The Vancouver independent. (Vancouver, W.T. [Wash.]) 1875-1910, 1878-12-12

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, 1918, 361 500 %. The actual
reduction of the ascertained debt in that
period has been 1920, 644, 730 61 being in
excess of the reduction required by the sink
ing fund act of 20,22S, 292 43. The
amount of the public debt less cash in the
treasury Nov. l, 1878, was 50, 024 200, 083 10,
reduction since the same date of last year of
1923, 150.617 3d. The progress made during
the last year in refunding the public debt at
lower rates of interest is very gratifying The
amount of four per cent. bonds sold during
the present year prior to November 23d, 1878,
is 800, 270, 300, and six per cent bonds,
commonly known as "tive twenties' to equal
amount have been or will be redeemed as
calls mature. 1t has been the policy of the
department to place the four per cent. bonds
within easy reach of every citizen who de-
sires to invest his savings, whether small or
great, in these securities. The secretary of
the treasury recommends that the law be so
modified that small sums may be invested
through the post offices or other agents OF
the government. The freest opportunity
should be given in all parts of the country
for such investments. The best mode sug-
gested is that the department be authorized
bearing interest at the rate of 3.5 per cent
per annum, and contrivertible at any time
within one year after issue, into per cent.
bonds authorized by the refunded act, and
to be issued only in exchange for U. S. notes
sent to the treasury by mail. Or, otherwise
such provisions of law supported by suita-
BILE regulations would enable any person
readily, without cost or risk, to convert his
money into interest bearing securities of the
United States. and money SO received could
be applied to the redemption of 6 per cent.
bonds. The coinage of gold during the tis-
cal year was $50, 79S, $50.
THE SILVER DOLLAR AND RESUMPTION.
The coinage of silver dollars under the act
passed February %, 1878, amounted on the
23d of November, 1878, to Sl9, Sl4, $50, of
which amount 81, 9S4, 947 are in circulation,
and the balance, Sl4, 500, 603, is still in the
possession of the government. With views
unchanged with regard to the act under
which the coinage OF silver proceeds, it has
been the purpose of the secretary faithfully
to execute the law and to afford a new trial to
the measure. In the present financial condi-
ton 'of the country, l am persuaded that
the welfare of legitimate business and irdus.
try of every description will be best prom oted
by abstaining from all attempts to make radi-
cal changes in existing financial legislation.
Let it be understood that during the coming
year the business of the country will be undis-
turbed by governmental interference with the
laws affecting it, and We may confidentially
expect that the resumption of specie payments
which will take place at the appointed time
will be successfully and easily maintained, and
that it will be followed by healthy and en-
during revival of business prosperity. Let
the healing influence of time, the inherent
energies of our people and the boundless
sources of our country have fair opportunity
and relief from present difficulties will surely
follow.
ARMY MATTERS.
The report of the secretary of war shows
that the army has been well and economi-
cally supplied; that our small force has been
actively employed and have faithfully per-
formed all the service required of it. The
morals of the army has improved and the
number of deserters has materially decreased
during the year. The secretary recommends,
First-That pension be granted to the
widow of the late Lieutenant Henry H. Ben.
ner, of the 18th infantry who lost his life by
yellow fever while i'll command of the steamer
j. NJ Chambers, sent with supplies for the
relief of sufferers in the South from that
disease.
Second-For the establishment of the an.
nudity scheme for the benefit of the heirs of
deceased officers, as suggested by the pay
master general.
Third-The adoption by Congress of plan
for the publication of the records of the war
of the rebellion now being prepared for that
purpose.
Fourth-The increase of the extra per diem
of soldiers teachers employed in post schools,
and liberal appropriations for the erection of
buildings for schools and libraries at the diff
ferent posts.
Fifth-The repeal or amendment of the
act of June 18th, 1875 forbidding the use OF
the army as posse comtdtus or otherwise for
the purpose OF executing the laws, except in
such cases and under such circumstances as
may be expressly authorized by the constitu-
ton or by act of Congress.
Sixth-The passage of joint resolution of
Congress, legalizing the issues Of rations, tents
and medicines which were made for the relief
of sufferers from yellow fever.
Seventh-That provision be made for the
erection of fire proof building for the pres
ervation of certain valuable records now con-
stantly exposed to destruction by fire.
These recommendations are all commended
to your favorable consideration
NAVAL AFFAIRS.
The report of the secretary of the navy
shows that the navy has improv ed during
the last fiscal year. Work has been done on
70 vessels, 10 of which have been thoroughly
repaired and made ready foi sea. Two others
are in rapid progress toward com pleton. The
total expenditures Of the year, including the
amount appropriated for the deficiencies of
the previous year, were Sl7, 46S, 392 g.
The actual expenses chargeable to the year,