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Expenditures.

The net expenditures by warrants during the same period were

For civil expenses...

For foreign intercourse

For Indians.

For pensions.

For military establishment, including fortifications,
river and harbor improvements, and arsenals....
For naval establishment, including vessels and ma-
chinery and improvements at navy yards .....
For miscellaneous civil, including public buildings,
light-houses, and collecting the revenues..
For interest on the public debt, including interest on
bonds issued to Pacific Railway companies

Total net expenditures..

$17, 232, 248 83 1,410, 252 50 5, 966, 558 17 28, 257, 395 69

38, 070, 888 64

18, 963,309 82

48, 315, 872 45

100, 243, 271 23

258, 459, 797 33

Redemption of the public debt..

$51, 889464, 80

Judgments of Court of Alabama
Claims

6, 641, 287 26

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$287, 482, 039 16 258, 459, 797 33

This statement shows that the net revenues for the

fiscal year were

And that the net expenditures were..

Leaving a surplus revenue, exclusive of provision for the sinking fund, of .......

29,022, 241 83

In the last Annual Report, page VI, the Secretary stated that in the judgment of the Department the revenues for this fiscal year would reach the sum of $297,456,145 14, and the expenditures the sum of $268,447,543 76, showing that there would be a surplus revenue of $29,008,601 38. By the statement of actual receipts and expenditures for this fiscal year it will be seen that the revenues yielded $287,482,039 16, or $9,974,105 98 less than the estimate, and that the net expenses amounted to $258,459,797 33, or $9,987,746 43 less than was anticipated, exhibiting a surplus revenue of $29,022,241 83, or $13,640 45 in excess of the amount contemplated. It will thus be perceived that the estimates, when taken as a whole, were remarkably reliable, varying from the actual results realized by the Treasury only to the extent of $13,640 45.

RECEIPTS AND EXPENDITURES FOR THE FISCAL YEAR ENDING JUNE 30, 1877.

The receipts during the first quarter were

From customs.....

From internal revenue...

From sales of public lands...

From tax on circulation, &c., of national banks.
From repayment of interest by Pacific railways.
From customs' fines, &c

From consular, patent, and other fees....

From proceeds of sales of Government property
From miscellaneous sources.

Net ordinary receipts..

Premium on sales of coin

Proceeds of bonds of 1881, Geneva award.

Total net ordinary receipts... Balance in Treasury June 30, 1876..

Total available....

The expenditures during the same period wereFor civil and miscellaneous expenses, including public buildings, light-houses, and collecting the revenues. For Indians

For pensions

For military establishment, including fortifications,
river and harbor improvements, and arsenals.....
For naval establishment, including vessels and ma-
chinery and improvements at navy yards..
For interest on the public debt, including Pacific
Railway bonds....

Total ordinary expenditures

Redemption of the public debt........$3, 618, 648 77
Judgments of Court of Alabama Claims 2, 353, 634 21

Total expenditures..

Balance in Treasury September 30, 1876.

Total

$37, 554, 728 53

28, 813, 336 37 252, 005 63 3, 534, 707 87 97,902 59 17,695 27 425, 684 75 171,875 36 2, 123, 069 16

72, 991, 005 53 119,518 96

73, 110, 524 49 2,403, 445 53

75, 513, 970 02 121, 807, 732 30

197, 321, 702 32

$15, 937, 203 41

1,434, 765 93 8, 382, 357 98 9,715, 661 35

6, 174, 353 96

37, 107, 550 63

78, 751, 893 26

5,972, 282 98

84, 724, 176 24 112, 597, 526 08

197, 321, 702 32

For the remaining three quarters it is estimated that the receipts. will be

From customs..

From internal revenue.

From sale of public lands.

$89, 445, 271 47 91, 511, 653 63 800, 000 00

From tax on national banks...

From reimbursement by Pacific railways...

From customs' fines, penalties, and forfeitures.

From consular, patent, and other fees....
From proceeds of sales of public property

From miscellaneous sources, including premium on

coin....

Total net receipts

$3,600, 000 00 300,000 00 75,000 00 1,200, 000 00 250,000 00

4, 000, 000 00

191, 181, 925 10

For the same period it is estimated that the expenditures will be—

For civil and miscellaneous, including public build

ings..

For Indians...

For pensions..

For military establishmen

For naval establishment...

For interest on the public debt..

Total ordinary expenditures....

