The New York herald., 1879-12-13
THE MESSAGE ABROAD.
POINTS OF THE PRESIDENTS MESSAGE TO
CONGRESS. fn

COMMENTS OF THE ENGLISH PRESS ON SOME
POINTS OF THE PRESIDENTS MESSAGE TO
CONGRESS. A- ~
From the London. Times.l
If the United States suffer from the Inconvenience
of being too rich they have also something of the
benefits Of wealth. Their credit has improved and
Is improving. Already large savings have been
effected by the conversion OF six per cent bonds
into bonds bearing interest at lower rates; but
there is moro to be done In the samo held. Obliga-
tons amounting together to nearly $500. .00o, 900,
which i've and six per cent arc now paid. can be
refunded at four per cent that annual gain Of
$11 900 shall be realized by the Treasury. What
would not the Chancellor OF the ExcheQuer give to
reduce the annual charge for interest on the na-
tional debt by than two millions sterling annu-
allyY We made this kind Of saving long since, and
We cannot eat cake again, however pleasant
would be the operation. Tho United states govern
ment are, however. bent paying off the principal
rs well reducing the interest their debt. The
sinking fund ordained by Congress when the war
debt was accumulated long neglected. and its
working has never been maintained with the regu.
larity that might be expected We tempted to ask
ofice akin to our national debt commission to se-
the punctual appropriation OF the one per cent
sinking fund Congress- intended to establish. In the
meantime surplusos realized and applied to
tho reduction OF debt In the current year. ending
next midsummer, there will be thus received aud
applied sums probably amounting to $2f. Co., and
tho anticipated surplus OF the following year. IL the
present rates Of taxation maintained, Is nearly
the time would soon arrive when the United States
debt could be rounded at less rate than four per
cent just as the operation OF our own scheme Of
terminable nnnuites would apparently enable to
reduce rate below thrce per cent IL IL not
counterscted, may hope temporarily. by the
augmentation of the floating dobt ALI this is plain
sailing.
MAzEs OF Br-MErArlsM.
1t IL only when Mr.. Hayes begins to wander amid
the mazes Of bi-metalisn that he becomes q littlo
distracted. until he hnds relief In a recommendation
50 Congress to order suspension OF the coinage Of
silver dollars He still hopes that at indefinite
future time tho nations OF the world Will agroe upon
some arbitrary equation Of value between gold and
silver; but this dream has not been realized,
and the OF production of the silver dollar less
than that OF the gold dollar IL remains greatly In
ferior In value to its nominal equivalent. To 70 on
coming silver dollars indefinitely when they sre
really tokens and not coins is to impose an
oncrous aud useless burden on the United statos
Mint tor the benefit VI limited class OF sd-
vanturers In silver mines MIR. Hayes 10
perfectly right in urging Congress to reverse
tho law which requires certain amount or
silver dollars to be coined monthly but 1t s to DO
hoped that the United States government Will YET
sustained by the opinion Of the people represented
In Congress. The notion OF an equally froo concur
rent coinage of gold and silver Will be roazeu'
IL never has been realized In France where the
coinage Of two metals was for many years equally
free, IL was never practically concurrent Inc metai
silver and then for another long series OF years god
according as silver or gold was the oheapor OF
the two, and the government OF France was hap.
Iily free from the OF supposinv tnst eouia