The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-12-07

, "a not questioned, but the employment o
the notes as paper money indefinitely al
, ter the accomplishment Of the object fol
which they were provided, was not con
telnplated by the trainers Of the law undel
which they were Issued. These notes
long since became like any other pecunl
ary obligation Of the governmental debt
to be paid, and, when paid. to be cancelled
as mere evidence OF an Indebtedness nc
longer exiating. l therefore repeat what
was said in the annual message Of last
year, that the retirement from circulation
OF U, S. notes, with the capacity oil
tender in private contracts, is Q step to be
taken in our progress towards safe and
stable currency, which should be accepted
as the policy aud duty OF the government
and the interest and security OF the peo'
pie.
COIN CURRENCY.
At the time OF the passage OF the act
now In force requiring the coinage oil Sill
yer dollars, fixing their value and giving
them egal.tender character, it was be-
lieyed by many OF the supporters Of the
measure that the silver dollar, which II
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 doubled as to the probability OF this
result, nevertheless were willing to give
the proposed experiment fair trial, with
view 10 stop the coinage, II experience
should prove that the silver dollar author
lied 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, 1878, and
has been continued as required by the
act. The average rate per month to the
present time has been $2,2T6, 492. The
total amount coined prior TO the first OF
November last was S72,S47, 100. OF this
amount $i7 ,0SI .450 remain in theTreasury,
and only So, 1853 POI are in the hands Of
the people. A constant effort has been
made to keep this currency in circulation,
and considerable expense has been neces.
sarily incurred Tor this purpose, but It's
return to the Treasury is prompt and sure.
Contrary TO the confident anticipation Of
the friends OF tho measure at the time OF
lis adoption the value OF the silver dollar,
containing 4l2t grains OF silver has not
increased. During the year prior 10 the
passage OF the bill authorizing its coinage,
the market value OF the silver which 1t
contained was from ninety to ninety.two
cents, as compared with the standard gold
dollar. During the last year the average
market value OF the silver dollar has been
eighty-eight and a half cents.
1t is obvious that the legislation OF the
last Congress in regard to silver, so far as
It was based on an anticipated rise in the
value OF silver as result OF that legisla-
ton, has failed to produce the effect then
predicted. The longer the law remains in
force, requiring as it does the coinage OF a
nominal dollar, which, in reality, Is not
dollar, the greater becomes the danger
that this country will be forced to accept
single metal as the sole legal standard OF
OF less value than 1t purports to be worth
The Constitution OF the United States,
sound financial principles, and our best
interests, all require that the country
should have as It's legal tender money,
both gold aud silver coin, OF an intrinsic
value, as bullion, equivalent TO that which
upon its face, 1t purports to possess. The
Constitution, in express terms, recognizes
both gold and silver as the only true legal
tender money. To Danish either OF these
metals from our currency is to narrow and
limit the circulating medium OF exchange
to the disparagement oil important inter-
ests. The United States produces more
silver than any other country, and is di.
reCtly interested in maintaining 1t as one
Of the two precious metals which furnish
the coinage Of the world. It will, in my
Judgment, contribute to this result II Con-
gress will repeal so much OF existing legis.
laton as requires the coinage OF silver dol
lars containing only 4l2! grains OF silver,
and in It's stead will authorize the Secre-
tary OF the Treasury to coin silver dollars
OF equivalent value as bullion, with gold
dollars. This will defraud no man, and
will be in accordance with familiar prece
dents Congress, on several occasions, has
altered the ratio OF value between gold and
silver, in order to establish It more nearly
in accordance with the actual ratio oil value
between the two metals.
In financial legislation every measure In
the direction OF greater fidelity in the dis
charge OF pecuniary obligations. has been
found by experience 10 diminish the rates
OF interest which debtors are required TO
pay, and to increase the facility with
which money can be obtained for every
legitimate purpose. Our own recent hnan-
cial history shows how surely money be-
comes abundant whenever confidence in
the exact performance Of moneyed obliga.
tons ID established.
The Secretary OF War reports that the
expenditures OF the War Department for
the fiscal year ended June 80, 1880, were
so, 924, 773 03. The appropriations for
this department for the current fiscal year
amount to S4l ,90S $50 40.
MILITARY MATTERS.
With respect to the Army, the Secretary
invites attention 10 the fact that its
strength Is limited by statute (section lll5,
Revised Statutes) 10 not more than 80 600
enlisted men, but that provisos contained
in appropriation bills have limited expend.
lures 10 the enlistment OF but 5000. It
is believed the full legal strength Is the
least possible force at which the present
organization can be maintained, having in
view efficiency, discipline, and economy.
While the enlistment oil this force would
add somewhat to the appropriation for pay
Of the Army, the saving made in other
respects would be more than an equivalent
for this additional outlay, and the etlic.
lency OIL the Army Woulu Dc largely IN
creased.
The rapid extension Of the railroad sys.
TEN west OF the Mississippi river. and the
great tide OF settlers which has flowed in
upon new territory, impose on the military
an entire change OF policy. The mainten-
ance Of small posts along wagon and stage
routes OF travel is no longer necessary.
Permanent quarters at points selected, oil
more substantial character than those
heretofore constructed, will be required.
Under existing laws, permanent buildings
cannot be erected without the sanction OF
Congress, and when sales OF military sites
and buildings have been authorized, the
moneys received have reverted to the
Treasury, aud could only become
available through a new appropria.
ton. II is recommended that provision
be made, by u general statute, for the sale
OF such abandoned military posts and
Q I 4 A. l.