Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-12-05

tivity in all branches Of industry, it seems
proper at this time to urge the Importance
of meeting the obligations created by these
acts. 1t ia estimated that $50, S2S, 225 will
be required for this purpose during the next
year. lie recommends permanent appropn-
alton committees OF both Houses oil
Congress. who shall sit during the
recess 10 supervise the expenditures
of the Government; that rules be ADOPT
ed by the respective Houses limiting the
appropriation bills t. the items of appropila-
ton and excluding legislative provisions
that all appropriations, except Tor interest on
public debt. be limited W two years and then
expenditures be strictly confined TO the
period Of time for which they are appro-
priatcd. and that all permanent and indeil-
mite appropriations made more than four
years ago. except tina, for the public debt,
be repealed.
The Secretary refers to the success OF re
sumption, and SAYS its contamination has
been followed by a revival Of productive in
dustry unrxamrled in previous history. In
view Of the inflow Of gold into the country
and the high price Of public securities 1t
would seem 10 be a favorable time 10 invest
Il portion OF the sinking in United States
notes to be retired aul cancelled anu IN this
way gradually 10 reduce the maximum OF
such notes to the sum of S3OO,00o, OOo, the
amount fixed 10y the resumption act.
He calls the attention of Congress TO the
question whether United States notes ought
still to be legal tender in the payment oi
debts. and recommends the repeal OF the
legal tender clause as to all future contracts,
and that parties be left to stipualc the mode
of payment. He refers to the report oil
mint operations and strongly urges the I'M
portancc OF adjusting the coinage rates oil
gold and silver by treaties with commercial
nations, and until this can be done OF limit
lng the coinage of the silver dollar TO such
sum as in the opinion of Congress would
enable the department to readily MAINTAIN
standard dollars of gold and silver at pal
with each other.
lie rccounts the success attending the re
funding of four per cents, the POS and thu
lO-40s. Thus, he says, since Nov. %, 1873
to which date transactions were brought II
the last annual report, there have been re
funded $40, s4S, 80 G per cent and Sl93
500, $50 ) per cent bonds of the tnitet
States into bonds bearing interest at pc
cent, making an annual saving OF interes
heretofore Of 80, 33jj, $3.50.
Secretary Sherman quotes from the repor
of the comptroller Of currency as to the Ma
tional banks, and says that the co operation
of the National banks in cash resumption
and refunding has been of essential service
to the Government. lie says that the Ma
tional banking system, which, after an exist
ence of sixteen years. through war and Pc
RODS of great initiation and great depression
has produced such results, may fairly appea
for the confidence and support OF Congress
During the last four years the value of on
: exports of merchandise has exceeded tn
value of our imports of merchandise SOB,
21l,415. The excess of exports has hereto
fore been mainly met by the remittances
this country Of American securities, but IN
: time appears II have come when the balanc
of trade in our favor appears 10 be adJuste
by means of precious metals.
The remainder of the report comprises
reference TO the bureaus.