73, making the total expenditures $240,100,000, and
leaving an estimated surplus revenue for the year ending June 30,
1879, of $24,400,000. The total receipts during the next fiscal year,
ending June 30, 1880, estimated according to existing laws, will be
$264,500,000, and the estimated ordinary expenditures for the same
period will be $236,320,412.68, leaving a surplus of $28,179,587.32
for that year.
In the foregoing statements of expenditures, actual and estimated,
no amount is allowed for the sinking fund provided for by the act
approved February 25, 1862, which requires that 1 per cent of the
entire debt of the United States shall be purchased or paid within
each fiscal year, to be set apart as a sinking fund. There has been,
however, a substantial compliance with the conditions of the law. By
its terms the public debt should have been reduced between 1862
and the close of the last fiscal year $518,361,806.28; the
actual reduction of the ascertained debt in that period has been
$720,644,739.61, being in excess of the reduction required by the
sinking fund act $202,282,933.33.
The amount of the public debt, less cash in the Treasury, November 1,
1878, was $2,024,200,083.18, a reduction since the same date last year
of $23,150,617.
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