Press enter after choosing selection

The Annual Reports

The Annual Reports image
Parent Issue
Day
8
Month
December
Year
1876
Copyright
Public Domain
OCR Text

Frora the annual report of Hon. Lot M. Morrill, Secretury of the Trensury, on the state of tho finances for the paat year, we gather the follovring intereeting Sguree : RECEIPTS AND EXFENDITtTItER POR THE FISOAL YEAB ENDINO JDNE 30, 1877. The receipts duriog the firut quarter were : From cuftoms $ 37,554,728.53 From internal revenue 28,813,336 37 Froru palos of public landa 252,0i.'5.63 From taxation on circulation, etc, of iiatiónal banis 3,534,707. 87 From repayment of interest by Pacific raüwaya 97,912.59 From cnstorna fines, etc.. 17,695,27 Froni consular, patent and other feea 425,684.75 From proceeda of sales of Government property 171,875.36 From miscellaneons sourcee 2,123,009.16 Net ordinary reccipts Í 72,991,005.53 Prtmium on salea of coin 119,618 90 $ 73,110,624.49 Proceeds of bonds of 1681, Geneva award 2,403,445.53 Total net orcjinary recmpta $ 75,513,970.(12 Balanco in treasuiy June 30,1876... 121,807,732.30 Total availablo $197,321,702.32 The expcnditures dnriDg the sama pcriod weie : For civil and iniscellancous expenses, including public bniWings, lighthousee, and collectlng the revenues. $15,937,203.11 For Jndians 1,434.765.93 For pensions 8,382,357 08 For military etabllehment, includiiig fortificationa, river and harbor improvemrnts ftpd arsenals 9,715,661.35 For nttvul eetaUliBhmeut, inchiding veBeelB and machincry and improvomentsat navy yards 6,174,853.96 For intertet on the public debt, iccludiDg Pacific railway bonds 37,107,560.63 Total ordinary expenditures $78,751,893.26 Redemption of tho public debt $3,618,648.77 Judfimente of Court of Alabama Claiiaa 2,353,034.21 15,972,282.08 Total expenditures t 84,724,176.24 Balance in treasury Sopt. 80,1876.. 112,597,526.(18 Total Ï197,321, 702,32 For the remainiog three quRrtere it ia eetimated that tho receipts wUl be : FromcUBtoms % 89,445.271 47 From internal revenuo 91,5!3,líi3.tí3 From palé of public lands 800,OCO 00 From tax ou natioual bank? 3,600,000.00 trom reiniburatment by Pacilic railWliys 300,000.00 From cuf.toms fines, penalties, and forfoitures ' 75,000.00 From consular, patent, and other fee 1,200,000.00 From procoeds of Bales of public property 250,000.00 From mipcellaneoua Bourcea, iucluding premium on coiu 4,000,000.00 Total net receipts $191,181,925.10 For the Bame period it is estimated that iho expenditures yill be : For civil and rniscellaneoua, lncluding publio buildlugB $39,000,000.00 For IndiaDG 4,000,000.00 Por pensions , 20,000,000.00 For mi itary CBtablishmént 2C. 500,000.00 For naval eatablithment 7,600.(OO.rO For interest on tho public debt 61,876,860.09 Total ordinary expcnditurfis 158,870,860.09 K8ÏIMATE8 FOB THE FISCAL YEAK ENDINO JDNI 30, 1878. It is estimated that the receipte for the fiacal joar ending Jnne 30, 1878, will be : From custonia 1180,000,000.00 From intcrnal revenue 123,000,000.00 Krom sales of public lamia 1,200,000.00 Trom tai on oirculation oí natlonal bnkn 7,860,000.00 Froni reimbnrsenicnt of interest by Paclflc railway conipanieB 350,000.00 From cuetoms fines, penaltlee and fárfeiturea 150,000.00 Frorn consular, lettera-patent, and otherfees 2,260,000.00 Froin proceeds of sales of (iovernment property 230,800.00 From mlscellaneons sourees 5,500,000.00 Total ordinary roceipts $270,050,000.00 It is eatimated that tho ordinary expenditures ior the f ame period will be : For civil eitpensCB f 15,500,000.00 ï'or forcign intercoureo 1,215,000.(0 For Inrlians 15,342.