The Portland daily press., 1883-12-05
The Finances.
Annual Report of the Secretary Of the
Treasury.

The annual report Of Secretary Folger at the
outset present tables showing the ordinary rev.
enues for the year ended June 3d. 1888 and
the ordinary expenditures for the same period
and the purposes to which the surplus
was applied. These tables are incorporated in
the Presidents message and will be found
there. Compared with the previous fiscal year
the receipts for 1883, have decreased in custom
revenue, $5,704 ,233.22 in internal REVENGE
81 TT ,226.47 and increased in the sale of tpub-
lie lands, So, 2o2, 724.05; in revenues of the Dis
trict of Columbia 1926, 1892 06; in repayment of
interest by Pacific railway companies, $716,-
1928; in sinking fund of Pacific railways
$525, S3169; in tax on bank circulation and de-
posits, $154 ,21441. There are other items of
increase and decrease but these are the most
prominent. The expenditures show an in
crease of $21 III, 930.57 over the previous year
as follows: In the War Department, $780,
S0S.74; in the Navy Department. 1921, 1890. 81 ;
in Pensions, $4,667 ,379.69; and in civil and
miscellaneous, $11,42S, 571.23. There was
a decrease OF 1921 ,2326O, as follows: In
interest," on the public debt, $11 ,917, 075.54 and
for Indians, So ,374, 157 .06: making a net in
crease in the expenditures of 81 ,426 ,697. 81.
The Secretary's estimates of the receipts and
expenditures for the years 1884 and 1885
are given in the Presidents message. The
Secretary estimates at the close of 1885 there
will be surplus of $50, 1874 695 .05 including the
requirements of the sinking fund or excluding
the sinking fund surplus of $106, IA ,452.
EXCHANGE AND REDEMPTION OF BONDS.
The exchanges of 81 per cent. bonds into 8
per cents made prior to Nov 1, 1882 amounted
to $685. $40, 800; and the exchanges during the
year to SAC, 210, 750, making the aggregate of
81 per cents taken up and per cents issued,
$305, B81 ,250. The annual saving of interest
affected by these exch anges amounts to 81 ,527,-
e06.25.
During the year, $109, 145, 900 of 81 per cent.
bonds have been called and the greater portion
of them redeemed and cancelled making an an
nual interest saving of 1890, $780, Calls have
also been issued for $4o,oOO,ooO of three per
cent. bonds, $50 200 COO of which will mature
in the month of December and $10,000,0 200 on
the first day of February 1884. In addition to
the above Japanese idemnity fund bonds to the
amount Of 81 1884 500 have been cancelled, and
also bonds to the amount Of $954,6O0 left by
Joseph L. Lewis of New Jersey as legacy to
the United States For the twelve months
ending Oct. 81, 1888, the total amount of bonds
redeemed is $112, 875 $50, making net reduct-
ion Of interest of SO, 9S5, 021.75. Since Novem-
Der /, 1882, refunding certificates issued in
per cent.ito bonds the amount Of $113, $50 so.
STANDARD s1LaER DOLLARS.
On November 1, 1888, under the act of Feb
ruary %, 1878, there had been coinage of
standard silver dollars amounting to $156 ,720,-
$40; there were in the Treasury at that date,
Sl16,386,017. There were then in circulation,
and in the mints on account of profits on the
x1af dam tnd iY, tInT
1884, 932. There we're in circulation on Novem-
Der 1, 1882, $35, 1888 1856. The coinage between
the LIST Of November, 1882, and the same date
in 1883 had increased SIS, 391, 069; the amount
in circulation for the same time had increased
81, 1876, 321; thus keeping up the great dispro-
portion between the amount ready to be sup
piled and the demand for them, heretofore no.
ted in the reports of this department.
THE TRADE DOLLAR.
The Secretary reviews the history of the
trade dollar. The whole issue of the coin has
been S35 960, 1850, 446. 1t is calculated that five
sixths thereof went abroad in the beginning,
and it is believed but a small part has come
back. and it is estimated that the amount
held In this country will range from five to
eight million. This department does not re-
commend that legal. tender quality be again
given to the trade dollar, to the sudden in
crease of the legitimate silver money of the
country, with the Inconvenience and incon-
gruity Of two dollars circulating together, of
The same metal, of unequal real value
and Of different devices, yet of equal
value in payment of debts and of
purchase Of property. Il recommends that
authority be given for the redemption of the
trade dollar in the standard silver dollar,
dollar for dollar of nominal value, for the re-
coinage of the metal SO received into a
standard silver dollar to accord with the law
for that coin, and for a reduction of the
amount of silver bullion resulting from the
exchange from the quantity of bullion re quired
to be GOT by monthly purchases, for the pur-
nose Of coinage under the act of 1878. In the
Judgment Of this department that legislation
is safe. and is demanded by character of this
from the confusion and exposure to recurring