The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1880-12-09

1905, ,0s7 Al
The aggregate revenue receipts thus far, of
the current year, together with the estimated
receipts for the remainder of the year, amount
to $3.50, 600, 900, which will be sufficient to meet
the estimated expenditures of the year, and
leave a surplus of 800, 900, 000
1t is fortunate that this large surplus revenue
occurs at period when it may be directly ap-
piled to the payment of the public debt soon to
be redeemable.
The debt of the United States, less cash in
the Treasury and exclusive of accruing interest,
attained its maximum of 50, 756, 431 ,571. .43 in
August, 1865, and has since that time been re-
duced to 81, ,SS6, ,O19, ,504.65. OF the principal
of the debt, S1Os, ,758, 100 has been paid since
March 1st 1877, effecting an annual saving of
interest of S6,107,5 ,593.
Within short period over six hundred mil
lions of five and six per cent. bonds will be-
come redeemable. This presents a very favor
able opportunity not only to further reduce the
principal of the debt but also to reduce the
rate of interest on that which will remain un-
paid.
LEaAL-TENDER NOTES.
There are still in existence, uncanceled, $780,
6S1, ,016 of United States legal-tender notes.
These notes were authorized as war measure.
made necessary by the eXigencies of the con-
lict in which the United States was then en-
gagged. The preservation of the nations exis-
tence required, in the Judgment of Congress, an
served well the purpose for which it was Gre
ated is not questioned, but the employment of
the notes as paper money indefinitely, after the
accomplishment of the object for which they
were provided, was not contemplated by the
trainers of the law under which they were is
sued. These notes, long since became like any
other pecuniary obligation of the Government
a debt to be paid, and, when paid, to be can
celed as mere evidence of an indebtedness no
longer existing. 1, therefore, repeat what was
in tna
the retirement from circulation of United States
notes, with the capacity of legal tender in pri
vate contracts, is step to be taken In our pro-
gress toward safe and stable currency, which
should be accepted as the policy and duty of
the Government and the interest and security
of the people.
THE SILVER DOLLAR.
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-
der character, it was believed by many OF the
supporters of the measure that the silver dol
lar, which it authorized, would speedily be-
come, under the operations of the law, OF
equivalent value to the gold dollar. There
were other supporters of the bill, who, while
they doubted as to the probability of this re-
suit, nevertheless were willing to give the pro
posed experiment a fair trial, with view tc
stop the coinage, if experience should prove
that the silver dollar authorized by the bill con-
| tinued to be Of less commercial value than tht
| standard gold dollar.
The coinage of silver dollars, under the ac
| referred to, began in March, 1878, and has
| been continued as required by the act. The
average rate per month to the present time hai
been $2,276, 492. The total amount coined
| prior to the first of November last was $72,
s47, 7,75O. OF this amount S47, ,084, 450 remain II
| the Treasury, and only $25, 763, 291 are in thu
| hands of the people. A constant effort hal
been made to Keep this currency in circulation
| o,,d 10 haa
incurred for this purpose, but its return to thu
| Treasury is prompt and sure. Contrary to thu
confident anticipation of the friends OF thu
| measure at the time of its adoption, the value
| of the silver dollar, containing 41215 grains o
silver, has not increased. During the yea,
| prior to the passage Of the bill authorizing it
| coinage, the market value Of the silver which
| it contained was from ninety to ninety-twt
| cents, as compared with the standard gold dol
| lar. During the last year the average marke
value of the silver dollar has been eighty-eigh
and half cents.
It is obvious that the legislation Of the last
| Congress in regard to silver 30 far as it wal
based on an anticipated rise in the value O.
silver as result of that legislation, has failet
| to nroduce the effect then predicted. Th'
longer the law remains in force, requiring as i
does. the coinage of a nominal dollar which
in reality, is not dollar, the greater becomes
the danger that this country will be forced K
| accent a single metal as the sole legal STANDARD
| of value in circulation, and this standard o
less value than it purports to be worth IN tn
| recognized money of the world.
The Constitution of the United States, sount
financial principles, and our best interests, al
require that the country should have as its lega
| tender money, both gold and silver coin, OF al
intrinsic value, as bullion, equivalent to tina
which, upon its face, it purports to possess
| The Constitution, in express terms, recognize
both gold and silver as the only true leSa
tender money. To Danish either of these met
ais from our currency is to narrow and lml
the circulating medium of exchange to the dis
psragement of important interests. In
United States produces more silver than an
other country, and is directly interested i
maintaining it as one of the two precious met
ais which furnish the coinage of the world. I
will, in my judgment, contribute to this resul
If Congress will repeal SO much of existing leg
islation as requires the coinage of silver dollar
containing only 41213 grains of silver, and il
its stead will authorize the Secretary of th
Treasury to coin silver dollars of equivaler
value as bullion, with gold dollars. This wi
defraud no man, and will be in accordance wit
familiar precedents. Congress, on several oc
casions has altered the ratio of value betwee
gold and silver in order to establish it NOR
nearly in accordance with the actual ratio Q
value between the two metals.
MILITARY POSTS.
The rapid extension of the railroad systeI
west of the Mississippi River, and the grea
tide of settlers which has flowed in upon ne
territory, impose on the military an entiI
change Of policy. The maintenance OF sma
posts along wagon and stage routes Of travel
! 1Onper parnnanaOt nnartara