The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1881-12-08

- toAloHss 10 1nO I0oSnptlOu OF
bonds for the sinking fund $14,S71, 200;
fractional currency for the sinking fund,
$4,000, los; loan Of February, 1881, ST.
$4,000; ten-forties of 1854, ST, I6l, 500;
6ye-twenties of 1862 81. $4,000; fve-tNen-
ties of 1864, $4,000; fiVe-tWenties of 1865,
$780, 600; consols of 1885, l4,SI5, 600; con-
soils of 1867, $95, 915 eco; ccnsols of 1868,
$33, 740, coo; Texan indemnity stock, $780,
600; old demands, compound interest and
other nOtes, 81, SSS, 900, which, added to the
increase of cash in the Treasury, $14,6S7,-
023.9S, the requirements OF the sinking
fund. including a balance of SAT ,s17 ,21s.7s,
not provided for up to the close of the pre-
yious year, amounted to $90,7s6, O64.o2.
There was applied thereto, as shown above,
$74, 49,, POI .05, leaving deficit of $I6,S05,-
S73.47. The requirement of the fund for
the present fiscal year, including the bal
ance from last year, will amount to $59-
6S4, $3.50; the amount of bonds redeemed
during July, August, September and Octo-
Der of the present year is in excess of the
requirements by the sum of Sc, I76, $3.50
but the surplus revenues will be applied to
the purchase or redemption of the public
debt
RECEIPTS AND EXPENDITURES FOR 1881
The receipts for 1881 have increased
$29, 352, 90l 10 over those of last year; the
customs revenue has increased 81 ,637, GIL AZ
and the internal revenue $l1 ,255, oil SO.
The expenditures show a decrease of ST.
700, 800.39 as follows: In the Interior De-
partment (pensions), S6,715,S 94.82; in pre-
MUM on bonds purchased, Sl,734, 07I.64,
and in interest on the public debt, 81, o24,-
the present year are estimated as follows
Total receipts, actual and estimated, $780,
900, 900; total expenditures, actual and esti-
mated, $27O, 900, 900; receipts over expendi-
lures, $130, 00O, 600. The estimated amount
due to the sinking fund is $50, 634, $3.50,
leaving balance of so, 1865, 1880. The
revenues and expenses of the fiscal year
ending June 30th, 1888, estimated upon the
basis Of existing laws, will be as follows
Total ordinary receipts, S400 O00, 900; total
estimated expenditure, including sinking
fund, $346, 1862, 507.65, or an es-
timated surplus of $59, 81, 1872 80,
including the sinking fund. The estimated
expenditures will be 1924, $50, 793. 43, show
ing surplus of sos, las, 206.57. The fore
going estimates of the expenditures for the
fiscal year 1888 are S56, 069, 257 go in excess
of those submitted last year.
THE SECRETARY CoNCURs
than an act be passed authorizing national
banks at any time within two years prior to
the expiration of their corporate existence
TO extend the period of succession by amend
ing the articles of association by the votes of
the shareholders owning tWo-thirds of the
capital stock, if, upon examination, the bank
is found to be in q satisfactory condition.
The policy pursued by this Department to
retain as a reserve for the redemption
IT--sA j r Il
the notes outstanding and in addition there
to have sufficient money in the Treasury to
meet all other demands and obligations out
standing, has been adhered to rigidly as far
as practicable. The reserve has never fallen
below 26 degrees, nor been above
As degrees of the outstanding notes. The
Department has issued silver GER
thcates upon deposit of gold coin
in like amount and through this means
silver held by the Treasurer. These
certificates amount to about $66,000,0OO
and there are outstanding about $34, 600, 900
in silver dollars now in circulation.
THE LIBERAL PURCHASE OF BULLION,
the coinage of silver dollars by this Gov
eminent, and the receipt of them by it for
public dues, has failed to raise the price of
silver bullion to any great extent in the
markets of the world, and the circulation
inexpedient addition to the paper currency.
They are made legal tenders for the pur-
poses named, yet have for their basis about
Lightweight degrees only of their nominal
value. There is no promise from the Gov
eminent to made good the difference between
their actual nominal value. The national
banks are ready to issue their notes in such
quantity as the laws of trade demand, and
as security therefor the Government will
hold i,
embarrassments which are certain to follow
from the endeavOrs to maintain several
standards of value in the form of paper cur
rency are too obvious to need discussion,
and it is recommended, therefore, that
measures be taken for a repeal of the
act requiring the issue of such certifi-
Gates, and an early return of them from
circulation. The Department is continuing
to refuse to issue gold certificates on de-
pOsits of gold. Under the existing law any
national bank can, upon the deposit of legal
tender notes or coin with the Treasury,
withdraw the bonds held as security there
for and leave the Treasury to redeem in an
equal amount of notes. Should many banks
desire to retire their circulation the deposit
OF such an amount of money with the
Treasurer might cause a serious contraction
of the currency and grave embarrassment
In business, as was shown by what took
pace oy the passage OF the per cent. re-
funding bill by Congress at its last session
If it is thought advisable, Congress can enact
that national banks be prohibited from this
except on previous notice of intention so
SO do, the length of that notice to be fixed
by law. 1t is suggested that the outstand-
ing fractional currency be dropped from the
public debtstatement and paid by perma-
nent yearly appropriations; also that the
100000 of the public debt that matured
before 1860 be similarly treated Regard
ing
THE PAYMENT OF Q. S. BONDS IN SILVER,
he says that upon the adoption of the
revised statutes of June 22nd
1874 and 1873 silver coin was not legal ten
der in the payment of United States bonds
and it might be fairly regarded, especially
by foreign holders who had acquired bonds