The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-07
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, un. 90 ora SO in excess OF toe actual re.
ouirements for the year.
Frbe aggregate Of the revenues from wi
.,nrees during the iscsl year ended June 80,
,SSo WAS $ssSS $50 6l0 9S--sn increase over
~. '''r..ccdlng wear OF $4,000, 1902. The
.o,o,s thus far OF the current year, 10.
/ "V, y. ,.,,h The estimated receipts for the
k",,der Of The year, amount 10 $3.50, 000,.
r,o which will be sufficient 10 meet the es-
v w, ,xpenditures Of the year and leave
l snrplus Of S90,00O.ooo.
y, y f,;tnna,e that this large surplus Ieve.
- occu,s At a period when II may be Dc
'r,tr anoIed 10 the payment OF the public
son, soon TO be redeemsble. No public
Sn,c has been more constantly cherished IN
~ Irn,;cd states than The policy of paying
che nations debt ~ rapidly as possible.
rSe deb, of The United STATES. less cash in
the Treasury and exclusive "' ace'u,ug W.
-, attained its maximum OF 81, 156.i3l,-
-, ~ in August. 1865. ADD has since tia,
49, Leen reduced to 81 .SS6. 0l9 50i.65. OF
~ nr,ncipal OF The deDi, sizes. 75S.100 has
heea raid since March !, 1871. eiiectl0g an
snnuai saving Of interest Of SO, 1893 fbe
L,raen OF interest has also been diminished
hv ,bs ,ale Of bonds bearing low rate OF
interest. and the application of The proceeds
90 Tie Redemption OF bonds bearing higher
ate. The annual saving thus 81 cured since
March I, 1877. Is Sif, 29o.i53 90.
Within a short period over SIX hundred
yiilj.us az = and per cent. bonds VIII be-
come Iedeeniablc. I his present. very Ia
,orabIe opuortuuily not only TO further re-
duee the uTincinal Of the debt, but also TO
v,duce the rate uf interest on that which
will remain unpaid. | call the attention OF
Congress To The views expressed on THIS
.ulieci by the Secretary OF tie Treasury III
liz annual report. and recommend prompt
gisjaiiop 10 enable the Treasury Depart
mcnt 10 complete The refundirg OF the debt
hich IS about 10 mature.
The continuance Of specie-pay ments has
not been interrupted or endangered slice
the date q resumption. 1t has contributed
greatIy 10 the revival or bushes. and TO our
| remarkable rosperity. The fears that pre-
coded and accompanied resumption have
nroyed groundIess. No considerable amount
~ United States notes have been presented
for redemption. while very large sums OF
cold bullion. both domestic and imported,
are taken 10 the minis and exchanged for
coin or notes. The increase OF coin and
bull'o i'm the United states since January
I. 1870. il estimated at S221 ,S99.42S..
There are still IN existence. uUcancelled,
S2iG Gsi. Oi6 Of United States legal tender
notes. These notes were authorized a. a
ysr measure, made Necessary by the ext
peocits If the coTfi CT IN which the United
states wa> then engaged The preservation
Of The nations existence required, Ia the
Judgment Of Congress. an issue OF legal
tender paper money. That 1t served well
The purro.e for VIII CD il was created is not
onesiIontd. but the employment OF the
notes IS paper money Indefinitely, after
the accomplishment OF the obiect fol-
which they were provided. was moi
contemplated by the trainers OF the law
under witch they were issued. These notes
long since became like any other pecuniarS
oblieaiion Of the Governmental debt 10 be
paid, and when paid, to be cancelled az
mere evidence Of an indebtedness no longer
existing. ] therefore repeat what was saiC
I i'm The annual message OF last year: that tht
retirement from cit culalion OF United States
notes with the capacity Of legal tender "
private contracts Is Il step TO he taken In oul
Droore,s towards a safe and stable currency
which should be accepted as the policy ant
I duy OF the Government and the Interest
and security oi the people.
At the time OF the passage o. the act now
IN force requiring the coinage OF silver DOL
lars, fixing their value aud giving them le
calender character, IL was believed by
MANY Of the supporters OF TIE measure tha
the silver dollar which II authorized would
speedily become, under the operations o.
the law. OF equivalent value 10 the gold dol
lar. There were other supporters OF toe
bill who, while they doubted as TO the pro
liability OF this result. nevertheless were
willing to give The proposed experiment
fair trial, with q view 10 Stop the coinage J
experience should prove that the silver dol
lar authorized by the bill continued TO he o
les commercial value than The STANDARD
gold dollar.
The coinage OF silver dollars under th
act referred to began in March. 1878, ant
has been continued as required by the act
The average rate per month TO the presen
1 time has been S2.276 492. The total amour
coined prior 10 tue lst OF November las
wa, s72 s47,750. OF This amount S47,0S4,
$50 remain ~ the Treasury, and only S25,
7C3. 29l are in the hands OF tue people. 4
constant effort has been made to Keep tbi
currency in circulation, and considerable
expense has been necessarily Incurred 10
this purpose, but its return to the Treasur.
is prompt and sure. Contrary to To-
confident aniclpation OF The friend
/ Of the measure at the time OF its adop
/ tioD, the value Of the silver dollar con
tanning ABA grains of silver has not IN
creased. During the year prior to the pass
age Of the bill authorizing its coinage tbt
J market value Of the silver which Il con
tanned was from ninety to ninety-two cents,
a. compared with the standard 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 tb'
last Congress in regard 10 silver, 20 far as i
was based on an anticirated rise In The value
OF silver as n result OF that legislation, ha
failed IN produce the effect then predicted
| The longer the law remains In force, re
qui,ing as IL does the coinage OF nomina
dollar. which, 10 reality, is not dollar, th'
greater becomes The danger that this eoun
Try will be forced 70 accept single metal o
tue sole legal standard OF value ia ciicua
tlOn. and this a standard OF less value thai
| II purpofis TO be worth in the recognize
money OF the world.
The Constitution OF the United States
sound fiDancial principles, and our best In
ierests, all require that the country shoul'
have as IFS legal tender money both gold ant
silver coin OF an intrinsic value as bullioi
equivalent TO that which upon it, face
purnarfs 10 possess. The Constitution, II
express terms. recognizes both gold ant
silver as the only true Iegal-tender money
/ To banish either Of these metals frem on
curreucy Is To narrow and limit The cireu
latlng medium OF exchange 10 the dis
paragemeDt Of important interests. Th'
| United States produces more silve
than auy other couotry, aud Is al
4 rectIy Interested 10 msintaluing II a.
]. one OF the two precious metals which
furnish the coinage Of the world. IL VIII
10 my judgment, contribute 10 this result !
III fts.t