Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1880-12-07

he government, as SHOWN Dy Inc report OF |
he Secretary of the Treasury. is very sat
1t is believed that the present
financial situation Of the United States,
whether considered with respect to trade,
credit, growing wealth, or the ex-
tent and variety of our resources, is more
favorable than that of any other country of
our time, and has never been surpassed by
that of any country at any period of its
history. All our industries are thriving;
the rate of interest is low; new railroads
are being constructed; vast immigration |
is increasing our population, capital and |
labor; new enterprises in great number are |
in progress, and our commercial relations
with other countries are improving. /
x
The aggregate of the revenues from all
sources during the fiscal year ended June
80, 1880, was 26,6l0.98, an increase
over the preceding year of 99,42652.
The receipts thus far, of the current year,
together with the estimated receipts for the
remainder of the year, amount to $500
100000, which will be sufficient to meet the
estimated expenditures of the year and
leave a surplus of $90,000,000.
1t is fortunate that this large surplus rev.
enue occurs at period when it may be dl-
rectly applied to the payment Of the public
debt soon to be redeemable. No pub lc
duty has been more constantly cherished in
the United States than the policy of pays
ing the Nations debt as rapidly as pos
sible.
The debt Of the United States, less cash
in the Treasury and exclusive of accraing
interest, attained its maximum Of 81, 756,-a
43I ,57l.43 in August, 1865, and has since
that time been reduced to $780, 19 .504.-
65. Of the principal of the debt, $l08,>
758,lO0 has been pail slnce March l, 1877,
effecting an annual saving Of interest of
$6,l07, 593. The burden of interest has
also beeu diminished by the sale of BIO: DIS
bearing a low rate of interest, and the app
plication of the proceeds to the redemption
of bonds bearing higher rate. The an
nual saving thus secured since March l,
1877, is $14,29O, 453.5O.
Within short period over six hundred
millions of five and six per cent. bonds will
become redeemable. This presents very
favorable 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. l call the attention of
| Congress to the views expressed On this
subject by the Secretary of the Treasury
in his annual report, and recommend
prompt legislation, to enable the Treasury
to complete the refunding OF the debt
| which is about to mature.
THE SILVER QUESTION.
At the time of the passage Of the act now
in force requiring the coinage of silver
| GO a. L
| legal tender character, it was believed by
many of the supporters of the measure
that the silver dollar. which it authorize
would specially become, under the opera
tions of the law, of equivalent value to the
gold dollar. There were other supporters
of the bill, who, while they doubt as to
the probability of this result, nevertheless
were willing to give the proposed expert
ment a fair trial, with 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, and
has been continued as required by the act
The average rate per month to the present
time has been 1926, 1872 The tota
Der last was $72, 847, $50. OF this amount
AZ, 084 $50 remain in the treasury, and only
S25, 1853, '91 are in the hands of the people
A constant effort has been made to keep
this currency IN circulation, and consider.
able expense has been necessarily incurred
for this purpose, but its return to the treas
ury 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 Az!
grains of silver, has not increased. Dur.
ing the year prior to the passage of the bill
authorizing its coinage, the market value
of the silver which it contained was from
ninety to nine-two cents, as compared with
the standard gold dollar. During the las
dollar has been eighty eight and hal
cents.
1t is obvious, that the legislation of the
last congress in regard to silver, so far as il
was based on an anticipated rise in tn,
value of silver as result of that legisla-
ton, has failed to produce the effect thel
predicted. The longer the law remains il
force, requiring as it does the coinage of ,
nominal dollar, which, in reality, is not
dollar, the greater becomes the danger tina
this country will be forced to accept
single metal as the sole legal standard o
value, in circulation and this standard O
less value than it purports to be worth il
the recognized money of the world.
The constitution of the United States
l SOunQ undDClaI principles, ana our D6SL IN
terests, all require that the country shou Id
have as its legal tender money, both colo
and silver coin, of an intrinsic value, al
bullion, equivalent to that which, upon it
face, it purports to possess. The constitu
/ ton, in express terms, recognizes both goit
= and silver SIS the only true legal tende
money. To Danish either of these metal
from our currency is to narrow and limi
! the circulating medium Of exchange to tn
! dlsparagement of important interests. Tn
United States produces more silver thar
: any other country, and is directly intereste,
: in maintaining it as one of the two peeiou
metals which furnish the coinage of tn
p world. 1t will, in my judgment, contrib
! ute to this result If congress will repeal g.
= much OF existing legislation as require
the coinage of silver dollars containing
e only 4l24 grains of silver, and in its stea'
: will authorize the secretary of the treasur
: TO coin silver dollars of equivalent valu
rs bullion, with gold dollars. This will
4 defraud no man, and will be in accordanc
! with familiar presidents. Congress, O.
u several occasions, has altered the ratio {
0 value between gold and silver, in order t
e establish it more nearly in a. cordanc
e with the actual ratio of value between th
:. two metals.
In financial legislation every measure
. the direction of greater fidelity in the di'
!, charge of pecuniary obligations, has bee
y found by experience to diminish the rats
: of interest which debtors are required
= pay, and to increase the facility with whic
money can be,obtained for every legltimat
purpose. Our own recent financial histor
shows how surely money becomes abunt
d ant whenever confidence in the exact pc
& form Of n1npooo1 ohliOs tions IA al