646 



PUBLIC DOCUMENTS. 



The ordinary revenues from all sources, for the of interest of $6,107,593. The burden of interest has 



fiscal year ended June 30, 1880, were also been diminished by the sale of bonds bearing a 



From customs $186,522,064 60 l w ra te of interest and the application of the pro- 



From internal revenue 124,009,873 92 ceeds to the redemption of bonds bearing a higher rate. 



From sales of public lands 1,016,506 60 The annual saving thus secured since March 1, 1877, 



From tax on circulation and deposits of na- i s $14,290,453.50. Within a short period over six 



v T,m 8 ;;,Vnf tot*'* Kv Pn YflV R-iiV 7 > 014 ' 971 M hundred millions of five and six per cent, bonds will 



F wS' cSSSSfe. ' y 1 707 367 18 become redeemable. This presents a very favorable 



From sinking-fund for Pacific .Railway Com- opportunity not only to turther reduce the principal 



panics 786.621 22 of the debt, but also to reduce the rate of interest on 



From customs, fees, fines, penalties, etc 1,148,80016 that which will remain unpaid. I call the attention 



From fees consular, letters patent, and of Congress to the views expressed on this subject by 



lands ... . . . 2,337,029 00 the Secretary of the Treasury in his annual report, 



From proceeds of sales of Government prop- and rccommend prompt legislation to enable the Treas- 



From profits on coinage, 'etc '. '. '. '. '. '.'. '. '. 2,792^86 78 ur /. Department to complete the refunding of the debt 



From revenues of the District of Columbia. . 1,809,469 70 "which is about to mature. 



From miscellaneous sources 4,099,60888 The continuance of specie payments has not been 



interrupted or endangered since the date of resump- 



Total ordinary receipts $333,526,610 93 tion. It has contributed greatly to the revival of busi- 



Tta ordinary expenditure, for the same period < $tt*&S& 1 SS&%S?5S 



groundless. No considerable amount of United States 



For civil expenses $15.693,963 55 notes have been presented for redemption, while very 



For foreign intercourse J'SJ'SS no lar S e sums of old bullion, both domestic and impert- 



For pensions ' Eluding ' $ tV,34i,025. 2 6' ar- ' ' ed > are ^ to the * and exchanged for com cr 



rears of pensions). ............ ... 56,777,174 44 notcs - The increase ot com and bullion in the United 



For the military establishment, "including States since January 1, 1879, is estimated at $227,399,- 



river and harbor improvements and ar- 428. 



senals 38,116,916 22 There are still in existence, uncanceled, $340,081,016 



For the naval establishment, including ves- o f United States legal-tender notes. These notes were 



v?;^ eiy ' lm P rovements at na - .. _, authorized as a war measure, made necessary by the 



For miseelianeous' expendiiures,' ' including exigencies of the conflict in which the United States 



public buildings, light-houses, and collect- Wls tlien engaged. The preservation of the nation's 



ing the revenue 34,535,691 00 existence required, in the judgment of Congress, an 



For expenditures on account of the District issue of legal-tender paper money. That it served 



of Columbia 8,272,35463 well the purpose for Which it was created is not 



lor interest on the public debt. D S'!5HI5 \\ questioned^ but the employment of the notes as paper 



For premium on bonds purchased __WWM4* money i nd 'efinitely, after the accomplishment of the 



Total ordinary expenditures $267,642,957 78 ob J ec t for w ^ich they were provided, was not contem- 



_ plated by the iramers ot the law under which they 



Leaving a surplus revenue of. ... . $65,883,653 20 were issucd : Tnc , se . no * es lo ? sin r cc become-like any 



Which, with an amount drawn from the cash other pecuniary obligation of the Government a debt 



balance in Treasury of 8,084,434 21 to be paid, and when paid to be canceled as mere evi- 



dence of an indebtedness no longer existing. I there- 

 Making $73,968,037 41 fore repeat what was said in the annual message of 



w ,. , , , ,- last year, that the retirement from circulation of Unit- 

 Was applied to the redemption- ed .^ notcgi with the it of l } tender in 



Of bonds for the sinking-fund $73,652,900 00 private contracts, is a step to be taken in our progress 



towaid a safe and stable currency which should be 



o accepted as the policy and duty & the Government, 



Of bounty-land scrip 25 00 an " the interest and security of the people. 



Of compound-interest notes .' 16,500 00 At the time of the passage of the act now in force, 



Of 7.30 notes of 1864-'5 2,65000 requiring the coinage of silver dollars, fixing their 



Of one and two year notes 3,700 00 value and giving them legal-tender character, it was 



Of old demand notes , believed by many of the supporters of the measure 



rr, 4. i "1^ Ol . c nc -. , ! that the silver dollar which it authorized would spced- 



3tal ; $73,9bS,OS7 ily becom6i under the operations of the law, of equiva- 



The amount due the sinking-fund for this year was lent value to the gold dollar. There were other sup- 



$37,931,943.55. There was applied thereto the sum porters of the bill who, while they doubted as to the 



of $73,904,017.41, being $35,972,973.86 in excess ol probability of this result, nevertheless were willing to 



the actual requirements for the year. give the proposed experiment a fair trial, with a view 



The aggregate of the revenues from all sources dur- to stop the coinage if experience should prove that the 



ing the fiscal year ended June 30, 1880, was $333,- silver dollar authorized by the bill continued to be of 



526,610.98, an increase over the preceding year of less commercial value than the standard gold dollar. 



$59,699,426.52. The receipts thus far of the current The coinage of silver dollars, under the act referred 



year, together with the estimated receipts for the re- to, began in March, 1878, and has been continued as 



mainder of the year, amount to $350,000,000, which required by the act. The average rate per month to 



will be sufficient to meet the estimated expenditures the present time has been $2,276,492. The total amount 



of the year, and leave a surplus of $90,000,000. coined prior to the 1st of November last was $72,847,- 



It is fortunate that this large surplus revenue occurs 750. Of this amount $47,084,450 remain in the Treas- 

 at a period when it may be directly applied to the pay- ury, and only $25,763,291 are in the hands of the 

 ment of the public debt soon to 'be redeemable. No people. A constant effort has been made to keep this 

 public duty has been more constantly cherished in the currency in circulation, and considerable expense has 

 United States than the policy of paying the nation's been necessarily incurred for this purpose, but its re- 

 debt as rapidly as possible. turn to the Treasury is prompt and sure. Contrary to 



The debt of 1 the United States, less cash in the Treas- the confident anticipation of the friends of the mcas- 



ury and exclusive of accruing interest, attained its ure at the time of its adoption, the value of the silver 



maximum of $2,756,431,571.43 in August, 1865, and dollar containing 4121 grains of silver has not in- 



has since that time been reduced to $1,886,019,504.65. creased. During the year prior to the passage of the 



Of the principal of the debt, $108,758,100 has been bill authorizing its coinage, the market value of the 



paid since March 1, 1877, effecting an annual saving silver which it contained was from 90 to 92 cents as 



