Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1880-12-16

terast Of So l07,593 The burden of IN.
terest has also been diminished by h
sale OF bonds bearing low rate of IN.
.erest, and the application of the proceed
to the redemption of bonds bearing 8
higher rate. The annual saving thus se.
cured since March l, 1877, is Sl4. 300.
453 so.
Within short period over six hundred
millions OF 5 and per cent bonds will
! become redeemable. This presents very
favorable opportunity, not only TO further
/ reduce the principal OF the debt, but Also
/ to reduce the rate of interest on that
which will remain unpaid, | call the
/ attention OF Congress to the views ex
! pressed on this subject by the Secretary
/ OF the Treasury IN his annual report, and
recommend prompt Legislation, TO enable,
/ the Treasury Department 10 complete the
! refsnding of the debt which is about TO
/ mature.
/ The continuance of specie payments
| has not been interrupted or endangered
/ since the date of resumption. 1t has con.
/ tribuled greatly TO the revival of business
and to our remarkable prosperity The fears
that preceded snd accompanied resump.
| ton have proved groundless. No consid
cradle 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 aud
! exchanged for coin or notes. The increase
/ of coin and bullion in the United States
since January l, 1872 is estimated st
! 1927, 399,42S.
! There are still in existence, uucancelled
! 1916 6Sl,0lG of United States legal tender
notes. These notes were authorized as \
! war measure, made necessary by the ex.
! igencies of the conflict IN which the
United States was then engaged. The
preservation of the n stion's existence re.
quired, In the judgment OF Congress, sn
issue OF legalteader paper money. That
It served well the purpose for which it
WAS created, IS not questioned; but the
! employment OF the notes as paper money
: indefinitely, after the accomplishment of
the object for which they were provided,
was not contemplated bv the trainers of
the law under which they were issued.
These notes lcEg since became like any
other pecuaiary obligation OF Goverament
- debt 10 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 mes
| sage OF last year, that the retirement from
circulation OF United States notes, with
the capacity OF .egal.tender in private
contracts, is step 10 be taken in our pro.
gress towards safe and stable currency,
which should be accepted as the policy
and duty of the Government and the ia.
terest and security OF the people.
AT the time OF the passage of the act
now in force requiring the coinage of sill
yer dollars, fixing their value aud giving
them legal.tender character, it WAS be.
lieved by many of the supporters of the
measure that the silver dollar, which 1t
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 as 10 the probability of this
result, nevertheless were willing to give
the proposed experiment fair trial, with
view to stop the coinage, If experience
should prove that the silver dollar author
! lied 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, 1878, and
has been continued as required by the act.
/ The average rate per month TO the pres.
ent time has been So 276 402 The total
amount coined prior to the lst OF Novem,
Der last was $72 SAT $50 OF this amount
| SAT 0Sf, 450 remain In the Treasury, and
only S25, 763 POI are in the hands OF the
people. A constant effort has been made
TO keep this currency in circulation, and
considerable expense has been necessarily
incurred tor this purpose, but its return
TO the Treasury is prompt and sure. Con
trary to the confident anticipation OF the
friends OF the measure at the time OF It's
adoption, the value of the silver dollar,
containing 4l215 grains of silver, has not
increased. During the year prior to the
passage of the bill authorizing It's coin
age, the market value of the silver which
it contained was from 90 to 90 cents as
compared with the standard gold dollar
During the last year the average market
value of the silver dollar has been SS12
| cents.
| 1t ia obvious that the legislation of the
last Congress IN regard to silver, so far as
1t was based on an anticipated rise in the
value of silver as result of that legisla
ton, has failed to produce the effect then
predicted. The longer the law remains In
/ force, requiring as it does the coinage of d
nominal dollar, which, in reality, is not q
dollar, the greater becomes the danger
that this country will be forced to accept
a single metal as the sole legal standard
of value, 10 circulation, aud this stand.
ard of less value than it purpor,s to be
worth In the recognized money OF the
world.
The constitution of the United States,
sound tinsncia! principles, and our best
interests, all require that the country
should have asi,s legal-tender money, both
| gold end silver coin, OF an intrinsic value
] as bullinp enulvalent 70 that which upOn