The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1880-12-16

cluding building lighthouses and
collection OF the revenues. 800. 34,536,69l 90
For expenditure on account Dis
trfct OF Columbia. .............. 1922. 384 B3
For interest on public debt. 49,. 85,757,575 II
ordinary sx gS%n S1ssn''s' Is
Leaking s,;s s sssp! ~ r revenue Gig; e
an amount drawn from the bal
anoe In treasury of &S0,SS4,-
4H.2l, making. ........., 73,96s, O87 d
Redemption Of bonds for sinking
fund. ..;............. 1862 300 90
OF federal currency. 49,. ....... 25l,7l7 Al
OF the loan Of ] s5S. ............ 10000 90
OF temporary loan. ........... 100 10
OF bounty land scrip. ........... $500 90
Of compound interest notes... 1880 90
Of 7-3O notes Of Of lS64-5..... 205,OOO 90
y! one and two year notes........ $4,000 90
Of old demand notes. .....,,,. 48,6OO 90
$73,08s O87 III
THE AMOUNT DUE THE SINKING FUND
TOT this year was 1877, 1871 ,843.55. There was ap-
piled then TO this the sum of *73 9O4 817 o. be-
ing $35, 80 In exces Of the actual require
ments for the year. The aggregate Of revenues
30, 1880, was 1888, $50. 81 100, an increase over
the preceding year 0f %58. 1909. 426.52 The re-
cepts thus FAR OF the current year, together with
the estimated receipts for the remainder Of the
year, amount to $3.50, 900, which will
DO sufficient TO meet the estimated expenditures Of
sne year ana leave surplus OF $4O,OOO,OOO. tbs
period when II may be applied to the payment Of
the public debt, soon redeemable No public duty
Gas been more constantly cherished In the United
S.a.Ss than tne policy OF paying the national deb
THE DEBT OF THE UNITED STATES.
less cash IN the treasury and inclusive OF accrung
37l.i3 IN August 1865, and has since been re-
duced to&l .5s6,0l8, 504.65 OF principal of the
debt $lOs, 100, 100 has been paid since March ],
1877, erecting an annual saving OF w. lO7, 900 93.
The burden OF interest has also been diminished by
the sale OF bonds. bearing low rate Of interest and
the application Of the proceeds TO the redemption
"A hAR Eata hAA ktts..
thus secured since March l, 1877. Is ga, 29O.-
4550O. Within short period over 5000, OOO 900
o. five and six per cent bonds will become redeem
debt but also to '' reduce ''I the " rate ate
Of i interest on that which will remain
expressed on this subject by the secretary of tho
| treasury In his annual report. and recommend
prompt legislation TO enable the treasury depart
IL about Ia mature. The continuance Of specie pay
ment has not been interrupted or endangered since
the date Of RESUMPTION. II has contributed greatly
to the revival Of business and to remarkable pros
perity. The fears that preceded and accompanied
sumption have proved groundless Noconsiderable
amount OF United States notes has been presented
for resumption while very large sums Of gold bull
lion, both domestic and imported are taken to the
minis and exchanged for coin and notes.
THE INCREASE OF COIN AND BULLION
IN the United States since January !, 1870, Is
timated at S227, 399,4 3s. There are still in ex-
istence uncancelled $346 6sl Ol8 of United States
legal tender notes. These notes were authorized
a. war measure made necessary by
the exigencies of the conflict In which the United
States was then engaged. The preservation OF the
nations existence REQUIRED In the judgment Of con.
served well the purpose for which II
was created Is not questioned, but the
after s the of as
object for which they were provided, was not con-
tempated by the trainers Of the law under which
like other Dacunary OhlipafiOn ~
ment, debt to be paid, and when paid.
to be cancelled, as mere evidence Of an indebted
what was said in the annual message Of last year,
that the retirement from circulation Of United
States notes with the capacity OF legal tender In
private contracts Ia step TO be taken In pro-
gress toward safe and stable currency. which shall
be accepted a. the policy and duty Of the govern
ment and the interest and security OF the people.
SILVER DOLLARS.
At the time Of the passage Of the act now In force
requiring the coinage OF silver dollars, fixing their
value and giving them legal tender character. 1t
that ep L s %sS
q equivalent value to the gold dollar. There re were
as to the probability Of this result neyertIeiess
mont fair trial. i' with ' 'V %iew to stcp
dollar authorized by the bill continued to be of less
commercial value than the standard gold dollar.
The coinage of the silver dollar under the act re-
tinued as required by the act. The average rate
per month 70 the present time has been ~, 49,
a92. The total amount coined prior to the LIST OF
amount $47,OS4, 400 remains In the treasury, and
only $25, 763, 29l Is in the hands OF the people A
constant effort has been made to
KEEP THIS CURRENCY IN CIRCULATION,
and considerable expense has been necessarily in
Cured for this purDose butts return to the treas
ury IL prompt and sure. Contrary to the confident
time Of its adoption. the value Of the silver dollar
containing 4l2ia grains Of silver has not increased.
During the year prior to the passage Of the bill su
Of the silver which 1t contained was
from ninety to npety-two cents, a. compared
with the standard gold dollar. During the last year
been ssla cents 1t Is obvious that the legislation
OF the last congress- In regard to silver 50 far as u
silver result Of thar tss has asd TO
produce the effect then predicted. The longer the
law remains In force. requiring as 1t
which 10 seasy Is not dollar the srsatsr
the danger that this country will be forced to accept
a single metal as the real legal standard value IN
purports to be worth In the recognized markets of
the world The constitution of the United States,
sound financial principles aud our best interests all
require that the country should have as Its legal
BOTH GOLD AND SILVER:
coin OF an intrinsic value as bullion equivalent to
that which upon its face 1t purports to possess
The constitution In cypress terms recognizes both
gold and silver as the only true legal tender money.
To Danish either of these metals from our cur
rency Is to narrow and lower the circulating medium
portant interests. The United States produces
more silver than any other country, and Ii directly
interested In maintaining II AZ one Of the two
precious metals which furnish the coinage OF the
world. 1t will, In my Judgment contribute TO this
result II congress will repeal 80 much of existing
legislation as requires the coinage Of silver dollars
containing only 4l2la grains Of silver and itstead
win authorize the secretary OF the
treasury to coin silver dollars Of equivalent value
bullion with gold dollars. This will defraud no
man and will be In accordance with familiar prece-
dents. Congress on several occasions has altered
the rate Of value between gold and silver to
establish II more nearly In accordance with the
actual rate of value between the two metals. In
financial legislation every measure In the direction
OF greater fidelity In the discharge Of pecuniary OBJ
legation has been found by experience, determines
the rate OF interest debtors have to pay and to In
crease the facility with which money has been OBJ
10 fo.o io.xit On.