The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1880-12-16

collecting the revenue. "a 5& 69l 90
For expenditures on account of the Dis
trict Of Columbia mbia.................. 1922 Gs4 63
For interest the public debt ...... 95757575 II
For premium on bonds purchased 21953 800 II
Total ordinary expenditures. sa67 G429 957 IS
Leaving surplus of.-......: S5 ss3 653 %
Which, with an amount drawn from the
cash balance in the treasury of........ sos4 4s4 81
| Making ............ s739Gs Os7 Al
| Was applied to the redemption
Of bonds for the sinking fund........ s73652 300 90
Of fractional currency. 251717
Or the loan OF 10000
| Of temporary loan. NEUTRALITY-SUSPICIOUS.. 100
Ofbounty-land scrip. ......... % 0C
OF compound -interest notes-.......... 16j50O O0
OF 7.30 notes of 1864 Observation-Disclosures. $3.50 90
OF one and two year notes. .............. 800 90
OF old demand notes ........... 495 on
~ s7s9es,os1 IL
| The amount due the sinking fund for this year
| was S37 93l ,643, 80. There applied thereto
the sum of S73,904 617 Al, being S}5,972 1885,
in excess of the actual requirements for the
year. H.
The aggregate of the revenues from all sources
during the fiscal year ended June 80 1880, was
1888 526 610.9S, an increase over the preceding
year eff $50, 500 ,426.52 The receipts thus far, of
the current year, together with the estimated re-
| ceipts for the remainder of the year amount to
$3.50 900 OOO which will be sufficient to meet the
estimated expenditures ofthe year. and leave a
| surplus of 800 900 900,
1t is fortunate that this large surplus revenue
occurs at period when it may be directly ap-
piled to the payment of the public debt to be
| redeemable. 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 So ,756 ,43l 57l43 in
| August 1863 and has since that time been re-
tlu t., "a he Of
the debt Sl0S.7 .75S, 100 has been paid since March
! 1917 etfecting an annual saving of interest Of
| 6 JOY ,593 the hinder Of interest has
also been diminished by the sale of bonds bearing
low rate Of interest, and the application of the
| proceeds to the redemption of bonds bearing a
| higher rate. The annual saving thus secured
since March |, 1877, is S4 900 80
Within a short period over six hundred mil
| lions of and per cent. bonds will become re-
deemable. This presents a very favorable oppor-
tunity not only to further reduce the principal Of
the debt, but also to reduce the rate of inter
| est on that which will remain unpaid. | call the
attention Of congress to the views expressed on
this subject by the secretary Of the treasury in
his annual report and recommend prompt legisla-
ton, to enable the treasury department to com
plete the rctunding of the debt which is about to
mature.
SPECIE PAYMENTS.
The continuance of specie payments has not
resumption. 1t has contributed greatly to the re-
vival of business and to our remarkable pros
perity. The fears that preceded and accompa-
MED resumption have proved groundlcss No
considerable 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 and exchanged for coin or
notes. The increase of coin and bullion in the
United States since January ! 1879 is estimated
at 1927 ,309 ,42S.
There are still in existence, uncancelled, S346,
6Sl 0l6 of United States legal tender notes These
notes were authorized as a war measure, made
necessary by the eXi igencies 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 egaltcn
der paper money. That it served well the pur-
pose for which it was created is not questioned but
| the employment of the notes as paper money in
definitely, after the accomplishment OF the object
for which they were provided, was not contem
plated by the trainers of the law under which
they We're issued These notes long since became
like any other pecuniary obligation OF the gov
enment-a debt to be paid, and when paid, to be
cancelled as mere evidence of an Indebtedness no
longer existing. | 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 i'll private con-
tracts, is a step to be taken in our progress to-
wards safe and stable currency, which should
be accepted as the policy and duty of the govern
ment 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, fixing
their value and giving them legal-tender char
| acter it was 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 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 to give the
proposed experiment fair trial with view to
stop the coinage, if experience should prove that
the silver dollar authorized by the bill continued
to be of less commercial value than the standard
gold dollar.
The coinage of silver dollars under the act
ferred to, began in March. 1878, and has been
continued as required by the act. The average
S2,276 ,t92. The total amount coined prior to
| the st of November last was SO ,S41 $50. Of
this amount S47 ,0S4 45O remain in the treasury
and only So, ,763 29l are in the hands of the peo-
| pie. A constant effort has been made to keep
this currency in circulation and considerable eX
pense has been necessarily incurred for this pur-
| pose, 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 silver dollar, containing
| 4l21s grains of silver, has not increased. Dur
| ing the year prior to the passage of the bill
Va S'--
| silver it contained was from 80 to 50 cents, as
compared with the standard gold dollar. During
| the last year the average market value OF
! the silver dollar has been SS1a cents.
| 1t is obvious that the legislation of the last
congress in regard to silver, far as it was based
| on an anticipated rise in the value of silver as a
result of that legislation, has failed to produce
the effect then predicted The longer the law re-
mains in force requiring as it does the coinage
| of nominal dollar which. il reality, is not a
=. III. A.
| country will be forced to accept a single metal as
the sole legal standard of value, in circulation,
and this standard of less value than it purports
| to be worth in the recognized money of the
world.
| LEGAL-TENDER MONEY.
The constitution of the United States, sound
financial principles, and our best interests, all re-
quire that the country should have as its legal
tender money, both gold and silver coin, of an in
trnsc value, as bullion, equivalent to that which,
on its face. 1T purports to possess. The consttu.
ton, in express terms, recognizes both gold and
| silver as the only true legal-tender money. To
Danish either of these metals from currency is
| to narrow and limit the circulating medium of
| exchange to the disparagement OF important in
| tcrests. The United States produces more silver
than any other country, and is directly interested
in maintaining it as one of the two precious met
| ais which furnish the coinage of the world. 1t
will IN my judgment contribute to this result if
congress will repeal so much of existing legisla-
ton requires the coinage of silver dollars, con-
tanning only 4l2 grains of silver, and in its stead
will authorize the secretary of the treasury to coin
silver dollars of equivalent value as bullion, with
| gold dollars. This will defraud no man. and will
be in accordance with familiar precedents. Con-
gress several occasions has altered the ratio of
value between gold and silver in order to estab-
lish it more nearly in accordance with the actual
ratio of value between the two metals.
In financial legislation every measure in the di-
recton of greater fidelity in the discharge of pc
cuniary obligations, has been found by experience
to diminish the rates of interest which debtors are
required to pay, and to increase the facility with
which money can be obtained for every legitimate
purpose. Our own recent financial history shows
how surely money becomes abundant whenever
confidence in the exact performance of moneyed
obligations is established.
| WAR DEPARTMENT.
The secretary of war reports that the expend-
lures of the war department for the fiscal year
ended June 80, 1880, were S39,924, ,773.O3. The
appropriations for this department for the cur
With respect to the army the secretary. invites
attention to the fact that its strength is limit
ed by statute (section ,l15, revised statutes to
not more than 30 900 enlisted men, but that pro-