A Compilation of the Messages and Papers of the Presidents. Volume 7, part 2: Rutherford B. Hayes

by Unknown

From customs	$186,522,064.60
From internal revenue	124,009,373.92
From sales of public lands	1,016,506.60
From tax on circulation and deposits of national banks	7,014,971.44
From repayment of interest by Pacific Railway companies	1,707,367.18
From sinking fund for Pacific Railway companies	786,621.22
From customs fees, fines, penalties, etc.	1,148,800.16
From fees—consular, letters patent, and lands	2,337,029.00
From proceeds of sales of Government property	282,616.50
From profits on coinage, etc.	2,792,186.78
From revenues of the District of Columbia	1,809,469.70
From miscellaneous sources	4,099,603.88
Total ordinary receipts	333,526,610.98

The ordinary expenditures for the same period were—

For civil expenses	$15,693,963.55
For foreign intercourse	1,211,490.58
For Indians	5,945,457.09
For pensions (including $19,341,025.20 arrears of pensions)	56,777,174.44
For the military establishment, including river and harbor improvements and arsenals	38,116,916.22
For the naval establishment, including vessels, machinery, and improvements at navy-yards	13,536,984.74
For miscellaneous expenditures, including public buildings, light-houses, and collecting the revenue	34,535,691.00
For expenditures on account of the District of Columbia	3,272,384.63
For interest on the public debt	95,757,575.11
For premium on bonds purchased	2,795,320.42

leaving a surplus revenue of $65,883,653.20, which, with an amount drawn from the cash balance in Treasury of $8,084,434.21, making $73,968,087.41, was applied to the redemption—

Of bonds for the sinking fund	$73,652,900.00
Of fractional currency	251,717.41
Of the loan of 1858	40,000.00
Of temporary loan	100.00
Of bounty-land scrip	25.00
Of compound-interest notes	16,500.00
Of 7.30 notes of 1864-65	2,650.00
Of one and two year notes	3,700.00
Of old demand notes	495.00
Total	73,968,087.41

The amount due the sinking fund for this year was $37,931,643.55. There was applied thereto the sum of $73,904,617.41, being $35,972,973.86 in excess of the actual requirements for the year.

The aggregate of the revenues from all sources during the fiscal year ended June 30, 1880, was $333,526,610.98, an increase over the preceding year of $59,699,426.52. The receipts thus far of the current year, together with the estimated receipts for the remainder of the year, amount to $350,000,000, which will be sufficient to meet the estimated expenditures of the year and leave a surplus of $90,000,000.

It is fortunate that this large surplus revenue occurs at a period when it may be directly applied to the payment of the public debt soon to be redeemable. No public duty has been more constantly cherished in the United States than the policy of paying the nation's debt as rapidly as possible.

The debt of the United States, less cash in the Treasury and exclusive of accruing interest, attained its maximum of $2,756,431,571.43 in August, 1865, and has since that time been reduced to $1,886,019,504.65. Of the principal of the debt, $108,758,100 has been paid since March 1, 1877, effecting an annual saving of interest of $6,107,593. The burden of interest has also been diminished by the sale of bonds bearing a low rate of interest and the application of the proceeds to the redemption of bonds bearing a higher rate. The annual saving thus secured since March 1, 1877, is $14,290,453.50. Within a short period over six hundred millions of 5 and 6 per cent bonds will become redeemable. This presents a very favorable opportunity not only to further reduce the principal of the debt, but also to reduce the rate of interest on that which will remain unpaid. I call the attention of Congress to the views expressed on this subject by the Secretary of the Treasury in his annual report, and recommend prompt legislation to enable the Treasury Department to complete the refunding of the debt which is about to mature.

The continuance of specie payments has not been interrupted or endangered since the date of resumption. It has contributed greatly to the revival of business and to our remarkable prosperity. The fears that preceded and accompanied resumption have proved groundless. No considerable amount of United States notes have been presented for redemption, while very large sums of gold bullion, both domestic and imported, are taken to the mints and exchanged for coin or notes. The increase of coin and bullion in the United States since January 1, 1879, is estimated at $227,399,428.