The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1880-12-10

occurs AT PERIOD Wllcn III may DO ulfectiv hp-
piled 20 the payment Of the public debt soon TO
bo redeemable No public duty has been more
constantly cherished in the United States than
the policy OF paying the nations debt as rap
idly ~ possible.
The debt OF the United States, less cash in
the treasury and exclusive OF accrnirg interest,"
attained its maximum of g 1856, 43l, oH.43 IN
August, 1865, AMI has since that time been re-
duced to S $50 Ol9. 504.65. Or the principal OF
the debt Sl08, 75S 100 has been paid SINCE
March /, 1877. cifecting an annual saving OF
interest OF So l07, 500. The burden OF interest
has also been diminished by the SAFE OF bonds
boring low rate OF interest, and the applica-
ton of the pros eeds TO tbercdempton of bonds
hearing higher rate. The annual saving thus
secnred since March /, 1877, IL ga, 800, 4535O.
Wi hin a short period over T6OO, 0OO, 900 OF B
aud 6-per-cent. bonds will become redeemaoie.
This presents very favorable opportunity not
only to further reduce the principal OF the
debt. but also 10 reduce the rate OF interest ON
that which will remain unpaid. l call the at
tention Of Congress TO the views expressed on
this subject by the Secretary OF the treasury
in his annual report, and recommend prompt
action, 10 enable the Treasury DEPARTMENT to
complete the refunding of the debt which Is
about to mature.
The continuance of specie payments has not
been interrupted or endangered since tho date
OF resumption. II has contributed greatly 10
the revival of business and TO our remarkable
prosperity. Tue foars that preceded and ac-
compgnled resumption have proved ground
less 10 considerable amount OF United States
notes have been presented for redemption,
while very large sums of gold bullion, both
domestic and imported, are taken 10 the milits
and exchanged for coin or notes. The i'll
crease OF coin and bullion in the United States
since Jan. /, 1879 is estimated at 1927, 800 42S.
There are still III existence, uncancelled,
S346. 6S1 .016 of United States egal-tender
notes. These notes we're authorized as 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. III the Judgment
of Congress-, an issue of legal-tender paper
money. That it served well the purpose for
which it was created Is not questioned, but
the employment of the notes as pap 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 issued. These notes
long since became like any other pecuniary OBJ
legation of the Governmental debt to be paid,
and. when paid. to be cancelled as mere evil
dence of On Indebtedness no longer existing.
l. therefore, repeat what was said iii 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
a step to be taken in orr progress toward q
safe and stable currency, which should be
accepted as the policy aud duty OF the Gov
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 lcgal-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
AZ TO the probability of this result, nevertheless
were willing to give the proposed experiment
fair trial with view to stop the coinage, il
experience shond prove that the silver dollar
authorized 10y 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 III March, 1878, and has
been continued as re luired by the act. Tho
average rate per month to the present time has
been S2276. 492. The total amount coined
piior to the 1st Of November last was 81, S47,-
750 Or this amount S7,0S4,4jO remain In
the treasury, and only S25, 967, 291 are in the
been made to keep tbs currency in eircu-
lation. 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 tho silver dollar,
! containing 1925 grains of silver, has not in
creased During the year prior to the passage
Of the ill authorizing its coinage, the market
value of the silver which it contained was frem
80 20 so cents compared with the standard
geld dollar. During the last year the average
market value OF the silver dollar has been 8S1z
cents.
1t is obvious that the legislation OF the last
Congress in regard to silver. 30 far IA il was
based on an anticipated rise in the value Of
silver as a result Of that legislation, has failed
to produce the effect then predicted. The
flla laxy rom i'm M
does the coinage of n nominal dollar which, in
reality, is not dollar, the greater becomes the
danger that this country will be forced to ac-
| cept a single metal as the sole legal standard
of value, in circulation. and this standard OF
! less value than ii puiports TO be worth III the
| recognized money of the world
The constitution OF the United States sound
iinsnciai principles, aud our best interests. all
require that the country should have its legal
| tender money both gold and silver coin, OF an
intrinsic value, as bullion, equivalent TO that
which, upon its face, IL purpOrts to possess. The
| constitution. in express terms recognizes both
| gold and silver as the only true egal-tender
| money. To Danish either of these metals from
! our currency Is TO narrow and limit the circu-
lat,ng medium of exchange to the disparage-
ment of important interests. The United States
| produces more silver than any other coun-
| try, and IL directly interested in maintaining
1t as one of the two precious metals which fur
nish the coinage Of the world. 1t will, in my
| judgment. contribute to this result if Congress
will repeal so much of existing legislation as
quires the coin tpe Of silver dollars, contain
ing only 41219 gruins of silver and III its stead
will authorize the Secretary of the Treasury to
coin silver dollars of equivalent value as bull
! ion with G. ID dollars. This will defraud no
man, and VIII be in accordance with familiar
| precedents Congress-, on several occasions,
has altered the ratio of value between gold and
| silver, IN order to establish il more nearly in
accordance with the actual ratio of value be-
tween the two metals.
In financial legislation every measure in the
direction OF greater fidelity In the discharge Of
pecuniary obi cations has been found by expo
Renee to diminish the rates % interest which
debtors are required to pay. and to increase the
faculty with which money can DO obtained for
every legitimate purpose. Our own recent
financial history shows how surely Money be-
comes abundant whenever confidence in the ex-
ACT performance of moneyed obligations is es-
tablished.
Tue Secretary of War reports that the ex-
penditures or the War Department for the fis-
cal year ended June 80, 1880, were $50, 924.-
T7S.O3 Tue appropriations for this depart
ment, for the current fiscal year, amount to
Sal 1903, 63O.40.
| With r,.spoct IN tho army fbe gao,oto in