The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1879-12-04
THE MESS AGE.

Fsvt,c Cg9-aas Of tlc Ssaa'r u.5 Hyas Of Efp'
TeseHa5UEg:
The members Of The Fo-y-siK.h Coo
gress have assembled in their frat regular
session under circums:aEc-s calling for
mutual c1u-ratulsu1u aad grateful ac-
nowleJEcut 10 tie Givsr q all coca for Inc
large and unusual measure Il national
prosperity which We now m :.
RESUMPTION.
The most interesting events waiCh have
Occurred ia cur pubic atilir- FInCa nv issi
annual message I0 Congress were connected
with the ilaccial operations OF the Gov
eminent directly sGlctiuE the !siDes7 in
tcre-ts Of the country. ] congratulate Con
rress on the successful. execution Of the re
.umtion act. At the time Fixed and n the
manner contemplated by lsw, UnIted States
notes began On be Teie= med in coin. Since
The fist # January iaFt they have been
promptly redeemed on UTrasuta,ion, and
IL al business transactions. public and pT!-
vale. in all pl-.s of the cguH.rv, they are
received and paid out - the equivalent Of
coin. The iemsId upon the treasury Tor
gold and silver in exchange for United
States no.cz n&s bsen comparatively small
and the voluntary deposit Of coin and bui-
lion IN exchange Tor EOfes has been very
large. The excess OF the precious metals
dsrosiiei or exchanged Tor Jaiied States
notes over the amount II | ui'ed States
notes redeemed Is about 100000 600.
BALLNCE OF TRADE.
The resumption cf specie payments has
been followed by very great revival OF
business. With currency equivalent In
value to.,he money Of the commercial
world. we sre enabled to enter upon an
equal carperion with other nations in
trade and production. The increasing for
eign demand for our manufactures and
agricultural products hiss caused balance
OF trade in our favor. which hiss been paid
in gold. from the lst oil July last 10 No
ysmbpr -. II the amount OF about $50,
100000. Since the resumption OF specie
payments there has also been p marked
and grstiiy;ng Improvement Of the public
credit. Tie bonds Cf the Government
tearing only four per ce0t. interest have
been sold st or shove par, sufficient IN
amour; 10 paw off all Of the national debt
which wss redeemsb!e under the present
laws. The smo mt OF interest saved snnu-
aliv by the process Of reiu7ding the debt,
since March l, 1871, is Sl4, 2y1 ,l,1. The
bonds sold were largely in small sums. and
the number Of cur citizens low holding |
the public securities Ia much greater |
than ever bsfo-e. The amount Of
THE NATIONAL DEBT
which msture- within less ths1 tvo wears
is see l2l 200, Of which $500 .000OUO bear |
interest ST the rate Of FIVE per cent, and |
the bslsnce Is in bonds bearing six per |
cent. interest. Ii Is believed that this part |
of the public debt Can be refunded BY the /
iesue Of tour per cent. bonds, sDd By the /
reduc,ion OF Interest which Will thus be /
Effected. about eleven million Of dollars
can be suuGaiiy saved 10 the Treasury.
To secure this important reduction Of
iateres. to be paid by the United States,
further legislation is required, which, It Is
hoped, Will be PROVIDED bT Congress
during It's present session.
The coinage of gold by The minis OF the
United States. during the last fiscal wear
wss $40 $50 9l2. TIE oyinsge Of silver
dollars. since the passage OF the act tor
III at purpose, up TO November l, 1879, was
S50, Oo0 $50, Of which ; , 100 344 have been
issued by The Treasure and ere now 10
and SS2 800, 500 are sill, in the
Possession OF tie L nlted States.
THE SILVER D7LLAR.
The pendency Of the proposition Tor
unity OF acrion between the [ nited States
and the principal commercial nations o.
Europe, to eff CT a permanent system for
the equality OF gold and silver in the
recognized money Of the world, leads me to
recommend ihst Congress refrain from
new Legislation on the general subject. The
great revival of tr ,de, Internal snd foreign,
will supply, during the coming year, lie
own instructions, which may well be awaited
before attempting further experimental
measures with the coinsge. / would,
however, strongly urge upon Congress the
importance of authorizing the Secretary of
the Treasury TO suspend the coinage OF
silver dollars upon the present legal
ratio. The market valae of the silver
dollar being uniformly and largely less
than the market value of the gold dollar, il is
obviously imprscticable to maintain them
at psr with each other II both are coined
withon, limit II the cheaper coin is forced
into circulstion it will, il coined without
limit, soon become the sole standard Of
value, and thus defeat the desired object,
which IL . currency Of both gold and silver !
which shall be of equivalens value. dollar