Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1880-12-16

sued. These notes long since beca ne like
ANY other pecuniary obligation of the gov
ernment-a debt to be paid, and, when paid,
60 he cancelled a. mere evidence of an in
debtedness no longer existing. ! therefore
repeat what was said in the annual message
of last wear. that the retirement from circu-
leion Of United States no:es. with the ca
pacity Of legal-tender IN private contracts.
Is a step to be taken IN our progress towards
a safe and stable currency. which should be
accepted as the policy and duty of the gov
eminent and the interest and security Of the
people
SILVER DOLLARS.
Il the time Of the Passage of the act nov
in force requiring the coinage Of silver dol
lars. fixing their value aud giving them
legal-tender characler~ it vas 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 20 the gold dol
lar. There were other supporters Of the bill.
who. while they doubted a. to the probabil-
itv Of this result. nevertheless were willing
to give the proposed experiment fair trial.
with view 10 .top the coinage. II expert
ence should prove that he silver dollar au-
thorized 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 1873. and
has been continued - required hy the act.
The average rate per month 10 the present
time has been ~2.2.6. i93. The total amount
coined prior to the first of November last
was S72.Si1.1jo. OF this amount si1.0Si.-
40 remain in the Treasury and only >2j,-
763. 29O are in ;he hands Of the people. \
constant effort has been made to keep this
currency in circulation. and considerable ex-
peuse has been necessarily incurred for this
purpose. but It's return to the Treasury j.
prompt and sure. Contrary to the confident
anticipation Of the friends Of the measure
at the time Of It's adoption. the value OF the
silver dollar. containing il2 IL grams Of
silver. has not increased. During the year
prio- to the passage Of the bill authorizing
IT, coinage. the market value Of the silver
which it contained vas from ninety TO nine
tv-two cents, a compared with the standard
gold dollar During the last year the aver
aye market value of the silver dollar has
been eighty eight and half cents.
Il IS obvious. that the legislation Of the
last Congress IN regard 10 silver. so Ear a. {;
was based on an anticipated rise IN the value
of silver a. a result OF that legislation. has
failed 10 produce the effect then predicted.
The longer the law remains in force. rcquir-
Ing a, il does the coinage Of nominal dol
lar which. III reality, = not q dollar. the
greater becomes the danger that tins ooun-
tr, will be forced 10 accept q single metal
a. the sole legal standard Of value. in circu-
laiion. and this a standard % les, value than
il puporis 10 be worth IN the recognized
money Of the world
The constitution Of the niied States.
sound financial principles. and our best IN
tcrcsis. all require that the country should
have a. IT, legal tender money. both gold and
silver com. OF an intrinsic value. a. bullion.
equivalent to that which. upon It's face, II
purports 10 possess The constitution IN eN-
press terms. recognizes both gold and SILVER
a. 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 10 the d;sparagcmeni
Of important Interests The United States
produces more SILVER than any other country.
and is directly interested in maintaining It
a one Of the two precious metals which
furnish the coinage Of the world. Il viii. IN
nv Judgment, contribute to this result Il
Congress viii repeal much If existing
legislation a. requires the coinage Of silver
dollars containing only ii2 - grams Of >.l-
yer. and IN IT, stead NJ! authorize the Sec
re,ar, of the Treasury 20 com silver dollar.
Of cqui, alent value a. bullion. With gold
dollars This will defraud no man. and " d.
be in accordance with familiar prccedcn;,
Congress. on several occasions. has altered
8
IN order 70 establish j; more nearly in &C
cordance with the actual ratio Of value be-
tween the two metals.
In financial legislation ever measure Ia
the direction Of greater fidelity IN the dis
charge Of peCuniarN obligations. has been
found by experience 10 diminish the rates of
interest " h.ch debtors are required TO paw.
and to increase the facility with which money
can be obtained for every legitimate pur-
pose Our own recent financial history
shows how surely money becomes abundant
Whenever confidence IN the exact perform
anoe Of moneyed obligations j. established.
ORR HARBoR pEFENcEs.
Especial attention is asked TO the report
Of the Chief Of Engineers upon the oondi-
ton Of our National defencr>. From per
sonal inspection Of many Of the foriifca-
tons referred 10. the Secretary Is able 10
emphasize the recommendations made. and
10 state that their incomplete and defence
less condition j. dIscredItahe TO the country.
While other nations have been increasing
their means for carving on offensive war
fare and attacking maritime cities. We have
been dormant in preparation for defence
nothing Of importance has been done to
wards strengthening and finishing our case
mated works since our late civil war. during
which the great guns Of modern warfare
and the heavy armor Of modern Notifications
and ships came into use among the nations.
and our earthworks left, by sudden failure
Of appropriations some wears since. in all
stages Of ineompletion. are now being rapidly
destroyed by the elements.
RIvKR IMPROVEMENTS.
The two great rivers Of the North Ameri-
can Continent, the Mississippi and the Col
umbia have their nayigable waters wholly
within the limits Of the United States and
are of vast importance to our internal and
foreign commerce. The permanency of the
important work on the South Pass Of the
Mississippi river seems now 10 be assured.
There has been no failure whatever IN the
maintenance Of the maximum channel dur
ing the SIX months ended August 9, last.
This experiment has opened broad, deep
highway 10 the ocean. and is an improve
ment. upon the permanent success of which.
congratulations may be exchanged among
people abroad and at home, and especially
among the communities Of the Mississippi
valley, whose commercial exchanges foa, in
an unobstructed channel safely TO and from
the sea.
A comprehensive improvement Of the
Mississippi and It's tributaries IS matter of
transoendeat importance. These great wa
ter-ways comprise system Of inland trans
portation spread ike network over large
portion of the United States, and nayiyable
to the extent of many thousands of miles.
Producers and consumers alike have a com
mon interest in such unequalled facilities for
cheap transportation. Geographically. CON-
mereially. and politically. they are the
strongest tie between the various sections Of
the country. These channels of communi-
cation and interchange are the property OF
the nation. Its jurisdiction is paramount
over their waters, and the plainest principles
of public interest require their intelligent