The Superior times. [volume] (Superior, Wis.) 1870-1912, 1880-12-18
s 7s.s68,Os7.41

The amount due the sinking fund for this
year was $37, 93l, 643 So. There was applied
thereto the sum of So, 904. 6I7.41, beng SO,
972,973.86 in excess Of the actual requirements
for the year.
The aggregate Of the revenues from Mi
sOurces during the fiscal wear ended June 81,
1880, was 1888, 526. 610.98, an increase over the
preceding wear of $50, 500 4.65 %. The receipts
thus far, OF the current year. together with the
estimated receipts for the remainder Of the
year, amount TO $3.50 100000, which VIII be
sufficient 10 meet the estimated expenditures
of the year, and leave a surplus of 500. 900. 600
1t Is fortunate that this large surplus revenue
occurs at period when it NAV be directly APP
Piled to the payment of the public debt soon to
be rcdeemabie. No public duty has been more
constantly cherished IN the United States than
the policy OF paying the nations debt as rap
idly as possible.
The debt Of the United States, less cash in
the treasury and exclusive of accruing interest.
attained It's maximum Of S2.756. 43l. 81 .43 in
August, 1865, an has since that time been re
duced to 81. SS6 019. 504. G5 OF the principal Of
the debt SlOS 15S. 100 has been paid since
March !, 1871 effcrtlng an annual saving Of
interest of sc. lU7 j93 The burden of interest
has also been diminished by the sale Of bonds
hearing low rate Of interest, and the applica-
ton OF the proceeds TO the redemption of bonds
bearing higher rate. The annual saving thus
secured since March l, 1877, is S14, $50. 453 30.
Within short period over 5000 GOO. 0lG of 5
and 6-per-cent. bonds viii become redeemabc
ILs presents very favorable opportunity not
only To further reduce the principal of the
debt, but also to reduce the rate OF interest on
that which VIII remain unpaid. l call the at
tentlOn Of Congress TO the views expressed on
tins subject by the Secretary Of the Treasury
III hs annual report, and recommend prompt
action, to enable the Treasury Department to
complete the refundIng Of the debt which is
about to mature.
o0r+JD,,o,oo e -,,o,;o = 49,.
been interrupted or endangered since the date
OF resumption. 1t has contributed greatly 10
the revival Of business and to our remarkable
prosperity. The fears that preceded and ac-
eompanled resumption have proved ground
less. No considerable amount of United States
notes have been presented for redemption.
while very large sums Of gold bullion, both
domestic and imported, are taken to the minis
Ssld exchanged for coin or notes The in
crease of coin and bullion in the United states
Since Jan. i, 1879 10 estimated at S227. 399 428.
There are still in existence. uncancelled
s346 G81, 016 Of United States legal-tender
notes. These notes we're authorized al a war
measure, made necessary by the exigenciea
OF the conflict in which the United States was
then engaged. The preservation OF the
nations existence required, IN the Judgment
of Congress. an issue OF IegaI-tendcr paper
money. That it served well the purpose FOR
which it was created Is not questioned but
the employment of the notes as paper money
indefinitely, after the accomplishment Of the
object for which they were provided was not
contemplated by the trainers Of the law
under which they were issued These notes
long since became like any other pecuniarv OBJ
legation Of the Governments debt to be paid
and, when paid, to be cancelled as mere evil
dence OF an Indebtedness no longer existing
], therefore, repeat 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. il
a step TO be taken IN our progress toward
safe and stable currency. which should be
accepted as the policy and duty Of the Gov
eminent and the interest and security Of the
people
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, it was believed by MANY Of the s11D-
porters Of the measure that the silver dollar
which il authorized, would speedily become
under the operations Of the law Of equivalent
value to the gold dollar. There were other
supporters Of the bill. who, while thew doubted
Is TO the probability of this result. nevertheless
were wiling 10 give the proposed experiment q
falr trial, with view to stop the coinage If
experience should prove that the silver dollar
authorized by the bill continued to be OF
less commercial value than the standard gold
dollar.
The coinage Of silver dollars, under the act
referred to- began in March, 1873 and has
been continued rs required by the act The
average rate per month to the present time has
been s2,276,492 The total amount coined
prior to the 1at OF November last was s72. 847.
$50. OF this amount s47084,450 remain in
the treasury, and only S25, SCI, 291 are in the
hands OF the people. A constant effort has
Deeh made 10 Keep this currency in circu-
l2tion, and considerable expense has been
<ces=ar1ly incurred for this purpose. bnt
: return TO the treasury is PROMPT and
-e' Contrary to the confident auticipatlop