(00.00 For pensions 28,5011,000.00 For military establishment, including fortifications, river and harbor improvementa, and areenals 3(5,500,000.00 For naval establishment, including veaflels and machinery and ünprovements at navy jards 16,000.00.00 For civil and misoellaoeoUB, iucluding public buildings, lisht-huses, collecting rovenuea, niail-steamahip service, deScienoy in postal revenues, public printing, etc 42.000,000.00 For interest on the pnblic debt 94,386,294.00 For interest on Pacific raüway bonds 8,877,410.00 Total eslimated oipenditurcB, exclusive of the ainking-fund aroount and principal of tho pabllc dobt. .. $243,350,704.00 Upon the basis of these estímate, there will ae a surplus reverme for the fiscal year 1878, applicable to the sinking ftmd, of 926.699,290. The estimated amount required by law to be sot apart for that fund ia $85,391,096 CO. If, lierefore, these estimates shall prove to be approximately correct, there will be a deficieney in thia account of #8, 691,800.00. The estimates received from the several execulive departments are as followa : Legislativo establishment $2.9 13,722.80 Execntive establishment li1,099,199.38 Judicial establishment...' 3,911,400.00 I'orclgn intorcourse 1,245,997.50 Military establishment 32,215,890.90 Naval establishment 19,430,01.(59 Indian affaire 5,342,899.12 'cnsioni 28,533,000.00 Public -workp : Treasury Dejartment.$ 4,2i4,196.65 War Department 18,793,227.70 Navy Department 2,900,096.00 Interior Department. . 837,982.62 Department of Agriculture 13,450.00 Department of Juaüce 42,500.00 - 26,851,452.97 Postal service 6,078,267.43 Miscellaneous 10,653,646.85 Permanent appropriations (iucluding $35,391,096.60 for sinking fund) 146,500,576.36 Total $299,611,671.00 BEDUCTION OF THE PUBLIC DRBT Principal of the debt July 1, 1875. .$2,232,284,531.95 Interest due and unpaid, and accrued interost to dat 38,647,55G.19 Total debt $2,270,932,088.14 Cash in treasury 142,243 361.82 Dobt, lesa cash in the treaaury $2,128.688,726.32 Principal of the debt July 1, 1876. . .$2,180,396,067,15 Interest due and unpaid, and accrued interest to date 38,514, 004.54 Total debt , $2,218.909 071 69 Cash intreasury 119 469,726.70 Dabt, lese caeb. in the treasury $2,099,439,344.99 Showine reduotion, as above stated.of $29.249,381.33 KESUStPTION OF SPECIE PATJCENT8. In Marcb, 1869. by an act entitled " An act to strengthen the public credit," the faith of the United States was "solemnly pledged to tbe payment in ooin or its equivalent, of all the obligations of the United states, not bearing interest, known as United States notes, and of all the raterest-bearing obligations of the Uoitod States ;" and, f urther, ■'to make provisión, at tha earlisst practicable period, for the redemption of the United States notes in coin." By the act of January, 1875, Congreas declar'ed the purpoee of resumption of specie payments on January ] , 1879. and to that ond, and in execution of the pledge of the act of 1869, provided for the redemption of the United Staiee notes, and for the issue of national bank notes in lieu thereof, and thus, amid conflicting theories, declarcd, in effect, a monetary system combined of ooin and national bank noteB redeemable in coin at the demand of the holder, in harmouy with the constitution and the traditional policy of the American people. By this legislation it will be pcroeivod that the United States is fullv eommitted to the resumption of spcie payments on a given day in January, 1879, by the method of redemption of United States notes current as lawful mocey, and the subetitutioa therefor of national-bank currency, the equivalent of money bv its convertibility into coin on demand. The popular favor with which this enactment was hailed, looking to tho consummation of an exigent meaeure of public necesaity, was modified only by an apprehension of the possible inadequacy of its terms to accomplish its end. A return to tho constitutional standard of values at any time will doubtless, to some extent, involve a reduction in nominal pnces, and consequent coatraction of the volume of curreucy-, but thi is not of itself necessarily an evil, and, if it were, it is an evil incident to a vicioua system, not cured by the contimiance of the evil, whilo the meaoure itself is demanded by the highest economie considerations aud principies of honest dealing amoDg men. BesidoB, the troublos likely to grow out of euforced rosniuplion are beheved ♦o be greatly exaggerated. Bestoration of the constitutional standard of values by