Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1880-12-09


of aecruing interest. attained its
maximum of $2.755 43I 57I 43 in
August, 1865, and has since that
time been reduced to 81 1856, ,Ol9,-
504 IS Oi the principal of the debt,
Sl0S 753 100 has been paid since March
l, 1877, etf'-etiBg an annual saving of in
teresJ of Sc, I07 s593 The burden OF in
terest has also b zen diminished by the
sale of bon IS bearing a 10 rate of in
terest, and the application of the pro-
ceeds to the red mption OF bonds bearing
higher rate. The annual saving thus
secured since March 1, 1877, is $l4, ,290,-
453. so.
Within short period over $500, ,OOC,-
600 of five and six per cent. bonds will
become redeemable. This presents very
favorable opportunity not only to fur
ther reduce the principal Of the debt,
but also to reduce the rate of interest on
that which will remain unpaid. ! call
the attention of Congress to the views
expressed on this su hject by the secre-
tary OF the treasury in his annual report,
and recommend prompt legislation, to
enable the treasury department to co NJ
plete tie refunding OF the debt which is
about to mature.
| The continuance of specie payments
has not been interrupted or endangered
since the date of resumption. 1t has
contributed greatly to the revival Of
business and to our remarkable pros
perity. The fears that preceded and ac-
companied resumption have proven
groundless. No considerable amount of
! United States notes have been presented
| for redemption, while very lar.e sums
of gold bullion, both domestic and i'm
ported, are taken to the mints and ex-
changed for coin or notes. The increase
of coin and bullion in the United States
since January l, 1879, is estimated at
1927, 399, ,428.
There are still in existence, uncan-
celed, S346, ,68I, ,0I6 Of United States
| legal II notes. These notes were
auth orized as war measure. made
necessary by the exigPncies of the con-
! fict in which the United States was
then engaged. The preservation Of the
nations existence required in the
judgment of Congress an issue of legal
tender paper money. That it served
well the purpose for which il was Gre
ated is not questioned, but the employ
ment 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 are issued. These
notes long since became like any other
pecuniary obligation Of the government
"a debt to be paid, and, when paid, to
be cancelled as mere evidence of an in
debtedness no longer existing. [ there
lore repeat what was said in the annual
message of last year, tnat the retirement
from circulation of United States notes,
with the capacity Of legai-tender in
| private contracts, is step to be taken
In our progress toward a safe and stable
currency, which should be accepted SIS
the policy and duty OF the government
and the interest and security Of the
people.
At the time of the passage of the act
now in force requiring the coinage oi
| silver dollars, fixing their value and
| giving them legal-tender character, ii
was believed by many of the supporters
of the measure that the silver dollar.
which it authorized, would speedily be-
| come, 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 prob
ability of this result, nevertheless were
willing to give the proposed experiment
g fair trial, with view to stop the
coinage, if experience should prove thai
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 M arch, 1878
and has been continued as required By
the act. The average rate per month tc
the present time has been 50 276 492
| hn %rE - ut
of November last was S72 S47, ,750. D
this amount SAT 06i 459 remain in tht
treasury, and only $25 763 29l 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 tht
confident anticipation of the friends o.
the measure at the time of its adoption
the value of the silver dollar, containing
4l25 grains of silver, has not Increased
During the year prior to tile passage O.
the bill authorizing its coinage, thS
market value OF the silver which 1t con
tanned was from ninety to ninety-twC
cents, as compared with the standard
gold dollar. During the last year thu
average market value of the silver dol
lar has bee eighty-eight and a hal
cents.
It is obvious that the legislation o
the last Congress in regard to silver, 81
far as it was hased on an anticipated rls'
in the value of silver as result OF tina
LEGISLATION, has failed to produce tht
effect then predicted. The longer th'
law remains in force, requiring, as i
does, the coinage of nominal dollal
which. in reality, is not dollar, thu
greater becomes the danger that thi!
country will be forced to accept {
single metal as the sole legal standard
of value in circulation, and this s
standard of less value than it purporti
to be worth in the recognized money
of the world.
The Constitution of the United State!
sound financial principl g, and our bes
interests, all require that the country
should have IS Its legal-tender money
both gold and silver coin, of an intrinsic
value, SIS bullion, equivalent to tha
which, upon its face, it purports *
possess. The Constitution, in expcesl
terms, recognizes both gold and silver q!
the only true legal-tender money. TX
Danish either of these metals from oul
currency is to narrow and limit the cir
culating medium of exchange to the dis
paragement of important interests. The
United States produces more silver thar
any other country. and is directly
interested in maintaining it as ont
of the two nreci0us metals which