Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1881-12-10

establishment, including river and
harbOr Improvements and arSenals,
$40,466, 406. 55; for the naval estab-
lishment, including vessels, machin-
cry and improvements at navy-yards
SIS ,6S6 ,671. Sc; for miscellaneous ex-
penditures, including public build
in5s, lighthouses and collecting rev.
enue, S4l ,S37 ,2S0'57; for eXpenditu res
on account of the District of Column
bia, So ,543 $40. 03; for interest on the
public debt, $50, sos, 741.1 for pre-
MUM on bonds purchased $1,061,
248. rs. Total ordinary expenditures,
$500, 74l.1S; leaving a surplus of rev.
enue of 500, 096, 404 .98, which was
applied as follows. To the redemp-
ton of bonds for the sinking fund,
$74,3 81 200; fractional currency for
the sinking fund, sos, 001 .05; loan of
February, 1861, $7,418, 900; t%en-for-
ties of 1864, 81 ,016, $50; fve-twenties
of 1862, SIS $500; five-twenties of 1864
$500; five twenties of 1865, $37 800;
c0nsols of 1865, $143, $50; consols of
1867, 1850 $50: consols of 1878, $751;
400; Texan indemnity stock, 81 900;
old demand, compound interest and
other notes, $1S,3 $3.50, and to the in
crease of cash in the Treasury, $14,-
637 ,023. SO. Total, 500 ,069, 404. SO.
The requirement of the sinking fund
for the year amounted to 500, 1856,
064.95, which included a balance of
$49, 817 ,129.7 rs not provided for dur
ing the previous fiscal year. The
sun of $74,460, POI .05 was applied to
this fund, which left a deficit of
SIG, 305 ,S73.47. The increase of the
revenue for 1881 over those of the
previous year was 500 1852, 901. 1t is
estimated that the receipts during
the present fiscal year will reach
$500, 900 900, and the expenditures
$4,000, 900, leaving a surplus of
$130,000, 900, applicable to the
sinking fund and the public debt. L
approve the recommendation of the
Secretary of the Treasury that pro-
vision be made for the early retire
ment of silver certificates, and that
the act requiring their issue be re-
pealed. They were issued in persur-
ance of the policy of the government
to maintain silver at or near the
gold standard, and were according
" made receivable for all customs,
taxes and public dues. About sixty
six millions of them are now out.
They form an unnecessary addition
to the paper currency, a sufficient
amount of which may be readily
supplied by the nationBl banks. In
accordance with the act of February
%, 1873, the Treasury Department
has monthly caused at least two
millions in value of silver bullion to
be coined into standard silver dollars
One hundred and two million OF
these dollars have already been coin
ed, while only about thirty millions
are in circulation.
For the reason which he specifies,
l concur in the Secretary's recon-
mendation that the provision for
coinage Of a fixed amount each
month be repealed and that hereaf.
ter 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 suggest hat
the national banks may probably be
forbidden by law to retire their cur
rency, except upon reasonable notice
of their intention to do 50. Such
legislation would seem to be %justiti-
ed by the recent action OF certain
banks on the occasion referred to in
the Secretary's report.
OF the fifteen millions of fractional
currency still outstanding, only
about eighty thousand has been re-
deemed the past year. The sugges-
ton that this amount may properly
be dropped from future statements
of the public debt vas worthy OF
approval; so also is the suggestion of
the Secretary as to the advisability
of relieving the calendar of the
United States courts in the Southern
District OF New York by the trans
fer to another tribunal of the mum
erous suits there pending against
collectors.
TARIFF AND REVENUE.
The revenues from customs for
the past fiscal year was Sl98, 159 $780,
OF. an increase of $11 ,637 GIL Az over
that of the year preceding; $685.
09S, 562.2 % of this amount was COL
lected at the port of New York,
leaving $50, PSI 1888 as the amount
collected at other ports of the coun-
try. Of this sum $49, 977, 1873 was
collected on sugar, melado and
molasses, $27 ,2S5, 624.7 rs on wood and
it's manufactures, $21,462, 534.34 on
iron, steel and manufactures of,
81, 1903, S65.S 81 on manufactures of
silk, $50, S25, 1881 on manufactures
of cotton, and Sc, 469 ,643. Dion wines
and spirits, making a total revenue
from these sources of $133 ,058, 720,8 81.
The expences of collection for the
past year were $6,419, $500, an in.
crease over the preceding year of
1887 ,410. Notwithstanding the in
crease in the revenue from customs
Ovar tho Drpcndinp Vaar. the grOS9