Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-12-06
ne policy has been TO sell bonds bearing as L2w

the sinking fupd Il IS believed that a large por-
ZION OF the puOnc debt 10 be redeemed can o.
provided for by Treasury notes running from one
10 ten years issued In such sums as can, by the
application OF the sinking fund, be paid as they
mature The purchase OF bonds not due has
heretofore involved the payment OF premiums,
which 4 IS believed can. In future. De- avoided
BY the issue or such Treasury notes. The large
accumulation OF money now seeking invest
HitHt dIOtds d favorable Opportunity 1OT S9iiilI5
s2ch notes bearing s low TaJe OF interest. 10 Is
believed that they viii form popular security,
always available 70 tne hoIoeI. aI1 readily
convertible into money when needed fer other
Investment or business. ! hey should De In such
form and denominations as To furnish q conye-
nient investment fOr the small savings OF the
people. and III he place designed by the ten
dollar Tefunding certificates authorized by the
act OF February %. 1873. No ether United
states bonds than those staten become redeem
aDie prior 10 the st OF September. 1897. the date
OF maturity or the fOur-and a-half per cent
pOhds. The requirements OF the sinking fond
prior 70 the maturity OF the fOllr-aGd a.half oer
cent bonds. for a period OF ten years. from $50
s52o ,so..57.
II Ray be that during this period. by the
change Of our financial condition, Or nom un-
hreseen events the government viii not be
able. as IN times past 10 apply sums so large 10
tie reduction or tie debI: but IL is prOba HE
that any temporary deficiency would socn b.
made good o. Increased revenue. This contin-
bonds.
The secretary, therefore. recommends thar
provision De made for the issue OF an amount
not exceeding fiil1 900 Du0 OF Treasury notes In
DENOMINATIONS not less than ten dollars bear
Ing Interest not exceeding four per cent DeT
anIum, and running from one 10 ten Years to
De sold at not less than par. the amount ualur-
ing during any year not 10 exceed the sinking
fund for that year. and the proceeds to be an
Piled 10 the payment OF five and ST. per cent
bonds. ma ItuiDg Ia 1>>+. II Is believed t1ar
Win the present favorable state or the rnop4F
market, sufficient amount Oh such Treasury
notes, bearing an annual interest OF three par
cent can oe soia TO meet considerable portion
OF the Ipat'JTing bonds; but It is better to CON
III ln0n the depart ment Discretionary power
tcStiptlidte for Il higher InaXiuTn rate to avoid
the possibility OF failure. Such a discretion is
not likely 10 be abused while 9 power fG0
carefully restricted may deieat the beneficial
object OF the law.
IL Is also recommended that authority be
CiVt q 70 sell at par an amount n0g exceeding
f4tt' U'r,nUo u bonds OF tie character and d.,
scriEti9a or tue four per cent bonds or tn.
lnItCd states now outstanding. but bearing a
rate or interest not exceeding tnree and siStv
I'VE one an BdEeGths per cent per anuuru end
iedtcIna5lc at the pleasure OF the nit II states
after fifteen years the proceeds 10 De applied
10 the payment Oh bonds Tedecha0ie on OF De
Al the requirements OF the resrmDtfon ac-
nave has Edf been executed. and its vision has
Teen fully IL demonstrated, The Secretary cx-
presses the utmost confidence that without neT
legislation the entire 2l2Oult OF jni:P5 States
notes now authorized and outstanding can L.
easily maintained u par III coin even If the
present favorable financial condition should
change, but, ia order 10 accomplish this. tie
coin reserve Inust be kcpt UailapafreI aycs3r
GJ such payments as may b. made from i Ia
II IS suggested that Congress miyht define |
ana SIT apart the coin reserve as special fuuI /
fCT resumption purposes.
: he Secretary expresses the opinion that the |
present system OF currency the substantial |
FEATURES OF Wlich are q limited amount OF nj |
1td States notes, lSith Or without the legal |
tenQer quality. promptly redeamable in coin, |
MIR ample reserves in coin and ample pOyFer n
Necessary 10 purchase coin with bonds, supple
nented by the circulating notes o. national !
paEHs .SSued upon conditions that guarantee
their absolute security and prompt rfilanntinn !
and al baSfd on coin of equal value generally
throughout the country. X the 0tst |
system ever devised, and more free from 00ec. |
i!on than any other. combining The only safe
with convenience for circulation ana |
security and equality OF value.
