Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1886-12-09

public good
The sum paid upon the
PUBLIC DEBT
during the fiscal year ended June 30, 1886,
was $44,551 ,043.36. During the twelve
months ending October 81, 1886, three
per cent. bonds were called in for redemp-
ton amounting to 1927, 283, 100, of which
$80,643, 200 was called in to answer the re-
quirements of the law relating to the
sinking fund, and $46,639 300 for the pur
pose of reducing the public debt, by
the application of part of the surplus
in the treasury to that object Of the
bonds thus called $1O2, 269, $50 became
subject under such call to redemption
prior to November 1, 1886. The re-
mainder, amounting to $3.50, 103, $50,
matured under the calls after that
date. In addition to the amount
subject to payment and cancellation prior
to November Is. There were also paid
before that day certain of these bonds,
with the interest thereon, amounting to
$5,O72 $50, which were anticipated, as to
the maturity of which $2,664, $50 had not
been called. Thus $107, 341 800 were actu-
ally applied prior to the first of NOvem
Der, 1886, to the extinguishment of our
bonded and interest bearing debt, leav-
ing on that day still outstanding the sum
of $1,153, 443,112. Of this amount, $685.
S49 700 were still represented by three
per cent. bonds. They, however, have
been since November IA, or will at once
be furthur reduced by $50, SOC, $50, being
bonds which have been called as already
stated, but not redeemed and cancelled
before the latter date.
COINAGE.
During the fiscal year ended June 30
1886, there were coined under the compuI-
sorry silver coinage act of 1878, %, $685.
$40 silver dollars and the cost of the sill
yer used In such coinage was $23, 800
OF. There had been coined up to the
close of the previous fiscal year under the
provisions of the law 2O3, 1872, 554 silver
doli:rs and of the 1st 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
500 OF the law of 1878 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 ally, 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
seventy-two cents. The price of silver on
the Both day of November last, was such
as to make the dollars intrinsically worth
seventy-elght cents each. These differ
ences in value of the coins, represented
the fluctuations in the price of silver
They certainly do not indicate that com
pulsory coinage by the government en-
hances the price 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 people. The
withdrawal of United States treasury
notes of small denominations and the is
suing Of small silver certificates, have
been resorted to in the endeavor to &C
pllsh this result IN obedience to the
will and sentiments of the representa-
On the 9th day of November,
1886, the peoples need of these
coins or certificates representing them,
at the nominal sum of 1856, 1S7, 1904, and
we still have $79.464, 345 in the treasury,
as against about $142 ,S94,655 or so, in the
hands of the people and $72,865,376 re-
naming in the treasury one year ago.
The director of the mint again urges the
necessity of more vault room for the pur-
pose of storing these silver dollars which
are not needed for circulation by the pee-
pie. have seen no reason to change the
views expressed in my last annual mes
sage on the subject of this compulsory
coinage, and
I AGAIN URGE ITS SUSPENSION
on all the grounds contained in my for
mer recommendation, reinforced by the
S1Qn1ncanf Of