The Portland daily press., 1880-12-07

estimated receipts for the remainder OF the
year. amount to $350, 600 ,000 which will be sui.
the year, aud leave a surplus OF 100000.
IL is fortunate that this large surplus revenue
occurs at 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
cherished in the United States than
the policy Of paying the Nations debt as rap
idly as possible
THE PUBLIC DEBT.. t..
The debt of the United States, less
cash In the Treasury and exclusive of acCruing
interest. attained its maximum of $2,765, ,431,-
571.43 In August. 1865, and has since that time
been reduced to 81, $50. .0l9 504 65. OF the prin-
cipal of the deb, $lOS. S.75S, 100 has been paid
since March 1, 1877, effecting An annual saving
+ in crest of S6,107593. The burden Of IN
terest has also been diminished by the sale OF
ponds bearing a low rate of interest, and the
application of the proceeds to the redemption
of bonds bearing higher rate. The annual
saving thus secured since March l, 1877, is $l4,-
80 453 so.
Within a short period over six hundred mill
lions of five and six per cent. bonds will be-
come redeemable. This presents very favor
able opportunity not only to further reduce
the principal of the debt, but also to reduce
the rate of interest on that which will remain
unpaid. / call the attention of Congress to
The views expressed on that subject by the Sec
retary of the Treasury In his annual report,
and recommend prompt legislation, to enable
the Treasury Department to complete the re-
funding of the debt which is about to mature.
CONTINUANCE OF SPECIE PAYMENTS.
The continuance Of specie payments has not
been interrupted or endangered since the date
OF resumption. 1t has contributed greatly to
the revival of business and TO our remarkable
prosperity. The fears that preceded and ac-
companied resumption have proved ground
less No considerable amount of United
taft fpu ho va hpnn ,rn nfnS rodo
ton, while large sums of gold bullion. both
domestic and imported, are taken to the mint
and excha nged for Coin and notes. The in
crease of coin and bullion in the United States
since January L. 1879, is estimated at $227, &c.,
428.
There are still in existence, uncancelled,
$346,681 ,0l6 of United States legal tender
notes. These notes were authorized as war
measure, made necessary by the exigencies of
the conflct in which the United States
was then engaged. The preservation Of the
nations existence required. in the Judgment
of Congress, an issue of legal tender paper
money. That it served we'll the purpose for
which it was created is not questioned, but the
employment of the notes as paper money in
definitely, after the accomplishment of the OBJ
lect for which they were provided, was not
contemplated by the trainers of the law under
which they were issued. These notes not long
since became like any other pecuniary obliga-
tion of the governments debt to be paid, and.
when paid, to be cancelled as 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 contracts,
is step to be taken in our progress towards
cepted as the policy and duty Of the govern
ment and the interest and security of the peo-
pie.
THE SILVER COINAGE.
AT the time of the pussage of the act now in
force requiring the coinage of silver dollars,
fixing their value and giving them legal ten
der d.. character it was believed by many of the
lar, which it authorized, would speedily be-
come, under the operations of the law, of
equivalent value to the gold dollar. There
we're other supporters Of the bill 8ho, while
they doubted as to the probability of this re-
suit, nevertheless were willing to give the pro-
posed experiment fair trial, with a 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, aud has
been continued as required by the act. The
average rate per month to the present time has
been 1926, ,492. The total amount coined
prior to the first of November last was $78,-
S47 750. OF this amount SAT O84, ,45O remain
the hands OF the people. A constant effort
has been made to keep this currency in circu-
iation, and considerable expense has been nec-
essarily incurred tor this purpose, but its re-
turn TO the Treasury is prompt and sure. Con-
nary to the confident anticipation of the
friends of the measure at the time Of its adoption
the value OF the silver dollar, containing 4123
gret IS of silver, has not increased. During the
Year prior to the passage Of the bill author
lz.ng its coinage the market value of the sill
yer which it contain ID was from ninety to
nlnety-two cents, as compared with the stand
ard gold dollar. During the last year the av.
erage market value of the silver dollar has
been eightv-aight and half cents.
1t is obvious, that the legislation of the last
Congress in regard to silver, so far as it was
Of silver as result Of that legislation, has
failed to produce the effect then predicted
The longer the law remains in force, requir-
ing 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
gal standard of value, iu circulation, aud this
a standard Of less value than it purports to be
worth in the recognized money of the world.
BI-METALLIc STANDARD NECESSITY.
The Constitution of the United States,
sound financial principles, and our best inter-
ests, all require that the country kshould have
as its lega-tender money both gold aud
equivalent to that which upon its face it pur-
ports to possess. The Constitution, in express
terms, recognizes both gold and silver as the
only true legal tender money. To banish eth
er OF these metals from our currency is to mar
row and limit the circulating medium of ex-
change to the disparagement of important in
terests The United States produces more sill
yer than any other country, aud is directly .in-
terested in maintaining it as one of the two
precious metals which furnish the coinage of
vrNv, S,r1. 81
ute TO this result if Congress will repeal SO
much OF existing legislation as requires the
coinage OF silver dollars containing only 412A
grains of silver, and in its stead will authorize
Inc Secretary of the Treasury to coin silver
dollars of equivalent value as 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 ratio of value between gold and |
silver, in order to establish it more nearly in |
accordance with the actual ratio of value be- |
tween the two metals.
In financial legislation every measure in |
he direction of greater fidelity in the dis |
charge OF pecuniary ObligatiO, has been found
)y experience TO diminish the rates of interest |
which debtors are required to pay, and to in |
,htaiued for every legitimate purpose. Our |
,wn recent financial history shows how surely |
money becomes abundant whenevec CONT |
1ence IN the exact performance of moneyed |
is established.
THE WAR DEPARTMENT AND THE ARMY |
Tue Secretary of " ar reports the expendi- |
lures OF the War Department for the fiscal |
year ended June 30, $780, were S39, ,924, ,773O3. |
The appropriations for this department for the
current fiscal year amount to SAL 1893 63U4O.
With respect to the army the Secretary in |
rites attention to the fact that its strength is
limited by statute section 1i15, Revised Stat
ltes, to not more than 10000 enlisted men, but |
that provisos contained in appropriation bills
nave limited expenditures to the enlistment of |
but 25,00O. 1t Is believed the full legal |
strength is the least possible force at which the
present organization Can be maintained, hay.
ng in view efficiency, discipline and ECONOMY.
While the enlistment of this force would add |
iPmewhat to the appropriation for pay of the |
irmy, the saving made in other respects would |
Do more than an equivalent for this additional |
outlay, and the efficiency of the army would |
be largely increased.
The rapid extension of the railroad system |
west OF the Mississippi river and the great tide
If settlers which has flowed in upon new terri
tory. impose upon the military an entire change |
u policy. The maintenance of small posts |
along wagon and stage rou'es of travel is no |
longer necessary. Permanent quarters at |
points selected. Of more So ubstantial character
than those ht htretofOre constructed, will be re- |
luired. Under existing laws permanent build. |
ngs cannot be erected without the sanction of |
Congress, and when sales of military sites and |
buildings have been authorized, the moneys |
received have reverted to the Treasury, and |
could only become available tl,rOlluh peu