The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1886-12-09

shall eurta,l the cost Of living. while II does not
compensation Of American labor ana injuriouSlv
affect its condition and tho diRnided place
1t holds in tho estimation Of our people But
FARMERS AND AGRICU1TuRIsTa
those who from tho soil produce the things con-
sumed by all arc perhaps moro directly and
in = Just and careful system Of federal taxation
connected with this kind Of work number NJ.
cne-half Of our population: none labor harde.
limit their hours Of toll. and no Interpolation Of
the government enhances to any great extent
the value Of their products. and yet for many Of
the necessartes and comforts of life. which the
most scrupnlous economy enables them to bring
into their homes. and for their implements Of
husbandry, they are obliged to pay price
largely increased by an unnatural profit which,
by the action of the government, is given to the
more favored manufacturer. recommend that
creasing and unnecessary surplus of national in
come annually accommodating be released to the
people by an amen dment of our revenue laws
which shall sharpen the price Of necessaries OF
life and give freer entrance 10 such imported
materials as by American labor may be manu-
featured into marketable commodities. Nothing
Of this mucli-needed reform unless tho subject
ts approached in . patriotic spirit Of devotion to
tho interests OF the entire country and with .
Willingness to yield something for the public
good
THE PUBLIC DEBT
The sum paid upon the public debt during the
O43: Sc. During the twelve months ended Oct.
81. 1886. 3 rer cent bonds were called for re-
demption amounting to $l27, 2S3, 100, of which
quirements Of law relating to the sinking IF fund
public debt by application Of a part Of the sur
thus saea
under such calls to redemption prior to
Noy 81 !: 1856 The remainder: amounting to
that date in addition to the amount SUBJ
ject to payment and cancellation prior to Nov
!. There were also paid before that day certain
ticipatcd al to the maturity, Of which So &C.,
600 had been called prior to the LIST OF Novem-
ber: 1886. to the extinguishment of our bonded
and still outstanding 81. i53, 443,i12. Of th; s
amount $S6. 84S. 700 were still represented by 3
per cent bonds. They. however. have been since
$22. COG. $50. being bonds which have been
called, as already stated, but not redeemed and
Cancelled before the latter date.
SILVER.
THE YEARS COINAGE
During the fiscal year ended June 80, 1886,
there were coined under the compulsory silver
coinage act of 1878 %. s38. $40 silver dollars
a d the cost Of the silver used in such coinage
was 500, 44S, 96O.O1. There had been coined up
to the close of the previous fiscal year, under the
provisions Of the law, 203 8s2 554 silver dollars
and on Dec. /, 1886, the total amount of such
coinage WAS S247,131 $40. The director of the
mint reports that at the time of the passage Of
the law Of 1873 directing this coinage the in
tr1ns1c value OF the dollars then coined was 81 Il
cents each and that on the 31st 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 less
than " cents The price OF silver on Nov.
80 last was such as to mako the dollars
intrinstcally worth 70 cents EACH These differ
snces i In value OF the coins represent the
they certainly do not indicate that compulsory
coinage by the government enhances the price
OF that commodity or secures uniformity in it's
value. Every fair and legal effort has been made
by the treasury department TO distribute this
currency among the people. The withdrawal Of
United States treasury notes Of small denom1-
nations and the issuing of small silver coins has
been resorted to in the endeavor to accomplish
this result IN obedience to the will AID scnti-
ments OF the representatives OF the people in
congress. On Nov. %: 1856, the people held of
these coins, or certificates representing them,
the nominal sum Of $166. 373.O41, and we still
have S1s,4GA 345 in the treasury. as against
about ~ 1874, O55 in the hands Of the people
and ST. sos, 376 remaining in the treasury ono
year ago. The director CT the mint again urges
the necessity Of more vault room for the pur-
pose OF storing these silver dollars which are
not needed Tor circulation by the people.
SUSPENSION URGED
nave seen no reason to change the views ex-
pressed IN my last annual message on the sub
1ect OF compulsory coinage, and again urge its
suspension on all the grounds contained in my
former recommendation, reinforced by the sig
nlficant increase of our gold expectations dur
ing the last year, rs appears by the compare
tive statement herewith presented. and for the
further reasons that the more this currency ia
distributed among the people the greater be-
comes our duty to protect it from disaster: that
we now have abundance for all our needs, and
that there seems but little propriety In building
vaults to store such currency when the only
pretense for its coinage is the necessity of Its
use by the people rs circulating medium.
CUSTOMS COLLECTIONS