River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1880-12-16

The amount due the sinking fund for this year
was S37 1871 643 80. There applied thereto
the sum of $73 904 617 Al, being S35,9I2 1886
In excess of the actual requirements for the
year.
The aggregate of the revenues from all sources
during the fiscal year ended June 80, 1880, was
1898 526 GLOSS, an increase over the preceding
year eff $50 500 1862 The receipts thus far, of
the current year together with the estimated re-
ceipts for the remainder of the year amount to
1850 900 900 which will be sufficient to meet the
estimated expenditures of the year, and leave a
surplus of $50 900 900
II is fortunate that this large surplus revenue
occurs mt period when it may be directly APP
piled to the payment of the public debt soon to be
redeemable. No public duty has been more con
stantly cherished in the United States than the
policy of paying the nations debt US rapidly as
possible.
The debt of the United States less cash in the
treasury and exclusive of accruing interest at
tanned its maximum Of S2,756 ,43l ,57l.43 in
August 1865, and has since that time been re-
duced to 81 SS6 0l9 504.65. OF the principal Of
the debt sos ,75S, 100 has been paid since March
] 1871 effecting an annual saving of interest of
6 l07 1913 the hinder 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 of bonds bearing a
higher rate The annual saving thus secured
since March J, 1877, is Sl4, 29O.453 80.
Within a short period over six hundred mil
lions of and 8 per cent. bonds will become re
deemable. This presents a very favorable oppOr-
tunity not only to further reduce the principal of
the debt. but also to reduce the rate of inter
est on that which will remain unpaid. | call the
attention of congress to the views expressed on
this subject by the secretary of the treasury i'll
his annual report, and recommend prompt legisla-
ton, to enable the treasury department to COM
plete the reftmding of the debt which is about to
mature.
SPECIE PAYMENTS.
The continuance of specie payments has not
been interrupted or endangered since the date Of
resumption. II has contributed greatly to the re-
viyal of business and to our remarkable pros
perity. The fears that preceded and accompa-
MED resumption have proved groundless. 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 tie mnts and exchanged for coin or
notes. The Increase of coin and bullion in the
United States since January |, 1879, is estimated
at 1927 309 ,4.S.
There are sill in existence uncanceled, $40,
6Sl 0l6 of United States legal tender notes. These
notes were authorized as a measure, made
necessary by the exigencies of the conflict IN
which the United States was then engaged. The
preservation # the nations existence required
in the judgment of congress, an issue OF legal-en-
der paper money. That 1t served well the pur-
pose for which it was created Is not questioned but
the employment of the notes as paper money m
definitely, after the accomplishment of the object
for which they were provided, was not contem-
plated by the trainers of the law under which
they were listed. These notes long since became
like any other pecuniary obligation OF the gov
einment-a debt to be paid, and when pald TO be
cancelled rs mere evidence 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 CON
tracts, is a step TO be taken IN our progress To-
4 g, 4 IL. ry which
be accepted as the policy and duty of the govern
ment and the interest and security OF the people.
THE SILVER DOLLAR
At the time # the passage OF the act now IN
force requiring the coinage OF silver dollars hxing
their value AM giving them legal-tender char
acter, it was b.lieyed by many of the supporters
of the measur that the silver dollar, which 1t
authorized would speedily become, under the
operations of he law, Of equivalent value to the
gold dollar. There were other supporters Of the
bill who whls they doubted a. TO the probability
Of this result nevertheless willing to give the
proposed experiment fair trial with a view 70 |
stop the conage 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 re-
ferred to- began in March, 1878, and has been |
continued a. required by the act. The average /
rate per month to the present time has been /
8, 276 492 The total amount coined prior g |
the lst of November last was So so -f1H. VI /
this amount SI7 .0S4 450 remain in the treasury, /
aud only S25, 1853 20 are in the hands OF the peo
pie. a constant effort has been made to keep /
this currency in circulation, and considerable eX-
tense has beef necessarily incurred for this pur-
pose but its nturn TO the treasury $ prompt |
and sure Contrary to the confident Anticipation
of the friendsqf the measure AT the time OF its
adoption. theyaue Of the silver dollar containing
4I2h grains # silver, has not increased. Dur
ing the year prior 10 the passage OF the bid au-
thorizing its coinage, the market value OF the
silver it contained was from 80 to ~ cents, as
compared with the standard gold dollar. During
the last wear the average market value OF
the silver dollar has been "a cents
1t Is obvious that the legislation OF the last
congress in regard to silver far as 1t was based
On an anticipated rise 4 the value Of silver as
result Of that legislation has failed e produce
the effect then predicted. The longer the Ia" re-
mains in force. requiring a. it does the coinage
Of a nominal dollar. which, n reality L not a
dollar. the greater becomes the danger that ,hls
country viii be forced to accept SINGLE metal Is
the sole legal standard Of value, IN circulation
and this a standard Of les value than II parl9t's
to he worth in the recognized money Of the
aot,i
LE,sAL-TESpEg AOSEY.
The constitution Of the United States SOUND