Daily Kennebec journal., 1880-12-07

| VI 'oai> iNT Tue SINKING tunu, S.i.NiS,vpN W
OF fractional currency. ssi7i, Al
| of the loan of isas, 10000 %
OF temporary loan, ioo oO
| OF bounty land scrip ss oo
i bf compound. interest notes ia soD IN
| OF .-l0 notes OF lS6i6S, s6io M
| OF one and iwo-year notes. 3.Qo 90
| WI on demand notes. 4eS W
| $s2,Q6SoS. ii
The amount due the sinking fund for this
year was S3' ,93l l.6l3.55. There was applied
thereto the sum of SIS, ,90i ,6I7 Al, being Sa5,-
9I2,913 sc in excess Of the actual reouirc-
ments for the year.
REVENUES
The aggregate of the revenues from all
sources during the fiscal wear ended June 80
| 1850, was S333,526. .6lo.9S. an increase over
the preceding year of $50, 500, 1868 The
| receipts thus far. Of the current wear. to.
gether with the estimated receipts for the re.
mainder OF the year. amount to $3.50, ,ooe,-
900, which will be sufficient TO meet the esti-
mated expenditures of the wear. and leave a
surplus of $40. .0o0. 600
| 1t is fortunate that this large surplus row
enue occurs at period when it may be di-
rectly applied to the payment of the public
debt soon to he redcemable. No public duty
has been more constantly cherished in the
United States than the policy of paving the
Nations debt as rapidly possible.
TmE NATIONAL DEBT.
The debt of the United States. less cash
in the treasury and exclusive of accrning
interest, attained its MAXIMUM of 81, ,75G, l3I..
| 81 AZ, in August, 1865. and since that time
has been reduced To 81 $50, ,0l9. .50t65. OF
| the principal Of the debt. Sl0S 1853 100 has
been paid since March |. 1877, cfIecting an
annual saving of interest of Sc, l07, ,593
The burden Of interest has also been dimin.
L -, 4 l., Il. L 4
of interest, and the application of the pro.
| ceeds to the redemption Of bonds bearing a
higher rate. The annual saving thus secured
| since March !. 1877. is Sli 300, ,453. 80
| Within short period over six hundred
millions of five and six per cent. bonds will
become redeemable. This presents a very
favorable opportunity not only to further re-
duce the principal of the debt but also 10 re.
duce the rate Of interest on that which will
remain unpaid. ! call the attention of Con-
gress to the views expressed on this subject
by the Secretary of the Treasury in his an
nual report, and recommend prompt legisla-
ton, to enable the treasury department 10
complete the refunding of the debt which IL
about to mature.
The continuance of specie payments has
not been interrupted or endangered since the
date of resumption. IL has contributed
greatly to the revival of business and to our
remarkable prosperity The fears that pre-
ceded and accompanied resumption have
proved groundlcss. No considerable amount
of United States notes have been presented
for redemption, while very large sums of gold
bullion. both domestic and imported. are
taken to the nints and exchanged for coin or
notes. The increase of coin and bullion in
the United States since January |, 1879, IL
estimated at 1927. .399, ,42s
There are still in existence. uncancelled,
S346, ,6sl ,0l6 of United States legal-tendcr
notes. These notes were authorized as n war
measure made necessary by the exigencies
Of the conflict in which the United States was
then engaged. The preservation of the Ma
tion's existence required, in the judgment of
Congress. an issue of legal-tender paper
money. That it served well the purpose for
which was created is not questioned, but the
employment of the notes as paper money
indefinitely. after the Accomplishment of the
object for which they were ovided. was not
contemplated by the trainers Of the law under
: which they were issued. These notes long
; since became like any other pecuDary obiga-
J ton of the gOvernment-a debt to be paid.
! | and, when paid. to be cancelled as mere evil
dence of an Indebtedness no longer existing.
therefore repeat what was said in the
annual message of last year. that the retire
ment from circulation Of United States notes,
with the capacity Of legal-tenler in private
! contracts, is a step to be taken in our pro-
gress towards safe and stable currency
: which should be accepted as the policy and
: duty of the government aud the interest and
J security Of the people.
SILVER DOLLARS.
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-ten
| 4 n ~
supporters 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 supporters Of the bill, who, while
they doubted a. TO the probability Of this re-
suit, nevertheless were willing to give the
proposed experiment 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 81, ,27G.4 .492. The total amour,
coined prior TO the first Of November last
was s72. .s47 $50. OF this amount s47, ,0S4 ,45G
: remain in the Treasury, and only 1926, ,7G3, ,29l
: are in the hands of the people. constan,
Q effort has been made to keep this currency in
circulation, and considerable expense has
been necessarily incurred for this purpose,
: but its return TO the Treasury is prompt and
sure. Contrary TO the confident anticipation
of the friends Of the measure at the time ol
2 its adoption. the value of the silver dollar
containing 4l24 grains Of silver, has not In.
0 creased. During the year prior to the pas
sage of the bill authorizing its coinage, the
| bat al rr tt ell Il ~