The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1880-12-07

States was then engaged. The preservation
| OF the Nations existence required, in the
| judgment of Congress, an issue OF legal
1 tender paper money, That IL served we'll
| the purpose for which it was created is not
/ Questioned, but the employment of the
/ notes as paper money lnde finitely. after
/ the accomplishment OF 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 like any other pecuniary obliga-
1 ton of the Governments debt to be paid,
| aud. when paid, to be cancelled as mere
| evidence of an Indebtedness no longer ex.
| listing. therefore repeat what was said in
| the annual message of last year. that the
1 retirement from circulation of United
| States notes with the capacity Of legaiten
der in private contracts. is step to be
| taken in our progress towards a safe and
| stable currency, which should be accepted
| as the policy ano duty of the Government
| and the interest and security Of the people
THE SILVER DOLLAR COINAGE.
AT the time of the passage OF the act now
] In force requiring the coinage of silver
1 dollars, fixing their value and giving them
legal tender character it was believed by
| many of the supporters OF the measure fha
the silver dollar, which IL authorized,
| would speedily become, uader the opera
lions of the law, of equivalent value TO the
gold dollar. There ~eTe other supporters
| oft The bill, who, while they doubled as to
| the probability of this result, nevertheless
were willing 10 give the prop )eed expert
ment a 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, began in March. 1878. and
has been continued as required by the act
The average rate per month TO the present
time has been 80. 276 492. The total
amount coined prior to the first of Novem-
Der last was $72 SAT $50. OF this amount
$47, 0s4 $50 remain in the Treasury, and
only $25 1853 291 are in the hands of the
people. A constant effort has been made
10 keep this currency in circulation, and
considerable expense has been necessarily
incurred Tor this purpose, but Its return TO
The Treasury is prompt and sure Com
trary 10 the confident anticipation of the
friends of the measure at the time of its
adoption, the value of the silver dollar,
containing 4t212 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 con
tanned was from ninety to ninety-two cents,
as com pared with the standard gold dol
lar. Daring the last ear the average mar
ket value OF the silver dollar has been
eighty eight and o half cents.
It is obvious, that the legislation of the
last Congress Ia reg ard TO silver, so far as
1t was based on an anticipated rise in the
value of silver as result OF that legislation,
has failed to produce the effect then pre-
dicted. The longer the Law remains in
force, requiring as 1t does the coinage OF a
nominal dollar, which, in reality, is not a
dollar, the greater becomes the danger that
this country will be forced to accept sin
gle metal as the sole legal standard of value,
IN circulation, and this standard of less
value than it purports TO be worth in the
recOR Dized money of the world.
The Constitution of the United States.
sound hnancial prii C pies. and our best in-
terests, all IT quire that the country should
have as its legal tender money, bolh COLO
and silver coin, of al intrinsic value, as
bullion, equivalent TO that which, upon its
face, its purports to possess. The COnssi
tuition, in express terms, recognizes both
gold and silver as the only true legal Ten
der money. To Danish either OF these met
ais from our currency is 10 narrow and
limit the circulating medium OF exchange
to the disparagemeot OF important inter
ests. The United States produces more
gold aud silver than any other country.
and Is directly interested in main tainlng it
as one Of the two precious metals which
furnish The coinage OF the world. Il will,
IN my alignment. contribute to this result if
Congress will repeal so much OF existing
legislation rs requires the coinage of silver
dollars containing only 4l215 grains OF
silver. and in its stead will authorize the
Secretary of The Treasury TO coin silver
dollars of equivalent value of bullion. with
gold dollars. This Will defraud no man,
and will be in accordance with familiar
precedents. Congress, on several ooca-
sioDs, has altered the ratio of value be
tween gold and silver, In order to establish
it more nearly in accordance with The
actual ratio of value between the two met
ais.
In financial legislation every measure IN
the direction of greater fidelity in the dis
charge of pecunIsry obligations has been
fOunO by experience to 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 finsn.
comes abundant whenever confidence in
the exact performance of monese ed Obliga-
lions is established.
THE WAR DEPARTMENT.
The Secretary of War reports that the
expenditures of the War Department for
the fi-cal yesr ended Sune 80, 1880, were
$39. 924. 773 03. The appropriations for
thts Department, for The current fiscal year.
amounted TO $41 993 $50 40.
With respect 10 the army, the Secretary |
invites attention to the fact thai its strength |
is limited by statute (section 1ll5. Revised |
Statutes) to not more than 90 O00 enlisted |
men, but that proVisos c1ntain.d in ap- |
preparation bills have limited expenditures |
10 the enlistment of but 25 600 Il is be- |
lieged the full legal strength is the least |
possible force at which the present organi-
zaiion can be maintained, having in view |
efficiency, discipline. and economy. |
While the enlistment OF this force would |
add somewhat to the appropriation for pay |
of The army. the saving made in other re- I
spscls would be more than an equivalent /
for this additional outlay. and The tficieE-
cy of the army would be largely increased. |
THE ARMY AND THE MILITIA.
The rapid extension of the railroad sys |
tenn west of the Mississippi river. and the /
great tide of settlers which has flowed iE |
upon new territory, impose on the mill /
tsry an entire change of policy. The |
maintenance of small posts along wagon
and stage-rautes of travel is no longer ne