Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1880-12-13

Treasury, of $S,O84, 494.2l was applied to
the redemption of bonds.
The amount due the sinking fund for |
this year was $37, 931 ,943.55. There was
applied thereto the sum of $73, 1904, 617.41, |
being 49,, 972, 973.S6 in excess of the |
actual requirements for the year.
The aggregate of the revenues from all
sources during the fiscal year ending
June 80, 1880, was 1888, 526, 610.98, an
increase over the preceding year of $780,,
500, 1882. The receipts thus far of the
current year, together with the estimated
receipts for the remainder of the year,
amount to $35O,0OO,OO0, which will be
sufficient to meet the estimated expendi-
lures of the year, and leave surplus of
$90,OO0,OOO.
The debt of the United States, less cash
in the Treasury and exclusive of accruing
interest, attained it's maximum of $780,
431, 571.43 in August, 1865, and since that
time has been reduced to $1,886, 0l9, 504.-
So. OF the principal of the debt, $685.
758, 100 has been paid since March l, 1877,
effecting an annual saving of interest of
Sc, JOY, 593. The burden of interest has
also been diminished by the sale of bonds
bearing low rate of interest, and the
application of the proceeds to the re-
demption of bonds bearing higher rate.
The annual saving thus secured since
March, 1877, is $14, 300, 1880.
The continuance of specie payments
has not been interrupted or endangered
since the date of resumption. 1t has
contributed greatly to the revival of
business, and to our remarkable prosper
itY. The increase of coin and bullion in
the United States since January l, 1879,
is estimated at 1927, 1895, 42S.
There are still in existence, uncancelled,
| 1916, 681 ,016 Of United States legal tender
| notes. These notes were authorized as
a war measure, made necessary by the
exigencies of the conflict in which the
United States was then engaged. These
notes long since became like any other
obligation of the Governments debt to
be paid, and, when paid, to be cancelled
as mere evidence of an indebtedness no
longer existing. l therefore repeat what
was said in the annual message of last
year, that the retirement from circulation
of United States notes with the capacity
of legal-tender in private contracts, is a
step to be taken in our progress toward
safe and stable currency, which should
be accepted as the policy and duty of the
Government, and the interest and securi-
ty of the people.
The coinage of silver dollars, began in
March, 1878, and has been continued as
required by the act. The average rate
per month to the present time has been
$2,276, 492. The total amount coined
prior to the first of November last was
72,S47,75O. OF this amount SAT 1854, 45O
remain i'll the Treasury, and only $685.
1929 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 incur
red for this purpose, but its return to the
Treasury has been prompt and sure.
Contrary to the confident anticipation OF
the friends of the measure at the time OF
it's adoption, the value of the silver dol
lar, containing 412 l-2 grains of silver
has not increased. During the year prior
to the passage of the bill authorizing its
coinage the market value of the silver which it
| tanned was from ninety to ninety-two cents as com
pared with the standard gold dollar During the las
year the average market value of the silver dollar ha
been Lightweight and half cents.
It is obvious that the legislation of the last Congress
, in regard to silver, so far as 1t based al
anticipated rise in the value of silver the result
that legislation has failed to produce the effect thel
predicted. The longer the law remains in force
requiring it does the coinage of a nominal dollar
which in reality is not dollar, the greater become
the danger that this country will be forced to accep
single metal the sole legal standard of value il
circulation and this standard of less value than
purpolts to be worth in the recognized money of tn
| world.
The Constitution of the United States, sound fnar
cal principles and best interests all require tina
the country should have as its legal tender none
both gold and silver of an intrinsic value a
l bullion, equivalent TO that which upon its face
e purports to possess. The Constitution in expires
terms recognizes both gold and silver as the only tru
| legal-tendea money. 1t will, iu my judgment. cor
tribute to this result if Congress will repeal SO niue
of existing legislation requires the coinage of sve
dollars containing only ALP l2 grains OF silver and
its stead will authorize the Secretary of the Treasur
f TO coin silver dollars Of equivalent value bullo
- with gold dollars. This will defraud no man, and wi
be in accordance with familiar precedents Congress
on several occasions has altered the ratio of yalu
between gold and silver in order to establish it mol
nearly in accordance with the actual ratio of Walt
between the two metals.
In financial legislation every measure in The dire
ton of greater fidelity in the discharge of pecunia
obligations. has been found by experience to dimnis
# the rates of interest which debtors are required
o pay, and to increase the facility with which mout
!, can be obtained for every legitimate purpose.
/ commend to the attention Of Congress the gre
IL services of the Commander-in-Chief Of armi
e during the war for the Union, (Gen. Grant) who
wise firm and patriotic conduct did much to brll
n that momentous conflict to close. The legisaitt
of the United States contains many precedents, f
, the recognition of distinguished military merit
IS thorizing rank and emoluments TO be conferred
eminent services to the country. An act of Congre
t. authorizing the appointment of Captain General
q, the Army, with suitable provisions relating to col
. pensation, retirement, and other details, would
~ my judgment, be altogether fitting and proper. al
4 would be warmly approved by the country.
,e large increase is reported the disposal of pu
IF lie lands for settlement during the past year. Win
7, marks the prosperous growth of agricultul
industry, and vigorous movement of populate
le toward our unoccupied lands. AS this movcme
De proceeds the modification of land laws. as well
proper legislation regulate the disposition of pub
= lands become of more pressing necessity and
therefore invite the consideration of Congress
io report aud accompanying draft of BILL made by
+ Public Lands Commission, which communicat
j. by me to Congress at the asl Early acti
f. upon this important subject is highly desirable.
=, The Commissioner of Agriculture expresses
confident belief that his efforts behalf of the p
s. ducton of our own sugar and tea have been encoI