National Republican., 1882-12-05
SECRETARY FOLGER'S REPORP
A Most Comprehensive and Highly Important
Document
The Ordinary Expenses and Receipts Of
the Government.
The National Bank Question Carefully Con-
sidered
Suggestions ms 10 Customs, Coinage, and
In.I.a
Suggestions ms 10 Customs, Coinage, and
the Public Debt.

After stating the receipts and expenditures
of the year, the Secretary of the Treasury an
nounces that the rcquirments of
THE SINKING FUND
for the past fiscal year, including II balance of
S16,3O5,S73.47 from the preceding year, have
been fully met Ii is estimated that the re-
quirement for the present fiscal year will be
$l4,422, ,956.25, of which there has been applied
during the first four months of the year the
sum of $31, ,19G,350.
Referring to the confusion in some minds of
the sums paid to meet the lawful needs of tile
sinking fund and those paid for the reductionof
public debt by direct payment and redemption
thereof, the Secretary refers to the statement
by Secretary Morrill, in 1876, that though the
sinking fund had not been filed to the amount
contemplated by the act Of Congress which
provided for it, and so the letter of the law
had not been observed, yet that, by other
modes, the public debt had been reduced by
more than the sum which the sinking fund
oct contemplated, and so the spirit and intent
of the law had been met and the faith of the
government with its creditors kept. And so,
after his Time, though the sinking fund has
been a creditor, the public debt has been de-
creased by more than u strict adherence to the
sinking fund act would have brought about.
Mr.. Secretary sherman reported in 1877 n
deficiency in the sinking fund, but rcduc
ton of public debt near 221 100000 more than
the sinking fund uct, literally carried out,
would have effected.
The net increase in receipts from all sources
over the previous fiscal year was $i2 1l2 0517l,
and the net decrease in expenditures $2731-
4lS02.
ESTIMATES.
For the present fiscal year the total receipts,
actual and estimated, are Sli5,0Oo,O0O, and
total Expenditure, actual and estimated,
$295, 100000; estimated amount due the sink
ing fund, $iA ,i22 056.25, leaving balance of
$15,5T, ,0i375.
The revenues of the fscal year ending June
80, 1ool estimated uron the bass 0t existing
laws will b. 3lGOuJ,0O0. The estimates OF
expenditures for the same period, received
from the several executive departments, are
as follows: Legislative, $3,2I4,Ol9."0i cXecu-
tive, sGGS,10j.13; judicial, SlO5,2O0; for
eigm intercourse, $l,39O,O05 military cstab-
lishmcnt, 81, ,00l ,ilJ.Ol; naval establish
mcnt S23,lsi,0 i,07s.ji; Indian affairs $6-
7.5,Ial5i; pensions SlQl, ,575,000 public
works, $1l,B1 1856; miscellaneous, $2,925-
003l4; District of Columbia, $3.50, 0,?99,0S;
permanent annual approl riGtions, Ml7,0l6-
O3a26 total estimated expenditures, includ-
mated surplus Of $1i,1l0,s37.1
REDEMPTION or BONDS.
of the $563, 1850 Of the interest bearing
debt, at the date OF the list rCport to Congress,
there have been redeemed during the year
ending October 81, 1S,2 bonds amounting TO
t!,5lG,G50. Tn, reio-t gives an account of
the operations Of the department under the
act approved July IL, 1co2, il, Issuing pc
cont. registered bonds in exchange for - por
cent. bollGs
From the beginning of the exchanges until
the suspension y per cent continued bonds,
amounting to S259,3IO,5JJ, were received i0r
exchange into > per cent. bonds, and per
cent. bonds were duly Issued therefor.
The interest on the surrendered bonds was
adj justtd TO August /, 1so2 and the per cent.
bolds issued III exchange therefor carried in
terest from chat date.
The exchanges were resumed November l.
since which time there have been received
$21O2i,25O in 81 per cont. continued bonds
for which u like amount Of 3pcr cent. bonds
have been isued, making total issue 10 De-
cc:nber /, 1sS2, of $3.50 2D4,15O.
The reduction in the annual interest charge
L.; reason of these exchanges is 81 ,4Ol, 1870.
The department knows no reason why it
should rot continue to SAord eTery facility for
these exchanges so long rs 81 per cent. bonds
remain outstanding and uncalicd.
Tie net reduction In tho interest charge to
Nnvunbcr !, l,s3 due 10 calls, the Redemption
gILyEE AND EILTER CERTIFICATES.
The ircr2asc IN The circulation of standard
sily,r dollars between November l, 1851, and
Ncvvnhcr l. lSS2 was less than Il million and
a half OF dollars. The amount coined during
tn samc time was 3-7,1I:,U,j. The supply in
TIL aggregate, aad furnished yearly, Is much
more t!Gn the demand
There wore ON hand in the subtrcasury on
November /, 1852 52G,s q ,337.G2 of fractional
silver coin, In All, there We're 2,400 tons of
silver com stored in the public vaults. If the
coinage OF standard silver dollars is kept up,
and lhc 6CraEd glr them for circulation is rs
dormant ~ nov, it will be n serious question
whcrr the Treasury Department will find in
public lcccpl.S;les, storage-roOm therefor.
!lc m mt Of silver certificates outstand-
III November /, 1851, was about G6,000,0O0,
and TIE amount outstanding November !,
Is =, about aihj0JOOO.
lHsmuch a5 b. recent legislation the Secre-
ta:y is r.quh d u is,uc gold certificates it is
to hc llul:,u lrr That the place of the silver
certificates VIII be to Il great extent supplied
by gold rtiii"urea, rs the latter are furnished
in uanvv irut denominations and it is Just
To sup 'hNt u & rt,iicatc payable in a coin
wu.p.,t. ut o. pry c-nt OF its nominal value
VIII rg d, g,,led by one worth fully its nOmi-
ma rrlTe.
tthe III ~ win, the Secretary asks, that the
continued coil ag2 rt silver dollars is not now
re, ui.cd f." circulation of them, or as basis
fo' th" ilu" G.. such certificates, and that the
policy ui tins government, so far rs it was
meant 60 increase the price of silver, has not
be3n successful?
The recommendation is renewed for the re-
peal Of the act requiring the issue of silver
certificates, and for law authorizing meas
ures for their carly retirement from circula-
tion.
Tho International monetary conference met
in April last on the day TO which it had adj
journed, and adjourned again sine die. 1t is
not understood that it effected any important
practical rc,ul,.
ndrr the act OF the last session of Congress
gold certificates have been issued to November
q, lSe2, ulnruntng to S3l 100000, and there
are gud certificates amounting to $13S, $4,000
ready for issue,
At the date of the last report refunding GER
tifcates ssuyd under the act of February 26,
1879, remained outstanding to the amount of
$5sa050.
There have been presented during the year
for conversion into four per cent. bonds GER
tifcatcs amounting TO $174,300, leaving still
unconVerted Si23,75O.
Up to November l, 1889, S., 800 in A per cent.
bonds have been issued in this manner, making
an increase to that extent Of the amount of
such bonds outstanding, but not increasing the
total debt
GOLD AND SILVER COINAGE.
The total gold and silver exports duringthe
fiscal year amounted to S49,4l1 40, and total
"a a. FaF.A 4 gA..l..