The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-12-08
ss,%s,Os7 II

The amount dsie the sinking fund for this year
was So .cl 6iS 81 There was applied thereto the
sum of $3.50 Ob6l741, being $50 97 .s'j in
of the actual requirements for the year.
The aggregate OF the revenues from all sources
during the fiscal year ended June 30. 1880 was
of 500 699 426.52- The receipts thus kr of the
rent year. together with the estimated receipts of
the remainder OF the year. amount to $3.50 OOO OOC
which viii be sufficient TO meet the estimated
100000 : ''' '''''D -
It is fortunate that this large surplus revenue
occurs at a periodwhe it may be directly applied
10 the payment OF the public debt soon to be re-
deemable. No public duty has been more con-
stantly 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 interest, at
tanned its maximum of 81 80 4Sl, ,57l 3 in August
lS' - and md he's since that time been reduced 70
Sl0S, 1851 100 has been paid since March !, 1877,
eteetng an annual saving of interest Of S. l0a 593
The burden Of interest has also been diminished
and the applraiOn of the projects to the re.
deslptiOn 0f bonds bearing higher rate. The
annual saving Thus secured since Mareh1. 1877 is
Within a short period over COO OOO, ,OOeo of and &
per cent. bonds will become redeemable This
i presents very favorable opportunity not onlyto
further reduce The principal of the debt but also
10 reduce the rate of interest on that which will
remain unpaid. call the attention of Congress
to the views expressed this subject by the Sec
retary of the Treasury in his annual report, and
recommend prompt legislation 10 enable the
/ Treasury Department 10 complete the refunding
! of the debt wh;Ih is about to mature.
The continuance of sPecie payments has not
heen Interrupted or endangered since the date of
resumption. II has contributed greatly TO the re-
Vlval of business and 10 our remarkable prosDeri-
ty The fears that preceded and acoonpailiesl
resumption have proved grOundess. No consid-
erable amount OF United States notes have been
presented for redemption, while very large sums
of gold bullfous. 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 l, 1872. is estimated
! at SPY ,:399. .I2S.
There are still in existence, uneanceled. $780,
6Sl 0l6 of United States legal notes. These
notes were authorized as a war measure made
/ necessary by the exigences OF the conflict in
which the L nited states was then engaged. The
preservation OF the Nations existence required,
/ in the judgment OF Congress, an issue OF legal
| tender paper money. That il served wen the
purpose for which il was created is not ques-
money indat' ntely, after the accomplishment OF
the object hbr which they were provided, was not
contemplated by the Trainers OF the law
notes long since became like any
| other pecuniary obligation of the government
debt to be paid, aud, when paid, to be cancelled
isting. 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 b. taken in our progress toward safe and
stable currency which should be accepted rs the
| terest and security of the people.
AT the time of the passage of the act now in
ioree requlrihg the coinage OF silver dollars, nx
| ing their value and glEing them legal tender
character, II was believed by many OF the support
ers of the measure that the silver dollar which il
authorized, would SpRedily become. under the
operations of the law, al equivalent value 10 the
gold dollar. There wRze other supporters OF the
bill who. while they 6oubted as tothe probability
of tins result, nevertheless were willing 10 give
the. proposed experiment fair trial. with a view
To sop the coinage, ii experience should prove
that the silver dolla-r authorized by the hill con
tiuued TO be Of less commercial value than the
standard gold dollns,
The coinage of silver dollars, under the act re
herred to- began in March, 1878, and has been con
tmued required ny the act The average rate
per month to the present time has been s, ,276 492
The total amOurst coined priOFto the first of No
vember last WIS S72 2SI7, 20 OF this amoun
Si7 0Si, $50 remain III the Treasury, and only SIS
II 7tS 29l are ia the hands of the people. cOnstan
effort has been made to keep this currency in CIR
leulation. anA considerable expense has beeT
necessarily Incurred for this purpose, but its re
turn tO the Treasury is prompt and sure. Con
trary to the confident anticipation of the friend
valne of the silver dollar containing 4l21s grain
of silver. has not increased. During the yea
prior 10 the passage OF the bill authorizing IT
: coinage, the market value of the silver which /
contained was from ninety To ninety-two cents
as compared with the standard gold dollar. Dur
ing the hst year the average market value OF tn,
: silver dollar has been eighty-eight and hal
cents
1t IS obvious that the legislation of the last Con
Ill IL WAS DfiScu Oh
an anticipated rise in the value OF silver as re
suit of that legislation has failed to produce tn
effect then predicted. The longer the law remain
in force. requiring IL does the coinage Of
nominal dollar, which, in reality, is not dollar
the greater becomes the danger tina. this countr
will be forced 10 accept single metal as the sol
legal standard of value. In circulation, ana this
! standard OF less value than 1t purports 10 b
worth in the recognized money OF the world.
E The Constitution OF the United states, soun'
financial principles, and our best interests all
, quire that the country should have as its lega
tender money both gold and silver coin, of an In
trinsic value as bullion. equivalent TO that which
upon its face, IL purports to possess The C0nstitu
tion, In express terms, recognizes both gold an
silver the only true legal tender money. II
Danish either Of these metals from our currenc
Is 10 narrow and limit the circulating medium Q
4 exchange To the disparagement of Important In
terests. The United States produces more silve
than any other c~untry and Is directly intereste
: In maintaining IL Ms one of the two preciou
; metals which furnish the coinage Of the world
1t viii, In my Judgment contribute TO this resul
II Congress WI repeal 20 much Of existing legi.