The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1886-12-09

as shall redeem the expense of living
while it does not curtail the opportunity
for work, nor reduce the compensation of
American labor, and injuriously affects
its condition, and the dignifed place it
holds in the estimation of our
| people. But our farmers and
agriculturists-tho who from the
soil produce things consumed by all,
are perhaps more directly and plainly
concerned than any other of our citizens
In a just and careful system of federal
taxation. Those actually engaged in and
more remotely connected with this kind
of work number nearly one-half of our
population. None labor harder or more
continuously than they. No enactments
limit their hours of toll and no interposi-
ton of this government enhances, to any
great extent, the value of their products,
and yet for many of the necessaries and
comforts of life which the most scrupu-
lous economy enables them to bring into
their homes and for their implements of
husbandry they are obliged to pay a
price largely increased by the profit,
which, by the action of the government,
Is given to the more favored manufac-
turer.
recommend that, keeping in view these
considerations, the increasing and unnec-
essary surplus of the national income an
nually accommodating, be released to the
people by an amendment to our revenue
laws which shall cheaper the price of the
accessories of life and give freer inter
course to such materials as, by American
labor, may be manufactured into market
able commodities. Nothing can be ac-
com plished however, in the di-
rection of this much needed reform
unless the subject is approached in pa
triotic spirit of devotion to the interests
of the entire country, and with willing
ness to yield something for the public
good.
PUBLIC DEBT.
The sum paid upon the public debt dur
ing the fiscal year, ended June 30, 1856,
was $44, 551, 043.36. During the twelve
months ended October 81, 1886, three per
cent. bonds were called for
redemption, amounting to $127,-
$685. 100 of which $80,643, 200
was so called to answer the requirements
of the law relating to the sinking fund,
$466,39 90 for the purpose of reducing
the public debt by applications of part
of the surplus in the treasury to that OBJ
ject. OF the fund thus called $102,267,-
$50 became subject under such calls to
redemption prior to November 1st., 1885,
The remainder amounting to $25,013,650,
matured under the calls for that date.
In addition to the amount
subject to payment and collection prior
to November l, there we're paid before
that day certain of these bonds with in
terest thereon, amounting to $65,073,350,
which were antici pated as to the maturity
of, which $2,664,S50 had not been called,
thus $107 ,341 800 had been actually applied
prior to the 1st of November 1886, to the
extinguishment of our bonded debt and
interest bearing debt, leaving on that day
still outstanding the sum of s 1853 lip.
OF this amount S86,858, 700 were still rep
resented by three per cent. bonds They,
however, have been, since November l, or
will at once be further reduced by $22,-
606,15 being bonds which have been
called as already stated, but not redeemed
and Cancelled before the latter date.
SILVER COINAGE.
During the fiscal year ending June 30,
1886, there were coined, under the com
pulsory silver coinage act of 1878, $685.
905 silver dollars, and the cost of
the silver used in such coinage was $685.
Az, $4,000. There had been coined up to
the close of the previous year under the
provisions of the. law, $203,89 ,554 silver
dollars and on the first day of December,
1886, the total amount of such coinage |
was $247, 131, $40. The director of the |
mint reports that at the time of the pas
sage of the law of 1873, directing this |
coinage, the intrinsic value of the dollars |
thus coined was ninety-four and one
fourth cents each, and that on the 31st |
day of July, 1886, the price of silver
reached the lowest stage ever known, so
that the intrinsic or bullion price of our
standard silver dollar, at that date, was
seventy-two cents. The price of silver on
the Both day of November last was such
as to make the dollars, intrinsically, worth
seventy eight cents each. The difference
in value of the coins represented the
fluctuations in the price of silver at diff
ferent periods.
INTRINSIC VALUE.
They certainly do not indicate that com
pulsory methods by the government, en-
hances the prices of that commodity or
secures uniformity in its
value. Every fair and legal effort has
been made by the treasury department to
distribute this currency among the peo-
pie. The withdrawal of United States
treasury notes of small denominations
and the issuing of small silver certificates
have been resorted too in the endeavor to
accomplish this result. In obedience to
the will and sentiments of the representa-
tives of the people in the congress,
on the 9th day of November,
1886, the people held of these
coins, or certificates representing them,
the nominal sum of $l66,S73,041, and we
still had $79,464,345 in the treasury, as
against about $142, S94,055 or so, in the
hands of the people, and $72,S65,376 re-
naming in the treasury one year ago.
The director of the mint again urges
the necessity of more vault room for
the purpose of storing these
silver dollars which are not
needed for circulation by the people.
/ have seen no reason to change the
views expressed in my last annual mes
sage on the subject of this compulsory
coinage, and again urge its suspension
on all the grounds contained in my for.
mer recommendation, reinforced by the
significant increase of Our GOLD eXporta-