The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1881-12-08

IQ6 lOllOWIuR ID au dDotEdCb Va bhO Nhho4s
report of the secretary of the treasury, Hon @.
J. Folger. The report covers forty pages OF
printed matter and comprises about 1900
words. The revenues for the fiscal year were
$3.50, ,7S2, ,292 81, and ordinary expenditures
$3.50, 1887 81, leaving surplus revenue OF
500 O69, ,404 9S, which was applied as follows:
To the redemption of bonds for the sinking
fund, S74, ,371 200 fractional currency for the
sinking fund, S109, ,001 05; loan OF February,
1851, 81 41S 900; 1040s OF 1854, 81 0l6 i5O; 5-2Os
of 1862 SIS, ,300 5-20s of 1864, So, 400; 5-2Os OF
1865, S37 ,3O0 consols of 1865, S143 l50; consols
of 1867 S959 150; consols of 1868, 1887 .400 Tex
as indemnity stock, 81 600; old demand, COM
pound interest and other notes, Sl6 .35O; and TO
the increase Of cash in treasury, Sl4 657 ,023 Vs.
The requirements of sinking fund. including
balance of $40 817 ,12S 78, not provided for up
to close of previous year, amounted to S9O,T
064 OF. There was applied thereto, as shown
above, STA, ,480, POI %, leaving dehcit OF Slo,-
800, ,873 AZ. The requirements OF the fund Tor
the present fiscal year, including the balance
from last year, will amount to S59,634, 500 %.
The amount Of bonds redeemed during July,
August, September and October of the present
year is in excess of the requirements by the
sum of Sc, 1858 30.
the purchase Of bonds for the redemption OF the
public debt. The receipts for 1881 have in
creased $29, ,352, ,90l 10 over last year. customs
revenue, $11, ,637 GIL AZ and internal revenue,
S11 ,255 oil 80. The expenditures show de-
crease of S21 700 800 80, as follows: In the iDte-
rior department (pensions), S6, III ,89i ~; In
premium on bonds purch aSed, 81, ,T34, ,O7l64,
and in interest on public debt, 13,24S,S3S 93.
The receipts and expenditures for the present
year are estimated as follows: Total receipts,
actual and estimated, $400, 600. 600; total ex-
penditures, actual and estimated, S2lO,OoO,OOO;
total excess, $50 1000; estimated amount
due tho sinking fund, S59,634 $50 90, leaving
balance of $70,86 ,143 so. The revenues and
expenses of the fiscal year ending june 81,
1883, estimated upon the basis of existing laws,
will be as follows: Total ordinary receipts,
S4OO. .OO0, 900; total estimated expenditures, in
Guiding sinking fund, $340, ,462.507 65, or an
estimated surplus of $50 ,537 ,492 20. Excluding
the sinking fund the the estimated expenditures
of S105, ,149, ,2O6 81. The foregoing estimates OF
expenditures for the fiscal year 1888 are
S56 O69, ,257 60 in excess of those submitted last
year.
THE SECRETARY CoNcURs IN THE REcoMMEN-
DATIoN
of COMPTROLLER Knox, that an act be passed au-
thorizing national banks, at any time within
two years prior to the expiration OF their cor
porate existence, to extend the period OF sue
cession by amending the articles OF association
by the votes Of shareholders owning two-thirds
OF the capital H. upon examination, the bank is
found to be in satisfactory condition. Inc
embarrassments which are certain to follow
from an endeavOr to maintain several stand
ards OF value in the form of paper currency are
too obvious to need discussion. 1t is recon-
mended therefore that measures be taken Tor
a repeal of she act requiring the issue OF such
certificates and the early retirement OF them
from circulation. Should many banks desire
to retire their circulation the deposit OF such
an amount OF money with the treasurer might
cause q serious contraction OF the currency and
grave embarrassments in business, as is
shown by what took place on the passage OF the
per cent refunding bill BY Congress at Its last
session. III it is thought advisable congress
can enact that national banks be
PROHIBITED FROM RETIRING THEIR CURRENCY
except on a previous notice of intention SO TO
do, the length of that notice to be hxed py law
The secretary suggests that while legal tender
notes are convenient and safe for the country
and it is for the profit of the government to
continue them, there is one consideration that
should have notice, that is, whether the gov
ernment can continue to claim for them the
quality of being legal teEder for debts. Whether
now that that war has sometime since ceased
and government has resumed payment oil It's
debts in gold and silver coin, notes of the Uni
ted States shall be maintained as currency with
the legal tender quality is question worthy OF OF
attention. AS but $4,000 of the Sl5,OOO,OOO
| fractional paper currency outstanding was pre-
| sented for redemption last year, and the sum
| grows less yearly, it is suggested that this De
| dropped from the public debt statement ana
| paid by permanent yearly appropriations, also
| that the 500 900 Of public debt that matured
| before 1860 be similarly treated.
Regarding the payment of United States
| bonds in silver he says: Between the adoption
| of the Revised Statutes, June %, 1874 and 1878
| silver coin was not legal tender in payment for
| United States bonds, and 1t might fairly be re.
| garded. especially by foreign holders who had
acquired ubonds during this interval, as q
breach of faith II bond creditors were compell-
ed to receive payment in coin worth In the
markets of the world but eighty-eIgnt per cent
| of our own standard of value. This govern
| ment is abundantly able to discharge all of its
| obligations at home and abroad in money which
| is everywhere accepted as true standard Of
| value. The department, as required by act oi
| February %, 1878, Is causing to be coined 1000
| 600 silver dollars per m onth, and, despite Of
fort to give 1t circulation by free transfer OF II
to all points, but 81, ,000, 900 are now in circula'
tiong and &C, 900 are lying yet in the vaults