Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1880-12-16


The amount due the sinking fund for this veal
was S37 ,93l 643, 80. There was applied thereto
the sum Of $73 ,904 617.41, being $35 972 ,973.Sf
in excess Of the actual requirements foT the
year.
The aggregate of the revenues from all source,
during the fiscal year ended June 80, 1880, was
S333 ,326, ,6l09S, an increase over the preceding
year eff S59 500 1862. The receipts thus far Of
the current year, together with the estimated re-
ceipts for the remainder of the year, amount tC
S350,n00,G00, which viii be sufficient to meet the
estimated expenditures Ofthe year, and leave a
surplus Of $50 ,000 600,
1t is fortunate that this large surplus revenue
occurs at period when it may be directly APP
piled to the payment of the public debt soon 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 50 156 43I ,5Tl.43 in
August, 1865, and has since that time been re-
duced to 81 $50 ,gl9 504.65. Of the principal of
the debt S108 758 100 has been paid since March
l, 1877. eftecting an annual saving OF interest OF
6.l07 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 l, 1877, is Sl4 ,290453.50.
Within a short period over six hundred mil
lions of and per cent. bonds will become re-
deemable. This presents very favorable oppor-
tunty 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. I call the
attention Of congress t" the views expressed on
this subject by t. secret2~T of the trnasurv J"
his annual report, and recommend prompt legisla-
ton. to enable the treasury department to com
plete the refundng of the debt which is about TO
mature
SPECIE PAYMENTS.
The continuance Of specie payments has not
been interrupted or endangered since the date of
resumption. It 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 grOundleSS. 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. .309 429.
There are still in existence uncanceled, 1916 :
6Sl 0l6 Of United States legal tender notes. These
notes were authorized as a 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, issue of legalten-
der paper money. I hat it served well tle pur-
pose for which it created is not questioned, but
the employment OF the notes as paper money HI
definitely after the accomplishment Of the object
for which they were provided, was not eontem-
plated by the trainers of the law under which
they were issued. These notes long since became
like any other pecuniary obligation of the gov
ernment-a debt to be paid, and. when paid, to be
cancelled as mere evidence 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 con-
tracts, is step to be taken in our progress to-