The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1880-12-25

Nations debt as rapldly W p.,ss'v r s L..
The debt of the United ssates, .e.s S. ts.. ~
.st attained its maximum Of s.. 49, AL .7lA3 In
Awvmst IS;S. and has since that time been re.
Ilnced 10 81 $50 Ol9, 50l.6S. Ot the pr1nclPaI OF
Inc debt, SlOs, '5S, 100 has been paid since
,srest ~ g 10; ss Tie burden Of interest has
slso Ieen unfinished by the sale OF bonds
hearinr a low rate of interest. and the appli.
cation ~ the proceeds to the redemption OF
bonds bearing y higher rate. Tne annueI
saving thus secured since A'1'n - 1917 /"
@; WITHIN a short period over six hundred
millions Of 1--WE and six per cent. bonds viii
become redeemable. This presents 2 very
favorable opportunity not only 70 lGrti'er re-
duce the principal of the debt. but also to re; r.;
duce the rate Of interest," sSe On Of Com
vress n the views expressed ON this subject
6y the Secretary of the Treasury IN his an
nual report. and recommend pIOmpt Ieglsla.
ton. to enable the Treasury Department TO
complete the refundiDR OF the deDt whlcn IL
about to mature.
The cOntinuonceof specie payments has not
been interrupted or endangered since tne
date of resumption. II has contributed greatly
to the revival of business anu 70 our remark.
able prosperity. The fears that preceded ana
accompanied ses" "mmpp;Ssrahle ' amount Of
Tinted states notes have been presented Tor
rcs'rmntiOn. while very large sums of gold
bullion, both domestic anu ln'pIteu. are
taken tO the minis and eNchahSed LOT com or
notes The increase Of com anu wa T. ~ cs s,ic
United States since january - 1917 40 cs'A'
Thcre arc still in existence, uncanceled,
ss4G al O,G Of United states legal tender notes.
These notes were authorized rs war mems
ure, made necessary by the cN,sellclcs ol .le
conflict In which the United states Was then
ENGAGED. The preservation Of the Nations
existence required, in the Judgment Of Con-
grcss, All issue of legal tender paper money:
That il served well the purpose fof which II
was created 10 not questioned. Dnt tne en-
p'Ovment of the notes Is paper money ndeh
nitcly, after the accomplishment 81 the
object for which they were provided. was
not contemplated by the trainers OF
! the law under which they were issued.
| These notes long since became IKE any
| other pecuniary obligation Of tho Govern.
ment-a debt to he paid. and when paid. to
| he Cancelled a. mere evidence OF an MdcDt.
| eIness no longer existing. therefore repeat
what was said in the annr!l message OF ia,t
| year that the lCtircMtnt from cTcu'nWh ~,
| tinted states notes. with the cupaclty Ol icgal
| tender in private contracts, Is u step 10 DC
| taken in our progress towards Il sale ana sta
bile currency, which should've accepted q, me
pOlicy md duty of the government ana the
interest and security OF the people. -
81 SILVER COINAGE.
Attic tine Of the passage Of the acf now
in force requiring the coinage ut SILVER uO!'
lars. fixing their value and giving them leyaI.
tender character, IL was believed by many %
the supporters of the measure, that the sllvel
dollar. which it authorized, would speedily
become. under the operations Of the law, o.
equivalent value to the gold dollar. Inefe
were other supporters of the bill, who, while
they doubted ~ to the probability OF this ~
suit, nevertheless were willing to give the e e;
pertinent II fair trial. with vie" 10 stop ~.
coinage, if experience should prove that TN
silver dollar authorized by the bill contlhnee
to- be of less commercial value than the stand
The coinage of silver dollars undo
the act referred 10, logan In March
required Ivy the act. The average rat
per month to the present time has hee'
81 ~, lr!. The total amount coined pliorto IN
J first of November last was S!!A. ,''u VI ihl
amount $l.0Si,iN remain III the Ircasut!
and only S25,.6i,!Sl are in the hah0s ol w
; people. A constant effort has been made t
keep this currency in circulation, ana cohsld
cradle expense has been necessarily incur
; red for this purpose, but its return to IN
Trca>uryis prompt and sure. Contrary I
I the confident anticipation Gf the 1riehds
| the measure ut the time of its adoption, III
? value Of the silver dollar, containing 4ls'
Q grains of silver, has not increased. Dmrln
. the wear prior to the passage OF the OIL! nv
! t,orizing it's coinage, the market value OF III
+ silver which it contained was from ninety
nncty-two cents, us compares ga, wv, %.sn r ~
u the average market value of tho silver uOlli
G has been eighty eight and q half cents.
e 1t is Obvious, that the legislation " the la
+ Congress in regard to silver, so far rs 1t WI
r based ON an anticipated rise III the VaiuS
!. to produce the effect then predicted. II
!. longer the law remains in force, requiring rs
|. does the coinage of Il nominal dollar. VINO
g in reality is not Il dollar. the greater becOln
n the danger that this country viii be fOrceu
IL accept !. single metal us the sole lie, ies
1t standard of less value than it purlorts TO
'e worth in the recognized money OF the Worl
IF The Constitution Of the United state
:. sound financial principles. ana our Dcst ING
ests all require that the country snC s,,h ~
IN yer coin. of an intrinsic value, rs DnlllO
nj equivalent to that which. upon its face,
re D,irpOrts to possess. The Constitution, IN G
ID press terms, recognizes both gold ana SHY
n rs the only true legal.tcnder money.
IN Danish either of these metals from our Gu
al rency is to narrow and limit the circulate
~ medium of exchange to the disparagement
IN imNrtant interests. The United states pi
~ duces more silver than any other count
III and il directly interested IN maintaining u
1n one of the two precious metals when lutn
il. Judgment. contribute to this result II COnH'
m will repeal so much Of existing legislation
ct requires the coinage of silver dollars conta
r. ing only AJAX grains Of silver, and in its SIC
~ authorize the Secretary OF the Treasury
coin silver dollars Of equivalent vsine as
ur man, and will be in accordance v
mt familiar precedents. Congress-, on O.
mt eral occasions, has altered the ratio Of va
he between gold and silver, in order to estaDl
it more nearly in accordance with I'm. INC act
ratio of value between the two metals.
he In financial legislation every measure IN
he direction of greater fidelity in the disc. "a
~. of pecuniary obligations, has been found
III. experience to diminish the rates OF inter
Dr. which debtors are required to pay, and TO
lit, crease the facility With which money csI'
Of obtained for every legitimate purpose.
of own recent financial history shows how sui
yer money becomes abundant whenever co
my dence in the exact performance OF none
ne Obligations is established. M
'.a THE ARMY.
md The Secretary of War reports that the
, i'm penditureS Of the War Department Tor
i'm fiscal year ended June 30 1SeO, were $sv,s
10 O.. The appropriations for this Dep
for %sss f for "a the current n'e'' year, ""0'"
N With respect to the Army, the Secretary
u. vites attention TO the fact that its StTen9e
20 limited by statute (Section Ills, Revised
" utes) 70 not moro than $1,000 enlisted mon,
a that provisos contained In sppr4pr1an,.Cn.
, "a az but 5000. Il IL believed the full J!
40 strength II the least possible force at y!
i, q, the present organization can be maan!all
having in view efficiency, discipline and Ok
. "a 0my, While the enlistment Of this 1Orco ~
add somewhat to the appropriation Tor Pc
would b moro than an equivalent ior
. .. "Sditionsl outlay. and the efficiency OF