The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1880-12-09


73.96S, ,087 Al
The aggregate revenue receipts thus far, of
the current year, together with the estimated
receipts for the remainder of the year, amount
to $3.50, 900, 900, which will be sufficient to meet
the estimated expenditures of the year, and
leave a surplus of $90, ,000, 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 soon to
be redeemable. r
The debt of the United States, less cash in
the Treasury and exclusive of accruing interest,
attained its maximum of 50, 756, 431, ,571.43 in
August, 1865, and has since that time been re-
duced to 81, ,SS6, ,019, ,504.65. OF the principal
of the debt sos, 75S 100 has been paid since
March LIST, 1877, effecting annual saving of
interest of Sc, 107, ,593.
Within short period over six hundred mil
lions of five and six per cent. bonds will be-
come redeemable. This presents q very favor
principal of the debt but also to reduce the
rate of interest on that which will remain un-
paid.
LEGAI.-TENDER NOTES.
There are still in existence uncanceled, $346,-
681, ,016 of United States legal-tender notes.
These notes were authorized as q war measure,
made necessary by the exigencies of the con-
flict in which the United States was then
gagged. The preservation of the nations exis-
tence required, in the judgment of Congress, an
is 'ue of legal-tender paper money. That it
served well the purpose for which it was Gre
ated 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 not contemplated by the
trainers of the law under which they were is
sued. These notes, long since became like any
other pecuniary obligation of the Government
"a debt to be paid, and, when paid, to be can
celed 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 States
notes, with the capacity of legal tender in prf
vate contracts, is a step to be taken in our pro-
gress toward a 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,
fixing their value and giving them legal-ten-
der character, it was believed by many of the
supporters of the measure that the silver dol
lar which it authorized, would speedily be-
come, under the operations Of the law, of
were other supporters of the bill, who, while
they doubted as to the probability of this re-
suit, nevertheless were willing to give the pro-
posed experiment a fair trial, with o view to
that the silver dollar authorized by the bill con-
tinued to be of less commercial value than the
standard gold dollar.
The coinage of silver dollars, under the act
referred to; began in March, 1878, and has
been continued as required by the act. The
average rate per month to the present time has
been 90, 276, 1872. The total amount coined
prior to the first of November last was S72,-
847, 7,75O OF this amount $47, ,084, 450 remain in
the Treasury, and only $25, 763, ,291 are in the
hands of the people. A constant effort has
been made to keep this currency in circulation,
and considerable 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 silver dollar, containing 4121l grains of
silver, has not increased. During the year
prior to the passage of the bill authorizing its
coinage, the market value Of the silver which
it contained was from ninety to ninety-two
lar During the last year the average market
value of the silver dollar has been Lightweight
and half cents.
1t is obvious that the legislation Of the last
Congress in regard to silver, SO far as it was
based on an anticipated rise in the value OF
silver as result Of that 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,
in reality, is not a dollar, the greater becomes
the danger that this country will be forced to
accept a single metal as the sole legal standard
less value than it purports to be worth in the
recognized money of the world.
The Constitution of the United States, sound
financial principles, and our best interests all
require that the country should nave as lts legal
tender money, both gold and silver coin, OF an
intrinsic value, as Sullion, 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 met
ais from our currency j. to narrow and limit
the circulating medium of exchange to the dis
paragement of important interests. The
United States produces more silver than any
other country, and is directly interested in
maintaining it ms one of the two precious met
ais which furnish the coinage of the world. It
will, In my judgment, contribute to this result
If Congress will repeal no much Of existing leg
islation ms requires the coinage Of silver dollars
containing only 41215 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. Congress, on several oc-
casions 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.
MILITARY POSTS.
The rapid extension of the railroad system
west Of the Mississippi River, and the great
tide Of settlers which has flowed in upon new
territory, impose on the military an entire
change Of policy. Tho maintenance Of small
posts along wagon and stage routes Of travel is
no longer necessary. Permanent quarters At
points selected, cf o more substantial character