war debt amounting .~sether TO $l4,-
l2l 800 having matured during the year the
secretary of the treasury gave notice of his in.
.cntion to redeem the same, and such as have
been presented have been paid from the sur
plus revenue There have been also redeemed
at par ZIG, l79, 100 of the Big per centum
continued bnnds, making total of bonds re-
| deemed or which have ceased TO bear interest
during the year of $123, 9G9,650
THE PUBLIC DEBT.
Tho reduction of the annual interest on the
| public debt through these transactions is as
| follows:
| By reduction of interest to Gig per
cent. .SIO.l $500 ~
| By redemption of bonds. .......... 6,352.31O 90