Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1880-12-08

! and exclusive of accrt7ing interest, at
tanned its maximum of S2,756, 49,, 751. 43
in August 1865, and has, since that
time, been reduced to 51.896019. 504 60.
Of the principal of the debt, S109, 758, 100 has
been paid since March 1877. effecting an an
nual saving Of interest of $61 ,07593. The bur-
den OF interest has also been diminished by the
sale Of bonds bearing low rate of interest aud
the application of the proceeds to the redemp-
| uon OF bonds bearing higher rate. The an
nual saving thus secured since March /, 1879, is
S4, Z9U, 80. Within short period over COG
millions OF five and six per cent. bonds will be-
come redeemable. This presents very favor
able opportunity not only to further reduce the
principal of the debt, but also to reduce the
rate of interest on that which Will remain I'M
paid. | call the attention Of congress
10 the views expressed on this
subject by the secretary of the
treasury in his annual report. and recommend
prompt legislation to enable the treasury de-
partnent to complete the refunding of the debt
which is about to mature The con.
tinuance of specie payments has not been in
terrupted or endangered since the date of re-
sumption. 1t has contributed greatly to the
revival of business and to our remarkable pros
perlty. The fears that preceded and accom-
panied resumption have proved troublesome.
No considerable amount United States notes of
have peen presented for redemption, while very
large Sums of gold bullion, both domestic and
imported, are taken to the minis and exchanged
fer coin or notes The increase of coin and
bullion in the United States since Janu-
airy first, 1879, is estimated at 1927, 399. 428.
There are still in existence lmcalled,
1916, 63l ,O16 of United States legal tender
notes. These notes were authorized as
war measure 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 congress
an issue of legal tender paper money. That it
vNN1l flNr,,N
Is not questioned, but the employment of the
notes as paper money indefinitely after the ac-
compllsbment of the 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 pecuni-
airy obhgatlon OF the government, a debt to be
paid, and when paid to be Cancelled, as mere
evidence of an indebtedness no longer existing.
L therefore repeat what was said in the annual
message OF last year, that the retirement from
circulation Of United Stctes notes with the ca
pacity of legal tender in private contracts is a
step to be taken III our progress towards q safe
and stable currency which should be accepted
as the policy and duty of the government and
the interest and security of the people.
THE SILVER DOLLAR.
at the time of the passage of the act now in
force requiring the coinage Of silver dollars.
liking their value aud giving them legal tender
character. it was believed by many of the sup
porterS 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
to the probability Of this result, nevertheless
were willing 10 give the proposed experiment q
trial, with view to stop the coinage if expert
ence should prove that the silver dollar author
lied by the bill continued to be of less CONNER
cial value than the standard gold dollar. The
coinage of silver dollars under the act referred
to began i'll March, 1873. and has been continu-
ed as required by the. act. The average rate
per month to the present time has been 80 276-
1872. The total amount coined prior TO the first
of November last was 72,S47,750. OF this
amount S47. 084. $50 remains in the treasury,
and only S25, 763, 291 are in the hands of the
people. A constant effort has been made to
keep this currency IN circulation, and consider8-
BILE expense has been necessarily incurred 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 dollar
containing 1925 grains of silver has not in
creased. During the year p'ior to the passage
Of the bill author izing the coinage, the market
value of the silver which it contained was
from 80 to 81 cents as as compared with
the standard gold dollar. During the
last year the average market value
of the silver dollar has been 8S15 cents.
1t is obvious that the legislation Of the last
con gress III regard to silver so far as it was
based on an anticipated rise in the value Of sill
yer as a result of the legislation has failed to
produce the effect then predicted. The longer
the law remains in force, requiring as it does
the coinage of q nominal dollar which is in real
ity not dollar, the greater becomes the danger
that this country will be forced to accept q sim
gle metal as the sole legal standard of value in
circulation, and this q standard of less value
than 1t purpOrts 10 be worth in the recognized
of No
United States sound financial principles and
our best interests, al require that the coun-
try should have as its legal tender MONEY
both gold and silver coin, of an in
trinslc value as bullion equivalent to
that which upon its face it purports
to possess. The constitution IN express terms
recognizes both gold and silver as the only true
legal tender money. To Danish either of these
wometals from our currency is to narrow and
limit the circulating medium of exchange. to
the dlspara cement of important interests. The
United States produces more silver than any
other country, and is directly interested il
maintaining it as one of the two precious metals
which furnish the coinage of the world. 1t
viii, IN my Judgment, contribute to this result
II congress will repeal SO much of existing legis-
latlcn as requires the coinage Of silver dollars
containing only 1925 grains of silver, and in
ITS stead will authorize the secretary of the
treasury to coin silver dollars of equiva-
lars. This will defraud no nan. and will
be Ia accordance with familiar precedents
Congress on several occasiesls has altered the
ratio Of value between gold and silver IN order
to establish it more nearly in accordance with
the actual ratio Of value between the two
metals. In financial legislation every measure
in the direction OF greater fidelity in the dis
charge of pecuniaay Obligations hassbeen found
by experience to diminish the rates of interest
which debtors are required to pay, and to in
crease the facility with which many can be OBJ
tanned for a legitimate purpose. Our own
recent financial history shows how surely money
becomes abundant when confidence in the exact
performance of moneyed obligations is estab-
li5hedy
WAR DEPARTMENT..
The secretary Of war reports hat the expen-
dfures of the war deparImeLy for the fiscal year
end June Goth, 1880, were $39, 1924, 773.O3. The
appropriations for this department. for tee cur
rent fiscal year amount to 81, 993, 630.40.
TIE Army.
With requisite the army the secretary invites
attention to the fact that its strength is limited
by statute (Section 1, 115, revised statutes) to
not more than $4,000 enlisted men, but that
the provisions contained in augmentation bills