The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1880-12-09

OF accrulng interest, att uned Its
maximum of $2.75 43I 57I 43 in
August, 1865, and has since that
time bern reiuced 10 Sl,Ss6,019,-
5n4 e5 O. the prin3'p pal of the debt,
Sl05 153 100 has be n paid since March
l, lS77. etf"ciing an annual saving of in
terest Of S6 iV7 593 Tue burden of in
terest has also b IN diminished by the
sale OF bon hearing q 10 rate of in
terest, and the application of the pro-
ceeds to the red mption OF bonds bearing
a higher rate. The annual saving thus
Sc 'ured since March l, 1877, is $l4 $780,
1880.
Within short period over $500, ,OOC,-
900 OF five and six per cent. bonds will
become redecmabo. This presents very
favorable opportunity not only 10 fur
ther 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 70 the views
expressed on this gu iject by the secre-
tary o the treasury in his annual report,
and recommend prompt legislation, to
enable the treasury department to CON-
plete tie refunding of the debt which is
about to mature.
The continuance of specie payments
has not been interrupted or endangered
since the date of resumption. 1t has
CDHlTlDuLeu greatly W buP CbVlVdl OF
business and TO our remarkable pros
perity. The fears that preceded and ac-
companied resumption have proven
groundless. No considerable amount of
United States notes have been ted
tor redemption, while very lar G sums
OF gold bullion, both domestic and i'm
ported, are taken to the mints and ex-
changed for coin or notes. The Increase
OF coin and bullion in the United States
since J1nnaty l, 1879, is estimated e.
$2a7,599, 429.
There are still in existence. uncan-
celed, SAG, ,66l, ,Ol6 Of United States
legal-tend u notes. These notes were
auth Orized as q war measure. made
necessary by the exiGnncies of the con-
flict 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 il was Gre
ated is not questioned, but the employ
ment Of the notes as paper money in
definitely, after the accomplishment
OF the object for which they were
provided, was not contemplated
by the trainers of the law
under which they are issued. These
notes long since became like any other
pecuniary obligation Of the government
"a debt to be paid, and, when paid, to
be Cancelled as mere evidence of an in
debLcGness no longer existing. [ there
lore repeat what was said in the annual
message Of last year, tnGt the retirement
from circulation ol United States notes,
with the capacity OF legaI-tonder in
private contracts, is step to be taken
IN our progress toward safe and stable
currency, which should be accepted as
the policy and duty Of the government
aud the interest and security CT 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 supporters
of the measure that the silver dollar,
which it authorized, would speedily be.
come, under the operations OF the law,
of equivalent value to the gold dollar.
There were other supporters OF the bill,
who, while they doubted as to the prob
ability of this result, nevertheless were
willing to give the proposed experiment
fair trial, with q 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 M lrch, 1878
and has been continued as required by
the act. The average rate per month to
the present time has been 81 276 492
The total amount coined prior to iiI ST
of November last was SIP Si7, $50. OF
this amount SAT O5i 45l rrmain in the
treasury, and only S25 1853 23l are in the
hands OF the people. Il constant effort
has been made to keep this currency in
circulation, and consider bile expense
has been necessarily incurred Tor this
purpose, but it's return to the treasury
is prompt and sure. Contrary to the
confident anticipation of the friends OF
the measure at the time of its adoption,
the value Of the silver dollar, containing
4l21 grains of silver, has not increased.
Daring the year prior TO the passage OF
the bill authorizing its coinage, the
market value OF the silver which it con.
tanned was from ninety to ninety-two
GEMS. as compared with the standard
gold dollar. Daring the last year the
average market value of the silver dol
lar has beel eighty-eight and hal
cents.
1t is obvious that the legislation o.
the last Congress in regard TO silver, sc
far as it was ba:ed on an antici lated rise
in the value of silver as n result OF that
| LEGISLATION, has iated to produce the
effect then predicted. The longer the
law remains in force, requiring, as il
does, the coinage of II nominal dollar
which, in reality, is not dollar, the
greater becomes the danger that this
coun ry will be forced to accept 6
single metal as the sole legal standard
of valLe in circulation, and this {
standard of less value than it purpOrt'
to be worth in the recognized none.
| of the world.
. The Constitution Of the United State
! sound financial principl IS, and cur bes
interests, all require that the country
should have rs It's legal-tender money
n both gold and silver coin, of an intrinsic
= value, as bullion, equivalent to tha
n which, upon it's face, it purports Il
n possess. The Constitution, in exp es
n terms, recognizes both gold and silver a
q the only true legal-tender money. Il
% Danish either of these metals from ou
% currency is to narrow and limit the Cir
10 culating medium of exchange to the dis
i paragement of important interests. Th
r United States produces more silver thar
d any other country, and is directl,
:. interested in maintaining it as on
II of the two precious etals whicl
furnish the coinage Of the world.
1, will in NV indoment ;cOntrih huta IN thi