The river press. [volume] (Fort Benton, Mont.) 1880-current, 1880-12-15

ootiNr at iGt DtOCCSbC W
bonds bearing q higher rate. Inc annual
uo;no thus secured secured since March !,
1877 is S14, 900, 453. Within q short period
ovor 900 millions of five and SIX per cent.
bonds will become redeemable. This pre-
sonts q very favorable opportunity not only
70 further reduce the principle of debt. but
also to reduce the rate of interest on that
which will remain unpaid.
Snecie payments have not been interrupted
AMI have contributed to the revival of indus
trv and trade. No considerable amount of
Tinted States notes have been presented for
redemption, while very large sums Of gold
bullion. both domestic and imported, are
taken to the minis and exchanged for coin
or notes. The increase Of coin and bullion
in the United States since January 1, 1879, is
estimated at 1927, 399,428. There are still
in existence, uncancelled, 1916, SCI, O1G in
legal tender notes.
The President reviewed the action of pa
per money-it was required as q necessity of
existence it had served we'll its purpose.
But it had accomplished its object, and as
suned the place Of 8 debt to be paid. He be-
ljeyed the retirement from circulation United
States notes in this legal tender capacity was
necessary for q safe and stable currency, and
should be a part of the financial policy Of the
government. "
IN reference to silver coinage, he said that
the effort to keep silver in circulation was
Q failure, and the value of the silver dollar
had not increased. Prior to the passage of
the bill the value of the silver was from 80 to
90 cents as compared with gold. During the
past year its value was only 885 cents. The
longer the law is in force, the greater the
danger that this county will be forced to &C.
cept the single metal as its standard of value.
The Constitution of the United States, sound
financial principles, and our best interests, all
required that the country should have, as its
legal tender money, both gold and silver coin
of an intrinsic value, as bullion, equivalent to
that which, upon its face, it purports to pos
Sess.
The United States produces more silver
than any other country, and is directly in
terested in maintaining it as one of the two
precious metals which shall furnish the COIN
age of the world. It will, in my judgment,
contribute to this result if Congress will re-
peal so much Of the existing legislation as
requires the coinage of q silver dollar con-
tanning only 4125 grains of silver, and, in its
stead, will authorize the Secretary of the
Treasury to coin silver dollars of an equiva-
lent value, in bullion, with gold dollars. The
expenditures of the
WAR
for the fiscal year ending June 80, 1880, were
$3.50, 924, 873. Appropriations for this de-
partnent tor the current fiscal year amount
to $41, $685. $50. With respect to the army
the Secretary invites attention to the fact
that its strength is limited by statute (see p
1115 revised s%tatutes) to not more than sc, 900
enlisted men, but that provision contained in
the appropriation bills have limited expendi-
lures to the extent of but 1916, 600. The
rapid ex:ensln of the railroad system west of
the Mississippi river and the great tide of set
tiers which has flowed in upon the new ter
llLO y AL1pOSCu NpDA IlC @AllllL11y OH CAh1lC
change Of policy. The maintenance of
small posts along the wagon and stage roads
Of travel is no longer necessary. Permanent
quarters at points selected of a more substan-
1ial character than those heretofore construc-
ted would be required. Under existing laws
permanent buildings wouldnot be erected with
out the sanction Of Congress, and the sales
of military sites and buildings had been au-
thoriz9d the monies received have reverted to
the Treasury and could only become available
through new appropriations. It was recon-
mended that provisions be made by the gen
eral statutes for the sale Of such abandoned
military posts and buildings as we're found
unnecessary, and for the application of pro-
ceeds to the construction Of other posts.
Many of the present posts are Of but slight
value for military purposes owing to the
changed condition Of the country. Their
occupation is continued at great expense and
great Inconvenience, because they afford the
only available shelter for troops. The alb
sence of a large number of officers Of the
line, on active duty, from their regiments was
q serious detriment to the maintenance Of
the service. There is a constant demand for
small attachments, each of which should be
commanded by a commissioned officer, and
various details of officers for necessary ser
vice away from their commands occasions 9
scarcity in the number required for company