Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1880-12-06
Alexanclria Gazette and Virginia Advertiser

The amount due the sinking fund this year
vas $37, 93l, GAS So There was applied there
TO tho SUN of s73. 904. 6l74l, being 935. 9T2.
973 Sc 10 excess of the sotual requirements tor
the yesr.
The aggregate Of the revenues from all
sources during the fiscal year ended June %.
1880, was $3.50. 526 GLOSS, au Increase over the
precsdiog year OF $50, go .426 50. The recslpts
thus far, Of the current year, together with the
estimated receipts for the remainder of the
yetr, amount to $550.0O0 900, which will be
sufi ,ient TO meet the estimated expenditures OF
The year, aud leave surplus of 800 O0O 600.
The debt cf the United States, less cash 10
Treasury and exclusive OF ACQUIRING loteress. at
tanned its maximum OF $2.756. 43l,5 7l,43 IN
August, 1865. aud has since that time been re,
ducsd 10 81, 1856 0l9 5C4 Is. OF the principal
Of tho debt, $lOS 75S. 100 has been paid since
Marsh l. 1877, efftctiug an annual SAYING OF
interest Of Sc, lO7. 503 The burden of interest
ags elso been diminished by the sale of bonds
bearing low rate Ct iaterest, and the appllca.
tion of The proceeds to the redemption of bonds
bearing higher rate. The annual saving thus
secured sicos March /, 1877, is Sl4 900, 453 50.
Within short period over six hundred NIL
lions of Eve and six per cent. bonds will become
redeemabe. This presents very favorable op.
poriu0i.ynot only to further reduce the principal
OF The debt but as) to reduces the rate OF inter.
est on that which will remain uopsId. l call
the attention of Congress 10 the views expressed
90 this ~ :iaot by tho Secretary OF the Treasury
10 his annual report, ADD recommend prompt
legislation. 10 enable the Treasury Department
to complete the rofuuding of thu debt which is
about 10 mature.
The coninuarc, of specie payments has not
been Interrupted or endangered sine, the date
Of resumption. The fears that preceded aud
accompanied resumption have proved ground
less. No considerable amount of Uoited States
notcs have been presented fer redemption, while
very large sums Of gold bullion. both domestic
aud imported, gro taken to the mints and e1.
changed for coin or notes, The increase OF ctll
and bullion IN thu Uoited States sioos January
l, 1879, is Estimated at 1927 399. 42S.
There arc still in exstance, uooanca!led,
$siG. 6Sl,0lG of UGited States legal tender
notes. These notes Wero authorized as war
measure, made necessary by the eXgencies OF
the corHc in which The United States Was then
engaged. These notes long siuos became like
any other pscuoiary obligation of the govern
meot-a debt TO be paid. aud, when paid, to DO
cancelled a. nero evidence of au indebtedness
no longer existing.
At the time of tho passage Of the act now in
force tquiriuR the coinage of silver dollars, hz
log their value and giving them legal tender
character. it vas believed ty many of the sup
por;e!s of the measure that the silver dollar.
which it authorized, would speedy become,
under tho operation OF the Law, of equivalent
value to the gold dollar.
The coinage OF silver dollars. under the act
referred to, began 10 March, 1878, aud has been
continued as tq1ired by the ac:. The average
rate per montu TO the present time has been
$2,276,492 The total amcuot coined prior to
the first Of November last was $72. 847. $50. vi
thi5smount SAT 0S4 $50 remain in the Treasury,
and only S25, T63 .29l are 10 the hands OF tbs
people The value of the silver dollar, contain.
Jog 4l21 grains of silver. ta1 not Increased;
Durisg the year prior to the passage OF tho bill
authorizing its coinage. the market Va!us OF the
silver which it contained vas from nlnety to
ninety-tHo cents, as compared With the standard
gold dollar. During the last year the average
market value Of tho silver dcllir has been
eighty eight and holt cents.
II is obvious that tho legislation OF the last
Congress in regard to svsr, 80 far as 1t was
based sn go anticipated rise 10 the vaus OF Sill
YER as result of that legisl itoD, has failed to
produce tho ef,cs then predicted.
The Constitution of the United Statos, sound
financial principles, and our best interests, all
require thst the country should baVo as its
legal tender money, both gold and silver colo,
Of an ntrnsic value, as bullion. equivalent to
that which, upon it's face, it putports to pos
sess. Tho Constitution, in express terms,
recognz g both gold and silver as the only legal
tender money. To Danish either OF these metals
from our c1rreuoy is to narrow and limit the
circulating medium Of exchange to the dlsparI
sgemeu! of important interests. The United
couutry, and it is directly interested in maio-
tanning 1t as one of the two precious metals
which furnish the coinage of the world. Ii
will 10 my judgment, contribute to this result
if Congress- will repeal 80 much OF existing leg
is,aton as requires the coinage OF silver dollars
containing only 4l23 grains OF silver, aud 10 its
stead will authorize TIE Secretary Of the Treas
ury to coin silver dollars of 90 1iQalent value as
bullion. with gold dollars.
Tho Secretary Of War reports that tho ex'
peuditurcs of tho War Department for the
fiscal year ending June 80. 1880. were
$50 924. 1903. The sppropra tior5 for this
department. for the current fiscal year, amount
to Sal. 993 63O 40. The army is limited BY |
statute to not mora than 10000 enlisted mes,
but that psovisos contained 10 appropriation |
bills have limited expenditures to the enlist. |
ment of but 25, 900. 1t is believed the full legal
strength is the least possible force at which the
pressct organization can be maintained, having
10 view efficiency, discipline, and economy.
1t is recommended that provision be made,
ty general statute, for the sale OF such aDan.
doned military posts aud buildings as are found
to be unnecessary, and for the application OF
the proceeds to the construction OF other posts.
1t is recommended that tho law authorizing
the detail of cfcors from tho active list as pro-
fessor5 of military science at colleges be
amended to provide slch details from the re-
tired list
Attention is asked to the necessity Ct pro-
vidiug by legislatan Tor organising, armlng snd
dciplnng the active militia of the country, and
liberal appropriations arc recommended 10 this
behalf
The report of The officer 10 charge Of educ,'
ton in The army shows that there are seventy
eight schools now 10 operation 10 the army,
with an aggregate attendance Of 2.305 enlisted
men and children. The secretary recommends
the enlistment Of $50 s,boomasters, with tho
rank and pay of commis5sry sersaants. An
-. IL h. al