The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1880-12-09

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 rs possible.
The debt of the United states. less cash in
the Treasury and exclusive OF accruing inter
est, attained its maximum of g I56 Ash .51l4S in
August, 1865, and has since that time been re-
duced to 81 So, 0l9 ,504.65 OF the principal of
the debt. Sl0s, 75S, 100 has been paid since
March |, 1871, effeeting an animal saving of in
terest of 6,l07.593. The burden of interest has
also been diminished by the sale of bonds
bearing low rate of interest, and the apph-
cation Of the proceeds to the redemption of
bonds bearing a higher rate. The annual
saving thus. secured since March /, 1871, is
Sl4 200, $3.50.
Within short period over six hundred
m hnan OF nSe ana SIX per cent: ponds viii
favorable opportunity not only to further re-
duce the principal OF the debt, but also TO re-
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 legtsla-
ton, to enable the Treasury Department to
complete the refunding of the debt which is
about to mature.
The continuanceof specie payments has not
been interrupted or endangered since the
date of resumption. 1t has contributed greatly
to the revival of business and to our remark
able prosperity. The fears that preceded 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 mints and exchanged for coin or
notes. The increase of coin and bullion in the
United States since January !, 1873, is esti-
mated at SD, 399. AS.
There are still in existence, uncanceled,
SAG ISL ,0l6 of United States legal tender notes.
These notes were authorized as a war meas
ure, made necessary by the exigencieS of the
conflict in which the United States was then
engaged. The preservation of the Nations
existence required in the Judgment of Con-
gress, an issue of legal-tender paper money.
That it served well the purpose for which it
was created is not questioned, but the en-
ployment of the notes as paper money indeti-
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 obligation of the Govern
ment-a debt to be paid. and when paid, to
be cancelled as mere evidence of an indebt
edneSs no longer existing. therefore repeat
what was said in the annual message of last
year, that the retirement from circulation of
United States notes, with the capacity OF legal
tender in private contracts, is step to be
taken in our progress towards a safe and sta
lae currency, which should be accepted as the
policy and duty of the Government and the
interest and security OF the people.
SILVER COINAGE.
At the time of the passage of the act now
in force requiring the coinage of silver dol
lars, fixing their value and giving them legal
tender character, it was believed by many of
the supporters of the measure, that the silver
dollar, which it authorized, would speedily
become, under the operations of the law, of
equivalent value to the gold dollar. There
were other supporters of the BILL who, while
they doubted a to the probability of this re-
suit, nevertheless were willing to give the eX-
pertinent 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 CONNER al value than the stand
ard gold dollar.
The coinage of silver dollars under
the act referred to, began in March,
1875, and has been continued as
required by the act. The average rate
per month to the present time has been
8, 216,492. The total amount coined prior to the
first of November last WAS So, S47, 80 Of this
amount Si7 ,0S4 $50 remain in the Treasury,
and only $25, 763, 2Sl are in the hands of the
people. a constant effort has been made to
keep this currency in circulation and consid
cradle expense has been necessarily incur
red for this purpose, but its return to the
Treasury is prompt and sure. Contrary to
the confident anticipation of the friends OF
the measure at the time of its adoption, the
value of the silver dollar, containing 4l2z
grains of silver, has not increased. During
the year prior to the passage of the bill au
its coinage, the market value of the
silver which it contained was from ninety TO
ninety-two cents, as compared with the
gold dollar. During the last year
the average market value of the silver dollar
has been eighty eight and half cents.
1t is obvious, that the legislation of the last
Congress i'll regard to silver, so far as it was
based on an anticipated rise in the value of
silver as result of that legislation, has failed
to produce the effect then predicted. The
longer the law remains in force, requiring as it
does the coinage of a nominal dollar, which,
in reality, is not q dollar, the greater becomes
the danger that this country viii be forced to
a "a InFrIa n IA
of value, in circulation, and this
standard of less value than it purports to be
worth in the recognized money of the world.
The Constitution of the United States,
sound financial principles, and our best inter
ests, all require that the country should have
as its legal tender money, both gold and sill
YER coin, of an intrinsic value, as bullion,
equivalent to that which, upon its face, 1t
purports to possess. The Constitution, in eX-
press terms, recognizes both gold and silver
as the only true legal tender money. To
Danish either of these metals from our cur
rency is to narrow and limit the circulating
medium of exchange to the disparagement of
important interests The United States pro-
1uces more silver than any other country,
and is directly interested in maintaining it as
one of the two precious metals which furnish
the coinage of the world. 1t Will, in my
Judgment, contribute to this resultif Congress
will repeal so much of existing legislation as
requires the coinage of silver dollars contain
ing only 4l2H grains of silver, and in its stead
the Secretary of the Treasury to
coin silver dollars of equivalent value as bull
ion, with gold dollars. This will defraud no
familiar presidents. Congress, on sew
eral occasions, has altered the ratio of value
gold and silver in order to establish
{ more nearly in accordance with the actual
-atio of value between the two metals.
In financial legislation every measure in the
direction of greater fidelity in the discharge
Of pecuniary obligations, has been found by
experience to diminish the rates of interest
which debtors are required to pay, and to in
,rease the facility with which money can be
obtained for every legitimate purpose. Our
)wn recent financial history shows how surely
money becomes abundant whenever conf
ience in the exact performance of moneyed
is established.
THE ARMY.
The Secretary of War reports that the ex-
)enditures of the War Department for the
iscal year ended June 80, 1880, were 1924,
% o.. The appropriations for this Depart
nent, for the current fiscal year, amount to
Al 1893, $50 40.
With respect to the Army, the Secretary in
yites attention to the fact that its strength is
limited by statute (Section Ills, Revised Stat
Ites) to not more than 30, 600 enlisted men, but
hat provisos contained in appropriation bills
lave limited expenditures to the enlistment
If but 5000. 1t is believed the full legal
strength is the least possible force at which
he present organization can be maintained,
having in view efficiency, discipline and econ
,my. While the enlistment of this force would
i'd somewhat to the appropriation for pay of
he Army, the saving made in other respects
would be more than an equivalent for this
additional outlay, and the efficiency of the
Army would be largely increased.
The rapid extension of the railroad system
vest of the Mississippi River, and the great
ide of settlers which has flowed in upon new
erritory, impose in the military an entire
,hange of policy. The maintenance of small
posts along wagon and stage routes of travel
s no longer necessary. Permanent quarters
It points selected, of more substantial char
lcter than those heretofore constructed will
)e required. Under existing laws, perma-
lent buildings can not be erected without the
sanction of Congress, and when sales of mill
airy sites and buildings have been author
Zed, the moneys received have reverted to
he Treasury, and could only become avail
lble through new appropriation. 1t is rec
that provision be made, by a
general statute, for the sale of such aban-