00
Estimated amount due the sinking fund 45,816,741.07
______________
Leaving a balance of 39,183,258.93
If the revenue for the fiscal year which will end on June 30, 1885,
be estimated upon the basis of existing laws, the Secretary is of the
opinion that for that year the receipts will exceed by $60,000,000 the
ordinary expenditures including the amount devoted to the sinking fund.
Hitherto the surplus, as rapidly as it has accumulated, has been devoted
to the reduction of the national debt.
As a result the only bonds now outstanding which are redeemable at the
pleasure of the Government are the 3 percents, amounting to about
$305,000,000.
The 4-1/2 percents, amounting to $250,000,000, and the $737,000,000 4
percents are not payable until 1891 and 1907, respectively.
If the surplus shall hereafter be as large as the Treasury estimates now
indicate, the 3 per cent bonds may all be redeemed at least four years
before any of the 4-1/2 percents can be called in. The latter at the
same rate of accumulation of surplus can be paid at maturity, and the
moneys requisite for the redemption of the 4 percents will be in the
Treasury many years before those obligations become payable.
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