Litchfield enquirer., 1880-12-16

redeemable, This presents very favorable
opportunity not emily to further reduce the
principal of the debt, but also to reduce the
rate Of interest on that which will remain IN.
paid. Icall the attention of Congress to the
views expressed on this subject by the Score.
tary OF the Treasury in his annual report, and
recommend prompt legislation, to enable the
Treasury Department to complete the refund.
ing OF the debt which is about to mature.
The continuance of specie payments has
not been interrupted nor endangered since the
date OF resumption. 1t has contributed great.
ly to the revival of bus mess and to our re-
markable prosperity The fears that preced.
ed and accompanied resumption have proved
groundless. No considerable amount of
U nlted States notes nave been presented for
redemption, while very large sums of gold
bullion, both domestic and imposted, are TAX.
en- to the MINIS and exchanged for coin or
notes. The increase of coin and bullion in
the United States since Jan. /, 1870, is esti-
mated at 1927, 399, 42S.
There are still in existence, uncanceled,
$346, 6S1, O16 of United States legal-tender
notes.. These notes were authorized as war
measure, made necessary by the exigencies of
the conflict in which the United States was
then engaged. The preservation OF the Ma
tons existence required, in the Judgment of
Congress- 40 issue of legal tender paper mon
ey. That It served well the purpose for
which it 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 provided, was not
contemplated by the trainers of the law un-
der which they were issued These notes
long since became like any other pecuniary
obligation of the Governments debt to be
paid, and, when paid. to be cancelled as mere
evidence of an Indebtedness no longer exist
ing. therefore repeat what was said in the
Message of last year. that the retirement from
circulation of United States notes, with the
capacity of legal-tender in private contracts,
IS step to be taken IN our progress toward a
safe and stable currency, which sh ould be &C.
cepted as the policy and duty of the Govern
ment and the interest and security of the peo.
pie.
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 1t 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
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 be-.
gan in March, 1878. and has been continued
as required by the act. The average rate per
month to the present time has been SO, a76, :
1872 The total amount coined prior to the
Let of NpVop,hor loot go on
this amount $47, O84 $50 remain IN the Treas
ury and only $25, 763, 291 are in the hands of
the people. A constant effort has been made
to keep this currency in circulation, and
considerable expense has been necessarily ill.,
CURED 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 of its adoption, the value
of the silver dollar, containing 4124 grains of
silver, has not increases. During the year
prior to the passage of the bill authorizing its
coinage, the market value of the silver which
it contained was from 90 to 92' cents, as com
pared with the standard gold dollar. During
the last year the average market value of the
silver dollar has been S84 cents. 1t is obvious
that the legislation of the last Congress in re-
gard to silver, so far as it was based ON an an
ticipated rise in the value of silver as re-
the effect then predicted. The longer the law
remains in force, requiring as it does the coin
age of nominal dollar, which, in reality, is
not dollar, the greater beeames the danger
that this country will BE forced to accept
single metal as the sole legal standard of val
ue in circulation, and this standard of less
value than it purpOrtS to be worth in the rec
ognized money of the world.
The Constitution of the United States,
sound financial principles. and our best inter-
ests, all require that the country should have
as its legal-ten money both gold and silver
coin, OF an intrinsic value, as bullion, equiva-
lent to that which, upon its face, it purports
to possess The Constitution, in express
terms, recognizes both gold and silver as the
only true legal-tendel money. TO banlsh
either of these metals from our currency is to
narrow and limit the circulating medium Of
exchange to the disparagement of important
interests. The United States produces more
silver than any other country, and is directly
interested in maintaining 1t as one of the two
precious metals which furnish the coinage of
the world. 1t WILL in my Judgment, contri-
butte to this result if Congress will repeal so
much of existing legislation as requires the
coinage of silver dollars containing only
412I grains of silver, and in its stead will au-
thorlze the Secretary 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 pre-
cedents 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 of value be-
tween the tive metals
ln financial legislation every measure in the
direction of greater fidelity 10 the discharge of
mic oh
perience to diminish the rates of interest which
debtors are required to pay, and 10 increase
the facility with which money can be obtain.
ed for every legitimate purpose Our own
recent financial history shows how surely
money becomes abundant wherever conf
dence in the exact performance OF mOneyed
obligations is established.
FoETIFICArIoNs, RIVER AND HARDER IMPROVE
Especial attention is asked to the report of the
Chief of Engineers upon the condition of our
national defenses. FROM a personal inspec-
ton OF many of the Notifications referred to,
the Secretary il able to emphasize the recon.
made, and to state that their in
complete and defenseless condition is discred-
liable to the country. While other nations
have been increasing their means of carrying
on offensive warfare and attacking maritime
cities. we hav. been dormant in preparation
for defense; nothing of Importance has been
done toward Strengthening and finishing our
works since our late civil war,
during which the great guns of modern war
fare and the heavy armor of modern fortifica-
tons and ships came into use among the ma
tons, and our earthworks, left, by sudden
failure of appropriations some years since 10
all stages of incompletion, are now being rap.
idly destroyed by the elements $500
The two great rivers of the North American
Mississippi and the Columbia
have their navigable waters wholly within
the limits of the United States, and are of vast
importance to our internal and foreign CON-
merce, The permsnency of the important
work on the South Pass of the Mississippi
River seems now to be assured. There has
been no failure Whatever in the maintenance
of the maximum channel during the six
months ended Aug. 9th last This experiment
has opened broad, deep highway to the
ocean, and is an improvement upon the per-
nent success of which congratulations may be
exchanged among people aboard and at home,
and especially among the communities Of the
ico Nai1