Morris tribune., 1880-12-02

of one and two-year notes. ...... 8.7OO 90
Vi old demand notes.. .......... 495 90
Total. ............. .@78, 968, 087 Al
The amount due the sinking fund for this
year was $S7, 9al, 64S55. There was applied
thereto the sum of e7S,0O4, 6l7.41, being
SS5, 9SS,S7S 10, an excess Of the actual
requirements for the year.
The aggregate of revenues from all sourcea
during the fiscal year ended June 80. 1880 was
$685., 6lO. 90, an increase over the preceding
year of $50, sos, 426. "a. The receipts Thus far
OF the current year together with the estimated
receipts for the remainder of the year, amount
TO $3.50. 600 O0O, which will be sufficient to meet
the estimated expenditures of the wear. and
leave surplus Of 900, 0OO, 900.
1t ID fortunate that this large surplus of rev.
enues occurs ut o period when il may be an.
piled to the payment of the public debt soon
redeemable. No public duty has been more
constantly cherished in the United States than
the policy of paying the nations debt as rapid.
ly az possible. The debt of the United
States, less cash in the treasury, and exclusive
of accfning interest. attained its maximum of
81. 1856 4Sl 81. 43 in August. 1866 and has since
been reduced to 81 $3.50, OPS 74O. SO, the priuci.
pal of the debt; sos. 755, 100 has been raid
since March Let. 1877. effecting an annual saw
5 Tss Burden S1 SIX of ;n seven mi millions:
Q low rate of interest, and the application Of
the proceeds in redemption of bonds bearing
q higher rate. The annual saving thus So
cured since March LIST, 1877. il $14, AGO. ass. 80.
Within short period over ak hundred mil
lions of five and six per cent. bonds will be-
come redeemable. This presents q very favor.
able opportunity not only to reduce the prin-
cipal of the debt, but slse to redrOe the rate Of
interest on that which will reiKsiu unpaid.
l call the attention of Congress to the viewa
expressed on this subject by the secretary Of
the treasury in his annual report, and recon-
mend prompt legislation to enable the treasury
department to complete the refunding of the
debt which il about to mature.
The continuance of specie payment has nos
been interrupted or endangered since the date
OF resumption. 1t has contributed greatly TO
the revival of business aud to our remarks bla
prosperity, The fears that precededed and 40
companied resumption have proved ground.
less. No considerable amount of United States
notes have been presented for redemption,
while very large sums of gold bNalion, both
domestic and imported. are taken Do the mints
and exchanged for coin or notes. The increase
OF coin and bullion in the United States since
January LIST, 1872 is estimated at $227. 800, AS,
There are still in existence, unconceled,
S546, 2S1 ,O16 of the United States legal tender
notes. These notes were authorized as war
measure made necessary by the OF,
lgencies of the conflict in which the United
States was then engaged. The preservation Of
the nations existence required, in the judg.
ment OF Congress, an issue of legal tender
paper money. That il 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 NOE
contemplated by the trainers of the law under
which they were issued. These notes Iona
aimee became like any other pecuniary obliga,
tlOn or the government, q debt to be paid, and
when paid to be cancelled as mere evidence Of
an indebtedness no longer existing. I there.
fore 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 legal tender in private contracts,
Ia . step to be taken in our progress towards q
safe and stable currency, which should be ac-
nent and the interest and security Of the
people.
At the time OF the passage of the act now in
force requiring the coinage of silver dollars,
liking their value and giving them q legal ten.
der character, it was believed by many sup
porters OF the measure that the silver dollas
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 the silver dol.
to be of less commercial value than the stan,
dard gold dollar. The coinage of silver
dollars under the act referred to began in
March. 1873, and has been continued a. requirS
ed by the act. The average rate per month ia
the present time has been s2,276, 492. The
total amount coined prior to the LIST of Novem.
Der last was $72, S47, $50. OF this amount s47,>
O4, $50 remains in the treasury and only Sass
I6S, wi are in the hands of the people. CON.
slant effort has been made to keep this curren,
cy in circulation and considerable expense
has been necessarily incurred fog
this purpose: but its return to
the treasury lie 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 4l211S grains Of
silver has not increased. During the year
prior to the passage of the bill authorizing III
coinage The market value of the silver which 6
contained was from ninety to ninety-two cents,
ard gold dollar. During the last year the aver.
age market value of the silver dollar has been
eighty eight and one-half cents. Il il obv1.
Gus that the legislation of the last Congress In
regard to silver 90 far "a
L was based on an anticipated
rise in the value Of silver % Q result OF that
legislation has failed to produce the effect then
predicted. The longer the law remains in
iorce requiring IS 1t does the coinage of . nom.
inal dollar, which in reality il not dollar, the
greater becomes the danger that this country
Will be first to accept Q single metal a. the real
legal standard OF value.in circulation, and this
Q standard of less value than il purports to be
worth in the recognized money of the world,
The constitution of the United States, sound
financial principles, and our best interests ali
require that the country should have
as its legal tender money both
gold and silver coin of an intrinsic value m
bullion, equivalent to that which upon its faco
1t purports to possess. The constitution IL
express terms recognizes both gold and silver
as the only true legal tender money, To
Danish either of these metals from our curren,
cy Is to narrow or limit the circulating medi,
UNI of exchange to the disparagement of inn.
portant interests. The United States producer
nole silver then any other country and is dis
rectly interested In maintaining il Is one Of
the two precious metals which furnish tn
coinage of the world. It will in NV Judgment
contribute to this result il Congress win rNS
peal 80 much of the existinS
legisiation % requires the coinage of silver
dollars containing only 4l2]5 grains of silver,
and in its stead will authorize the secretary OF
the treasury to coin silver dollars of equiva.
lent value az bullion with gold dollars. This
will defraud no man and will be in accordance
with familiar precedents. Congress, on seve
eral occasions, has altered the ratio OF
value between gold and silver, in order to ess
tabiish 1t mere nearly in accordance with the
actual rate of value between the two metals.
In financial legislation every measure in the