Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1880-12-10

,os. al
The amount due the sinking fund for this
year was S37, 931 Gi3. So. There was applied
thereto the sum of So. 904, 6114l, being
sd, 81, 913. 81 in excess of the actual re-
quiremenis for the year.
The aggregate of the revenues from all
sources during the fiscal year ended June 80,
1850, was $3.50, 52G. 6lOgs an increase over
the preceding year of $50, G99, I26 SO. The
receipts thus far, OF the current year, togeth-
or with the estimated receipts for the remain
der OF the year amount to $3.50, 900, 900,
which will be sufficient to meet the estimated
expenditures of the year, and leave surplus
of $50, 900, 600.
1t is fortunate that this large surplus reve-
nue. occurs at period when it may be direct
ly applied to the payment of the public debt
soon TO be redeemable. No public duty has
been more constantly cherished IN the United
States than the policy of paying the Nations
debt as rapidly as possible.
The debt OF the United States less cash in
the Treasury and exclusive of accruing inter
est, attained its maximum of 81, 156, 43l, 517-
i3 in August, 1865, and has since that time
been reduced to Sl,SS6, 019, j04 60. OF the
[ principal of the debt, sos, 15S. 100 has been
paid since March |, 1877, effecting an annual
saving of interest of Sc, l01. 593 The burden
OF interest has also been diminished by the
sale of bonds bearing n 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
l, 1877, is Sl4, 290, 1880.
Within short period over six hundred
millions of five and six per cent bonds will
become redeemable. This presents very
favorable opportunity not only to further re-
] tl,n, ls,f.
duce the rate OF interest on that which will
remain unpaid call the attention of Con
gress to the views expressed on this subject
by the Secretary of the Treasury in his an
nual report, and recommend prompt legisla-
ton, to enable the Treasury Department to
complete the refunding of the debt which is
about TO mature
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 10 our
remarkable prosperity. The fears that pre-
coded and accompanied resumption have
proved grOundless. No considerable amount
of United States notes have been presented
for redemption while very large sums of gold
bullion, both domestic and imported, are
taken to the minis and exchanged for coin or
notes. The increase of coin and bullion in The
united States since January !, 1879. is esti-
mated at S221 500, i2S.
There are still in existence, uncanG -lled,
S3i6, ISL ,0l6 OF United States legal-tendel
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. The preservation of the Ma
tons existence required, in the judgment of
| Congress. an issue of egal-tender paper
money. That it served well the purpose fol
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 I'M
der which they were issued. These notes
long since became like any other pecuniary
Obligation of the Government debt TO be
PAID aud, when paid, to be cancelled us
mere evidence Of an Indebtedness no longer
existing. | therefore repeat what was
said in the annual message of last year, that
the retirement from circulation of | nited
States notes, with the capacity of legal tender
| in private contracts, is step TO be taken in
our progress towards safe and stable cur
rency. which should be accepted rs the policy
and duty of the Government and the Interest
and security Of the peaple.
TIE SILVER COINAGE
At the time of the passage of the act now in
| force requiring the coinage of silver dollars,
fixing their value and giving them leg,l-tenG-
er character il 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 rs TO the probability Of lthis re-
suit. nevertheless were willing to give the
proposed experiment fair trial with i view
to stop the coinage, il 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, I'm
der the act referred 10. began
March, 1873, and has been continued
as required 10y the act. The average rate
per month To the present lin, has been -
| 316, 493 The total amount coined prior L.
| the first of November last was SO 81, 1j0
OF this amount 81, 0si. 40 remain in the
Treasury, and only so, s6S, POI are in the
hands Of the people. \ constant effort has
| been made to keep this currency III circula
| tiun. and considerable expense has been ne
ccssariy incurred for this purpose, hut its
return To the Treasury is prompt and SIRE.
! Contrary 10 the confident anticipation Of the
| friends of the measure at the time Of lis
! adoption, the value of the silver dollar. con
/ tanning il2t grains of silver. has not in
creased During the year prior To the pas
SAGE of the bill authorizing lis coinage the
market value of the silver which II contained
was from ninety To ninety two cents n
compared with the standard gold dollar
I DuTIur the last wear the average market