The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1880-12-09

$685., ,0S7. 4
yeas was S37,93I ,643.55. There was applied
thereto the sum of ST., ,so4 617.41, being s35,972
9I3s6 in excess of the actual requirements fo
the year.
The aggregate of therevenues from all sources
| during the fiscal year ended June 80, $780, was
s3s3,526, ,61o.9s, an increase over the precedin,
Year OF S59,693, 1862. The receipts thus far o
| the current year, together with the estimated
| receipts for the remainder of the year, amount
to 1850, 900 oGo, which will be sufficient to mee
| the estimated expenditures of the year, and
| leave surplus of 5. 0O1O,t00
1t Is fortunate that this large surp1us revenue
| occurs at per cd when it may be directly ap.
be redcemable. No public duty has been more
| constantly cherished in the United States than
the rolicy Of paying the nations debt as rapid
The debt of the United States, less ca sh in the
Tre" sury and exc,usive OF accruing interest
gust, 1866, land has since that time been reduced
to 81 ,504e5 Of the principal of the debt
effectins an annual saving of interest OF 5 1o7,
593 TIE burden of interest has also been di-
rate o; intsrest. and the application of tie pro-
| c eds to the redemption of bonds bearing a
! lightr rate The annual saving this secured
since March l, 1877, Is S1i, $50, f53.50 r-l..
Within short period over 5000, ,00o, 900 of and
| per cent bonds will become rcdeemabl This
presentsa very favorable opportunity not only
! to further reduce the principal of the debt but
also to reduce the rate OF interest on that which
grcss to the views expressed on this subject by
the Secretary of the Treasury in his annual re-
port, and recommend prompt legislasion. to
the refundtng Ct the debt which is about to ma
t9re
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
companied resumption have proved groundless.
No considerable amount of United States notes
have been presented for redemption, while vely
large sums of gold bullion, both domestic and
importcel,are taieh to the mints and exchanged
for coin or not -. The increase of coin and bull
lion in the United States since Jan. 1, 1879, ia
estimated at S22I ,}99, ,i2S.
There It'll in existence, uncanceled,
S3a6,6S1 ,o16 of United States leyal-tender notes
These notes were authorized as Il war measure,
fiict in which the United Was then engaged.
The preservation of the nations existence re-
quired, in the judgment of Congress, an issue of
legal tender paper money. That 1t served Well
the purpose for which it was created is not
questioned, but the employment OF the notes as
paper money indefinitely, after the accomplish
ment of the object for which they were provided
was not contemplated by the trainers Of the law
under which they were issued. These notes
/ ng since became like any other recuniary OBJ
IL alton to the loyeru ument-a debt to be paid,
and when paid, To be cancsled mere evil
dence of an Indebtedness no longer exi ting. |
therefore rel cat what was said in the annual
message Of last year, that the retirement frcm
circulation of United States notes, with the
pacity OF legal tender i'll private cont acts, is Il
step to be taI G in our progress toward safe
and stable currency, which should be accepted
as the policy and duty of tie government, and
the interest and secuIity of the peol le.
At the time of the passage of the act in
force recurring the coinage of silver dollars.
fixing their value and giving them legal-tcnder
character. il was believed by many or the sup
rorters of the measure that the silver dollar,
which it authorized, would speedily become,
under the operations of the law, OF equivalent
value TO the gold dollar There were other sup
porters of the bill, who, while they doubted as
TO the probability of this result, nevertht less
were willing to give the proposed experiment a
fair trial, with q view TO stop the coinage, if ex-
peIience should prove that the silver dollar
authorized by the bill continued to be of less :
commercial value THAN the standard gold dol
lar.
The coinage Of silver dollars, under the act