The sum of $74,480,201.05
was applied to this fund, which left a deficit of $16,305,873.47. The
increase of the revenues for 1881 over those of the previous year was
$29,352,901.10. It is estimated that the receipts during the present
fiscal year will reach $400,000,000 and the expenditures $270,000,000,
leaving a surplus of $130,000,000 applicable to the sinking fund and the
redemption of the public debt.
I approve the recommendation of the Secretary of the Treasury that
provision be made for the early retirement of silver certificates and
that the act requiring their issue be repealed. They were issued in
pursuance of the policy of the Government to maintain silver at or near
the gold standard, and were accordingly made receivable for all customs,
taxes, and public dues. About sixty-six millions of them are now
outstanding. They form an unnecessary addition to the paper currency,
a sufficient amount of which may be readily supplied by the national
banks.
In accordance with the act of February 28, 1878, the Treasury Department
has monthly caused at least two millions in value of silver bullion to
be coined into standard silver dollars.
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