National Republican., 1880-12-07

| The amount due the ynkingfund for this year
was s;,1,!Rl Gilhl There was applied thereto the
sum Of f>5aH1i,Gl7ll, being s3i g7a473S In excess Of
| the actual requirements for the year,
The aggregate Of the revenues nom all sources
during the fiscal year ended June ~. iSSl, was
seEl Ia6 6lOQS an increase over the preceding year
of 80 El I2ia The receipts thus far Of the eur
rent year, together with the estimated receipts for
the remainder of the year, amount To SE0D9Wo,
which VIII be sufficient 10 meet the estimated cN-
pcndltutcs of the year nnd leave surplus Oi
SaODIuyl.
Ii is fortunate that this large surplus revenue
occurs ut period when II may be directly applied
20 the payment Of the public debt, soon to be re-
dccmablc No public duty has been more con
stantly cherished In the United States than the
shc
The debt of the United states. less cash In the
Treasury and exclusive Of nccrulng interest, at
iaincd It's maximum of s276i3l ,i7l.l3 in August,
ls6j, and has since that tine been reduced To
n lNHl0l0OiGi. Of the principal of the debt slOs,'
7is 100 has been paid since March |, 1877, eitcting
an annual saving Of interest of si,lOIjH The
burden of Interest has also been diminished by the
sale Of bonds bearing low rate OF Interest, aud the
application Of the proceeds To the redemption Of
bonds bearing higher rate: The annual saving
Within short period over six hundred millions
Of five and six per cent bonds VIII become re-
decmablc. This presents very favorable Opportu'
nifty not only To further reduce the principal of the
debt but also To reduce the rate Of interest that
which Will remain unpaid, call the attention OF
the Secretary Of the Treasury in his annual report
aud recommend prompt legislation, to enable the
Treasury Department To complete the rcflnding of
the debt which II about TO mature.
The Ontinunnce of specie payments has not been
interrupted or endangered since the date of re-
sumption. II has contributed greatly IA the re
vlvHl Of business and to our remarkable prosperity.
The fears that preceded aud accompanied rCsump-
ton have proved groundless. No considerable
amount of United States notes have been pre-
scned for redemption, while very large sums Of
gold bullion, both domestic aud Imported, are
taken 10 the minis and exchanged for coin or
notes The increase of coin and bullion IN the
United States since January J. ls'p IL estimated at
s227, ,3g0l2s.
There are still In existence, uucanceled, $50.
6sl ,OiG Of United States legaliendor notes These
notes were authorized as war measure, made
which the United states was then engaged, The
preservation Of the Nations existence required, In
the Judgment of Congress, an issue Of legaltcndcr
paper money. That II served well the purpose for
which Il was created Is not questioned, but the
employment of the notes as paper money indC
which they were provided, was not contemplated
by the irnners Of the law under which they were
issued. These notes long since became like any
other pccuniary obligation OF the Governmental
debt 10 be paid, and, when paid to be cancelled NJ
mere evidence of an indebtedness no longer exist
annual message Of last year that the retirement
from circulation Of United States notes, with ihe
capacity OF legal tender In private contracts, u
step 20 be taken IN our progress tuWufd saic ana
stable currency, which should bo accepted a. the
policy and duty Of the Government and the inter
est and security Of the people,
Al the time OF the passage OF Tue act now IN inrcc
requiring the coinage Of silver dollars, liking their
value and giving them lcgaltcnder character was
believed by many Of the supporters uf the measure
that the silver dollar which IL authorized, would
speedily become under the operations Of the law,