$39, 000, 000 00

4, 000, 000 00 20, 000, 000 00 26, 500, 000 00 7,500, 000 00 61,876, 860 09

158, 876, 860 09

It will be observed from the statement of actual receipts and expenditures for the first quarter, that ending September 30, and of the estimates of the same for the remaining three quarters, based upon existing laws, that it is expected that the revenues for the current fiscal year will yield the sum of $264,292,449 59, and that the expenditures will amount to $237,628,753 35, which will leave a surplus revenue of $26,663,696 24.

The amount which should be applied to the sinking fund is estimated at $33,705,806 67. The surplus revenues will fall below that amount, in the opinion of the Department, by not less than $7,042,110 43.

ESTIMATES FOR THE FISCAL YEAR ENDING JUNE 30, 1878.

It is estimated that the receipts for the fiscal year ending June 30, 1878, will be

From customs...

From internal revenue..

From sales of public lands

From tax on circulation of national banks....

From reimbursement of interest by Pacific Railway
companies.

From customs' fines, penalties, and forfeitures.
From consular, letters-patent, and other fees..
From proceeds of sales of Government property.
From miscellaneous sources.

Total ordinary feceipts..

$130, 000, 000 00 123, 000, 000 00 1,200,000 00 7,350,000 00

350,000 00 150, 000 00 2,250,000 00 250,000 00 5, 500, 000 00

270, 050, 000 00

It is estimated that the ordinary expenditures for the same period

will be

For civil expenses...

For foreign intercourse

For Indians.

For pensions.

For military establishment, including fortifications,
river and harbor improvements, and arsenals .....
For naval establishment, including vessels and ma-
chinery and improvements at navy yards..
For civil and miscellaneous, including public build-
ings, light-houses, collecting revenues, mail-steam-
ship service, deficiency in postal revenues, public
printing, &e...

For interest on the public debt.

For interest on Pacific Railway bonds..

$15,500, 000 00 1, 245, 000 00 5, 342, 000 00 28, 500, 000 00

36, 500, 000 00

16, 000, 000 00

42, 000, 000 00 94, 386, 294 00 3,877, 410 00

Total estimated expenditures, exclusive of the sinkingfund account and principal of the public debt..... 243, 350, 704 00

Upon the basis of these estimates, there will be a surplus revenue for the fiscal year 1878, applicable to the sinking fund, of $26,699,296. The estimated amount required by law to be set apart for that fund is $35,391,096 60. If, therefore, these estimates shall prove to be approximately correct, there will be a deficiency in this account of $8,691,800 60.

The estimates received from the several Executive Departments are as follows:

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REDUCTION OF THE PUBLIC DEBT.

Principal of the debt July 1, 1875..

Interest due and unpaid, and accrued interest to date.

Total debt

Cash in the Treasury

Debt, less cash in the Treasury.

Principal of the debt July 1, 1876

Interest due and unpaid, and accrued interest to date.

Total debt...

Cash in the Treasury

Debt, less cash in the Treasury

Showing a reduction, as above stated, of

.$2,232,284,531 95
38,647,556 19

2,270,932,088 14

142,243,361 82

2,128,688,726 32

$2,180,395,067 15

38,514,004 54

2,218,909,071 69
119,469,726 70

2,099,439.344 99

$29.249,381 33

It will be observed that the surplus revenues, exclusive of provision for the sinking fund, as shown in the statement of receipts and expenditures for the fiscal year, were $29,022,241 83, or $227,139 50 less than the amount of the reduction of the debt as shown by the monthly statement of the same.

The difference between these two statements arises from the difference of dates at which they are made up, as will be seen by a comparison of them as regards the cash in the Treasury at the commencement and close of the fiscal year, and of the item of "interest due and unpaid, and accrued interest to date," which, in the monthly debt statement, is treated as a liability of the Government, precisely as is the principal of the debt, but which is not so considered in the statement of receipts and expenditures.

The cash in the Treasury July 1, 1875, as shown by
the monthly debt statement of that date, and which
embraced only the moneys officially reported to the
Department at the time of its issue, was.....
The cash in the Treasury July 1, 1875, as shown by
the account of receipts and expenditures, (the books
from which it is prepared usually being kept open
for a period of forty-five days, so as to include at
the date of closing the account all the revenues de-
posited at the different places of deposit through-
out the country within the period covered by the
same, and which are unascertained at the time of
the issue of the monthly statement,) was...

Showing a difference of.

$142, 243, 361 82

144, 702, 416 41

2,459, 054 59

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