Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1880-12-15
5 Is. .e6s.0s7.41

Tho amount due the sinking fund for this
year was $37, 1881 1885, There was applied
thereto the sum of S73, 1904. .617.4, being $780,
972, 1886 in excess of the actual requirements
for the year.
The aggregate of the revenues from ali
sources during the fiscal year ended June 30,
1880, was &333, ,526. .610.98, an increase over the
preceding year of $59, ,699, 50. The receipts
thus far, Of the current year, together with the
estimated receipts for the remainder Of the
year, amount to $3.50, 100000, which will be
sufficient to meet the estimated expenditures
of the year, and leave surplus of 500, 00O. 00O
It is fortunate that this large surplus revenue
occurs at a period when it may be directly ap-
piled to the payment of the public debt soon to
be redeemable. No public duty has been more
constantly cherished in the United States than
the policy Of paying the nations debt as rap
idly as possible.
The continuance Of specie payments has not
been interrupted or endangered since the date
of resumption. It has contributed greatly to
the revival Of business and to our remarkable
prosperity. The fears that preceded and ac-
companied resumption have proved ground
less. 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 in
crease of coin and bullion in the United States
!,
There are still in existence. uncanceilcd.
$946, ,016 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
then engaged. The preservation of the
nations existence required, in the judgment
Of Congress, an issue of legal-tender paper
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 we're provided, was not
contemplated by the trainers of the law
under which they were issued. These notes
long since became like any other pecuniary OBJ
legation Of the Governments debt to be paid,
and, when paid, to be cancelled as mere evi-
donce Of an indebtedness no longer existing.
I, 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 tender in private contracts, is
step to be taken in our progress toward a
accepted as the policy and duty of the Gov
ernment and tho interest and security of the
people.
At the time Of the passage Of the act now in
force requiring the coinage Of silver dollars,
fixing their value and giving them leeal-tender
character, It was believed by many of the sup
porters 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
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
referred to, began in March, 1873, and has
been continued as required by the act. The
average rate per month to the present time has
been $2,276,492. The total amount coined
prior to the 1st Of November last was 81, S47,-
75o OF this amount $47,084,4 $50 remain in
tho treasury, and only $25, ,967, ,291 are in the
hands Of the people. A constant effort has
lation, aud considerable expense has been
1ecessarily incurred for this purpose, but
return to tho treasury is prompt and
1ra. Contrary to the confident anticipation
J the friends Of the measure at the time OF
90 adoption, the value of tho silver dollar,
containing 41214 grains of silver, has not in
creased. During the year prior to the passage
OF the bill authorizing its coinage, the market
value of tho 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 S811S
cents.
The necessity for additional provision, to aid
in the transaction Of the business of the Fed
e1al courts, becomes each year more apparent.
The dockets Of the Supreme Court and of the
Circuit Courts, in the greater number Of the
circuits, are incumpered with the constant &C
cession of cases. In the former court, and il
! many instances in the Circuit Courts, years in
tervene before it IL practicable to bring cases *
hearing.