The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1883-12-08

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ments, including vessels and inn
provements at the navy yards, $751;
2s3, 436. IL; for miscellaneous expendi-
lures, including public buildings,
lighthouses and collecting the rev.
| enues, $40. O9s, 432. 70; for expenditures
on account of the District of
Columbia, $4,s17, O2s. 4s; for interest
on the public debt, $50, 160,131.25; to-
tai, $265, 4OS, 137, "a. Leaving a sur
! plus revenue of $132, Ss9, asa. Al, which
| with an amount drawn the cash bal
ance in the Treasury of $l29,9 91 ,255,
makes $l34,17s, 156. 46 as applied to the
| redemption of bonds for sinking
fund; $44, $50, 700 of fractional cur
rency for sinking fund; SAG, $50. Sc OF
| funded loan of 1881 continued at 81
per cent; $50, $3.50, 23O of loan July
and August, 1861, continued at 81
per cent ; $50, 594, 600 of funded loan
of 1907; $l,4l8, $50 of funded loan OF
1881; $7l9,1 $50 of loan of July and
August 1861; $3.50, 600 OF loan OF
March, 1868; SIG, $50 of loan of July,
1881; $47,6 $50 of five-twenties of 1862;
$40, 800 of five.twenties of 1864; $1,000
of fve-twenties of 1865; $4,000 of ten
forties of 1865; $133.55O of consols Of
1865; $40, 800 OF consols of 1867; $685.
700 of consols of 1868; $154,65O OF
oregon war debt; $3.50 of refunding
certificates; $lO9, 100 of old demand
compound interest notes, and other
notes call for $4,000. Total-$134t,-
178, 756, &c."
He refers to the rapid rate at which
the National debt is being paid and
holds there are cogent reasons why it
should not be thus rapidly extin-
guished, chief among them being the
fact that it is only by excessive taxa
ton such rapidity is attainable. He
adds that while he has no doubt still
further reductions may be wisely
made in the tariff, he does not ad-
wise the adoption at this session OF
any measure of a large diminution of
he national revenues, and thinks
hat a portion, at least, of the surplus
may be wisely applied to the long
neglected duty of rehabilitating our
navy, and providing first-class de-
fences for harbors. He promises
to refer to the matter of revenues
again.
In regard to the national currency
the President says the aggregate
amount of bonds now on deposit in
the Treasury to secure national bank
circulation is about $685., 900 ZOO.
Nearly $2OO,OOo.OO0 of this amount
consist of&per cents, which are now
payable at the pleasure of the govern
ment, and which r liable to be
called in within four years unless the
surplus revenues should be dinlin-
ished. In the event of their being
called in there would be a CORE
contraction of the circula-
ton of national bank currency,
which he thinks would produce
grave commercial embarrassments.
To avert this the banks must have
cheaper securities than any of the
other class of bonds affords them to
replace the 3 per cents, or what he
thinks is the better plan, Congress
should enact a law repeating tn" t"~
on circulation and permitting Ia
banks to issue notes for an am .unt
equal to 80 per cent. OF the market
value, instead of as now, the face
value of the bonds deposited.
In order to free domestic trade of
the silver trade dollar, which was
coined for the purpose of traffic in
some foreign countries, he recon-
mends a provision for their reception
at the treasury and minis as bullion,
at a small percentage above the cur
rent market price of silver of like
fineness.
Internal revenue districts have
been reduced one-third in number,
which at present is 80. He thinks no
trouble with Indians may be antici-
pated in the future. The President
calls attention to our long line OF un-
protected sea-coast and says if it is
not adequately protected we may be
subjected to humiliation by hostile
power greatly infe to ourselves
and calls the attention of Congress to
the Importance of submarine torpedo
defenses.
Concerning the importance of
building up u navy the President
says: II feel bound to impress upon
he attention of Congress the neces- !
'ity of continued progress in the re-
construction of the navy. The con-
lition of the public treasury, as I
nave already intimated, makes the
present an suspicious time for putting
his branch of the service in a state
If efficiency. It is no part of our
to create and maintain a navy
bile to cope with those of the other
!reat powers of the world. We have
wish for foreign conquest and the
'eace which we have long enjoyed is
no seeming danger of interruption,
tut that our naval strength should
'e made adequate for the defense of
'ur harbors, the protection of our
commercial interests and the MAIN
enance Of our national honor, is a
proposition from which NO patriotic
itizen can withhold his assent"
The postal affairs of the country
re ina gratifying condition, and the
resident recommends that the old