FINANCES OF THE UNITED STATES. 



281 



$18,673,072 68 

 2,660,474 38 

 8,845,927 64 



11,391,476 26 



7,959,037 99 

 84,517,554 81 



Civil and miscellaneous expenses, including 

 public buildings, lighthouses, and collect- 

 ing the revenues 



Indians 



Pensions 



Military establishment, including fortifica- 

 tions, river and harbor improvements, and 

 arsenals 



Naval establishment, including vessels and 

 machinery, and improvements at navy- 

 yards 



Interest on the public debt, including Pacific 

 Railway bonds 



Total ordinary expenditures $34,047,548 76 



Eedemption of the public debt 6,888,999 66 



Balance in Treasury, September 30, 1875 134,972,018 13 



Total $225,858,561 55 



For the remaining three-quarters of the same 

 fiscal year, ending June 30, 1876, it was esti- 

 mated that the receipts would be as follows : 



Customs $112,000,000 00 



Internal revenue 92,000,00000 



Sales of public lands 1,000,000 00 



Tax on national banks 3,650,000 00 



Eeimbursement by Pacific Railways 350,000 00 



Customs' fines, penalties, and forfeitures.. .. 100,000 00 



Consular, patent, and other fees 1,300,000 00 



Proceeds of sales of public property 600,000 00 



Miscellaneous sources, including premium on 



coin 5,200,000 00 



Total net receipts $216,800,000 00 



It was estimated that the expenditures for 

 the same period would be as follows : 



Civil, miscellaneous, including public build- 

 ings $49,500,000 00 



Indians 4,400,000 00 



Pensions 21,000,000 00 



Military establishment 80,000,000 00 



Naval establishment 12,000,000 00 



Interest on the public debt 67,500,000 00 



Total ordinary exp'enditures $184,400,000 00 



Thus, for the fiscal year ending June 30, 

 1876, from the foregoing statement of actual 

 receipts and expenditures for the first quarter 

 and the estimates of the same for the remain- 

 ing three-quarters, based upon appropriations 

 already made, and also on the assumption that 

 Congress would not increase the expenditure 

 by deficiency or other appropriations, it was ex- 

 pected in the judgment of the Department that 

 the revenues would reach the sum of $297,456,- 

 145.14, and that the ordinary expenditures 

 would amount to $268,447,543.76. This ex- 

 hibit gives a surplus revenue of $29,008,601.38. 

 During the past fiscal year it was not practi- 

 cable to purchase the amount of United States 

 bonds required for the sinking-fund, for the 

 reason that such bonds could not be bought at 

 par, and the Secretary was forbidden by law to 

 pay more. But the eleventh section of the act 

 of March 3, 1875, authorizes the Secretary, for 

 the purpose of obtaining bonds for the sinking- 

 fund, to give notice that he will redeem, in coin 

 at par, any bonds of the United States, bearing 

 interest at the rate of six per centum, of the 

 kind known as five-twenties; and further pro- 

 vides that interest on such bonds shall cease 

 at three months from the date of notification. 

 The amount required for the sinking fund for 

 the fiscal year ending June 30, 1875, was $31,- 

 096,545. Of this amount $1,096,500 six per 

 cent, five-twenty bonds were purchased at the 



rate of $90.87 for each $100 in bonds ; and 

 on March 11, 1875, a call was made for $30,- 

 000,000 of the same class of bonds. This call 

 matured on June 11, 1875, which being so near 

 the end of the fiscal year, a part of the bonds 

 named in the notice were not presented for re- 

 demption during that year. Of the amount so 

 called only $24,073,900 were presented for pay- 

 ment before June 30th. Therefore, the amount 

 which appears upon the books of the Treasury 

 as actually applied to the sinking-fund within 

 the past fiscal year is $25,170,400. Under ex- 

 isting laws it is estimated that $32,293,692.32 

 will be required to be provided for the sinking- 

 fund for the year, and that the revenues would 

 fall short by the amount of $3,288,090.94 of 

 providing for the appropriations of Congress. 



During the fiscal year ending June 30, 1875, 

 the public debt was reduced $14,344,514.84, as 

 will appear by the following statement : 



Principal of the debt July 1, 1874 $2,251,690,468 43 



Interest due and unpaid, and accrued in- 

 terest to date 88,939,08747 



Total debt $2,294,629,555 90 



Cash in the Treasury 147,541,314 74 



Debt, less cash in the Treasury $2,143,088,241 16 



Principal of the debt July 1, 1875 2,232,284,531 95 



Interest due and unpaid, and accrued inter- 

 est to date 38,647,556 19 



Total debt $2,270,932,088 14 



Cash in the Treasury 142,243,361 82 



Debt, less cash in the Treasury $2,128,688.726 32 



Showing a reduction, as above stated, of $14,399,514 84 



The amount paid into the sinking-fund dur- 

 ing the fiscal year was $25,170,400. 



For the refunding of the national debt, the 

 contract which was entered into July 28, 1874, 

 was renewed January 29, 1875. The condi- 

 tions of the contract were slightly modified, 

 the contracting parties being allowed one-half 

 of one per cent, commission, and binding them- 

 selves to defray all expenses incurred in trans- 

 porting five per cent, bonds of London, and six 

 per cent bonds, United States coin coupons, and 

 gold coin, from London to Washington, besides 

 the expenses of preparing the new bonds. 



Under this agreement the contracting par- 

 ties subscribed for $122,688,550, the balance of 

 "New Fives" then remaining unnegotiated ; 

 and the Secretary announces to Congress that 

 the funding of $500,000,000 of six per cent, 

 bonds into those bearing five per cent, interest 

 has been accomplished, thereby saving an an- 

 nual interest to the Government of $5,000,000. 



In the opinion of the Secretary of the Treas- 

 ury the success which has attended the refund- 

 ing of $178,548,300 of the national debt dur- 

 ing the last sixteen months, with a steady im- 

 provement of the national credit, induces the 

 belief that the remainder of the six per cent, 

 bonds can be refunded, within a reasonable 

 time, in accordance with the provisions of the 

 acts of _ Congress. He also recommends that 

 the period of redemption of the new bonds be 

 fixed at thirty years. 