resumption, and the exhnction of irredeemable notes current as money, md the enforcement of payment in coin on demaud, of the uational bank notes treated as the equivalent of money, are obyiously aüke of naticnal obligation and public necessity. The suspension was tho act of the National Government, and to the National Ooverameut the people properly look to tïke the initiutive in ros mption. Having, urider its authority to ooin money, assamed to regúlate the currency of the countiy, and as the States are inhibited' 'to make any thing but gold aud eilyer coin a tender in payment of debts," and, as ineáeemable and inconvertible paper cuironoy is eesentialiy repugnant to the principlea of the eonetitution and the traditional policy of the American people, it is obviously incumbent on the Government to maintain and preserve the money standard of values of the constitution, and to enforce the obligation of payment in ooin on demand, at the option of the holder of all paper money. ISSUE OF S1LVEK COIN. Immediately upon the pasBnge of the act of April 17. 1876, the department, türough its several indepanrleut-treasiu'y offices, began to issue, in redemption of tho outatanding fractional eurrency, the subsidiary silyer which had been coiued under the authority of tho Aegumption act of Januai-y 14, 1875. To further relieve the pressing demand throughout the country ior money of str.all dsnominations, the silver "coin in tbe treasury, previons to tho passage of tke act above mentioued, was also issued in payment of currency o'ohgations of the Government. Undor the authority for the iesuo of silver coin granted by the act of July 22, 1876, tho department, in adólition to redeeming fractional currency. wheuever presentod for that purpose, has also issued silver coiu in exchange for legal-tender notes as rapidly as ihe coinage at the mints would permit. From the date firat mentioned, to aud including Ootober 30, 1876, there has been issued of silver coin, as above stated, $22,096,712 16, of which amount there has been issued for fractional currency redeemed and destroyed, $12,953,259.43. The demand for silver coin for circulation, though prowing lesa urgent, still continúes lully equal to the capacity of the mints to supply it. Until this demand shall have ceased, the coinage will be contmued au rapidly as practicable, to the limit authorized by law. EXPOBT8 AMD IMPOETB. The coin values of the exports and importa of the United States for the last fiscal yoar, as appears from official returns made to and compiled by the Bureau of Statistics. are as follows . Exporta of omestic merchandise $525,582,247 Exports of loroiu merchandise 14,8'í2,424 Total ...$i40,S84,611 Importa of goods 460,741,190 Excess of exporta over imports $ 79,643,481 For the nscal year 1875 there was an excese of import, over exports amounting to 919,562,725, showing a difforence of -í9D,2u6,2u6. Exjiorts of speoie and bullion $ 50,500 302 Importa of specie and bulljon 15 93(1. (tól Kxcoas of exporta over import $ 40,509,621 Total excess of exporU of merchandise and the precious metáis over imports :'. iao,2ia. 102 Intemal Keveimti. Proin fhe annual report of tho CorornisBtoner oí lateraal Revenue we gather the followlng intercating statiBttcs: The aggregate reeelpta for the flgcal year were $U7,230,62ï. an increase over the precedmg ílpcal year of $6,691,471. The aggregate rcceipt for the year were made up from the follow:ngg ) urces : From spirite $ I' 438.ÏU From cigar.s and cheroots ] i 2 3 too From Rnuff and tobaooo ,,, 28,557165 From fermented JiquorR y'rl'yjio Fr, m bank and bankers #"# 4008698 Adhesivo stajnps ,# hik'-'Hh Penaltis, etc ,.. 'oi8,'25 Total fll7,S3e,625 The followlng table, geographicallyarranged, will show the payment of interaal revenue tax for the lant fiscal year by the several States and Tt Tritones : Maino . f 90,680 New Hanipshire 26Ü.281 Vermont 47 125 Maasaehusettfl ..... " , 2 752218 Rhode Inland.' ........ '22i,'67S Connecticut 654,115 Total Eaatern StateB.. f 4,031,046 New York , tU,MJ1i New Jersey 8,779,950 ! PennBylvania 8,973 433 lMlaware 417598 Marylana 9,6T7JB79 . Total Middle States $27,8S,278 I Ohio $16,587,674 1 Indiana ,17,128 niinoia 38,7ÍK),B94 1 Michigan 2,0,164 MiRsouri 2,981,942 Wiseonsm 3,308,770 Mluneaota , 348,776 Jw 1,312,618 Kanass. 1 ,704 Nebraeka 802,396 Total Western States $,870, 768 Virginia $ 7,314.394 West Virginia 430,978 Kcntucky 7,7u8,593 Tennessee 596,714 North Carolina 1671,139 Scmth Carolina 105804 Georgia 362726 Alabama 109,341 MiEslssippi 85,168 Florida 174,288 Lomsiana 529,788 Artansas 88,201 Teias 248,709 Total Southern Statea .$19,399,810 Colorado $ 72,669 Nevada 67,923 California 3,095,040 Oregon 49,573 Total Pacific States $ 3,286,206 D;strict of Columbi $ 114,599 New Mexico 22,162 Dakota 12,156 Wyomtng 15,063 Montana T 20,983 Idaho 16.994 ütafc .. 33,332 Arizona 11,976 Washington 20,411 Total Territorios $ 267.679 Tho foregoing tables, by States, do not include the recfcipta for tho year from the sale of adheaive stampa, finea, penalties, etc., whlch amounted to over $7,000,000. It will be observed that more than one-half of the wbole amount recelved for interna! revenue tax originated with and ia oredited to the WeFiern Statea. Tho credit to the Middle States exceeds that glven all the other State and Territoríes (the Western States excepted). Seven Statee- Illinois, Ohio, New York, Kentucky, Virginia, Pennsylvania and Indiaca- are credlfced reepectively with more than the aggregate of the five Eastern States, lüinoïs and Ohio combined have a larger credit than all the Middle and Soathem States, while Illinoís alono exceeds the Eaetern, Southern and Pacific States, and all the Territories. Two difttricts in Illinois, the First and Fifth, are credited respectively witn $3,971,565 and $8,003,043. Ke]orf of tlie Comptroller of the Corrency. From the report of Comptroller Knox we glean the followíng interesting figures regarding the status of the banka : SectiOD. 5.214 of the Kevised Statutee provides that the national banks Bhali pay to the Treasurer the f ollowing taxes : One per cent. annually upon the average amount of notes in circulatlon, and one-haif of 1 per cent. annually on the average amount of deposita and the amount of capita] stock not invested in United States bonds. The amount coilected by the intemal revenue offiea from State banks, saviogs banks, and private bants and bankers during the fiscal year onding Juno 30, 1876, was as follows : On deposita .$2,672,184.97 On capital 1,416.586.39 On circnlation '17,947.67 Total $4,006,698.03 'Of thia amount $7,68!.15 was derived from the tax of 10 per cent. upon authorized circulation. The followlng toble exhihits the amount of United States tnxes collected from the organization of the system in 1863 to July 1, 1876, the collections havlug been madij without expense to the Government, except the compilatiou of the returns in the Treasury Department : Collpctions on circulation $33,928.703.18 Collections on deposita 33,609,891.84 Collections on capital 4,714,C4.94 Total $72,2S3 141.98 The following table givea the amount and ratio to capital of State and natior.al taxatlon, for the year .875, by geographical divisiona : NEW ENOLAN 8TATFB. Oapital $164,316.333 United States taxes 11,937,016 Statetaxee 3,016,537 Ratio of V. S. taxes to capita! 1.2 Baüo of State taxea to capital 1,8 Total ratio 3.0, MIDDLE STATE 8. Capital $193,5S,eO7 Dnited St3tes taxes 3,300,498 State taxea 4,062,459 Ratio of U. S. taxea to capital 1.7 Ratio of State taxea to capital 2.1 Total ratio 3. 