The weekly miner., 1880-12-14

| are taken to the mlntS ana exchanged LOT COLI
or notes. The increase of coin and bullion
| i'll the United States since January 1st, 1879,
| is estimated at S227,399 42S. There are still
in existence, uncanceled, $346, ,6S1, ,O16 Of
| United States legal tender notes. These notes
| were authorized for war measures, made nee,
essary by the eXgencies of the conflict in
which the United States was then engaged.
The preservation of the nations existence re-
quired, in the Judgment of congress, the issue
of legal tender paper money; that 1t served
| we'll the purpose for which it was created, is
not questioned; but the employment of notes
as paper money indefinitely after the accom-
plishment of the object for which thev were
provided, was not contemplated by the franz
ers of the law under which they were issued.
| These notes long since became like any other
pecuniary obligation OF the governmental
debt to be paid, and when paid, to he cancel
ed, as were evidences of Indebtedness no
longer existing. therefore repeat what was
said in my annual message of last year, that
the retirement from circulation the U S.notes
with the capacity of legal tender in private
contracts, is step to be taken in our progress
towards a safe and stable currency, which
should be accepted as the policy and duty OF
the government, and the interest and security
of the people.
At the time of the passage of the act now
in force requiring the coinage ofsilverd dollars,
fixing their value and giving them legalten-
der character, it was believed by many sup
porters OF the measure that the silver dollar
| which it authorized would speedily become
under the operation of the law, of equivalent
value to the gold dollar. There were other
supporters of the bill who, while they doubted
as to the probability of this result, neverthe
less were willing to give the proposed expert
ment fair trial, with the view to stop the
coinage if experience should prove that the
silver dollar authorized by the bill should
prove to be of less commercial value than the
standard gold dollar. The coinage of the sll-
yer dollars, under the act referred to, began in
| March, 1878, and has been continued as re-
| qurcd by the act the average rate per month
to the present time being 2,276, ,492. The total
amount coined prior to the first of November
last was, z, $50; of this amount, 47,OS4,-
$50 remain in the treasury, and only 70. 1885,
POI are in the hands of the people. Constant
efforts have been made to keep this currency
in circulation, and considerable expense has
been necessarily incurred for this purpose,
but its return to the treasury is prompt aud
more than contrary to the confident eXpecta-
| tons of the friends Of the measure at the
time of its adoption. The value of the silver
dollar, containing 412a grains of silver, has
not increased during the year prior to the
passage of the bill authorizing its coinage, the
market value of the silver which it contained
was from 90 to 92 cents as compared with the
standard gold dollar. During the last year the
average market value OF the silver dollar has
been SSR cents. 1t is obvious that the
legislation of the last congress in re-
gard to silver, so far as it was based on an
anticipated rise in silver as a result, has
failed to produce the effect then predicted.
The longer the law remains in force requiring
as it does the coinage Of nominal dollar
which in reality is not a dollar, the greater
becomes the danger that this country will be
forced to accept single metal as the sole le-
gal standard of value in circulation; and this
standard must not be of less value than it
purports to be worth in the recognized money
of the world The Constitution of the United
States is OH sound financial principles, and
the best interests of all require that the coun-
try should have as its legal tender money both
gold and silver coins of intrinsic value, as
bullion is equivalent to that which, upon its
face, it purports to possess. The Constital-
ton, in express terms, recognizes both gold
and silver as the only true legal tender money.
TO Danish either Of these metals from our
currency is to narrow and limit the circulat-
ing medium of exchange to the disparage-
ment OF important interests. The United
States produces more silver than any othel
country, and is directly interested in main
tanning it as one OF the two precious metals
will, in my opinion, contribute to this result
it congress will repeal so much of the exist
ing legislation as requires the coinage of a
silver dollar containing only 4123 grains of
silver, and in its stead will authorize the SEC
retary of the treasury to coin silver dollars of
an equivalent proportionate value as bullion
is to gold dollars. This will defraud no one,
and will be in accordance with familiar prece-
dents Congress, on several occasions, has
alf t1,a Df Lot, "A
silver in order to establish it more nearly in
accordance with the actual ratio of value be-
tween the two metals. In financial legislation
any measure in the direction of greater tidel-
ity in the discharge of pecuniary obligations
has been found by experience to diminish the
rates of interest which the debtors are re-
quired to pay, and an increase of the facility
with which money can be obtained for any
legitimate purpose. Our own recent financial
history shows how suddenly money becomes
abundant when public confidence in TIE eX-
act performance of moneyed obligations is
established.
WAR DEPARTMENT.
The secretary of war reports that the ex-
penditures of the war department for the
fiscal year ended June 80, 1880, was $39, ,924,-
773. The appropriations for this department
for the current fiscal year amount to SAL $685.
$50.
With respect to the army, the secretary IN
vites attention to the fact that its strength is
limited by statute (section Ills Revised Stat
utes) to not more than $4,000 enlisted men;
but that provlse contained in the appropria-
tion bills have limited expenditures to the
enlistment of but p, 900. 1t is believed that
the full legal strength is the least possible
force at which the present organization can
be maintained, having in view efficiency, dis
cipline and economy, while the enlistment of
this force would add somewhat to the appro-
priation for the pay OF the army. The saving
made in other respects would be more than
equivalent fer this additional outlay, and the
efficiency of the army would be largely in
creased. The rapid extension of the railroad
system west of the Mississippi rlver and the