STANDARD SILVER DOLLAR
Notwithstanding ~ efforts It IS found 10 be
aifiicu!J e maintain ia circulation more than 81
CsT cent OF The amount coined. Nhi;,, Al !
'yS1l;;I seasons 81 tie year, and Tor specIa! |
--n''oes. LII. cesa Is IN demand, mainly ia the !
Outh. II returns aga. my am us
tissue involves an expense IL. dil5p9ftatidn ;
L an average rate OF OlC-tlird OF one per g..
arn tine.
~cor these reasons the Secretary earnestly
ccC:arHends that tue further compulsory coin
ce or the silver dollar Dc sos9el.de1, o. - III
alternative, that the mum" ray ~ ef1ihS VI s''-'
z tn ssCllar Oe increased so as 10 make il equal
Il market value 10 the gold dollar, and that its
.OinaCe De lett as cth-r coinage 10 the s3crt-
airy Of the Treasury or the director Of the |
nlft, 20 depend upon the demand t0r It y the
puzzle fOr convenient circulation.
As the expense Of cOiaing / silver dollar IS
Oli8l 70 the value OF about i've grains OF stand |
aIdelIveT bulIloL II IS confidently believed that
silver dollar containing ~ grains. based gpOa |
4 IdtO 0. one Or gold 10 about 40 or SitFef. |
-C0ll. II safely coined as dem lTded for U.s. or |
eXpOTJarisE. without dempntJ.InS gold o. lis |
LuTIlHg cOL{racjS CT business, ana WIKI great |
5d' aIIaget 10 tEe silver mining interests OF II
.OUItTy. pom he facts stated # would see. n |
t. b1 wise policy row, IN the spirit OF the con !
t.tg.tiOD. to regulate by la% the cCI1 value o. |
~ two Metals 20 a 70 conform 70 the markec
ratio.
The cost OF recoinfng the Silver dollars al
ready issued into collars OF The weight SIG
ces;sG 3 estimated az about one per cent. 0:
s1Z- $3.50.
Oystac 10 the difference between the yeicnt
AID value The nominal pTOlt applied TO tue pur- |
chase or silver bullion would be sufficient 10 /
Nee the entire cost II converting the present |
dollars lutc az t.fIl number or the proposed |
dollars. OF. Ia other words, IL the present dol
iaTs We:f converted into the less number OF the |
proposed dollars, the nominal loss would be
ru!ly covered by the nominal profit now IN the
Treasury az 4 the hints
Tie secretary urges the importance OF sta
billy Ia the rates imposed on spirits. tooaCc1
and fern euted liquors. These articles are re-
caTded d al Governments as proper objects or
taxation. Any reduction in the rates imposes
q heavy loss @ The owner OF the stock On hand, |
" hlle al Increase operates as a bounty 70 such |
CELer. When tie rate is fixed, the trade adaOtS |
Itself 10 Il. change diStuTO5 the collection OF |
the Tax AID the manufacture OF the article. AS |
already suggested. The time is OppOTtHqe fof |
reducing The subjects or internal taxation TO |
the an Icles named ana the taxes on Circulating
notes OF banks. The taxes proposed 10 be re !
pea-sti ytel1td during the last fiscal year as
follows;
From bank ard bankers other
than national. .----.-.. Sj,.5@ 9-5.Z>
From national tank5 CtAer than on
circulation. -..-..-------. t.+5>,lSi -
From adhesive staupz ------..-..-. i,6js@9i.22
H. aIf..........-.......- ....-... .4J1,jl4 81
II case o. such repeal ample time should b.
given 10 exhaust the taX-plt stamps without !
less 10 the manufacturer.
Upon District affairs the secretary SAYS that
tie ucL expenditures on account OF the District |
of COLUMBIA for the n-cII year $50. We're
=, 90, "a O.. The revenues deposited in th-
Tres-sTy Tor the same peT.11 were ,,Jh, 1921.
From December s l-,9, tO June -, 1S-9. the |
CCrGod Indebtedness has been reduced o.
operation or the sinktng-fund. 500. rs 81: anu
The annual iHtcTe5t-cLGTgH upon the District
deb has been reduced .1-..a5. Since tAc
Cr.afS OF the commissioners q the -inktH E-f.Uq /
q III District OF columbia were abolished aud
their duties and powers transferred 20 III
tOrgress " June l.. IS. tie principal o. thu
TUCdyti dcUJ has been reduced $jl>.t5J. ana The
.tIIEa! luleIe9t-cAarst has ben reduced |
s. S-..t1.
I-Uder existing 'aw. the sinking fund o: the I