8 80TJTHEBN STATE8. Capital $ 34,486.483 United statea taxes 445,04 State taxes 476,236 tiatio of U. S. taxes to capital 1 3 Eatio of State taxes to capital 1.4 Total ratio 2.7 WISIEBN STATES AND TEBEITOBIE8. Capital $111,300,588 United Statea taxea 1,634 9B9 8tate taxes 2,502,890 Itatio of U. S. taxes to capital 1.5 Eatio oí State taxes 2.4 Total ratio 3.9 Note. - The banks reporting State taxation in 18S5 poBBessed a unlted capital of $493,738,40. The Government is receiving a revenue irom the banks which ia more than e qual to all taxea paid ay thfcm bef ore the war ; while the States are aleo increasing very greatly the burdens which "were previously as groat as coiild be borne. Within the paat two years seventy-one banks, and sinoe the ir!auization of the system 207 banks have gone into voluutary liquidntion, chiefly on account of exces&lve taxation ; and during the last year fewer aankB have been organized than in any prevlous year siuce 1869, and, uniese some favorable legislaron is obtained, a large number of bank wiil re:ire from the system to engage in private banking. The Aruiy. Gen. W. T. Sherman, in his annaal report, saye : By the annual appropriation bill, approved July 24, 1876, the limit of enlisted men was reenactod at 2B.O00 ; yet a proviso permitted the recruitment of the ' cava'.ry" up to 100 men per company, "to be kept as near as practicable at that numbtr," and " a sufijeient forcé of cavalry shall be employed in the defense of tbe Mexican and Indian frontlersof Texas." To fulttll the requirements of this law'literally would necessitate 12,000 enlisted men for ten cavalry regimentó, and f urther aedneting 2,500 for recruitinu, general service and necessary detacliments, would leave only 10,500 for the thirty regiments of artillery and infantry, or about thirty men to a company- practically less than twenty-flf e - a number entirely too small for efficiënt service. Subsequently, however, by the act approved Aue. 1, 1876, Congress provided for an additional 2,500 enlisted men, who were abeolutely requlred to admit of the increase of the cavalry arm, as provided for in the first-cited statute. Undor this act recroitment, for the cavalry arm especlally, has been stimulated, so that at this time the military establishment consists of : General omcers 11 Aides-de-camp (not counted in aggi egate). . . . ta General staff omcers M8 Engineers ■ 107 Ordnance...... 05 öignalomcer Chaplains 30 Cavalry, officers 419 Cavalry, enUsted men 9,267 Artillery, offleers r 279 Artillery, enlisted men 2,583 Infantry, officers 871 Infantry, eulisted' men 11,982 Engineor battalion 242 Permanent recruttlng parties, et 633 Becrpita at artillery school 101 General service men employed as derks 280 Ordnance department 387 West Point aetachment 227 Hospital stewards 200 Ordnance sergeants 112 Commissary sergeants. 146 ludían scouts ,. 21é Availablo recruits 55 PriBon guards at Fort Leavenworth 61 Total 28,681 Of which 2,151 are offloera and 26.420 are onlisted men, so that the aggregate number of enlieted men has not yot reauhed the lawf ui limit of 27,500. EuliRtments have rtcently been cheoked in all branches of the service, except cavalry, aad extreme care will be taken that in no event shall the legal limit bepassed. It is well known that no military f oroe can be kept up to the full legal sUuilard, and that tho combatant forco always falls far below the paper organization. This now consista of : Cavalry, officers and inen 9,686 rtülery, offleers and men 2,842 Infantry, officers and men 12,808 Aggregate.... 25,881 The Ordnance Baroua. Gen. Benet, the Chief of Ordnance, in Ma annual rf port recommonda a large incroase of appropriations for the use of the Ordnance Department for the next fiscal year over those for the present yer. Hojajs the limitcd appropriations made by Congresa, much below the eslimates subniitted by this bureau, have in many Int-tances provented the supplying of the arBiy of tho f routier with that superior quality of ordnauce atoreB which the nature of such serrtce demanus. Upon the subject of small arnis, Gen. Benet pays he deerns it of the most vital importance that the jr.anutaeture of arma be steadily continued in sufficient quantitieB to repder a gradual aocumulation of them in atore a certaiuty; that a oetter arm than the Springneld may some day be inventet'. is not at all improbable, and a magazine guu will do doubt be the arm of the future, butuntil suihan irnieuitable for tlie military service bas been perfected and approved, a reserve stock of SpriDgllelcla 1 a neoesT Blty.

Article

Subjects
Old News
Michigan Argus