Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1884-12-12

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For interest on the public debt. 44,57s,37s 4s
o the sinking fund............. 46,T9O,2229 SO
Leaving asurplus of.............. 57,CO5,,339G O9
AS compared with the preceding fiscal year
there was q net decrease of over SCI, 600, 600 in
the amount OF expenditures. The aggregate
about Ss54 100000. The falling OFF of revenue
from customs made up nearly $4,000 zoo of
this deficiency, and about $23,OOO 900 Of the re-
receipts from internal taxation. The Score
tary estimates the receipts for the fiscal year,
which h viii end JUNG 30, 1883, at $3.50, 600, 900,
which are included tho interest on the debt
and the amount payable to the sinking fund.
This would leave a surplus for the entire year
of about $39,O0O,000.
THE SILVER COINAGE.
/ concur with the Secretary of the Treasury
in recommending the immediate suspension
OF the coinage OF silver dollars and the issue
OF silver certificates. This is a matter to
than once invoked the attention Of the Ma
tional Legislature. 1t appears that annually
for the past six years there have been coined,
IN compliance with ra the requirements ,os ct
more than .twenty-seven million silver
dollars. The humber now outstanding is re-
ported by the Secretary to be nearly one hun
little more than forty millions, or less than
twenty-five per cent, are in actual circula-
ton. The mere existence Of this fact seems
to me to furnish Of itself u cogent argument
for tho repeal of the statute which has made
such fact possible, but there are other and
graver considerations that tend in the same
viction that unless this coinage and the is
suance of silver certificates be sus-
pended, silver is likely at no distant day to
become our sole metallic standard. The COM
mercial disturbance and the impairment of
National credit that would be thus accustomed
can scarcely be over-estimated. l hope that
withdrawal from circulation of the one and
two dollar notes will receive your approval.
It is likely that d considerable portion of
Of one the Stive Tre aHM 'n9 @ighs tSus the f1nS Snu It's
way into the currency. While trade
dollars have ceased, for the present ut
least, to be an element of active disturb
ancc in our currency system, some provision
should be made for their surrender to the
Government. In view Of the circumstances
under which they were coined and of the fact
that they have never had a legal-tendcr quail
ity, there should be offered for them only Il
slight advance over their bullion value The
Secretary, in the course of his report, consid-
Of our subsidiary silver coins, and of so in
creasing their weight that they may bear their
due ratio OF value OF the standard dollar. His
conclusions III this regard are cordially ap-
proved.
The President renews the recommendation
made i'll his message OF 1852 that all excise
taxes, except those relating to distilled spirits
be abolished.
OUR FOREIGN IA
1t is recommended that as the most speedy
means OF asceltaining how an increase OF
our foreign trade may be attained, a compe-
tent commission to Investigate the question
mendation OF the Secretary of the Treasury.
SHIPPING INTERESTS.
Tho hope is expressed that the subject of
American shipping interests will receive early
consideration that will lead othe enactment
of such measures for the revival Of our NOR
chant marine as the wisdom of Congress may
devise.
THE NATIONAL BANKS.
The three per cent bonds of the Government,
to the amount OF more than $50, 0Oo, 900,
have, since my last nnual message, been
redeemed by the Treasury. h bonds Of
over &2O0,9o0DD, about one-fourth OF which
will be retired through the operations Of the
sinking fund during the coming year. AS the
bonds still continue the chief basis for the
circulation of the National banks, the ques-
ton how to avert the contraction OF the cur
rency caused by their retirement is one OF
constantly increasing Importance.
1t seems to be generally conceded that the
law governing this matter eXacts from the
banks excessive security, anddhat upon their
present bond deposits a larger circulation
Than is now allowed may be granted with
safety. ] hope that tho bill which passed the
Senate at the last session permitting the issue
OF notes equal to the face value OF deposited
bonds will commend itself to the approval Of
the House OF Representatives.
THE WAR DEPARTMENT
Considerable space is devoted to the recon-
mendntiOns OF the Secretary OF War, with re-
gard to tho bills before Congress for the con-
struction of a fire proof building for an army
medical museum. 1t is hoped that during the
coming session the measure may become a
law. und thereafter immediate steps may be
taken to secure a place OF safe deposit Tor
these valuable collections now in a state OF i'll
security.
The Secretary OF War sui mits the report Of
the Chief OF Engineers as 10 tho practiclbility
board by Notifications and other defenses
able to repel modern methods OF attack. The
time has now come when such defenses can
be prepared with confidence that they will
net prove abortive, and, when the possible
result OF delay in mnking- Suc! preparation
is seriously considered, delay seems ineNcus-
able. For the most important cities, those
tional humiliation, adequate dcfenses, illci,l-
sive of guns may be made by the gradual eN-
peuditure Of SGO. 0OU, Goa, Il sum much less than
Il victorious enemy coulu levy as Il c0l,tribu-
ton. An appropriation OF about one-tenth OF
that amount is asked to begin the work, and l
concur with the Secretary OF War III urging that
il be granted. The War department is proceed.
ing with the CONVERSION OF ten-inch smooth.
bore guns into eiglltlnch rifles by lining the
former with tubes OF forged or or co!led
wrought iron. FIFTY guns will be thus CON
yerted within the year. This, however, does
not obviatc tho necessity OF providing means
for the construction OF guns OF the highest
power, both for the purposes of coast deiense
and for the armament OF war vessels.
renew nv recommendation that such ac'
ton be taken by CoNefessas will enable the
Enyaruunaut To construct it's own ruuaNc